Rachel Cruze
Appearances
The Ramsey Show
Be the Tortoise Not the Hare
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The Ramsey Show
Be the Tortoise Not the Hare
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The Ramsey Show
Be the Tortoise Not the Hare
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Brandon, have you looked into, you know, other small businesses in your area and what they're paying for electricians? I just wonder, even if you switch out of the union, if you could find a better gig that pays more.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah. Yeah, because I was just curious if, you know, sometimes in the private sector, there's, you know, other opportunities. So I just didn't know if you had explored that. Because I think the goal, too, Brandon, is, you know, you guys make $60,000. And yes, there's a level of intensity during Baby Steps 1 through 3 to kind of get you out of this hole.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So there will be, you know, extra work here or there, all that. But I think the goal is eventually... to be able to live off of your income comfortably and enjoy it, be able to put some money aside for retirement, do some of these things to enjoy your life. And so if that is not coming to fruition, then that's where a bigger conversation is. And you guys are renting right now, right?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So even homeownership, um to be in the picture eventually which i know can probably feels very overwhelming right now to think about but um but to be able to get there but hey um brandon i want you to hold on the line because christian's gonna pick up and i want to gift you guys financial peace university you and your wife this is our nine lesson course and go through this and
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And again, it runs the gamut, everything from the budget to getting out of debt, all of it. And then, you know what? And hold on the line, too. And Christian, we'll throw in some of Ken Coleman's stuff. He has a great career assessment that would just be interesting, Brandon. And again. Being an electrician making 60 grand, that's fabulous work and wonderful.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
But I think people do get to a reality of, okay, how do I sustain my life? And if you can ever make more, that's going to help it without completely shifting your lifestyle. So just out of curiosity, maybe dig into some of that too and see if that kind of triggers anything for you. So thanks for the call, Brandon. You guys got this. Just stay on track. This is The Ramsey Show.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Now it's extra money in your pocket and an asset towards turning you into a baby steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Welcome back to The Ramsey Show. I am Rachel Cruz hosting today with Jade Warshaw, and we are taking your calls at 888-825-5225. Up next is Emily in Pensacola. Hey, Emily, welcome to the show.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Like 6.8. Okay. So you guys just recently bought in the last year or two. We bought it at the beginning.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah. And Emily, when you look at the calculations of how a credit score is even mathematically determined, one of the pieces of the pie is new debt. And you guys aren't doing that. So in one sense, you got everything frozen, but you're not taking on new debt. So you're not playing the game naturally anyway.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So there is a chance even because of that, mathematically speaking, you may even see a downtick slowly because you're not playing that game. And so if you're not playing it, I would just cut ties with it. And like what Jade said, even it back out or, you know, if all else fails, like you're going to be fine. You know what I mean? So in my head, it is.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
It's just that I don't want accounts out there floating around, even if they're frozen. No way. So just being able to get rid of them, getting guests, like Jade said, when everything is back then and stabilized. And sadly, the truth is, who knows what's going to happen in the future?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
All right, next, let's go to Kyle in Charlotte. Hey, Kyle, welcome to the show.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
We're doing well. How can we help?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Well, I don't know if it's, yeah, I don't know if it's much access. I just wonder Jason, because in your head, yeah, there's money there, but it's kind of attributed to whatever may be needed.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
That's a big deal. That's a big deal. Kyle, has that changed in the last two months since you've been watching us or has it always been like that?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And I think for her, there could be a level of safety of saying, Hey, we're going to open up a, you know, a new account in this money market account and we're labeling it the emergency fund and we're going to have six months in there. And that's it. And like that, that's what it's titled. That's what it's labeled. And that's what it is. And nothing else.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah. And Kyle and I would have the conversation with her from a vulnerable, you know, not just what are you, you, you pointing. Tell her you like what's going on in Kyle. What is the fear that you have? What is going on? And and and start these conversations. And you've said this before, Jade, on different shows. But like it takes it sometimes takes time.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
You've had a mindset, a natural shift. And then Ramsey's probably confirmed that because we lean probably more on your side, Kyle. But you guys together need to sit down and have these conversations. But for now, keep the finances separate. You don't need to be paying on her debt because if she's not getting out of debt, she's digging herself deeper in a hole.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
The Ramsey Show question of the day is brought to you by WhyRefi. WhyRefi refinances defaulted private student loans and builds a custom loan based on your ability to pay. Now, you guys, private student loans are different than federal student loans like Sallie Mae. So to learn more about this custom refinancing option and a lump sum,
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Because when you start to say, cause I could even feel that like, yeah, there's money here or there and there's some stocks. And it's like, okay, but how, how can I get to it if we really need it? I think it's more of a security thing for her. And I think, and I think that level of organization too is, is really healthy and good.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
payoff option that you can qualify for after 24 months go to yrefi.com ramsey that's why the letter y refi.com ramsey may not be available in all states okay today's question comes from matthew in oregon he says my wife and i are debt free except our expensive town home we bought it in 2022 with a 30-year term mortgage
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah, well, if you're in baby step four, you're funding 15% of your income in retirement. So automatically, that's taking it. You have 45% of your income to live off of. That's before food and utilities and everything. Yeah. So it starts to dwindle, not always in the right spots, right? And if you give 10%, forget about it. That's right. You're out. Yeah, that's right.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Now you're down to 35% for basic living. So it's almost that feeling of like we worked too hard to feel this broke. You know what I mean? Like we shouldn't feel like this. And it is because 40% of your income is going to housing. And so- Yeah, I mean, I would be looking elsewhere because you say an expensive townhome, which I'm assuming is a really nice one, probably in a nice area. Yeah.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And so what you could do, Jason, seriously, and this is what we tell people, for your emergency fund, it's its own account. It's over here. You don't touch it unless you need it. But it's designated specifically for that. And would that help her, do you think, if you just say, yeah, we're going to take some of this $100,000, have another account. We're not touching it, but it's here if we need it.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And so I would be looking for other options. You know, you may be getting an older home. It may not be near the city because that's usually where prices go up.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
The closer you are to the city. So you may be moving out and all of it, which I know with four kids, I know it's so easier said than done. Just like, oh yeah, get up and move. I know that that's like, could be changing schools, all of this. But the quality of your life,
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And going to bed at night and having peace and not stressing and not being, you know, to this point of like on a like you just feel like, oh, my gosh, I just go to I go to a job and I have no progress in my life. Like that is daunting.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yes. Yeah. Don't be on a wish and a prayer of it may be happening. And then you're stuck in the cycle for the next four to five years because that's going to be exhausting.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
All right, let's go to Will in Miami. Hi, Will. Welcome to the show.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
No, because you have $100,000. You have the money in that money market account. That $100,000 could be it.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Thank you. Thank you. Thank you.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah, but then did you go back and replenish that? Because in her head, she's like, oh, my gosh, we've used that. Is it here? I don't know. I can see what she's saying because that's how I am. Like we have a high-yield savings account, Jason, my husband and I. And so we'll put extra savings every month in this fund every
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
um but underneath it like when i go into ally.com we have one line that says like savings we have one line that says emergency fund with that amount of money and i need those separate like i need to know there's this there's this here and we don't touch that but everything else is just extra savings on top of what we need you know if something happens at a rental if we need if we're going on a trip or something like what here's money we spent here's money we just don't touch
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
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The Ramsey Show
Your Overspending Will Eventually Catch Up With You
and it's here just in case crap hits the fan and that feels good to me with the distinction like even jason this may sound crazy even to the point that i'm like if we're talking about money i'm like well babe how much is in the is in high yield he'll give me the number and i'm always like does that count the emergency fund does that count the emergency fund are you adding those together he's like no i'd never add them together for your sanity and i'm like thank you
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I was like, I don't know if I'm not a marriage therapist.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yes. I would say I always pump the brakes with people that feel like they have all the answers. Like when it's this idea that like I... I don't have any more learning to do. Oh, like I'm kind of just stuck in my, this is it. I'm good. And you're like, you don't want to grow or stretch or like hear something different. Like to me in life right now, that feels so prideful.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
No, you have the money. You have the money. So I would take part of that $100,000 that you have in cash or somewhere else. I don't care where you get it. And get a six-month emergency fund and a new account and labeled emergency fund. And I think that will ease her tension. I really do. I think that would be... That's what I would do. That's what I would want personally.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So with money and we get this call a lot with people that, as we're talking about non-negotiable, so I guess there's a little bit of the other side of this, but this idea that, you know, we, we talk and they're like, well, you know, he just tells me like, he didn't want to talk about it. He's not going to talk about it. Or she doesn't, she won't even, she won't even enter the discussion.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I'm like, yeah, That's exhausting. Like that's exhausting. So you can have your non-negotiables, but be humble about it. It's the spirit that you bring to it.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I would be like, okay, so talk me through that. Let's run some numbers. Let's look. Let's have a conversation, right?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
This is what you should be doing. Preachy mentality. Yeah. Being willing to listen. Very much so. And ask questions. And ask questions. Be curious. Like that whole spirit as a person, I think is really important. But when you're so closed off and you don't even want a conversation.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
That's exhausting. Like, you know, that would be a red flag for me. They won't even talk about it. They avoid it, you know, all this stuff. And you're just like, oh, man.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah. And I would say debt would be one of those. I mean, it would be really tough to marry somebody and they're like, hey, I want to go. you know, $500,000 in debt to do real estate. And I'll be like, oh no, I can't do that. I can't do that. I can't do that. It's like that would stress, that would be, cause then you live as the spouse in the stressful state 24 seven, you know, in investment.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I'm saying not just primary home, but it's like, cause I see these people on Instagram, TikTok. And they're all about real estate investing. Leverage to their eyeballs. Yes. And I just watched that. I'm like, oh my gosh, that would be so hard. That would be a tough marriage for me.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Ana, how much do you make in your job now?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And then with the $20,000 will come, so that'll be about $80,000? Mm-hmm.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Okay. That's great. Okay. I mean, I would put on it's going to make you nervous, but I would put that towards your debt and that will take a huge chunk out of this debt. And you're going to make great money. I mean, you're going to make 80 grand. So you have thirty five thousand dollars left.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah, that becomes more of a priority at that point than paying off debt, right? We're all about paying off debt, but your child is a priority there, right? If there's a health issue that you have to pause to make sure that you can get yourself in a healthy place, that is, you know, yeah, pregnancy, like anything that is
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
um takes precedent right which is usually a relational situation or a health situation we for sure say pause um and get that in order i'm so sorry samantha um i'm always so impressed with women like you that that choose to to step out of a situation like that because that cycle can be so um so hard to break out of uh how long has this been going on just the from the custody standpoint fighting it with lawyers
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Do you have any savings right now that you're pulling from, or are you just pretty much incurring the debt as the attorney fees come up?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Right. Okay. So are you still in the middle of this then? I am. Yeah. Okay. And has your lawyer given you any timeframe by any chance? Like, do you know, I mean, you're saying three to six months, you know, like, does he have any conclusion of like when this will end?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah, so Samantha, so I, yeah, if I were you, if I was in your position right now, I would stay current on everything. I would not get behind. So I would say I would be paying your minimal payments on everything. And then on the side, finding that margin is, month to month to be able to put some money aside.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So as these fees come up, you do have an account that you're going to be able to pull from. And then I would also start to evaluate as much as you can the consistency of how often the bills are coming, how often you guys are using the lawyer, if there is mediation and all of it. Because I think a goal would be small goals would say, okay, there's some money set aside for attorney fees.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And the truth is, I may have to go into debt for that. But if I can at least maybe knock out that $2,000 car loan in the midst of this, right, because it's not something that's going to be solved. It sounds like even maybe even the next 12 months. So I don't want you sitting idle financially during that time. But I do want you to put some cushion between you and life.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So putting some money away kind of for an emergency fund that you can pull some of that for attorney's fees as they come up. But then also giving yourself a goal financially to start making some progress. Because honestly, too, Samantha, I think making progress in this area of your life.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
It actually might give you that boost of confidence and there's something proactive that you're doing in your life that actually can start the wheels engaging in a positive way through the circumstance.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
You know, Ally's a great one. We used to say back when cash was like the prevalent thing of the emergency fund and it would be like, you know, don't put it in the sock drawer where the pizza guy can get it. That's right. Like kind of that joke that like it can't be so accessible that you just go and you can just get it, you know.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah. I mean, Kim, I don't think you really have to re-up this or roll it over. I mean, I wouldn't. The reason really you have life insurance is if someone is dependent upon your income. So that would be a spouse or children. And as a single person, I mean, I would have some money set aside that if something were to happen to you, like covers funeral costs and that kind of thing.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
But I don't think you need a life insurance policy for that. So I probably would just end up canceling it once you get out.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And term life is so inexpensive. It sounded like some of those rates, you know, it's just not expensive at all. And so, yeah, if someone's dependent on your income, make sure you get life insurance. You can go to Zanderinsurance.com and check it out there because that's a great place to get your term life.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Welcome back to The Ramsey Show. Let's go to Ann in Pittsburgh. Hi, Ann. Welcome to the show. Hi. How are you today? Hi, we are doing well. How can we help?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yes, yep. I think for her to know she can get access to it if you guys need it for an emergency, number one. And number two, for her, just peace of mind that there's extra money over here. It's for this. It's not going to get tied up in some stock deal that you're doing, Jason, here. There's a level of like, that's for the emergency fund and we don't touch it.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And where's the, where's the revenue of your business going in? What account is that going into?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
But everything else. And so is he using these credit cards to keep you guys afloat just month to month? Yes. Yep. And when you said he's not mentally well, do you mind going into a little bit more detail on that?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I think he doesn't know what to do.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yep. So I think, you know, Ann, it just sounds like my first protection is for you. And the fact that you don't have any access to anything, Ann, I mean, there could be there could be a whole other life he's living, right? I mean, on different levels, on different scales, financially not.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I'm like, you have no clue what's really going on because the money is kind of the paper trail to a degree on life and being able to see that and you have no access to that, which is a hard line I draw. You have to be able to have access and be able everything visual that you see. I mean, it's one thing if you're like, oh my gosh, she's a spender, I'm a saver, I don't know what to do.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
It's a whole other thing. And you cross another line into another level of seriousness when you don't have the ability to access your money. So this is a, it's a more serious weight there that I hold now in this conversation that creates more ultimatums. And I hear you say, like, I can't leave, all of that.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
But what I would do is that there's other ultimatums in this marriage that has to change because you don't, you're not safe at that point, right?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And what are they suggesting? What are they saying since they know the situation even more?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So you're just seeing a deterioration. So, Ann, I would bring in a third party in that. And again, and it's so hard to say this on this side of the desk because now, Ann, we have to go, but you're going to be living this life. Not only is it a secret, but you're also behind. You're trying to live on $34,000 a year as well. So there's two ends of this that are really urgent. So I'm so sorry.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So you don't want to invest it. And you made a good point earlier that, and I don't think this was her from what he was saying, but you also don't want to have a bunch of money so that you can be lazy with your budgeting and you spend more than you make. But it's okay because we got 10 grand over here. We'll just get it. Don't let it be a cushion for your everyday expenses.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
I hope this was helpful to give him some ultimatums, but I so appreciate the call. This is The Ramsey Show.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
It's a cushion between you and life when the big stuff happens. That's your emergency fund, not to cover lifestyle.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Welcome back to The Ramsey Show. We are taking your calls at 888-825-5225. I'm Rachel Cruz hosting with Jade Warshaw. And we're going to go to Brandon in Columbus, Ohio. Hey, Brandon, welcome to the show.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
We're doing great. How can we help?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
How much do you guys owe on yours?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
How much are your car payments on those, both of those?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
That's okay. Brandon, how old are your kids?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah, because the thing is with the budget, Brandon, is it needs to be realistic. So you keep saying, you know, which I get. Jade has kids. I have little kids. So stuff does come up, you know, when you're a family and there's multiple...
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
people are keeping afloat so either you need to redo the budget and say okay realistically we need a kids line item because stuff is going to come up every month that we have to pay school fees like whatever it may be sports yep that we're going to put in and then there also may be Brandon a you know, a time that you and your wife sit down and you say, okay, we're going to limit this budget.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And just because we feel like, you know, the kids need X, Y, and Z, we may tell them no right now because your goal is going to be to get out of debt. And so that budget is really, really key and tightening up that budget is going to, is going to be huge.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
So that's going to automatically probably give you some of that breathing room of that $1,200 that we don't, you know, it kind of just disappears. Right.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Yeah, and you have a lot of car. Yeah. Is that what you're going next?
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
Sell it. Yeah, because... And we always say not to have anything with wheels and motors that is more than half of your annual income. And you guys are right over that. I mean, you're making 60. Yeah. And I mean, you guys are you're close to that. You're at 30. I mean, like that. So you're it's too much. You have too much car. And I think you're feeling that, Brandon. You're feeling that.
The Ramsey Show
Your Overspending Will Eventually Catch Up With You
And so looking to say, OK, what are our options? What can we do that is different? And it's probably going to be selling that van. Yeah.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah. And then I would also say, Julia, and something I feel like we've learned from you guys is as you guys go down this path, I know you're on baby steps. You just guys just got to baby step seven.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
But as you continue to build wealth and I'm talking like in the next decade or two, also with your giving, we've put ourselves in a position where we're not the largest giver, meaning that they are so dependent upon us.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
To fund the ministry or what they're doing because that puts you kind of in these like handcuffed positions where you feel bad That if something changes and you're like, oh, yeah, we're gonna give over here Then you feel like I we feel like we can't because we're disrupting such a huge part of their operating budget If it weren't for us, they wouldn't be here.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So even from a percentage level, I would not want to be the largest Donation that they get and that they're dependent upon you to
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
continue their ministry like that just puts a it puts a weird dynamic and pressure element to that too so that's something to think about that we had some friends that they ran into that and it was it just gets messy if you want to stop it then you're like oh my gosh am i closing down a ministry because i'm choosing not to give here anymore so it's just another filter to think through if you'll do what you're doing right now and be intentional about the subject of generosity like you're intentional about the subject of getting out of debt or you're intentional about the subject of investing
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And that's why I like the setup of having kind of those three buckets, the tithe, the
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
the organizational that you know and then just a little bit of that mind that we're talking about that you just have throughout the month that you're like i just am going to be aware of people around me and when i feel this prompting like i get to bless them in that moment it's kind of those three buckets that i that one ends up being dollar for dollar by far my favorite oh it is like but it's impossible to do that at scale as an individual it's very hard to be like your full-time job
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
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Go Slow: Never Invest in What You Don’t Understand
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.
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Go Slow: Never Invest in What You Don’t Understand
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
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Go Slow: Never Invest in What You Don’t Understand
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys.
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Go Slow: Never Invest in What You Don’t Understand
Or take it off speaker if it's on speaker. That helps. It's not on speaker. Is that better?
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Go Slow: Never Invest in What You Don’t Understand
Yeah. How much do you guys make a year, Belle? Do what? How much do you guys make a year?
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Go Slow: Never Invest in What You Don’t Understand
Yeah, and just from a high level, Bell, what we teach is 15% of your income going into retirement. So I know exactly the chart that you took. It was probably the Blake and Jack that shows you compound interest if you invest at 19 all the way to 65 versus someone that starts at 32 and invests to 65.
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Go Slow: Never Invest in What You Don’t Understand
And so what what that is showing is compound interest which you're going to get when you invest in things like mutual funds but you're going to do that within first and foremost retirement type funds so a Roth IRA or a 401k or you guys work for the government so maybe like a 403b situation.
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Go Slow: Never Invest in What You Don’t Understand
um but 15 of your income should be going into retirement specific funds um within those types of funds of course there will be mutual funds and all of that of how you're actually investing but a smart investor pro can walk through and be very specific with your situation too which is helpful um but just know retirement is the one place you're going to be looking so yeah so roth iras 403bs all of that it's going to be really your first your first step into the process but congrats bell it's awesome
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Go Slow: Never Invest in What You Don’t Understand
But the $3,000 scared you that you were like, we can't even cover $3,000. Can we own a home? No, it's not necessarily. No, I was going to say, because the expenses of other things could be so much more. I could see how that's intimidating, where you think, oh my gosh, if $3,000 is throwing us off, what if something happened to the roof or the HVAC or something that's
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
That's seven times more than just this.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah, I know. But I'm just thinking of her thought process, like how that can like make you stop and actually question like, oh my gosh, are we okay?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You can do catch-up contributions, too.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
All right, today's question comes from Greg in New York. He said, how is it considered ethical for people to own so many houses? I'm just wondering how, as a Christian, this isn't seen as greed. Don't you know that buying up all these homes is what's causing the housing shortage?
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Go Slow: Never Invest in What You Don’t Understand
Now, can we stay on that for just a second?
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Go Slow: Never Invest in What You Don’t Understand
Because that is a thing going around, that these massive hedge funds or Blackstone, like all these, they're coming in and buying up.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Because an individual investor, for the average person out there who has maybe two or three rental homes, they're on baby steps and they're doing it.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
That's true. And is that affecting the housing market at all?
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Go Slow: Never Invest in What You Don’t Understand
And and that's why he thinks I'm greedy. Well, this mindset. So this is an extreme right of, you know, 20 houses thing. But this is the same logic of, well, is it greedy to have more in your retirement than maybe you may not need? Right.
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Go Slow: Never Invest in What You Don’t Understand
I love the rabbit holes, Dave. No, that's good. I think that's it, though. Greed is not an amount. It's a spirit.
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Go Slow: Never Invest in What You Don’t Understand
We don't know yet. They've not come back.
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Go Slow: Never Invest in What You Don’t Understand
Yes, I did. Absolutely. Yeah, and when you said, Bobby, I had to have a harsh conversation with her about it. And so, yeah, I think the real question is, number one, kind of what Dave was just proposing of, okay, so looking back, Now, at the whole journey and what you guys have walked through the last few years with money, you know, how how has she been through that?
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Go Slow: Never Invest in What You Don’t Understand
And obviously not very on board or she has some some major issues. And honestly, the whole spending addiction world has really exploded in the like even more recent because of how. easily it is to have access. So whether it's to credit cards or, you know, shopping online, all of it, just like gambling addiction has gone up with sports betting and all of it.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So there's such this environment, Bobby, that she's having to honestly fight a bigger battle now today in 2025 than even in previous generations. So my question would be to her is, What's going on with her? What is it that's causing this to happen? Because we see it all the time, that there is levels of really deep pain, and the medicator is the spending.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And so I'm curious, and with her backstory of her mom and not trusting fully the adult in her life, and the adult in her life used her completely and stole her identity to mismanage money on top of that, right? There's a lot there.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yes. But you guys are in college, so you're thinking about getting married after or something?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. Yeah, and I was just wondering why you guys are waiting, but you're in school, so you're going to wait until you're toward the end of school. Yes, that's right.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Are you guys paying Riley? Are you guys paying for the wedding?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
This is probably not going to happen. It's what you're saying.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well, they have to get married before graduation is what she's saying.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay, so Riley, here's a question. I don't know. I'm just trying to get creative here. Could you guys go get married, have your family, have a great fun dinner out, and that be the quote-unquote marriage, right? You got married, and then six months later, will you guys be stationed away? I'm just trying to think, is there a way to do a really beautiful, nice wedding that you really want?
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Go Slow: Never Invest in What You Don’t Understand
Yeah, and it be a few months later.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Oh, like having the wedding, because you guys could be deployed pretty quickly. Yes. Yeah. I hear what you're saying. Yeah. Yeah.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You don't have four kids and you're trying to keep a household running. You guys can do it.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So your prediction is Maria's going to come out okay, or Maria's, because you think they're going to say, just we're going to leave the appliances.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And I'll say this, too, that the income is pretty guaranteed. It's not like, oh, we're going into sales, and I think we're going to be making X, Y, and Z. You know the salary ahead of time. It's laid out pretty black and white. You know what's going on.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah, that predictability is helpful in this scenario, too, Riley.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I know. Thank you guys so much for that.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And congrats. Have fun planning it and everything.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Marie, call back in and see if Dave's right.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You're not as desperate when everything's done.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well done, you guys. Okay, so in this process, because you guys started with, I mean, I think no consumer debt anyways, because you guys have been following this for a while. So when the five years kind of began, was it that, hey, we're making more money, we're just not going to increase lifestyle, and we're throwing extra at it? Like, what was your plan of action?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
For people listening that are like, okay, that's our next big step. Did you feel like you were still intense? Or do you feel like, no, we were able to like live and breathe. but we just didn't up our lifestyle majorly. What did that look like for you guys?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
No. It's not like an intense cold plunge. You were tired for that moment.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
They did it. I heard Luke. Luke did good.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And this is a great, you guys did this event last year. It's the only time we've ever done it was last year. They loved it, loved it. So honestly, it really is. It's a great deep dive into the subject.
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Go Slow: Never Invest in What You Don’t Understand
Yeah, and at ramseysolutions.com slash real estate, we have the dashboard. So it does, it kind of gives you a pulse of exactly what's going on in the market. If you are in the market, if you're selling or buying, check it out. I do love this. Like the median price right now is 400, oh my gosh, $400,000 is the median price of a home right now. Days on the market, 73 days on the market.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
How did they respond, Sarah? Because they know how much you've been paying. Yeah. Did they say, oh, yeah, yeah, yeah, your term's almost up, or like what you've given us, or was it pushed back to you?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You know, it shows you right now what a fixed rate mortgage, 15 years at 6.1%. Yeah, but here's the thing.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
A few years ago, we- It doesn't matter. Yeah, but did they acknowledge the amount of money you've already paid them? They did, but now it's like they're treating it like it's different. Like a one big lump, yeah.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And have it visual. Have it on a sheet of paper, like here's exactly.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
No, no, no. Sarah, is this going to be a hard conversation? Or do you like when you have the math and you lay everything out? Do you have the type of relationship that you feel?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
How is that going to go? Oh, God.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Morally, you've done everything to the T. You don't have to do any more.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
That's a great question. So I'll just tell you what we do, Julia. I don't know if this is helpful at all. And I think there are some, yeah, there's some books out there, I think, when it comes to this idea of being generous. But, you know, from like a tactical standpoint, above the tithe.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
How Winston and I have done it, there are organizations that we align with and ones that are close to our heart, meaning like there's one organization we've given to for 15 years because it was an integral part of our story and we really believe in what they do. So we give there. There's been elements of different times in life where like.
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Go Slow: Never Invest in What You Don’t Understand
You know, foster care has been big on my heart and we've given to things towards that or Winston's had things. So from the organizational standpoint, it is always fun to be able to support someone who's doing what you love and what you believe in. So we've done it that way. And then this year in January. We're doing something different.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
We're just adding in on the giving section of our EveryDollar app. We put an amount of money every single month and we're forcing us, we're forcing each other, we're holding each other accountable to have that money be given away. at some point in the month. So that could mean like a very generous tip could be part of that money.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
It could go towards if we hear something of a friend's family member, X, Y, and Z, and we're able to kind of just like anonymously give some money there. So we have found more energy in that, honestly, because the organization giving is wonderful and it's great. People just do incredible things. And with the Ramsey Foundation that we as a bigger Ramsey family are involved in.
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Go Slow: Never Invest in What You Don’t Understand
There's incredible organizations, but there's something about this joy for me of seeing someone or intersecting your story with someone else and able to help kind of in the moment there. And again, it could be anonymous or not, but giving room for those things to occur. And what that's done for me, Julia, is it's caused me in an everyday instance to
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Just to be looking, and I'm more aware of people because I'm like, okay, we have this money that I want to give. And I do, as a believer, I'm like, there's something spiritual about it where I'm like, okay, where's the Holy Spirit kind of nudging me here? And I've just found with giving, when you have a pulse on that and you're just...
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
interacting with that part of your soul, if you will, it just creates a richer life where I feel like before we were a little bit tactical with our giving, like we gave our tithe and we'd give to an organization, but there's something about interacting with individuals on a day-to-day basis that again, just that that's one element, one way to give. And I've enjoyed that.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I mean, we're only in February. It's only been two months of it, but there's, I don't know. There's just like this warmth to life there. It came alive again for us because sadly it's, Giving can get stale if you just have it on autopilot, right? So like part of this is interacting with the money you're giving too. So that's what Winston and I do. But Dave and Sharon do it on a larger scale.
The Ramsey Show
The Hardest Decisions Are Often About Money & Relationships
You know how when you go against what society thinks is, quote, normal, like avoiding debt, it feels weird at first? Well, I'm here to tell you that is okay. I want you to be weird if that means you're being intentional, including how you budget. And one way to be intentional about how you spend your health care dollars is with Christian health care ministries. CHM isn't health insurance.
The Ramsey Show
The Hardest Decisions Are Often About Money & Relationships
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The Ramsey Show
The Hardest Decisions Are Often About Money & Relationships
So no matter where you are in your financial journey, CHM can help you reach your money goals and still get the care you need. Plus, programs start as low as $98 a month. So go to chministries.org slash budget to find out more. That's chministries.org slash budget.
The Ramsey Show
The Hardest Decisions Are Often About Money & Relationships
Hey guys, Rachel Cruz here. All right, I'm about to say what everyone already knows, but budgeting is a good thing to do. Now actually starting, well, that's where people freeze up. And you guys, it doesn't have to be that way. With the EveryDollar budgeting app, getting started is super easy and so is sticking to it.
The Ramsey Show
The Hardest Decisions Are Often About Money & Relationships
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The Ramsey Show
The Hardest Decisions Are Often About Money & Relationships
You'll know what's coming in, what's going out, and what's left over for some fun. Because let's be real, you need some fun in your budget. Every dollar keeps budgeting simple and stress-free, just the way you want it. So go download the app for free and get started today. Again, go download EveryDollar today.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, because I'm just thinking, how much do you guys make a year when he goes back to his normal salary? How much a year? Normally about $100,000. $100,000 a year.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I'm just running really fast math here, but I'm like, if you guys are using all this extra as I'm going down my list, and if you go and get that loan for 30 and seven and pay the cars, it's basically right at $50,000 that you guys have left with those cars and then the other student loan and personal loan.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So that's kind of what it goes down to, to say after all the smoke clears, we're gonna have about 50 grand left to pay off. We make 100 grand.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I mean, what if we, yeah, what if there was something for six months? You know, it doesn't have to be long, that there's just something to bring in. Just because the whole goal here, which you know, but it's just to fast forward this process. Do this as fast as possible. We call it gazelle intensity, but just get through it as fast as possible.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And there's going to be some sacrifices, things you don't want to do, but it's for such a short amount of time. It's six months to a year and be done with all of this, right? And then save up for the emergency fund and replacing your car.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
because you guys are gonna want new cars after the beaters that you buy uh that are crappy but um it's just this idea of this progress really fast so yeah that the photography stuff's great i mean a thousand bucks is usually what we see a side hustle people bring in if they can bring in a thousand dollars a month that's great and that's great by the way shelby i didn't want to sneeze at that no but i do think there's something even more yeah you have a lot to offer so i'm just like man i wonder for you know and i know it's not ideal and i know as a mom too you know when you
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
decide because i even pulled back from work a lot when my third was born and you kind of have this mindset of like okay i'm gonna be more present as a mom i'm here and so to kind of rewind that a little bit and plug work back in yeah that's a hard mental it is obstacle shelby so i get that but my only hope in all of it is that it's it's for such a short period of time um and i really i think i think you guys can do this and work as a team but
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
To answer your original call, Shelby, I think we agree with the husband. Throw it at the debt snowball, but Ken and I both agree. Sell those cars, take a loan for the difference, and keep on going.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance. Christian Healthcare Ministries.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
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The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Hi, thank you so much for taking my call, you guys.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So my question is, I have a studio that I would like to renovate, and it's going to cost about $10,000. And would it be a bad idea to rent it out to my parents?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Okay, so I got this idea, and I got this sense of urgency because my father shared with me his retirement plan in January, and he has very bad spending habits. He did say that His plan is to retire in Mexico, be a gold miner with $30,000 that he has, and basically leave my mom here with his Social Security check so she can keep paying their rent.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And their rent is $1,200, and that's the same exact amount that he gets for Social Security. So I'm kind of freaking out here and thinking, you know, my mom won't be able to keep up with that payment on her own. So... I know my dad is going to splurge and spend his money in about one or two years and he's going to come back and want to also move in with my mother and the back studio I have.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So in order to maybe not enable his bad spending habits, that's where I was like, okay, what if I charge them rent? And part of it would be to pay me back for the renovations I've done. But the other part is to secretly fund for their retirement and any future
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
um bills that that's gonna fall on me but you're not gonna get paid do you realize that rachel they're not gonna pay you they're not gonna have any money yeah this is a disaster okay so rachel you can't stop i want to know how you how are you financially how much debt do you have how much savings do you have
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
um thankfully my husband and i are almost debt free we have a paid off mortgage and savings we both have about a hundred thousand okay for retirement for retirement okay and five thousand for emergency five thousand for emergencies how much debt do you have left five hundred dollars oh okay so you'll pay that off this month i mean you'll that'll be done that's amazing okay so um how much do you guys make a year
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
We make $120,000. $120,000, okay. So, man, okay. I have so many thoughts. I have lots of thoughts. I know. Do you want to go first? You have what?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
We have two boys that are four and six years from going to college, so we're trying to hurry up and pay for a college fund.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, I'll say it's minimal. Maybe combined with electricity and whatnot, it'd be like $300. Okay.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Is gold mining like a thing in Mexico? Is that like a...
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Is he being for real, Rachel, or is he kind of just saying, like, I'm just going to leave?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Well, no, he really wants to be Yosemite Sam because he did it in his teenage years, and he has a friend who has a golden son. How old are your parents?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
all the boomers are laughing uh how old are your parents rachel my dad is 71 and my mother is 61 okay and how old are you guys uh we're 35 oh man okay this is so here i mean here's the reality and this is what's always so difficult about family relationships when the child when you're the parent That's what's happening, Rachel. You are flipping and that's not fair to you.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So I just need to say first and foremost, this is not your responsibility. It's not like you can only control you. They are going to dig themselves into whatever hole finding gold or doing whatever they're going to do.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
and literally he's gonna dig himself a hole so like like you can't stop that right and so there is one side of the coin and some people are like this where they're like we are putting up a boundary right it would be like if your husband was like we are absolutely not funding your crazy parents no we're not doing this like some people put a hard boundary and it's like mom and dad y'all have to grow up at some point and i'm not gonna be the safety i'm not gonna be the parent so that's one side of the coin
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I know. But then there's another part, Rachel, a human part with a heart.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
That does say to a point, like, am I really going to let my parents be on the side of the road?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
She has, and we've had the pastor intervene and family members with the spending habits, and that's why they are where they are right now.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Okay, well, if I were her, if she was calling this show, Rachel, right now, I would tell her as much as we talk about combining finances and being one as a team, he is the most risk possible for her not to retire. So if I were her, I would be working 40 hours a week and I would be creating my own retirement. I mean, honestly, because he's a child. Like, this is crazy. You know what I mean?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Mm-hmm. So my mom opened up her own secret account for $20,000, and she's afraid that she has to speak on it when they file their taxes together. He's going to find out. Not for a savings account. No, for high-yield savings. She doesn't need a report to taxes. No, just earned income, right? Right.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I wouldn't do it. And the only way I would do it is that it's a ministry to mom and dad. And we don't need the income as rental. And we're going to fix it up for them. And it's there for them if they need a landing. And you're just going to be a good daughter. But I would expect zero, zero money from them. But if you guys need this as rental income for your life to fund your kid's college.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Sorry, mom and dad. We're renting to someone else.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
If Ken doesn't show back up to the show, we know where he's gone.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Today's question comes from Antonio in Indiana. I'm 22 years old and getting married this year. Once we combine finances, we will have no debt and we'll be making $205,000 a year. While we feel extremely blessed, we just recently started earning this much, so it's a little intimidating. In the next two years, we could easily save for a 20% down payment in addition to an emergency fund.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Do you have any tips on how we should remain content with renting during that time. The longing to reach my goals often clouds the journey it took to get there. And I don't want that to be the case for the first two years of marriage.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I don't know. I'm preaching to myself all the time, Ken. Okay. This may be a little Pollyanna, but I also think when you get married, that's such a newness in life. that this whole thing of like, oh gosh, I got to like do the next thing money-wise, the intensity kind of changes in a sense because your whole life has changed.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Like you're starting this new life with a new partner and like you're doing all of this. So there's almost this element of life that changes that's exciting that may kind of help naturally kind of loosen this like discontentment you may feel towards a money goal. It's like when you have a baby, right? Like it's just something just changes every, And you kind of have like this new thing in life.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And then once you kind of get the rhythm of that, if we ever get the rhythm of marriage, let's be honest, it's like then from there, you guys, I mean, then you'll be like, okay, we have 12 months and we'll be good. So I think being as present as possible, I've learned this, Ken, recently.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
with some stuff I've been reading because staying completely present is so difficult because we're always thinking forward or thinking backwards of like, oh gosh, even at lunch today. I mean, you're just where our minds go. It's rarely in the present. So it's almost a practice to be present. I mean, it really is because we just... We're either forward and back all the time.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So I think it's hard for a lot of people. But also, I don't know, Antonio, I think you'll be okay. I think that there's a fun new element of your life that's about to change with marriage, and you're going to enjoy that. And I don't know, there'll be enough distractions, I think.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, I mean, you've both been burned, yeah, by the exact same issue from an ex-spouse. So yeah, Christy, I mean, you're not crazy by any means for this to be so heightened and so aware. But I would also just challenge you that the man you chose to marry and that you chose at the altar and said those vowels, what caused you to say yes to him? What were those things?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
For the interest. Yeah. So the interest earned on the high yield savings, if it's over $125 in 2024, it is considered earned income. So if she, which depending on how long she's had that 20 grand in the high yield.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yep. There will be taxes on that. But we'll circle back to that call again. Who cares if he learns about it? It didn't change our advice.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I have a fun fact about Worcester. Put Jessica on.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Jessica, do you know Holy Cross that's there? I know Holy Cross very well.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Okay. My brother-in-law played basketball there. Fun connection. Yes, I know. And I went to an American versus Holy Cross basketball game in D.C.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And watched it happen. So anyways, that's my fun fact about that.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Very cool. All right. How can we help you, Jessica?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah. So I think what can happen is our emotions and from our past, it's almost like a neuropathway in our brains, right? It has been formed for you that with money, it's like, don't trust, don't trust, don't trust. And over time, you are going to have to build a new way of trusting.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And I think even leaning on kind of just those facts of what you just told me, Christy, like this man is not your ex-husband. And I know me just saying that doesn't wipe away all the emotion, but just you have to trust yourself as well.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And I think when people get blindsided by a spouse, whether it's financial infidelity and affair or something, there's almost that fear of, I can't even trust myself. How did I miss it? Right. You're probably asking yourself, how did I miss it for 15 years?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
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The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So you're thinking about that. And so I would say, trust yourself, Christy, because you chose someone to do life with. And so, um, again, I would, I would talk to a therapist because that trust string, isn't going to just be tied to money. Um, It's going to come out in other parts of your marriage where you probably have a level of that wall.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
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The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And why we say to combine finances, yeah, I would say from a spiritual perspective, I think it's wise. But it's also, again, whether you're spiritual or not, the data shows couples that combine finances not only have a higher level of happiness.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
But there's also a depth of complete intimacy that when you say, I said yes to this person and I chose to lock arms with them and take on the world together. When you do that in just this like fullness together, you enjoy life together more than trying to keep everything separate and compartmentalized, if you will. So again, from a spiritual aspect, yes.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And Sue, I'll just encourage you. I feel like we've heard more and more over the last probably three years or so of people making this move. People... And I hate to pick on California, but it's just true. They're leaving California and they're going to Florida, Texas.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And there's a, you know, and for the kids' school, I mean, you think about that, right? You add on all these layers.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, of what life can look like. And then you may guys get in a situation soon and you don't have to work in three years, you know, because you guys are ahead and you've paid off debt and everything.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And you think about the housing even. I mean, again, housing is expensive everywhere, but compared to California.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
That's the question. Has he, have you guys talked about this together as a couple?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
But I would say it's even bigger than a spiritual aspect. I think people that aren't spiritual find this level of depth in their marriage when they choose to work as a team.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And it's him you're saying when you approach it, he gets defensive, right?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, and I think, Sue, you guys need to press into this. I'm just hearing enough. I understand what Kent said, that so much is tied. I mean, so much of America, let's be honest, of our self-worth is tied to our money. What we make, how much is in our account, what kind of car we drive. I mean, so much is attached to that. And...
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So I understand why he can get defensive, but I also, if I'm being the female in the chair, I'm like, I'm sorry your ego hurts a little bit, but the math shows we are $650 behind.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, we have to do... Something has to change. So that change either, Sue, is you earning extra money, him earning extra money, you guys moving to a cheaper area. I mean, something has to change. But your dynamic within marriage, I don't like the tiptoeing or we can't talk about this because there's usually no resolution. We end up walking away.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Like that kind of stuff will follow you guys to Texas as well. And it'll come up, its head will pop up in a different issue as well. So I want you guys to be so unified on this decision and it doesn't need to come out of strife or fine, Sue just wants to do it. It needs to be, we have run the numbers and we are in full agreement for our life and our money that this is what we're doing.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Hi. So my husband and I bought an investment property next door about two years ago. And we would like to know if we should, A, move into it and renovate it ourselves or just sell the property and, you know, Take the money.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So we currently have our home paid off that we live in. The property that is the investment property is actually next door to us. So combined, it's six acres. Hillside is really pretty. It shares an easement. And it's the only two houses on the hillside. It's a really pretty location. And so we are very attached to it. But the home we live in currently, we have it paid off, and so that's a bonus.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So we could either – that's kind of where we're stuck.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Okay. So I have four children. There are six of us in the house, and we currently live in a two-bedroom single-wide. So it's getting really tight and we are needing a solution. And so that's why we're calling. Um, we do, the only debt that we have is the investment property and we got it at a really good deal. We got it at 75,000 and we paid it down to around 60,000.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
generational and so we also have a mix on his side of the fence of fear from the whole family yeah yes you know what i get that makes us even can i can i jump in here christy christy can i jump in okay this is we never talk about prenups you know we like our it's almost a almost never conversation i feel like around here with prenups unless there's a few caveats one of them is if there is an excessive amount of wealth
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And so that is the question of, of the day. Uh, do we, you know, do we sell it because it's worth more? Do we take that money and we just, you know, what do we do? Yeah.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
We have had people come look at it and realtors and people who know what they're doing. So a really cool fact is we purchased it nine years ago for $32,000, and it was livable. It was actually really nice. And we bought our little single-wide trailer on two acres for $32,000, and now we can sell it for at least $120,000.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And take the extra money, the $60,000, because you owe $60,000. You're going to make $120,000. Pay it off. It means you've got $60,000 left. And use that for renovations, cash flow to renovations. Do you guys know what you're doing when it comes to renovations or have you ever done that? We have not. We don't know what we're doing. So I probably, I would not recommend doing it yourself.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I would get a contractor in there and having someone and they can do what they need to do. And you may have to live in a construction zone for a little bit, but I would do that just in order to cashflow it, you know? Okay. How much work does it need? Is it terrible?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
It is not in good shape. I will tell you that it is an old house. It's a really cute old farmhouse. However, To give you insight, it doesn't have any doors inside. It doesn't have closets. It's a really old house. We have gotten it looked at by contractors, and they say that the bones are good, that we would be losing money if we completely demolished it.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
But we're kind of just stuck because we— Have they given you a number of what it would take?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
I mean, I'm sure you guys haven't picked—I mean, that would be a ballpark, but I'm curious—
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
They said it would take at least $50,000, and we have $40,000 in our savings. So we are really stuck. We just don't know.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
No, you're not stuck. You've got a great option, Rachel.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
You know what you could do, Rachel? Sell the trailer, pocket the money, and you guys go rent somewhere for six months. It's not going to be a fun six months, but get the house all fixed up and stuff.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Rent somewhere for six months and then you guys move in. And you're cash flowing all of this as you're doing it. And you're not in a construction zone. Yeah. Okay. It's going to be a headache.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
That's a headache. You're moving twice. But in my, I mean, all day. Right.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
We are next door neighbors. The investment property and the home we live in are technically next door neighbors. So we really do you think we could just live in the home we have or move into the investment property and fix it up? You think we should completely get off of the property, correct?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Well, in order to get the cash is what I'm saying. But you guys have 40. How much you guys make a year?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So this year on taxes, we're going to be bringing home about 110. Okay. But you have 40 saved.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Well, cash flow the rent, yeah, but you still got the mortgage on it and stuff. I don't know. You guys run some numbers and just say, okay, how would we feel? What would our emotional state be? What gives us the most peace? Is it to sell the current home? pocket the 120, sell off the house. You got 60 left. You guys put 60, 70,000 of cash into it and go rent somewhere.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Or is it less stressful for you guys to say, okay, we're going to pump the brakes a little bit. We're not in a rush. We're going to take some of this 40. We're going to start chunking and paying it off. I don't like that because then you're going to have to save up all this.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah. Yes, thank you. It's all sounding really good.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
you know, there's a level of just protection there. But then the other one is kind of what you're talking about, Christy, for him at least.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Correct. And then paying the mortgage off later. Yeah.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, that's true. I guess one more question. I'm so sorry. One more question I have for you is... I've heard people say that it's smart to have rental properties. In this situation, would you suggest having both houses and living in one and renting the other?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, not in your financial situation, I wouldn't. And having renters next door to you. Okay. Not a fun way of life.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
If there is some level of a family business, because we've talked to people like this where they get divorced and the ex still has voting stock in the company and then he gets remarried to someone crazy and now all of them are still speaking into the ex's family and it's affecting other people. So,
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
okay yes so we're gonna say no to renting that's very not those numbers are not common where we're at oh i know it was a blessing trust me i knew that much i'm no real estate baron but i was like but yeah no but i think y'all go to the house on the hill rachel and whether you guys cash flow renovations then move in then sell or sell and then move in i think either way you're great but cash flow the whole thing and yeah go live on six acres
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Because how many kids do you have? We have four little children.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
We absolutely do. And that's another thing. We're so attached to the property. How do I know these things? I'll do you. It's the spirit.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Good. Have you ever seen? Three, four, five.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
this may be a conversation that you have with him of that specifically, that farm, because it is tied to other people in the family. That domino effect is very real for those, for them to be protected in that sense with a farm, through some level of prenup. So again, we say almost never a prenup, but there are situations that make sense because it's protecting other people as well.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
How much are you making a year, Karen? I... let's see, I wrote this down, about $53,000 a year. $53,000, okay. And how much per month are your expenses?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Oh gosh, Karen, I'm sorry. So I can't work. Okay. When is that surgery happening?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Relatively. And is that the $53,000 a year? What was that number you gave me? Yeah, $53,000. It's coming all from alimony.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So that may be something on his side towards you, right? This would be for you to sign.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
As long as he's working and making an income, he'll be paying you alimony. How old is he? He's a little bit younger than me. Will he be? Do you talk to him ever? Do you know what his plans are?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Yeah, I'm with you on it's being unstable because you don't, you never know. He'd sign up to work next year, you know, and this is done. So you have $75,000 in savings. Do you have any other savings?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And yeah, we need to know your total financial. What's your, what's like in retire. Do you have any other money saved in retirement or investments or anything? No. No. So the $75,000 is pretty much it. That's everything in checking and CDs, all of it. Okay. Okay. Right.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Well, I think from a mathematical standpoint, I know that you are living below your means, but I want to know what your means are. So I would give you homework to say, okay, you know, figuring out, do you rent, own a home? What's your housing situation?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Should I be doing something with it? My answer is yes, you should be. And what I would do, Karen, I would recommend you sitting down with a SmartVestor Pro. And if you go on ramseysolutions.com and look up SmartVestor Pros, there should be a couple in your area there in Portland.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And talk to a couple of them and sit down with one that you, you know, interview two or three of them, find one that you like, and sit down and lay out the whole situation. Because some of the 75... Yes, should be invested. Now, should it be invested within a retirement account like a Roth IRA? Not necessarily. I mean, you know, a lot of that stuff is to grow tax free till you're 59 and a half.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And if you start pulling from it, but you can invest into those past 59 and a half. Right. So I would I would sit down with them and honestly let them run some of these numbers because I want to make sure that you have enough. to live off of. And on top of that, knowing, and again, the health thing puts a whole other spin factor to your situation, which is just terrible.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
But to know for yourself of like, okay, this money eventually, if alimony stops, And if this is the only money I have, eventually it will run out. So what do I need to do to kind of safeguard? How much do I need to be living on a month with the amount of interest that we can be getting? Because that's the crazy thing about the market.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
In 2023 and four, it was like up at, like the S&P was around 20%. Like we had crazy returns. This year, not looking so great, right? So there is a level of this roller coaster ride that we talk to people, Karen, to ride out. Now, again, at your age, at 68, you are on the...
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
ladder end if i'm kind of the ride no that's right so so the aggressiveness of it may look different because of your age and situation and that's why i wouldn't that's why i would want you to sit down with an actual investment professional for them to look at some of this because um they probably will have a good game plan for you on how to get the most out of this money without losing a bunch of it if you need it right because that the the market game if you're living off of that
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
You want to make sure that there's a level of it that principle-wise is still there making you the money you need, but yet you're still able to pull money and live off of it, even if you have to pay taxes, if it's a standard investment. So there's kind of a lot there, Karen, but I would, I hate to hand you off to someone else, but I don't think I can answer this in a five-minute call.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
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The Ramsey Show
You Don’t Need a Raise, You Need a Plan
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
You Don’t Need a Raise, You Need a Plan
Okay. How much do you guys owe on it? uh about 55 55 000 okay and you're thinking you can only kelly blue book it for what 25 about 30 30 25 30 yeah yeah yeah is your husband willing to get rid of it he is um and he's actually making um a big chunk of
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
right it's like two three four five six seven eight it's like stair-step kids uh-huh um okay so then the eight thousand dollar student loan and then the truck or is there another one uh and then my car okay which is about twenty two thousand okay now what's that worth his truck what's the twenty two thousand dollar car worth uh about twenty okay
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And how much are you guys making a month now that his income is up? What is he bringing in? Right now, he's bringing in about $16,000 a month. $16,000 a month. Golly, that's amazing.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Okay. Is that because of his, is that because he's choosing to make it shorter or is it because of what he's doing? There's only like that much contract or whatever it is. It's just seasonal. It's like a contract. He's a crane operator. Okay. Gotcha. Gotcha.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Well, what I would say is, yeah, I mean, I'm on his team with going ahead and just, because you guys would knock out one, two, you know, close to three of these debts using the debt snowball with this extra money coming in, being able to knock those out with the surplus. And if he's going to be working for three more weeks doing that, it's like, yeah. So I would stick to the snowball method.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
And then I would challenge you guys and just say, you know, You guys can keep the cars and keep trucking down the debt snowball, but run the math and just say, what if we did sell them at a loss, right? So you would have to take out a personal loan.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
So for yours and for you to have a car, you'll have to take out to probably $7,000 loan for you to get a crappy car and pay the $2,000 that you owe on yours that you're underwater. Mm-hmm. And then for him, what if you guys took a $30,000 loan versus a $55,000 loan, right? I mean, you're shortening the life of this so significantly because of two cars. You know what I mean?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Like, it hurts so bad to say that it's upside down. And it's like, I mean, it's just, it's sickening, right? I mean, how much you guys are paying per month for this stuff. I get it. But I think I, if you can get a credit union to give you guys two other personal loans, I think that's what I would do. And then Kelly blue book these individually.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
After he's been driving it for two to three years.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
work the snowball okay and he's right about that with the extra income however take the hit and get rid of both cars yeah what were you doing before shelby before you went home as a stay-at-home mom yeah i was a court clerk okay okay um because i'm just trying to think i just know a family right now personally and she's worked she was a stay-at-home mom for years and she's working three days a week now to get them moving and going so i'm like i just i just wonder for a season um
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
If there is something that's – and I don't know what that looks like. I don't know if you – you probably can't do that virtually. I have a photography business on the side, too.
The Ramsey Show
This Is How You Take Control of Your Own Life
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
This Is How You Take Control of Your Own Life
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
This Is How You Take Control of Your Own Life
All right, Dave, you have some strong opinions. Possibly, yeah. Yeah, I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
This Is How You Take Control of Your Own Life
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
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This Is How You Take Control of Your Own Life
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings and it says Fairwinds on my phone.
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This Is How You Take Control of Your Own Life
So I answered it and talked to someone there and they said, yeah, they give... calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
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This Is How You Take Control of Your Own Life
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
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This Is How You Take Control of Your Own Life
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
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Nobody Builds Wealth by Accident
Yeah. And this is this is jumping a little bit ahead, but something to think about because the business is small. So you guys may not. But just know small business, especially when there's a partnership and especially between brothers.
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Nobody Builds Wealth by Accident
if this thing starts to scale and you guys start doing this long-term, I would have some very formal documentation right up, even sitting down with like a business lawyer to make sure that the terms and everything, ownership, stock, I mean, anything that you guys in the future, if this starts to become,
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Nobody Builds Wealth by Accident
bigger and more long-term that you you really want to think about because sadly i think people get into this you know small business with a friend or with a sibling and it all is great and fun and then it starts to grow and then we just see anything with money or business when you're with someone close the more communication the more uh that you lay out ahead of time the less messy it gets down the road because i just don't want this to hurt a relationship down the road
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Nobody Builds Wealth by Accident
That if he feels like you're not doing as much, but he's doing it all, but yet you still have 50% ownership. But like, you know what I mean? Like just talking through all the agreements and all the situations.
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Nobody Builds Wealth by Accident
Yeah, and Isaiah, maybe one of these things you look up and you're like, hey, he can take it and own it and you can get paid out and you work for him.
The Ramsey Show
Nobody Builds Wealth by Accident
For sure. Yeah. Sorry, I have to cut you off. We're going to a break. But yeah, I would have that conversation with him. And maybe there's a sense that he owns it and you work for him making some extra money. This is The Ramsey Show.
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Nobody Builds Wealth by Accident
There's a time in your life and at the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
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Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense.
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Now it's extra money in your pocket and an asset towards turning you into a Baby Steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
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Today's question of the day comes from WhyRefi. WhyRefi refinances your private student loans and builds a custom loan based on your ability to pay. Now, you guys have private student loans. That's different than federal student loans like Sally Mae. So learn how you can customize and refinance your loan and all your options and a lump sum payoff option.
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that you can qualify for for after 24 months. So go to YRefi.com slash Ramsey. That's the letter Y, R-E-F-Y.com slash Ramsey. May not be available in all states.
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And especially depending on who you hire to help you with it, if they want to retain her or whatnot. So I would say that. And depending on the state, I mean, divorces, depending on the state, have different clauses. And it depends really state by state. But usually with the assets, yeah, it'll be split, including the debt. And so what that looks like from keeping kids...
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Nobody Builds Wealth by Accident
like you taking the house, meaning less assets, you have to make sure the debt is all paid, but keeping the kids in school, all of that. And we get that call a lot of people that have taken on, I got this call with John Deloney last week, and she took the house to keep the kids in and she can't afford the mortgage anymore. So there's a lot.
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Nobody Builds Wealth by Accident
Money is just one factor of a divorce when a marriage ends, and it's just horrible and terrible for everyone around. But
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Nobody Builds Wealth by Accident
making sure Shannon that yeah you're setting yourself up well and that especially in something like this that the emotions don't drive all of this because that's where some people get into financial trouble is they just they want to protect the kids which makes total sense and if you can absolutely but also I want to make sure that you're doing logical things to set you up well where you will have more peace and less stress when it comes to money after the the smoke clears with this but I'm so sorry you're going through that Shannon that's just that's that's so difficult
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Nobody Builds Wealth by Accident
Up next, we have Aaron from San Francisco from the Bay Area. Hi, Aaron. Welcome to the show.
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Nobody Builds Wealth by Accident
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with bestselling author and my good friend, Jade Warshaw. And we are answering your questions. So give us a call at 888-825-5225. We'll be talking about your life, your money, your relationships.
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Nobody Builds Wealth by Accident
Yeah, so I have a question. Her parents, yeah, it's their business. And let me make sure I understand the terms correctly. Are they needing you to buy them out, basically, for them to retire? Or are they gifting you all the business? Like, are they basically going to put you guys as owners?
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Nobody Builds Wealth by Accident
kind of an early inheritance essentially they want to you know my mother-in-law has expressed i you guys are good kids you work hard i'd like to help you out before i die and i think they're looking for a way to to do that so so they are they owning so aaron are they owning half and then you all and the brother have half so you basically have like a third third yeah um or is it that the brother has the other half and you all have the other half
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Nobody Builds Wealth by Accident
Yeah. Jocelyn, I'm so sorry. Thank you. How old are your kids? My oldest one is 18.
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Nobody Builds Wealth by Accident
Okay, so you and the brother together have to, you guys owe together 50%. So you're 25 and he's 25. How much is that?
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Nobody Builds Wealth by Accident
Yeah, I think, honestly, the cleanest way that I see going forward would be, would the parents consider just selling the business and then giving you guys part of the inheritance early in life where there doesn't have to be this ownership loop that happens? Yeah.
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Nobody Builds Wealth by Accident
doing but I mean yeah I mean I mean at that point at this point Jocelyn from the information you've given us to me this is um way more of a marriage issue. I think the effect and the symptom is that he's isolated himself with the money, which is a problem in and of itself, but it is a symptom of what's going on from the root of your marriage.
The Ramsey Show
Nobody Builds Wealth by Accident
So Aaron, there's a way that this all works perfectly and everyone's great, right? That's just a very small percentage of all the things that can go wrong. And when you start adding the layers of complexity from the parents still have 50% ownership, you have 25%. There's a brother that has 25%. It's in an industry you don't know. And you owe on top of that. You're having to pay your way out of it.
The Ramsey Show
Nobody Builds Wealth by Accident
over time and again people do this and it works but it's such a small percentage of nothing going wrong from a financial or a relational aspect and so you know what i would do it would be unfair for your wife to be cut out of a deal from an inheritance standpoint where the brother somehow gets it all because he wants to take on the debt so they're neat you guys i mean honestly with this amount
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Nobody Builds Wealth by Accident
because we're talking about a $6 million deal here.
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Nobody Builds Wealth by Accident
So I would sit down with a family business estate planner and start kind of walking through, I want multiple options for you and your wife, Erin, where there's a level of fairness within the family, but also you have multiple options of what you guys can do versus just A and B. It's too big of a conversation to limit it to two because I think there's other ways around this.
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Nobody Builds Wealth by Accident
And I would get a professional involved from a family business standpoint and estate planner. Sorry, Erin. I know that wasn't cut and dry, but I hope that helps.
The Ramsey Show
Nobody Builds Wealth by Accident
Welcome back to The Ramsey Show. I'm Rachel Cruz hosting today with Jade Warshaw. And on this show, we talk about living like no one else so later you can live and give like no one else. And so this whole journey when it comes to your money and us talking about this so often, there's a season of sacrifice of getting out of debt and saving up cash.
The Ramsey Show
Nobody Builds Wealth by Accident
40% of Americans can't cover a $400 emergency in cash. So Even getting above that step, right? I mean, like there's like these small wins along the baby steps. And then you get to a point where you actually start to get to build wealth. And within that, you change your family tree. You have options and choices with your life. You get to be unbelievably generous.
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Nobody Builds Wealth by Accident
And that's the second half of this journey. So we always like to highlight some stories of people that have...
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Nobody Builds Wealth by Accident
accomplish the first part and as they move into that second part or living in the second part of living and giving like no one else um always get to talk to them and share their story with you all and so we have rob from new york city on the line and he is a baby steps millionaire thanks for the call rob hey how's it going doing great okay so tell us your net worth right now that's about 1.1 million okay and what does that consist of
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Nobody Builds Wealth by Accident
And so, like you said, which I would agree, the context clues you've given us is exactly right. You don't have a marriage, right? I mean, like this is not a relationship where there's a partnership and there's two people doing life together. You guys have... two completely different lives is what it feels like, and you just happen to live under the same roof.
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Nobody Builds Wealth by Accident
Amazing. Okay, so for your income, what was the worst year from an income standpoint that you guys made and what's been the best year?
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Nobody Builds Wealth by Accident
Wow. Way to go. Well done. Was any of this money inherited? No.
The Ramsey Show
Nobody Builds Wealth by Accident
Wow. Both just public servants. Yeah. Police and teacher. Yeah. Rob, you guys are literally, like when we do our millionaire studies, the recent one that came out, teacher was in the top five of millionaires. And so, yeah, and you guys, I mean, that's it. Did you guys go to school? I guess she did, obviously, for teaching. Do you have any higher ed?
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Nobody Builds Wealth by Accident
So what do you tell someone? Cause you guys are in your early thirties, which again is so impressive. Um, because I think that there's, you know, it's, it's, it's hard out there. And a lot of people feel this tension of either the paycheck to paycheck cycle. They feel inflation when you go grocery shopping, like life feels expensive and just keeping up for some people just feels hopeless.
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Nobody Builds Wealth by Accident
And they're just trying to get traction. And they look at you guys as like a, Oh my gosh, I could never imagine, you know, being at that state. So what encouragement do you have for people out there of kind of the American dream that it's still this ability that you get to make choices in your life? And, you know, from a timeline perspective, it may be different for everyone.
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Nobody Builds Wealth by Accident
But what would you tell someone out there that wants to be you guys in the next 10 years?
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Nobody Builds Wealth by Accident
Which would make me get that. And I would take less to get them out quicker so that they don't get repoed because then you have nothing to offset the debt. So even if you have to take less, I would. I mean, this is more of a desperate situation because of what you're in. You know, Maya, it's kind of like, you know,
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Nobody Builds Wealth by Accident
Yeah, for sure. And what you can do to make money between now and when baby comes is going to be as helpful as possible.
The Ramsey Show
Nobody Builds Wealth by Accident
That's right. Maya, if you stay on the line, Christian's going to pick up and we're going to get you with a financial coach to even walk with you through some of this because there's a lot here. And with a baby coming, I know it's just life. It's difficult. So hopefully that helps. Thanks for the call.
The Ramsey Show
Nobody Builds Wealth by Accident
And my worry is that he has a level of control and power over you, Jocelyn, that is so scary and unhealthy where you have no options or choices. So I think one of the best things you can do is... put yourself in a position where you have options and choices. And so where that starts from a tactical standpoint is money. Cause like you said, like I, I'm a stay at home mom.
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Nobody Builds Wealth by Accident
When it comes to your insurance, bundling home and auto is usually a great start to saving some money. And our Ramsey Trusted Pros actually will shop the market for you and compare insurance quotes so that you don't have to. Your pro will compare pricing, discounts, and bundle deals for you with no extra cost. So that will save you a ton of time.
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Nobody Builds Wealth by Accident
and money which is great and when you work with an agent that's what they do for you and our ramsey trusted pros they're interviewed they're vetted and they're coached to make sure that they are market experts and have your best interest at heart so to get connected with an insurance pro that again is going to help you shop insurance the right way make sure to check them out at ramseysolutions.com slash bundle because that's one of the easiest ways that you're going to be able to save money
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Nobody Builds Wealth by Accident
on insurance and the cost when it comes to bundling your policies so to get a pro in your corner and to check out the pricing go to ramsey solutions.com slash bundle or click the link in the description if you're watching on youtube or listening in a podcast on podcast not in it i guess you could be in a podcast on a podcast there you go all right next we have joseph in lafayette hi joseph welcome to the show hello thank you for having me absolutely how can we help
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OK, so it's more out of a desire, not a necessity. It's not like something is going awry relationally. And it's like we got to get out of here for the health of our family. There's not an urgency to it necessarily. It's just a deep desire of like, I want to be on my own. Yes, ma'am. OK, perfect.
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Nobody Builds Wealth by Accident
I don't have, I don't have money. And so it starts to be very, very hard lines for me of you either give me full access to our money, um, Or there's going to be a more intense step of something else. And I think, Jocelyn, I mean, and again, this is your decision.
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Nobody Builds Wealth by Accident
so how much um how much extra do you guys have a month if you were to try to say okay yeah what here's what we would probably rent for um have you guys put that into a budget just to see what that looks like paying i have paying off the loans still like if we were to move instead of paying off the loans i'd be like negative 350 every month how much are the loans
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Nobody Builds Wealth by Accident
Okay. How much are you guys paying? Are you paying anything or are they letting you live there for free?
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Nobody Builds Wealth by Accident
How much do you make a year, Joseph, you and your wife combined?
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Nobody Builds Wealth by Accident
Forty four thousand. I was going to say, I mean, you have eight grand of debt. It's not. Yeah.
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Nobody Builds Wealth by Accident
Three. Okay. Because Joseph, I would say, what do you do for a career?
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Nobody Builds Wealth by Accident
OK, because 44 grand, you know, with a family of five before taxes, before taxes, you know, I mean, yeah, you guys are running on a tight ship. And so to just I mean, I'm going to say as the kids get older and as you guys start looking, because eventually, yes, the goal is to own your own place one day. You know, there it's it's either going to take.
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Nobody Builds Wealth by Accident
And I always, these calls, I feel like a lot of weight and responsibility because we'll get off with you here in about three minutes, Jocelyn, and you're going to have to make these decisions. So what I am sensing and laying out for you, this is life changing. And I want to just be careful of how I even like... But I would be setting myself up possibly for a new life.
The Ramsey Show
Nobody Builds Wealth by Accident
It's going to take longer, right, on a $44,000 salary. Or if she decides to pick up some work and do something from home to bring in. I mean, even a thousand bucks a month or something to help kind of speed this up as well, right? I mean, I think that's what's always, you know, difficult in a situation is, you know, we are all for stay-at-home moms. Like that is not a slam against her.
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Nobody Builds Wealth by Accident
I mean, I think that that is incredible, absolutely incredible. But when you make one choice there, then other choices, you know, so she has to understand too that there's a reality of what you guys make every year and what you bring in a month, right? And there's a reality of what you can afford. And I don't want you working 80 hours a week to be able to own a home.
The Ramsey Show
Nobody Builds Wealth by Accident
There's a reality, too, to your time and enjoyment of life. But that's a reality she needs to realize. So even though I know she doesn't like being there, there's a math issue here, too.
The Ramsey Show
Nobody Builds Wealth by Accident
and yeah homeschool okay yeah yeah which is great so I think that you know and you guys do a budget together I mean I'm assuming she sees all these numbers we just started like I just discovered the Ramsey solution okay two three months ago oh awesome well you guys make great progress well done that's awesome so and and how old are you guys you may have said this
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Nobody Builds Wealth by Accident
Well, and the positive thing is too, Joseph, if this was the case and you guys were in your late 30s or something, I'd be like, okay, we got to keep moving. But you're young in a sense that you will only be moving up in income from every year you should progressively be making more. And that's the positive. So it may not happen as fast as she may want it, but also they're...
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Nobody Builds Wealth by Accident
you know i would make it a goal though to at least get out i understand what she's saying and become you know your own crew somewhere and renting but buying a home and all of that it may just take a little bit longer yeah that's true that's true yeah i i understand that and like i hope she does too it's just i don't want to break her heart because she was like we need to move we need to move well you're not breaking her heart math is breaking her heart because she's not living in reality i mean
The Ramsey Show
Nobody Builds Wealth by Accident
And she can be sad about it. And that's appropriate too, right? Where it's like, oh my gosh, I want to be gone out of here. And this sucks and I hate it. But you know what? Grownups, we all do things that we don't like. But I would say, again, hear me say, we are pro being on your own.
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Nobody Builds Wealth by Accident
Even if you were a single guy, Joseph, and you were 24, like, hey, Joseph, how can you get out of your parents' house, right? So for the time being, you guys are on a plan and have an end date as well. This would help her too. When you actually look, because you said we can be done in six months. And, you know, it's February. So what is that? August-ish or so.
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Nobody Builds Wealth by Accident
And make it a plan to say, okay, by September 30th, we are renting a new spot. October 1, we'll be paying rent for a new spot, right? And you guys together need to be at the timeline and have that end date because that's going to help her. If it's this just like forever, we're going to try. We'll see. that ambiguity, I feel like stresses people out. And I understand that in her case.
The Ramsey Show
Nobody Builds Wealth by Accident
People stay in marriages where they're unhappy, but it's one thing to be unhappy in a marriage. You go through the ranks, you do what you can. It's another to have no power or control over your own life where they've taken that from you. And I feel like that's what he's done where you don't have...
The Ramsey Show
Nobody Builds Wealth by Accident
So have a plan. And then you guys, yeah, rent. And then again, I don't know, there's a reality too for her to realize. I mean, you guys are in a great spot, a situation to pay off this debt fast versus having to pay $800 in rent somewhere in Lafayette. So that's what I would do. What do you think, Jade?
The Ramsey Show
Nobody Builds Wealth by Accident
Yes. Or you're sacrificing by choosing to be home and homeschooling, which again is great. But then you're sacrificing homeownership down the road. That's also true. And that's the thing, right? You guys just have to look at the math and the values of your family, Joseph, and that's what you want to drive you. But math has to be a reality that we have to live in, that we can't just
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Nobody Builds Wealth by Accident
want something and it just happened that's that's not being a grown-up either so I hope that helps Joseph but you guys are killing it I mean you guys have made so much progress already so keep up the great work
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Nobody Builds Wealth by Accident
Anything and everything, we are here for you. So first off, kicking us off this hour is Jocelyn in Lubbock, Texas. Hi, Jocelyn. Welcome to the show. Well, for taking my call, how are you doing? We're doing great. How can we help?
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Nobody Builds Wealth by Accident
freedom to make even a decision to leave at this point because you have no access to money or information beyond that. So I would be getting myself in a position for you to get access for the money, not only just to heal the marriage, which I hope helps, but it just doesn't, to me, it seems like there's less hope of that turning around.
The Ramsey Show
Nobody Builds Wealth by Accident
Every quarter, our research team sends out a survey to listeners of this show, but also just the general public, just to get a pulse on what's going on when it comes to personal finance in America. And our Q4 results are in, and they've taken everything, all the data people. They're so good at it. They are good at it. And they figure out all this stuff.
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Nobody Builds Wealth by Accident
But we have some highlights from the study, which we just think... We think are interesting.
The Ramsey Show
Nobody Builds Wealth by Accident
So the first one is that saving money was the top New Year's resolution for Americans. Saving money. Yeah, I get that piece.
The Ramsey Show
Nobody Builds Wealth by Accident
Yes, for sure, 37%. One in four U.S. adults plan to use their tax refund to treat themselves, whether it's travel, clothes, eating out, or something more. Which, caveat, y'all, if you're in debt and you don't have savings, use your tax refund for that stuff. When you get it and adjust it so you don't get a big refund. I know, right? That's so funny to me. That's that Disney money right there.
The Ramsey Show
Nobody Builds Wealth by Accident
We did a Costco run two weeks ago. I don't even want to tell you. It was terrible. Absolutely terrible. I thought, oh my gosh, if I spent this on clothes, I would have.
The Ramsey Show
Nobody Builds Wealth by Accident
Nearly six in 10 American adults said weekly meal planning is an essential task, but 44% wish they did it better. Well, six out of 10, 60%, that's pretty good because back to this grocery thing, eating out, food in general is always a budget buster. So grocery shopping for sure. But if you don't plan for it, you end up going to a restaurant, getting to go.
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Nobody Builds Wealth by Accident
I mean, it just ends up being like the catch-all where you end up spending more doing that.
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Nobody Builds Wealth by Accident
Like I should probably eat Brussels sprouts, but we don't do it.
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Nobody Builds Wealth by Accident
But meal planning, do you find, I, this is like, it's a love language to me.
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Nobody Builds Wealth by Accident
I feel in control. I'm like, I know exactly. Tonight we have spaghetti and meatballs. Yesterday we had chili. We plan out exactly what we're going to eat every night. And it feels good.
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Nobody Builds Wealth by Accident
Yep, absolutely. Okay, 45% of Gen Z and millennials said that if the government increased the child tax credits, it would be a big or moderate impact on their decision to have a child or additional children. That's 45%. That's a lot. And we're going to have a kid or not. Depends on the tax credits.
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Nobody Builds Wealth by Accident
and probably more of a reality of you realizing, oh my gosh, I have one life to live. And unless he's willing to do intense work in therapy and us walk through this together, which I would pray, that's the best outcome. But would he ever do that? Would he ever go through it? Not for money, but for your marriage, a marriage-intensive therapy. He's very passive. He's really what?
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Nobody Builds Wealth by Accident
gives us some humanity. That makes me feel good about people. All right. 30, the last one, 33% of Americans said that it's acceptable to borrow money from the person you're dating to pay a bill.
The Ramsey Show
Nobody Builds Wealth by Accident
Do you think it's different between guys and girls? If a girl comes to a guy- It shouldn't be.
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Nobody Builds Wealth by Accident
It's way less attractive for a guy to come to a girl for some reason for money than a girl to a guy.
The Ramsey Show
Nobody Builds Wealth by Accident
Well, I'll go back to one, though, Jade, with buying a home. And they want to have the interest rate drop, which, again, makes sense. If it's around 6.1% right now and they want a 4.5%, almost a 2% drop. Yeah. It does. It saves you a ton of money in the long run. But let me tell you guys, get in the game if you haven't already.
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Nobody Builds Wealth by Accident
Like, if you have the ability to buy a house, meaning you are out of debt, you have an emergency fund, you have at least 5% down. Yeah. and your payments, no more than 25% of your take-home pay on a 15-year fix. All the parameters are there. Don't sit and wait on an interest rate because you can always refinance later. But you don't have control over that.
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Nobody Builds Wealth by Accident
But getting in the market as soon as possible, I really think is a good bet because, Jade, as we've seen it, the housing market, it's not shooting up. Prices are not shooting up like they were three years ago. But they steadily are still increasing. Yeah. That's right. A small percentage. So it's just going to get more and more expensive. So if you have the ability to get in, go ahead and get in.
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Nobody Builds Wealth by Accident
The earlier, the better. And again, I want you to be financially ready before you do so. But if you have any questions around housing, go to ramseysolutions.com slash real estate. And we have so much information on there, you guys, because again, buying a house is a big part of your financial plan.
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Nobody Builds Wealth by Accident
And we want you to be set up well with the information and with the people around you to be able to make that as smooth as possible. All right, up next, we have Lisa in Raleigh. Hi, Lisa. Welcome to the show.
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Nobody Builds Wealth by Accident
And what do you take home from that? If it's grossing, what's the profit of it? About 200. Good for you. Great job.
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Nobody Builds Wealth by Accident
Okay. Oh, congratulations. Do you guys have any retirement, any Roth IRAs, any 401ks, any mutual funds, anything?
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Nobody Builds Wealth by Accident
And that's what you guys make a year total household because he's not working. So are you guys living off of $200,000? Yes. Okay. What are you doing? Where's the 200 going?
The Ramsey Show
Nobody Builds Wealth by Accident
And we're going to retire soon either, Lisa, unless you have a plan to sell the business. You guys could downsize and put some of that money in investments, but my fear is, Lisa, your habits haven't changed when you do that, and you guys will blow through that money. So I would sit down with an investment professional, a trusted pro, and really look at this retirement.
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Nobody Builds Wealth by Accident
Well, if you planned it and said, I have a therapist and I want to go every Tuesday for the next nine months with you at three o'clock every Tuesday, would he go?
The Ramsey Show
Nobody Builds Wealth by Accident
If you hold on the line, Christian will pick up, and we'll direct you where to go. Thanks so much for the call, Lisa.
The Ramsey Show
Nobody Builds Wealth by Accident
If you're wondering if you are staying on track with the baby steps, make sure to check out our quick quiz. Check your progress and receive a personalized plan just for you. So go down and click the link in the show notes. Are you on track with the baby steps and complete the quiz? And I'll just give you a quick snapshot of where you are financially. All right.
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Nobody Builds Wealth by Accident
Up next, we have Edward in New York City. Hi, Edward. Welcome to the show.
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Nobody Builds Wealth by Accident
So what's that property? Oh, you sold it. You sold it.
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Nobody Builds Wealth by Accident
Amen, Edward. Say it louder for the people in the back, as they'd say.
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Nobody Builds Wealth by Accident
Okay. Here, can I pause for just a second? Let me get a little bit more. So the one that burnt down, what's the status on that?
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Nobody Builds Wealth by Accident
So when it's, when it's built out, are you planning on keeping it as a rental or are you going to sell it? I'm going to rent it. Yep. You're going to rent it and keep it. Okay. I mean, I think my, my, my next goal for you, Edward is a, is a home for yourself is a primary residence.
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Nobody Builds Wealth by Accident
Well, again, I mean, I would be putting my next financial goal, because you don't have any debt, correct?
The Ramsey Show
Nobody Builds Wealth by Accident
You have an emergency fund in place. You have this rental. I mean, again, from a goal of getting yourself, not trying to play some game with the real estate market, but just truly trying to get you in the best position, Edward, financially. financially, is going to be owning a primary residence and paying it off as quickly as possible.
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Nobody Builds Wealth by Accident
And then beyond that is kind of when we factor in looking into real estate as an investment. Because it is a great investment, but also doing it in the right order, I think, is key. It brings, I think, more stability and peace to you.
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Nobody Builds Wealth by Accident
And live in that townhouse, be completely debt free. Then, yeah, then you can look and say, okay, is there another rental I want to do? I would not do 44, you know, how far is, how, how far is this from Pennsylvania? Yeah.
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Nobody Builds Wealth by Accident
Yeah, I mean, I wouldn't, Edward. I mean, I think that's going to be exhausting and it's not going to be, I mean, it's not a ton. So I think you could save that money. Yeah, I would only make maybe $450, $500 a month.
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Nobody Builds Wealth by Accident
It'll be brand new this summer. I'm going to be honest, Edward. You're putting, to a degree, your financial, not your financial future, it sounds so dramatic, but your decisions about your finances in the hands of a girlfriend. Not your wife. You know what I mean?
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Nobody Builds Wealth by Accident
So there is, just remember that. I mean, because honestly, Edward, if you thought about it, just play out a scenario. What Jade said was brilliant. That paid off. What if you lived in there? You had no rent, right? Like nothing. And you're making, how much are you making a month? Just $4,400. Yeah. Yeah.
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Nobody Builds Wealth by Accident
So you're making that, you live off that and put some in investments, put some away, have a goal for a property, like run some numbers out of what life could look like. Because when you don't have a mortgage, Edward, that is the largest expense in somebody's line item of a budget. I mean, it is. Your living expenses is always your home, whether rent or a mortgage is always the highest.
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Nobody Builds Wealth by Accident
And then I'm going to go get some, you know what I mean? And I can step up in-house. The way people step up in a car, you have the ability to do this kind of from a home perspective. And just because the girlfriend doesn't like it, I mean, I wouldn't put a lot of stock in that, honestly. And I don't know.
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Nobody Builds Wealth by Accident
Yeah, we always say no to that because of the headache, the hassle. You don't have eyes on it. You end up honestly paying a property manager most of the time.
The Ramsey Show
Nobody Builds Wealth by Accident
And for the most part, you're not getting a lot out. And as you'll see with real estate for most people, you're either making money on a flip, buying it low, selling it high, making the spread. And you have to know what you're doing if you're doing that and or you're buying property and you make your money at the table, right?
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Nobody Builds Wealth by Accident
When you're buying the property, that's usually where you're gonna make the money. And then you don't make a ton of money off the rents. Like that's not what's gonna make you rich. It's the value of the property increasing and selling it eventually. and taking the equity, right? That's where you're really going to win. So having a rent is not, that's not the mindset I go into.
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Nobody Builds Wealth by Accident
Yeah. So, I mean, if I were you, Jocelyn, you need somebody, I think a professional in your corner and go get individual work for you. Because like you said, you're harboring and holding a lot in life towards him, which makes complete sense why. And then I think over time, it's going to get more and more clear of what you need to do, either pressing more into the marriage or not.
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Nobody Builds Wealth by Accident
It's either I have this and I'm holding it and I'm going to make the money off the equity, off of the value of the property long-term, or I buy a crappy, you know, $44,000 property that you can see. And if you're into it, Edward, and you're like, yeah, I mean, I could get some subs in there. We could fix it up and I could sell it for 125. You make some cash that way, right?
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Nobody Builds Wealth by Accident
yeah he said that's not oh that's not but yeah yeah so that yeah those are the two ways i see okay yeah that's the way i see the um the investment on real estate it's either doing it with cash and you get some short-term gain from a from a flip which again know what you're doing if you're doing that uh what you're getting yourself into or when you're doing it it's more for the long game of the equity
The Ramsey Show
Nobody Builds Wealth by Accident
And let me encourage you to, you know, like in 10 years, maybe this is a game you end up playing, but maybe you just invest for now, you know, build up some money that way and then taking that and doing some real estate later down the road. It doesn't have to be today, but, but you're doing great, Edward. I mean, you're, you're in a great spot. Jay, thanks for a great hour.
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Nobody Builds Wealth by Accident
Thanks to all the guys in the booth and thank you, America. This is the Ramsey show.
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Nobody Builds Wealth by Accident
But I would be making some hard lines to at least have access to the money. You have to have that. In my head, I mean, that needs to be your first step.
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Nobody Builds Wealth by Accident
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
Nobody Builds Wealth by Accident
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.
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Nobody Builds Wealth by Accident
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
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Nobody Builds Wealth by Accident
It's amazing. So again, that's joindeleteeme.com slash Ramsey. Make sure to check it out, you guys. Well, tax season is right around the corner. And one of the best things that you can do for your finances is to get a good tax pro in your corner that you can trust. This is one of the areas of money that can be very confusing. And so making sure you do it right the first time is important.
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Nobody Builds Wealth by Accident
So having somebody that you know is able to help you is really, really key. And so, yeah, these tax pros are going to really help you figure out the best moves for your situation. especially if it's a little confusing. If you have a small business, if you've had major changes this year, if you've moved, had kids, got married, you know, all the things.
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Nobody Builds Wealth by Accident
So go to ramseysolutions.com slash taxpro to find CPAs and enrolled agents that have been vetted by the Ramsey team. Again, that's ramseysolutions.com slash taxpro. Next is, is this Isaiah? Yeah, from San Antonio. Hey, welcome to the show.
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Nobody Builds Wealth by Accident
Absolutely. Thanks for calling in. How can we help?
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Nobody Builds Wealth by Accident
which i uh like i don't know maybe like uh two thousand dollars okay max so go ahead rachel uh for your household for you guys as you said you have a lot more responsibility because you've moved out you guys are on your own um how much does it take to run your household per month have you guys done a
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Nobody Builds Wealth by Accident
So I think what would, what would be driving this for me, this decision is number one, knowing and doing a detailed budget. And before you get off the phone, we will hook you up with some stuff to, for you guys to sit down as newlyweds and figure this out.
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Nobody Builds Wealth by Accident
Um, because you know, you, if, so what would drive me number one is making sure that I, we can cover everything we need from food, utilities, um,
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Nobody Builds Wealth by Accident
transportation all of that um and do you guys have any debt no ma'am neither of us have any debt okay great yeah so just knowing hey this is what we need to live off of can we live off this with me doing this small business and you and your wife working and if this is a small business the other caveat is is this where you want to be long term like if you looked up in five years do you want this business to grow is this what you want to do is this what you enjoy
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Nobody Builds Wealth by Accident
I didn't know if there was something you were doing that was a passion and you were like, this is what I want to do for the foreseeable future. But if it's kind of like, it's fine and it's fun to run a business and you can make more somewhere else.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
You and your family. Where are you guys? How are you guys?
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Don’t Let Toxic Money Situations Keep You Trapped
So to say that you have an extra spare $75,000 in a high-yield savings account to help your dad when he needs $200 a month, that's non-existent. Like, you guys are paycheck to paycheck. You're starting to build a $1,000 emergency fund yourself. So... So it's even so. So what my advice, Oscar, to you is this and even more because of where you are financially. Right.
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Don’t Let Toxic Money Situations Keep You Trapped
I mean, I think there can be a different discussion. And we talk to people on baby step seven. They've paid off their house. They've accumulated wealth. Like, listen, my dad's in his 80s and he's terrible with money. And I got to help and I'm going to help. And like and that's what they choose to do. Right. A very conscious decision. It's not being burdened upon them.
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Don’t Let Toxic Money Situations Keep You Trapped
They just decide that as part of what I'm going to do with my legacy and my money. You, Oscar, on the other hand, I mean, you guys are not in a financial position. You're trying to save a drowning person while you yourself are trying to keep your head above water. And it's causing that much more, I would say, probably bitterness and strife. Yes. Which is very understandable.
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Don’t Let Toxic Money Situations Keep You Trapped
Yeah, and it's him spending it. There's no guarantee that he's going to pay for it, right? The bill. I mean, there's a chance he doesn't. And then it's stuck under your name, and you're completely liable for that. So how has he gotten access, Katie, to your credit cards? Are you giving it to him? Yes.
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Don’t Let Toxic Money Situations Keep You Trapped
So, I mean, this is always such a hard conversation because I think the parent-child relationship, especially as adults, is very difficult. But what I would say, because this is the truth, is... and I'm going to butcher the quotes, and I even hate to try it. I wonder if it's the one I'm thinking of. It's about the fish, right? Don't give a man a fish. Teach him to fish. Yeah.
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Don’t Let Toxic Money Situations Keep You Trapped
It's the idea that, like, Dad, I want to sit down and help lay out. And you could say, Oscar, I'm starting this process too, Dad. Like, I'm starting to realize, gosh, I have to get my finances in order. And here are some things that I've done, Dad. I've realized, okay, here's my income. We've created a budget. My first goal is $1,000. Like, you could tell him what you're doing and say –
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Don’t Let Toxic Money Situations Keep You Trapped
And if you want that, I would love to sit down. And this is if you want to, Oscar, but I would love to sit down and help you get on this plan as well. Because ultimately, this is just a few hundred bucks, right? I mean, again, he's not asking for $10,000 a month. So it's just these little pieces of discipline that may be hard for a 60-year-old to restart.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
But that's where I would start and say, I can't give you any more. I don't have it. And that's the honest truth, Oscar. You don't. I don't have the money to help you. But I would love to sit down and walk you through kind of what I'm doing. And let's see together if you can now get in a position where this isn't, you're not short a couple hundred bucks a month.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yeah. Leah, tell me about your schooling. So you're starting a new semester, I'm assuming. How are you paying for school?
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Don’t Let Toxic Money Situations Keep You Trapped
um through financial aid but i am taking um a semester off to take a break with court um because it's going to be very stressful okay okay um do you see and do you know um from where you are within the divorce like i don't know this is a hard question to answer is there is yeah is there like a an end date that you see do you think okay yeah we have a couple more of these so it'll probably be in the summer or do you think like it could be a whole other year or two
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Don’t Let Toxic Money Situations Keep You Trapped
She's seven. She's seven. Okay. So she in school then during the day. Okay. So childcare and all of that is okay.
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Don’t Let Toxic Money Situations Keep You Trapped
And Leah, working 20... So you're working 20 hours a week. Are you able... Tell me about like your monthly expenses. Do you feel like you're able to cover those and you're basically at zero at the end of the month? Are you behind? Are you ahead? Do you have margin kind of where you are compared to your salary versus what you make versus your expenses?
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Don’t Let Toxic Money Situations Keep You Trapped
Yeah, and Leah, I would probably take on, because you're making great money for 20 hours a week. I mean, that's, you know, and I would, if you're taking a semester off, I was thinking of taking on more clients. Yes, and I would, Leah. I mean, I would say like this whole semester, like I'm going to work more than probably I've ever worked because I think these goals are really big, right?
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Totally. So, Katie, just so you know, so that you can be armed with some of that knowledge and education, the only reason you really need a credit score is to go into debt. And we really do believe the best way to win financially is not to have debt, is not to go into debt. And the biggest piece of debt that people get into that they're like, no, I have to have a credit score for is a home, right?
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Don’t Let Toxic Money Situations Keep You Trapped
To have some cash for a car. The first goal is to get $1,000 in the bank, which you basically have. And then the next goal would be pay off debt, but you don't have debt, which is amazing. Mm-hmm. And so then the next would be an emergency fund. But part of that is knowing if big life things are happening like a car or fees for an attorney, right?
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Don’t Let Toxic Money Situations Keep You Trapped
Like all of these things that I would want a big fund. And this could also be your emergency fund, right? You could have a savings goal. But to know that I need some cash in the bank ASAP. And so I would have enough in there for three months worth of expenses. I would have enough in there for a new car. And that could be a $7,000 car, Leah, right?
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Don’t Let Toxic Money Situations Keep You Trapped
I mean, it doesn't have to be a brand new, beautiful car. And then think about when you sell yours, you know, that adds to that. I would kind of average out attorney's fees, what would make you feel good, right? And I would just have a big emergency fund. That would be my very first goal before investing or anything. And then once you have your feet under you saying, okay, yes, I have my car.
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Don’t Let Toxic Money Situations Keep You Trapped
I'm in good shape transportation-wise. I have some cash here for an attorney. I have some cash in the bank for an emergency fund. then we can start thinking about the future. But until then, Leah, I would just get some cash in the bank and I would not invest it. I would just keep it in a high yield savings account.
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Don’t Let Toxic Money Situations Keep You Trapped
Again, with the goal to get three months worth of an emergency fund along with a car and attorney's fees, which is thousands of dollars. I mean, what I'm saying here is like- This is long term. You know, this is this may take you a year to do, which is fine. You're you know, and then there's plenty of time for investing and catching up with all of that. But I would do that.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
I think that would give you a lot of safety and security. And again, the beautiful thing about this is that you have the time like you were just working 20 hours. And if you just doubled that. I mean, think about, you know, you would be bringing home, you know, close to, you know, without child support, close to $6,000 a month. That's excellent. You could do this.
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Don’t Let Toxic Money Situations Keep You Trapped
And Leah, kudos to you and all the single parents out there because that is one of the toughest positions to be in. And when you have full-time custody... For sure. And you are the only one in charge. And I mean, it is so much work and it is so exhausting. So from mom to mom, I just commend you and the single moms out there. And so you're doing... an incredible job.
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Don’t Let Toxic Money Situations Keep You Trapped
The fact you don't even have debt, Leah, I'm like, you're doing great. So just keep up the work saving.
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Don’t Let Toxic Money Situations Keep You Trapped
Today's question comes from Erica in California. We are currently in baby step two. My husband and I both grew up in homes where our parents never discussed money or taught us how to manage it. We have two kids who are in their early teens and I wanna teach them how to be smarter with money than we ever were.
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Don’t Let Toxic Money Situations Keep You Trapped
So when you go and apply for a mortgage, they will pull your credit score, but you can do what's called manual underwriting. So you can actually get a mortgage without a credit score still. Now, places will pull your credit report, maybe if you're applying for a cell phone or maybe for work or something.
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Don’t Let Toxic Money Situations Keep You Trapped
Being so new to this and still figuring it out ourselves, I'm not sure how to go about teaching them. When my son got his first job, we opened up a bank account for him and he has a debit card. I have noticed he is purchasing things that I think are silly, but I don't want him to feel like I'm constantly nagging him for what he's doing with his own money.
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Don’t Let Toxic Money Situations Keep You Trapped
How do you teach him to budget when he doesn't necessarily have recurring bills every month? I'm overwhelmed with my own stuff and trying to teach him something I'm figuring out at the same time.
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Don’t Let Toxic Money Situations Keep You Trapped
Yeah, I agree. And I would say, too, that when you are under the roof of your parents, right? And I think about growing up. I made money mistakes. Like, I spent my money on stupid stuff, like, that I know my parents thought, like, that is so dumb. And I was the kid that if I had money, I was going to spend it. Like, I would go get silly putty from, like, an aisle.
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Don’t Let Toxic Money Situations Keep You Trapped
But if you don't have a history, all you have to say is, yeah, I've never borrowed money before and debt's not a part of my life. So you actually can go through life. And this is a big piece of misinformation. A lot of people believe you have to have credit in order to do things, but you really don't. Now, you have to have it to go into debt.
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Don’t Let Toxic Money Situations Keep You Trapped
Just to buy something. I mean, I genuinely was just such a spender. And I remember sometimes making comments, but they did such a great job, Jade, of letting us make those mistakes. Yeah. Because you realize that even as an 11-year-old, you could do something and buy money, you know, buy something with money you've earned and then realize like a few days later, oh, that wasn't fun.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And I mean, you do, you experience these lessons. So where something may feel silly to you, maybe it is, maybe to him it's not because he's 15, 14 years old and you're not. But I would say let them experience these emotions themselves because the more
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
life experience they have around money themselves even as teenagers even if they don't have recurring bills any of that is teachable moments so when they go off on their own they're not experiencing those emotions for the first time at 18 years old they've already experienced it at 11 12 13 14 so again i wouldn't be legalistic about it i do think some parents uh and i'm talking to some of you ramsey fans out there who are very hardcore and you're just like no and you're so legalistic and then it drains your kids yeah yeah
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
So there's a lot of grace in this, a lot of life to kind of give and take. And they're going to learn. You're going to make mistakes. You're not going to be consistent so much. They're not. I don't know. It's just a part of life. I'd agree. But I think the fact that it's present of what you're saying in conversation and in the household is the most important thing.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
But we, again, that finish line, that start to finish of building wealth, debt does not need to be part of the picture. So what Jade was saying earlier,
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
is exactly right i would i would cut up all the credit cards katie any credit card in your name i would cut up and and for you um to keep everything separate and you guys are already kind of combining you know purchases and all of that i would keep your income with your expenses his income with his expenses very very separate and then later on the road if you guys get married then that's when you want to combine them but yeah
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Don’t Let Toxic Money Situations Keep You Trapped
So we're talking about... Wait, wait, John, no. One month.
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Don’t Let Toxic Money Situations Keep You Trapped
How much debt do you guys have, John?
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Don’t Let Toxic Money Situations Keep You Trapped
Do you have any savings, any cash on hand?
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yep, yep. Okay, well, delaying it one month is not going to, that's not going to completely, you know, change your life at retirement. Like you said, a million dollars. Yeah. $7,600 from 30 to 60, just that amount with compound interest is not going to equal a million dollars.
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Don’t Let Toxic Money Situations Keep You Trapped
Yes Okay, I see what you're saying Well then I would just I would go ahead and just pay off the debt And put some cash in And then I would do that And then go and do a Roth IRA And max it out at $7,000 And then you're probably going to You're going to end up even
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Until then, it's a very dangerous game that you guys are playing, not just on the credit score game side, but the fact that you have this other individual that legally you have no attachment to, right? I mean, from a legal perspective, there is no marriage.
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Don’t Let Toxic Money Situations Keep You Trapped
During those years to keep you guys going.
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Don’t Let Toxic Money Situations Keep You Trapped
And we take the calls, Katie. I mean, which, of course, we're calling...
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Don’t Let Toxic Money Situations Keep You Trapped
show for money so we get all we get all different kinds of calls but we get the calls that are hey my boyfriend broke up with me i can't find him now he blocked me and he racked up ten thousand dollars on my credit card he said he was gonna pay it and now what do i do and then that katie we would have to say to you well you gotta pay it because it's under your name so it's just saying it's a big risk that's what you're taking and i understand maybe his intention was good trying to help but um but it's but it's not helping
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Don’t Let Toxic Money Situations Keep You Trapped
Yeah, for sure. When did you find this out, Beth? About two months ago. Okay. And there's no money in the retirement. And it's because, I just want to clarify, that he's been spending it throughout the years. Or did he take a massive withdrawal and spend it in the last year? He's been spending it throughout the years. Okay. So he's just been dwindling it down.
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Don’t Let Toxic Money Situations Keep You Trapped
And now you guys are 62 and you don't have anything.
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Don’t Let Toxic Money Situations Keep You Trapped
And is that because of the mortgage, the refinance, or is this consumer debt? Consumer debt. Okay, break that down for me. What does that consist of?
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Don’t Let Toxic Money Situations Keep You Trapped
$127,000. And real quick, let me ask, where did the $50,000 and the $77,000 of credit card, what did that go to? Was that just lifestyle because he's been out of work for three years and you had a health issue? Like, was it going to bills and keeping food on the table? Yeah. Okay.
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Don’t Let Toxic Money Situations Keep You Trapped
I would get your own checking account, which we rarely say this. We're the show that's the opposite. But in a situation like this, this is when things come up. that literally he's driving you guys with his pattern of behavior over 30 years with no flag for change is going to continue to go down this lane. And that's not going to be healthy for you.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And so if I were you, Beth, I would talk to him and say, until trust can be built back and I see a new pattern, we're separating our finances because it's a symptom of how our marriage has been. And again...
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
we don't have time to dive into that, but I bet if you will stay on the line, Kelly's going to pick up and I'd love to put you with a financial coach because, um, there's so many things to untangle here, not just from the financial perspective, but also the relational perspective. And Beth and I want you to be protected. I do.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And I, and, and, um, this is, this is really difficult and I'm so sorry. And I hate that we don't have the time on the show to, to, to dig into more, but, um, but if you hold on the line, Kelly, you'll pick up. Um, but I'm so glad that you called.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And where are they now? Um, they're in Uganda. Oh, okay. Okay. And you don't, and you're saying you, they could come next week, next month, next year. You're not sure is what you're saying. Yes. Okay. We're not sure. How much money would it take to have a deposit for an apartment?
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Don’t Let Toxic Money Situations Keep You Trapped
$16,000. Is that your last debt? Yes.
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Don’t Let Toxic Money Situations Keep You Trapped
How did you guys meet, Gigi? Sorry, I'm just, I'm curious. Oh, no problem. We met through missions. I would be missionary. So you were over there and you guys met, fell in love.
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Don’t Let Toxic Money Situations Keep You Trapped
You're going to laugh at me, Gigi. The reason I'm asking is we've gotten two calls on this show with people that have met online.
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Don’t Let Toxic Money Situations Keep You Trapped
and it's been like a it's been like a scam thing and we've had to follow up with them and like help with the all this so for a split second that came in my mind i'm like you have met him in person right gg oh my gosh i was that funny i did have that thought though because that is funny that has happened twice on the show okay so so he's a real guy you know he's real yes i know just i'm just asking just asking how you met we've been married for three years beautiful it's beautiful five month old daughter okay it's great
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Don’t Let Toxic Money Situations Keep You Trapped
Um, so yeah, I, yeah, I would make it because there is, if they came, I mean, you guys could maybe last a few weeks at your mom's, but you're saying like, there's no room. There's no room. Yeah. So, um, and how much is your car payment a month? How much are you paying on that?
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Don’t Let Toxic Money Situations Keep You Trapped
um 360 okay because there's always like this balance of you know paying off the car quickly because that frees up that car payment plus what you were paying on the debt and it kind of just snowballs into more money every month to put towards that apartment um so i would i mean um yeah the price that that priority is tough um but part of me feels like
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Don’t Let Toxic Money Situations Keep You Trapped
Your food, shelter, utilities and transportation. And so when they come over, you guys have to have a place to live. So that would be...
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Don’t Let Toxic Money Situations Keep You Trapped
right in a in a level of priority so yeah so you could go ahead and just save up like you're saying jade in six months you'll have that set it aside and then and if you had to gg you know you could be like godly i i'm so close to paying off my car i can go grab out of that account a few thousand dollars you know if you're that close right so it's it's still your money um but it would in that case could be considered a four one of your four walls
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yeah. And Gigi, are you good with all the fires and stuff going on right now?
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Don’t Let Toxic Money Situations Keep You Trapped
Well, I would include him working at that point. So you'll be having more money. So that significantly should go down. And you guys should make that a goal to go down. So yeah, it doesn't change whether you're debt-free or not. Housing in general should be around 100%. a fourth of your take-home pay. But I would add his job and his income in with that. Okay.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And from a lifestyle perspective, you know, L.A., it's just very expensive. Yeah, it's tough, you know, from a yeah, just the standard of living and the and what you're paying for things. You're in a very expensive area. Southern California is so.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
So to Jade's point for your overall and this could be, you know, maybe something you guys think about, especially if you're looking to buy a home and this will be in a few years. This is more long term thinking, Gigi. But there is that conversation that people are having with a family and just saying, oh, my gosh, like we can't live the level of life.
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Don’t Let Toxic Money Situations Keep You Trapped
and have the margin and the freedom to do things we want where we are geographically. And so people are having those discussions to Jade's point. So that may be something you guys talk about later once they get here and you guys kind of get settled. But that's a reality for a lot of people.
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Don’t Let Toxic Money Situations Keep You Trapped
Yes, for sure. Yeah. And it does it. And what's hard, too, is a lot of people and based off of calls we've had recently, you know, that they base it off of a two income. It's kind of what we just did on that call. And the danger, even with that, sometimes it's just always something to keep in mind is that, you know, they have a baby and you realize, oh, I want to stay home. But where you live.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
It's a two-income household to keep that standard of living. And so when you make decisions like that, it kind of uproots and changes a lot, which is fine. But you have to be thinking about all of this.
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Don’t Let Toxic Money Situations Keep You Trapped
Yes, there's been, I would say, good towards the consumer when it comes to mortgages. So we are seeing a trend that mortgage rates are going down and they're expected to keep dropping in 2025. So rates on a 30-year fixed rate mortgage fell to 6.12% in late of 24 and they keep decreasing.
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Don’t Let Toxic Money Situations Keep You Trapped
and they're not going to go back to you know two to three percent rates like they had pre-pandemic which was beautiful yeah it's not coming anytime soon but again we're continuing to see it drop which we love housing prices they're staying pretty steady and again they might level off but with the low inventory it's kind of keeping that stable and so they're not going to expectedly like drop drastically so it's still this idea if you're on the sidelines and you're
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Ready to buy a house. This whole idea of like, oh, there's a bubble. It's going to pop. I'm going to get a great deal. It's probably not going to happen. They are pretty consistent. And the Federal Home Loan Mortgage Corporation even predicts modest price growth in 2025. So values will continue to rise. Inventory is slowing. So inventory grew. 29.2% in 2024 compared to the previous year.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Now, it is still below average or pre-pandemic levels. And more homes are on the market to give buyers more options. And sellers still have the upper hand in most areas as demand. Little by little, it's getting better. Exactly, exactly.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
um buyer demands could rise so if interest rates keep dropping then obviously there's gonna be more competition people are gonna get back into the market to buy foreclosures will stay low foreclosures declined 13 and 24 and this trend is expected to continue in 2025 again they're rare out there if you can find a good one that's great but they're pretty rare still so yeah
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Some of the takeaways for what we're seeing in the housing trending in 2025 is for buyers. If you're looking to buy with rates trending down and inventory improving, you might find more opportunities to get into the market. And you may have some more options when it comes to housing. But again, do not overspend.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
When you go to the mortgage company to get a mortgage, they're going to offer you way more than what you need. So stay within your budget. If you are selling, this is still your market and homes are priced fairly. If they are priced fairly, they're going to still sell pretty quickly. And again, for everyone, you can't wait for the perfect time for the housing market.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
It's the perfect time when it's the perfect time for you. So if you don't have debt, you have an emergency fund in place and you have at least a 5% down payment, go ahead and get in. Because again, These the housing values, the price of houses are not going down. You're not going to go get a deal next year. They are the same, if not modestly increasing.
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Don’t Let Toxic Money Situations Keep You Trapped
Everything's all good. A banker says, I can afford this.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
You need to control that on your own end. You know, and it is wild when we think about it because, I mean, and I know we all remember because it was just a few years ago when prices just skyrocketed up.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yeah. And there were some hot areas that were significantly overpriced and they did kind of come down. And, you know, even last year was kind of just like, you know, correction. Austin, Texas was one. Like we saw some markets do that. But I remember being on the show two years ago and Dave and all of us were saying, there's not a big bubble, you guys. Because some people were saying that. Yeah.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
It's just like this. It's going to be like 09. There's going to be foreclosures everywhere and all of this. And it's like, no, it's going to stay. And again, it may correct. It may kind of go back down a little bit to correct. Yeah. But it is going to be what it is. And it has stayed there, Jade. I mean, it is wild. I'm not mad at it.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
You need to go to ramseysolutions.com slash real estate. And we do have a U.S. housing market trends. It's honestly right there on the front page.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
home screen so if you're curious about what's going on in the real estate market and you want to see facts and we pull these from reputable sources this isn't just opinions out there these are actually what's going on in the housing market and it is something people are watching and want to know hey what is going on because you do hear a lot of Either doom and gloom or overhyped here.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
I mean, so just to get the reality of what's really going on in the housing market, make sure to go to ramseysolutions.com slash real estate. And for all of your real estate needs, if you are looking to buy and sell, use one of our Ramsey trusted real estate agents because, yeah, they will help you in this area. And it's a big deal, you guys.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Your house is, for most people, the largest purchase you make. Oh, yeah. And to your point, the largest investment when it comes to appreciating and all that.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yeah, we're about to go to a hard break, Nick. But yeah, I mean, this is the hard thing about co-signing, Nick, is there's not, there aren't other options. I'm like, there's, from a legal perspective, you signed a loan. Yeah. And until your name is off of that loan, there's really not like a legal way to go about this or anything. I mean, it kind of is what it is.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
It's nice. Jade, I want to wrap back to the call we just sent Ed because it was a quick call, but I think a big subject. And obviously, Nick and Diana, there were a couple and they called in and talking about how he had co-signed for a friend on a home. Yeah. That was $367,000. Yeah.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
and then with the pandemic happening and all these other plans you could get on where you didn't have to pay and you know all of this stuff happened and now he owes 376 000 so nothing was paid down it was going up and on top of that um you know nick got married and was like i kind of i want off this loan because when you co-sign and everyone needs to hear this this is a lesson
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
When you co-sign, it basically is you taking on this person's debt. It shows up like your debt.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yes. So that is car loans, you guys. That is mortgages. That is parent plus loans. We talked about that in the break. If you're a parent and you do a parent plus loan. That is debt that's looking like it's going on your report. It is a really big deal. And people do this out of the goodness of their heart because their friend or family member can't get the loan, so they need someone to co-sign.
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Don’t Let Toxic Money Situations Keep You Trapped
Or required, right? Yeah. But again, it's understandable why someone would think that because in our world today, it is just so, so normal. So yeah, Katie, if I were you, I would today cut up every credit card with my name on it.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And that's where people get in trouble. And the hard thing about when you co-sign I mean, there's not a lot of ways to get out of it unless the person who is the main name on the loan says, I will refinance to take you off, which Nick in the last call tried and asked the friend to do that. But the friend won't because now interest rates, right?
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
He probably got a 2.5% interest rate and now interest rates are 6%. So the friend's like, there's no way I'm going to. I'm going to refinance right now. And yeah, and it messes up a relationship and it messes up your own financial life.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
So again, we were saying before the break that there's again, I mean, the answer to those questions, if you have co-signed, there's really not much you can do from a legal perspective. You may be able to get a judge to force it, but to force a refinance. But I don't hear that happening a lot.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Not even just because of the element of what we talked about living without debt, but I'm going to say yours has an extra caveat too because there's another person in your life using those credit cards under your name, which adds on a whole other level of risk that you cannot control, right? Some people think, well, I can control myself, right? And we have a level of responsibility of ourselves.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Like, so that's, we can talk about that. But this is like an extra layer, Katie, that you, it's just a lot of risk. And I know everyone's in love all the time and we're going to be together forever. Everyone believes in the relationship. But again, we get the calls on the other end of reality of what happens. So I just want you to be protected, Katie. That's what we want for you.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
So Jeff. Yeah. So this is man, this is really difficult. And yeah. So for them, it's going to take a lot of, I think, professional counseling because this is this is lying. I mean, he absolutely lied and did a level of gambling is kind of what day trading can end up being. So for you, I think being a dad, they're not overstepping your bounds. This is their issues to work out within their marriage.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And if they reach out for help, I think from an emotional standpoint, you can be there. But this is theirs to take care of.
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Don’t Let Toxic Money Situations Keep You Trapped
We are here for you. And we want you to make these decisions in a really smart and wise way.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Yeah, absolutely. Well, and when you have an amount of time, right, that is so compacted with everything you need, like that's how we lay out these live streams. We're like, if someone is here... for an hour and a half or however long it is, we're going to put as much as we can into it so that when you walk away, it's like, okay, I have a whole new set of tools.
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Don’t Let Toxic Money Situations Keep You Trapped
It might be overwhelming even, but it's worth it to sit down for an hour and a half and be there and watch it and do something different.
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Don’t Let Toxic Money Situations Keep You Trapped
And why is he needing the money? What's he using it for?
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Don’t Let Toxic Money Situations Keep You Trapped
Okay, so you don't think there's probably much to his name financially, and he's literally using it to stay afloat. Is he working?
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Don’t Let Toxic Money Situations Keep You Trapped
So then the sister calls. Have you and your sister talked about it?
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Your Financial Journey Is a Marathon, Not a Sprint
Which, too, no fault to you, too. I mean, this happened a year ago. I'm like, you're probably coming out of this fault. I mean, I can't even imagine.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, it's just, yeah, I'm like, there's so much. But I hope this call for you, gave you more of the confidence and the motivation to say, okay, I am doing the right thing and push forward. Because sometimes, and I could feel this, like you hear probate, I mean, it's a very intimidating idea. If you don't deal with lawyers and you don't deal with judges on a regular basis, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I'm like, there's a level where this can feel very intimidating and you almost can outsource it, which I think is what she's done. She's yielded a lot to these lawyers, but what you're giving her the permission and the mandate is to be like,
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Your Financial Journey Is a Marathon, Not a Sprint
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
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Now it's extra money in your pocket and an asset towards turning you into a baby steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
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Your Financial Journey Is a Marathon, Not a Sprint
Okay, this is a funny one. I just read it. Today's question comes from Steve in Indiana. Would your snowball plan help get America out of $36 trillion of debt, and how would you budget it? I wish Trump had you on the Doge team.
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Your Financial Journey Is a Marathon, Not a Sprint
Was the Reagan stuff all the way through? Wasn't Bush one and then Clinton?
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Your Financial Journey Is a Marathon, Not a Sprint
Longest stay in the union ever last night.
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Your Financial Journey Is a Marathon, Not a Sprint
Have you asked around what people are getting? I mean, do you have a ballpark of like, yeah, this seems realistic and there's going to be high months, then there's going to be low months, but do you have a middle ground at all from other people in the field?
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Your Financial Journey Is a Marathon, Not a Sprint
So I think I think I think what's so to answer your question, just like point blank, and then maybe we can kind of backpedal and talk through more of the why. But no, I would stay. Are you are you paying rent with your dad or are you just living there? No. OK. Yeah. So I would live there with your daughter.
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Your Financial Journey Is a Marathon, Not a Sprint
He needs to come move rent somewhere, find a job once he's stable or feels, you know, that well enough to be able to say, OK, yes, now we're going to get engaged. You guys have been dating for a long period of two years. You're both adults. You probably know, yeah, we can make this engagement faster. We don't have to be engaged for three years, right? We can have a wedding.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It may not be an extravagant wedding, but we'll get married. And then the next step then would be, okay, now we have formed a family unit together. and we're gonna live as that. And I think the problem is so often like we fast forward that process. And what's difficult too is we have found over and over and over and over and over again, and even more recent research has come out
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Your Financial Journey Is a Marathon, Not a Sprint
to show, not even from a financial perspective, but just a quality of life perspective, the happiness among couples is higher with those who actually didn't even live together before married, married, and then lived together than those that lived together even before. And so you just see all of this play out. And I think, too, what's hard is we see the other end of that.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Jim, oh my gosh, I cannot wait to talk about this. It's a great question. It's a great question.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Jim, where are you at financially?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
okay okay can i say this i mean seriously do you are you gonna marry do you want to marry somebody who is judges you by your no no no i'm not this is a shallow chick can i excuse me let the woman talk for a second have at it woman here's what i would say though jim not that it's shallow but you do you would wonder out of curiosity like oh my gosh am i gonna have to be the one that keeps this
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
household afloat if it goes in the future. If she doesn't know your financial state, again, it's not a judgment on just the car itself because there needs to be more conversation. I would think as a woman, though, I'm like, I don't know. Am I going to have to be the breadwinner? You know what I mean? A level of
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Your Financial Journey Is a Marathon, Not a Sprint
Yeah, I mean, like, so the first impression thing, again, it's not for shallow purposes, but for her to know, like, no, you're responsible, and you, you know, all of these line up. Oh, then I don't care what kind of car you drive. I just know the man that I'm marrying I'm entering into a relationship with that I'm not having to be the one to, like, hold us up financially, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I'm not saying not to date someone that has a crappy car. It's not that. It's just to know that like, oh, yeah, you are a guy that can hold life on his own. And you really do, Jim, because of where you are financially. I'm not saying to go buy a new truck for those purposes. I'm just giving another perspective to think, oh, my gosh, is like – Like, is he doing anything with his life, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Everything messed up and you move in together and then he can't find a job and it's been a year and you're starting to pay his bills. It just gets real messy real fast. And so from a relational and financial perspective, the cleaner those lines can be. Honestly, it makes the process smoother. And it may not be like what everyone does or fill in the blank, but it does.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I'm not saying that you're not, Jim. Does that make sense to anyone? Am I making sense or am I sounding shallow?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Jim can be very content. He may be fine.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Agreed. He looked at me again. I agree. I was arguing.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It was just to know, like, okay, I'm not having to be the breadwinner, right? I'm like, I don't know.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I don't want someone that's like, yeah, that's like not working and making an income.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
exactly well it's just the idea of like i don't know i don't have to like you could ask a question yeah i don't know it's 40 years old jim i'm rooting for you and i hope this call i'm gonna just pray this over the over the internets that this call maybe some ladies like jim i'm interested there you go if you are houston's a little town shouldn't be hard to find you look for the look for the old truck look for the old truck
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I just appreciate him. That's so cool. And I really do. And I'm sorry you're a widower too, whatever that story was. I hope nothing but the best, Jim. I'm cheering you on. Yeah, me too. I hope you find a great lady out there.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
We should do a Ramsey dating app.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
That wasn't our best call, Meredith.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
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Your Financial Journey Is a Marathon, Not a Sprint
It makes the process, again, from a relational and a financial perspective, smoother. So no, I would not move out of your dad's place. I think you probably have a great setup there. If you wanted to move out with your daughter and rent somewhere on your own, you could. But I would say put, let him move here, figure out the job and the place to live. And then...
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Your Financial Journey Is a Marathon, Not a Sprint
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Your Financial Journey Is a Marathon, Not a Sprint
Your bucket list is both Dave likes to jump out of airplanes and I love New York City. So you check and check.
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Your Financial Journey Is a Marathon, Not a Sprint
I mean, that could all happen in the next nine months.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, I just had our meeting. My husband and I meet with ours once a year and we just had ours yesterday. And I'll tell you, a great financial planner or someone walking beside you, an investment professional, their job is to help you live the way you want to live, Amy, and how to do it responsibly. And they should have a basic knowledge, if not a pretty comprehensive knowledge, on taxes as well.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
They're going to see a holistic view of your life. And so someone that's on your side is going to hear you where you're not very risk averse. You're kind of like, yeah, I want to live and jump out of airplanes. and do it all.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No, but I'm just saying if a good financial planner is going to look at all of that, know the ins and outs of it, they're going to be able to run a pro forma and be able to say, okay, here's this, this, and this, and this throughout the years. I mean, you're going to get a detailed plan with this person, and that's what you need. Right now, you don't, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, it's a little bit kind of all up in the air.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It would be tight, but yes. Probably not New York City.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And if you can jump on that disability, too, and get some income coming in.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
oh man okay so during this time because six years i mean that's a marathon right i mean we you know two years is usually kind of average with consumer debt so people that do mostly student loans we see that it's kind of the long game right so what was the hardest part in six years i know you guys are we're probably tired i mean i know you probably hit a wall at certain points thinking oh my gosh we're still in this
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I feel like we hit two walls. We have two kids.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
love them but they came they came in strong yes yeah i mean that's a big deal though for real i mean like anyone that has a baby like you're like it's a it's a life-changing event let alone two happening during a process like this so kudos to you guys that's great so great
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
They'll put a survey out to the audience and let them grade.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It's going to be a peaceful, a peaceful debt-free scream for you.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And I would say, if people didn't know a little insight, if you weren't doing what you're doing, you'd be in real estate full time. It's what you were doing before you were doing this. But you, like real estate's your next love. You love all of this. Yeah. But your next love is, I mean, you.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And he's obsessing over every little thing and it's spinning him out is what it's doing.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It's stressing him out more than giving him freedom. Yeah. Yeah. Which is such an interesting, we talked about this on another show last week together, how money becomes an idol for so many people. And some people it's the chase of more, more, more nicer, nicer, nicer.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But on the flip side, it becomes an idol in this case where you're so obsessed with it in a negative way that it's like literally eating into the quality of your life because it's all you're thinking about. And that's not how it should be. There should be a lot more freedom. And so there's something in him.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
He'll say, my favorite Dave is real estate Dave. He just gets like real, like he gets excited about it. You love it. And so you're one of the best teachers on the planet for it. So it's fantastic.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But you're $20,000 in, meaning from lawyer fees, travel, all of that. That's what you're saying, and you're like, I'm nervous. You've been paying the payment.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, so I'm curious what you said. I've been trying. You've been down there five. What holdups are you finding?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
live on 40 or something right you know what i mean like if you don't have rents put 75 grand away yeah do that for about one or two years and golly you could put yeah 150 200 sell your place that's 350 go pay cash for a house right up to the sunset if you guys want to get back into the rental game then do it from with some cheap you know 150 000 property that you guys save up over time because you have a paid for house
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
yep so andrew i think what what i would do is i would live rent free in your parents home let your property continue to appreciate that's fine but then eventually have the goal to sell it probably in the next year or two and exactly what you're saying move all that equity over to a primary home with the money you've saved and there's a good chance you could cash flow primary home and then if you guys want to get in the rental game do that later with cash but that's that's a lot of races man that's a lot of peace andrew congratulations
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Big Life Changes Demand Bold Money Decisions
Welcome back to The Ramsey Show. We're taking your calls at 888-825-5225. Up next, we have Dan in Houston, Texas. Hey, Dan, welcome to the show.
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Big Life Changes Demand Bold Money Decisions
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with best-selling author and host of The Dr. John Deloney Show, John Deloney.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And you're saying just saying it out loud when you guys make sure you put.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And they haven't really happened yet either.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I think that we sometimes live under this illusion that we can change people, that if we say the right thing or we give the right book or we do whatever it may be, that that's somehow going to be the magic moment of the light bulb going off in their head of like, oh, my gosh. And we put that responsibility on ourselves.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And I hear this more from your sister, the way you're talking about your sister. And so, yeah, maybe you hang up with us and call her and relieve her, right? I mean, like, tell her about this call. But you both don't need to sit there feeling this, like, hero complex. It's our responsibility somehow to change our 62-year-old sibling.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And Holly, is his mindset like he's happy because he has time with the family. It's not that much. I am not stressed and all of that. Or is he, does he feel undervalued at all? Like, is he looking or talking about other things?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, and Dan, too, you can be a great listening ear for your older sister, too, but don't carry her weight either. That's right. Because part of your call has been a lot of her concern, too. And don't carry that either, Dan. It's this kind of individualness that I think is really important for you guys because you're taking on a lot.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Your sister's emotion that's doing things well, but she's frustrated and fearful, and then the siblings that aren't.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Thanks, Dan, for the call. There's a time in your life and at the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
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Big Life Changes Demand Bold Money Decisions
Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense
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Big Life Changes Demand Bold Money Decisions
Now it's extra money in your pocket and an asset towards turning you into a baby steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
The Ramsey Show question of the day is brought to you by WhyRefi. WhyRefi refinances your defaulted private student loans, which are different than federal student loans. WhyRefi, oh gosh, WhyRefi defaults to loans and builds you a custom loan based on your ability to pay. I skipped a line. So kick your private student loan debt out of your life by going to WhyRefi.com slash Ramsey.
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Big Life Changes Demand Bold Money Decisions
That's the letter Y. Don't say it. R-E-F-Y.com slash Ramsey may not be available in all states. I'm a Terrible sometimes.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I'm re-saying the same line again. Not correct.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Listen, Y Refi, it's incredible. It is. It takes your defaulted private student loans, creates a new loan with a low interest rate that will fit in your budget, And it's wonderful. We don't talk about refinancing debt majority of the time. We don't recommend it. But with private student loans, we do. So there you go. Go to Y-R-E-F-Y. Y-R-E-F-Y.com.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
It's not allowed at our school. No outside takeout food. Keep going.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yes. Because that's life. Well, that's life. And if it's not the lunches, it's going to be the type of shoes. It's going to be the backpack. And the phone. It keeps going. And then on into college. What college is she going to? I mean, that feeling continues.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
painter and it doesn't work and nobody had reality conversations i read this in a parenting book i can't remember who sissy goff i can't remember who it was but they were saying that you know the generation but 10 years ago 15 years ago was the helicopter parents and now it's the snowplow parents yeah the bulldozers just where you just like make a smooth path so there's no bumps we don't
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
feel anything we are good no hardship no bumps in the road it is just a smooth walk and everything is fine and that's not that's not reality no it's teaching your kids this is an amazing moment for your 14 year old and can i just say this too not that this matters, but they're buying lunch from local eateries. This isn't even like a cafeteria buy.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, it's even a step beyond normal reality. You know what I mean? It's not even like, oh, we're not even going to pay for school lunches from the cafeteria. This is another step beyond. So I think even for her to have... some level of reality. My parents did this of like, there's tiers in life.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
The highest tier is that a 14 year old is getting a $20 lunch from Panera or whatever the local eatery is. The second tier is, yeah, maybe you get to spend some money and buy lunch at the cafeteria. And then you got to bring your, you know, your lunch. I don't know. And like, like, like we don't all get to live at a high level. Like there's going to be ups and downs in life.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And you're working so much to make that versus like having a 40 hour a week job where you're making 80 or whatever it is.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
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The Ramsey Show
Big Life Changes Demand Bold Money Decisions
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The Ramsey Show
Big Life Changes Demand Bold Money Decisions
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The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Okay, so it would be the 13-year-old. Yeah. That would feel it.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
All right, Dave, you have some strong opinions.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
My good friend, John Deloney. So we are answering your questions about your life, your relationships, your money. So give us a call at 888-825-5225, and we are here for you. All right, starting us off this hour is Holly in Portland, Oregon. Hey, Holly. Welcome to the show. Hi. Hello, hello.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings and it says Fairwinds on my phone.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So I answered it and talked to someone there and they said, yeah, they give... calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
We'll come back to the Ramsey show. Up next, we have a Christian in Boston. Hey, Christian, welcome to the show. Oh, did it go?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
yeah i mean i think uh just a couple like tactical money questions do you so you got you have no debt none uh and you have savings an emergency fund yep okay oh yeah uh how much liquid cash do you have beyond your emergency fund uh beyond my emergency fund probably 35 35 000 i have
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
It's almost a flex not to have it kind of thing.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
uh that's kind of awesome actually right and so but but you i think for cash to cash you can afford it it's a nice thing totally and i think what john's saying the sentiment of stuff is always just like just i think it's an awareness within you christian and i do the same i mean like i mean i think there's just something to be said of when i want something asking the questions you know if nobody sees this do i still want it how much of my motivation is for other people yeah
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
how much of it is for my own ego to feel something. And even from a joy perspective, Arthur Brooks talks about this, that we can do five things with money. We can give it, save it, buy our time back, buy experiences with people we love, and buy stuff. And the one thing that does not bring lasting joy is stuff. So again, this whole kind of concept of I'm buying this watch because I love it.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Because I bought a purse for my birthday last year, and it was a nice purse. And it was like, okay.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Like, no. No, do not. No, not that nice. There are levels of purses. It was not that kind of purse, but, but it wasn't from target. And so it was just this idea of like, okay, if I have this purse, if I don't have this purse, what does Rachel say about herself? How is she feeling when she walks in a room? Like there's just a lot of introspect.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
nests I would have for myself, the higher dollar amount you spend on something. I think the more it's just kind of good to explore some of that. And maybe it's more of a, you know, you can buy it and you're totally fine if you buy it. We are not against stuff. Go get some nice stuff. Christian, you have set yourself up very well. You make great money. You don't have debt.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
You've lived below your means. Like you are doing great. You can buy this watch. I just don't, John and I think our biggest caution with stuff is don't be under the illusion of that it's going to fulfill you long-term and that it's going to bring some level of satisfaction.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Because the way that things are marketed to us and the belief in that and what we wear, I mean, it is crazy the status symbols that are out there and what we believe. And the thing is people get in trouble with that. So again, I'm not worried about you from a money perspective at all. I think you could probably buy two of these and you would be fine.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
But it's more about you long-term and who you are. Christian, you should ask John and Rachel, what kind of watches and how much do they pay for theirs that we currently have?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, that's it. I mean, there's not really this like percentage. I mean, we say things like with cars, like we always say like things with motors and wheels, right? Cars, campers, all that. Yeah, depreciating asset. Yeah, no more than 50% of your annual income. Like there's some things around that. But when you get to the point where you are, yeah, of...
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I mean, yeah, you're beyond baby step three and you just have extra cash that you want to spend. So it just, you emotionally have to detach from that money. And if you can really do that and it doesn't keep you up at night, then you're good to go.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, and to, you know, a well-balanced, and you're learning this early, Christian. I mean, honestly, I mean, this is stuff that it's like so good to have because where you are financially. But always remember with money that you can spend it, you can save it, you can give it. And we say on the show, we are fans of all three.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So as you continue to become more successful and continue to live below your means, you're going to continue to build wealth. You're going to have more and more savings. You're gonna have the opportunity to spend some more. But also be having that generosity muscle as well because that is joy within money.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And if you can get that early and live with it, there's a freedom and a joy there that's unbelievable. So giving, saving, spending, doing all three. All right, Christian, have fun with your new watch. This is The Ramsey Show. You spent years trying to get everything just right for your family.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
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The Ramsey Show
Big Life Changes Demand Bold Money Decisions
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
Big Life Changes Demand Bold Money Decisions
Welcome back to The Ramsey Show. So the best way to take control of your money, make the most of your money, is to do a monthly budget, to know and have a plan on where your income's going. And every dollar makes this easy. It makes you have this, honestly, very intuitive way of how you plan your spending, how you track your spending, what you're saving for, you're giving goals.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I mean, everything is in every dollar. It really takes your income. and walks you through how to have a plan for it and know where it's going. So you can download EveryDollar for free in the App Store or Google Play, or you can click the link in the description if you're listening on YouTube or podcast. Up next, we have Dave in Springfield. Hey, Dave. Welcome to the show.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Uh, beyond the money though, Dave, like, Hey, This is kind of what I value in life. This is what gives me energy. This is how I'm wired and what I'm excited about and trying new things and opportunities. And it feels like, you know, you're more just, you know, I don't know if that kind of life long term is something that you want to, you know, be a part of.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So I think it's more of that conversation because what that leads to is her motivation around it. I mean, anything in life, right? Money, career.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah. No, that's what I was going to say. I mean, this is like kind of a classic example, what we say on the show. A lot of people call in about a money issue. You know, she has student loan debt. I don't know if I want to marry her. And it's not as much about the student loan debt. It's more about the values around the relationship.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And because when we have people that call here all the time, like, yeah, my wife has, you know, $80,000 in student loan debt. You know, I brought some credit card debt in and we're working to pay it off together. I mean, like it's a, it's a team effort there. And as you get into marriage, the less of a team you are and see each other as one and you're on each other's side, both of you, right?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
She's jumping into your boat, you're jumping into her. I mean, it's just this idea of like, you guys value the same thing together. It's not that life is necessarily easier, but there is a level of smoothness with that. I'm like, you're not running up against barriers constantly because of what you're desiring versus what she's desiring.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yep. And it sounds like you guys have been dating a while, Dave, is what you said. And you guys are still young. And so maybe you started dating at 16 and you're a different person at 16 than 21.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Right. Right. And I think it's always a balance in marriage, too. And in relationships is that, you know, we always say opposites attract. Right. It's like the old saying. And it is true. You're both going to have different levels of passion about different things. So it's not about becoming this like one individual person when you get married. You still are two individual people.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
But that's it. It's like, but we're still moving in the exact same direction, right? Winston's still going to have 18 Excel sheets with stuff, you know, out till we're 65. And I'm not going to know how to work them. That will always be the case. But we are still working towards the same goals. And so the way we go about those things is different. And our interests are different in life.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
But that doesn't, yeah, it doesn't conflict anything. with the values of our home and how our family unit is being driven. And that's where, that's where it gets sticky.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And if that's a red flag early, Dave, I mean, it's something to at least talk about and, you know, and I'll give you guys this, not to like, I don't want to belittle you because you're young, but I'm like, y'all are still figuring this out. She's still figuring this out. you know? So have that conversation with her, but I would not break up with her because of the student loan debt.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I would very much possibly break up if you guys cannot get to a set of values. And I would not take a step into engagement until those are consistent. This is the Ramsey show.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, and the side hustle world is for a season. It's not ongoing to support a seven-person family.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Welcome back. Up next, we have Jessica in Los Angeles. Hey, Jessica, welcome to the show. Hi, how are you? We're doing well. How can we help?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah. All right, tell us, yeah, how much do you owe her? $6,000 now. $6,000?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Oh, wow. What a nice grandma. I'm telling you. Okay, and so what's your other debt?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
but the issue with that is then we rely on that credit card because he for work he's on the road at a time so hey jessica are you able to talk into your phone a little bit more we're trying to get it clear oh sorry i'm a little bit nervous oh no you're fine you're fine um okay so yeah so she's persistent she's wanting her payment she's she wants her six thousand uh how much do you guys make a year
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I mean, Jessica, if you could make three grand a month, you guys could be completely debt free in three months.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I mean, I mean, with his income, everything. So I would tell grandma, OK, our goal, grandma, is it's February, March, April. Our goal is by the end of May, by the end of May, you will be paid. But we first have to take care of these back property taxes.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah. And have a goal. If you guys live on his income and Jessica, you bring home,
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
two to three grand a month you know you could do that with some part-time jobs we're talking fast food we're talking just clock in and for sure we'll go work at target go go uber like do something um that really yeah allows you to just earn some extra income i mean even if it's you know 25 20 an hour yes you need some little wins and i'm telling you it'll be so transformative i'm so excited for you good job jessica i hope that helps up next we have sharone in cleveland hi welcome to the show
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Hi, thank you for having me guys. You're so welcome. How can we help?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So I have over $100,000 in student loans, I believe. Is that like right at $100,000 or like $120,000? I think it's about $125,000. $125,000 in student loans. Okay. Keep going. I have about $20,000 in credit card debt. Okay. Okay.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
What would you, if you weren't doing what you're doing now, what's like probably the most realistic next step career-wise for you, do you think? Probably going back into the school system. Okay. And how much would starting out be if you started as a teacher?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So that would be my next step. I would go talk to them tomorrow. I mean, I hate to say it, math.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, that, you know, and I think, too, you know, nonprofit ministry work, all of that. I mean, we are big fans of people in those worlds. And and maybe eventually that's your goal to get back there. Right. I mean, if you could imagine having no payments, having an emergency fund, having a great retirement set up and you're like, you know. I can go back to 35 because I have everything set up.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
That would be a goal for you, which I think is amazing. But for right now, reality, it would be that. So what I would do is your car, I would sell it.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Sell it because I mean, it's basically how much you make in a year. And I would go get a $5,000 car. If you can get a difference, I wonder how much, have you, Kelly Blue Book did it all? I know you just bought it. But have you seen if you could, have you looked up if you could sell it?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Was it a brand new car or was it used when you bought it? No, it was brand new. It was brand new. Okay, so you'll probably take, yeah, you'll take a hit. So hopefully you could still get maybe like, you could maybe sell it for 21, 22. You'll take a little bit of a smaller loan for a difference that gets you a $4,000 car. And that'll at least free up that car payment.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Well, John, you're going to be busy this spring. You and Dave are hitting the road.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, the Money and Relationships Tour. You guys are going to Louisville, Durham, Atlanta, Phoenix, Fort Worth, Kansas City, all through the end of April and early May. So if those are any of your cities near you or you want to travel to, destination cities, make sure to, yeah, see if you guys can come because it's going to – you guys are really –
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
you know, creating this event in a really unique way that the audience gets to decide a lot of the content in each of these cities, which is so fun.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
and then he just gets in the driver's seat and he hits the gas and you're like oh this is where we're going so here we go right and so I'm I am as nervous for this as I've been for anything in a long time I can't wait yeah it's gonna be it's gonna be fun so go to ramsaysolutions.com slash tour and get your tickets for the money and relationships tour with Dr. John Deloney and Dave Ramsey
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
It's going to be train wrecks on stage. It's going to be fantastic.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, that's going to be fun. We'll have a blast. So great. So great. All right, next we have Andrew in Dayton, Ohio. Hey, Andrew. Welcome to the show.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Is this a long term thing or is this just like, hey, the first couple of years, you know, don't worry about rent. You guys can live here, but you will eventually get your own place or this is this property from your parents deemed to you guys like long term?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
uh they've said we can stay in it for as long as possible personally i don't want to take advantage of their generosity sure get in and out of there within two well yeah yeah for sure and if that wasn't the case i didn't know like what situation you were in if it was gonna be deeded to y'all eventually you know i mean or something like that but if you guys i would want you guys working towards your primary home for sure so that you you know have the ability to go and buy something when you're ready how old are you guys
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And how much will you guys be making combined household income after you get married?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Is she going to school or will she be working?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Okay, how much do you think she'll bring home? probably around 40,000 okay okay so you guys are at 180 um oh I meant I meant 140 combined I'm sorry oh okay okay together you guys we okay I'm sorry I got you um and the rental property how tell me that about that was that you and your dad together doing that or was that is that just under your name
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
She's really resolved. That's all I'm going to say. Holly knows. I love it.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Okay. And why are, what, um, I'm just curious, why aren't you moving into it? Um, what's causing you to have this property?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Are you going to sing a little Elsa for us? A little Frozen? You want me to sing a little Elsa? A little Let It Go?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The granddaughters will teach you that soon enough. Soon enough. Let It Go, John. We need to cue the granddaughters to sing Let It Go. Yeah, that's right. That's right. You know, it's so common for... for us as Americans, though, to be so wrapped up in our stuff. And I would put homes in this, cars in this, credit card debt, all of it. That for the sake of a thing, right?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And a house in and of itself, it's a thing. That we deteriorate so much of our peace and our mental margin and our stress. I mean, so much of it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
for a thing and it's not worth it even a house and again home ownership is something that like we are all about and we want you to get it and have that be part of your long-term financial plan but to the point that it's completely robbing you of a life and it's eating away at your relationships and your peace all of it It's just a thing. It's not worth it. It's not worth it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So as Dave and Elsa would say, let it go.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, yeah, yeah, exactly.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And which is hard, too, John, because you're in one of the most expensive real estate areas.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, in the Bay Area. I mean, you're in one of the highest-priced real estate markets.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, that's after taxes.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So, California, he's probably making $140,000, and they're taking half. Yeah, with their taxes, yeah.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Sorry, John. Sell it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Today's question comes from Craig in Delaware. My wife and I are looking to buy a new home. We own our current home outright and are looking to continue that debt-free lifestyle. We've been paying ourselves a mortgage as a saving technique and have saved a lot of money over the years.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Our friends have been telling us not to put so much liquid cash down for a new home but rather take out a mortgage and invest a big chunk of that money instead. We were thinking that living mortgage-free will give us freedom that we enjoy and allow us to invest with the money that we make going forward. Are we making a mistake by doing this? Craig, no, you are not making a mistake.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You are correct. And this has always been an argument of paying off the mortgage or not, because if you do have a great rate, which if you buy a new home, you won't have a 2% or 3% rate like a lot of people do right now.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But they say, you know, we'll invest that, and if you make 10% in the market, you'll make, you know, an 8%, 7% spread, and you'll make more money in the market than having a paid-off home. And that's always kind of been the math that we get cursed by, people would say.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, the risk, the peace of mind, and then also if you turn around and go back and invest the mortgage payment like what he's doing – you know, and you don't have a paid off home over time, like you're, you're still going to build wealth.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, technology is a big part.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah. Oh, yeah. That's all through the books.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, and I would say, yes, that and then just the autonomy of owning your life. Like so much of the financial space, someone else has a say in your life. I mean, and that's everything from, you know, if you have a boss, but especially if your actual income that is yours now has 15 other things that it has to go to because of debt. Like the autonomy of just being able to make your own decisions.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, and that's the stuff that, yeah, is not an Excel sheet, right? Like that level of bandwidth emotionally as well. I mean, it's huge. It is.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I don't know if you've done it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
No, personalities have.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
This is your first. Yes, welcome.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Welcome to the segment, Dave.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, and what's interesting is usually, especially savers, so I get this, Jared, on this end, that, again, you don't feel the risk of the debt, but if something were to happen, there's other people coming to knock on your door, and that doesn't feel safe either, right? So if you're not able to pay these things, it's scarier to have...
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
your financial piece, if you will, in other people's hands and in other people's situations. And so being free from all of that by being out of debt and then building back the emergency fund actually gives you a level of deeper security. But I don't think people think about that as much.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Thank you. Thank you. Thank you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And what's frustrating is she... Yeah, I appreciate that. Yeah, and what's frustrating, Cody, is she's... you know, in a sense, possibly the one that's going to be punished in the middle of all of this because, Cody, you're going to say, no, I can't. Like, I'm not signing a prenup. I'm not doing this. I can't combine finances right now. Like, this is a sticky situation.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I don't feel comfortable attaching my name to all of this. And so she either has to choose to be... Between her dad and her fiancé. I mean, yeah, to be a grown-up and to say, okay, I have to now think beyond what my dad says is okay and actually start, you know, having this, like, problem-solving on my own...
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yes, that's right. That's right. So have some things.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So what would you do then? You would deed it, not deed it, to John right now.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And if you needed the exit, you still have the cash to go.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
With my future husband and deciding that, which is going to be a break. That's going to be a hard thing for her to do. But if she does it, then kudos to her, right? Of like, okay, this would be a means of it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You're deeded it out of your estate, your portion.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Right. So just the idea of the investment calculation saying it's an example.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
OK, so I mean, you know, really, it's it's it's your relationship with her. That's on the line.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
What's the stat of people that come legally into America? They end up winning.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Four times more likely because they come and they're like, you know, the generation.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Can I ask this, Robert? Is she not able to stay on budget because the budget's not realistic for what she's set up? Or is it that she truly spends more than she makes and she just says that's just how it is?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
What's she doing? Shopping? Vacations?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, that's where I was trying to figure out with... That's weird. Yeah, is she not budgeting correctly? Because there are some people that are like, oh, I'm going to make... Well, then change the budget. That's what I'm saying. But this sounds like it's above that. It's like that she could live within the numbers that she set, correct? Like she... Or that she has to mathematically.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah. And it's not, again, we've said it twice in the call, but I think this is important for couples to hear. You're not trying to form her into you, right? No. Because I'm the free spirit. As you're speaking, I'm like, oh my gosh, that would so be me if I wasn't doing the Ramsey plan. I am. I'm just a spender. Emotions. I'm like, yep, we're going to have fun. We're going to enjoy.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But having to learn a value system of boundaries, a value system of living below your means, a value system that stuff is not going to make me happy. There's a contentment issue there as well. Like all of these things are values where I still month to month spend more than Winston, my husband, because I am more of a spender than he is. But it's in the budget.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, he doesn't spend a lot. But it's like the idea is, again, it's the values that we agree upon, not the personality trait necessarily. But if we can't have boundaries and limits to our money and we keep going over and over and over and over and over.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Then there's an issue there, you know, and even with debt, I would say debt's a value system that if you are so if you are uncomfortable with living with debt.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
that it gives you stress, the risk of it, it's not worth it, it is, I want the autonomy and she's completely okay with it and it's totally fine to live by my means and I'll live on credit cards and just try to pay the minimum balance every month or the minimum payment, then again, there's a value system there that will be really excruciating to walk along life with and
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And this is your partner, right? Like when you get into a marriage, like this is the person that you're going to make all these decisions with. And that should be fun and it should be enjoyable. This is someone that you don't want to constantly be picking apart and adding stress, right, to the relationship.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, and I think even before that conversation, though, he and her need to be on the same page to even go forward with it. Yeah. Because if she's like, no, no, this is what we're going to do. My dad says –
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And that's what these big issues, money is one of them, but you could throw in in-laws, you could throw in parenting. I mean, right, there's all these other issues, but with money specifically, it's,
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, that ruffles feathers for sure.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
A good counselor will dig in and understand.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, but to know the root of it because so much of who we are in our existence – the good, the bad, the ugly comes out on how we handle money. And so there's things in there, right? And I would say for extreme savers.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, and extreme savers, right? There's a level of hoarding and control issues that come from people that are, and people call this show, and they're so anal, and they're just like, oh my God, chill, you're okay. But they're so wound up on that side, and that's unhealthy. But then being on the other far side where she is, that's unhealthy. And so kind of getting to that place.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, she'd have summers. I mean.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I wouldn't pause Baby Step 4. No, I wouldn't in this case. You can pause the kids' college, though, if you guys were putting in a certain amount of money every single year for them.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, if you want to pause that to save up some extra money.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, she needs to realize what's going on. And if she doesn't realize it, that's the hard conversation.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Because we do talk about renting a lot for families. Yeah, just rent.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, it's more of a revelation of character than anything else. It's so painful.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Do you have a lot of savings, John? Are you pulling from savings at all?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But, John, you knew this, right?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Sell it, John. I think it's going to relieve a lot of stress. I think your relationship will thrive. Your finances will thrive. A lot will thrive when you're not stressed. Stress to the max about this. That's hard.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Мой вопрос был бы, сколько ты сделал, когда ты был в инвесторе, и в твоем голове не было ничего другого с этими остальными рентами, и ты был так фокусирован на этом, что ты привел?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, Брэндон, я не думаю, что ты не банкрот, но я бы сказала, что подниматься на эти минимальные пенсии – это твой номер один цель. И, Брэндон, в будущем, за следующие 2-3 года, ты будешь делать больше, чем просто хозяйство. Я имею в виду, что ты будешь делать сайд-хэслы ночью. Ты будешь расстроен.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ты будешь расстроен, потому что количество усилий, которое вы будете ввести в это, потому что я думаю, что вы можете. Продолжение следует... Да.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Вы сможете это сделать. Вы сможете избавиться от этого, но это будет занимать много работы и много времени, чтобы потратить все деньги, которые вы можете, на эту вредность.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, он на определенном комиссионном системе, потому что если это с компанией или брокерами, то он может просто поменять брокеры?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И это обычно, в большинстве случаев, это то, где ты найдешь, что ты сделаешь деньги как инвестор, это ты, а не necessarily the company. Если он кривый с другими людьми, я думаю, что он просто не хочет быть рядом с этим. И он делает странные бизнесы. Обычно, когда у тебя есть недостаток интеграции в одной части своей жизни, иногда он упадет в другую. И этот парень даже не пытается его скрыть.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
С культурной точки зрения, это очень токсичное. Но кто знает, что он делает сзади, с бизнесом и так далее.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
«Хм, окей, вот что в моем контроле, я могу, в общем, что угодно, что босс решит сделать с его жизнью, это его проблема. Но моя проблема здесь в том, что мой муж часть компании, которая, очевидно, просто полная. Они не прыгают на корабль жизни совсем скоро, как это звучит.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Так что, Эмма, я бы поставила твой лайфхак.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И говори с мужем об этом, и о том, что ты еще не закончила. Я думаю, я не знаю, это интересно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, так что, Эмма, обязательно поговори с ней.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Простите, Джереми. Мы очень обрадуемся маратоном. Ты действительно выложил это. Спасибо.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Так что все, что ты должен сделать, Джереми, да, все, что ты должен сделать, это сказать, что вот 60 баксов, можно мне поменять, пожалуйста?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Или просто скажи им точно, сколько ты хочешь вернуть.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Окей. О, боже мой. Вы и сестра были в отношениях раньше всего этого?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но вы говорите, что они манипулируют системой счета, чтобы вернуть вам определенный счет, чтобы вы оставили 10-долларовый счет. Да, я имею в виду, что в ситуации, когда вы просто спросите специально, что вам нужно. И я знаю, что вы говорите, что это изменит, но скажите, что у вас есть 2-5. Вы можете быть очень специфичным или оставить им еще 5 долларов.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, я бы была проактивна и сказала, что это точно то, что вам нужно. Да. Редактор субтитров А.Семкин Корректор А.Кулакова
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
С точки зрения правительства, у вашей мамы и у вашего деда были документы по праву о вашей родительстве? И потом она пошла и изменила их как правительство? Или есть какая-то правительственная правительственность, которую вы обладаете? Есть правительственная правительственность, которую моя мама написала.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, и есть еще одна часть, Мелисса, он 21, понимаешь?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И, Мелисса, он должен смотреть на тебя. Я слышала, что ты мама, которую я получаю. Но он 21. Это его проблема. Вы, конечно, там, поддерживая его. Я хочу, чтобы он привел тебе идеи. И, может, он плачет половину машины.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И я думаю, и я думаю, что, очевидно, инсургент знает, но я думаю, что если ваша машина укреплена, я думаю, что, очевидно, ваша инсургент укрепляется. Это одна из тех вещей, где я думаю, что это ваша вина, вы понимаете, потому что разные заявления, в зависимости от ситуации, также разные.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это дом, в котором вы живете, который имеет налоги и налоги и все остальное, или это семьи?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
чтобы бороться за свою сторону. Я не знаю, есть ли какая-то легальная документация, чтобы показать свою сторону. Потому что, с легальной точки зрения, ты можешь говорить так, как она говорит. Я не говорю, что это ты, Оливия, но нет никакой доказательств.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Так вот, Расти, ты находишься в каком-то экстремальном ситуации с тем, что происходит с количеством вреда, что означает, что для того, чтобы сделать движение, тебе нужно сделать какие-то экстремальные движения. И мы не всегда рекомендуем продавать дом и такие вещи. Это очень важно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И я знаю, что вы хотите семью в будущем, и это невероятно, и мы можем обязательно поговорить об этом позже в этом звонке, но вы не имеете детей сейчас, ничего не связывает вас с этим. Я бы начала уничтожать вещи, и ваши машины, у вас 34 тысячи долларов в машине, это между двумя машинами, или это? Да, да, это между двумя.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И в одной комнате, маленьком апартаменте.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Субтитры сделал DimaTorzok Субтитры сделал DimaTorzok Субтитры сделал DimaTorzok
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
год, но тогда это каждый другой неделю, так что найдите работу ASAP, что вы можете сделать каждый другой неделю, ваша жена сделает 35 тысяч в этом рынке, честно говоря, я думаю, что она может сделать больше, я бы искал другую работу, как я бы был подниматься, я бы сделал огромные изменения в жизни, потому что, когда вы это делаете, то, что произойдет, это вы будете, вы будете иметь все это остальное маржин, чтобы бросить на счет, вы не будете, вы будете жить на ничего, все будет идти в сторону этого,
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Потому что, если вы не делаете такие решения, вы будете в этом на очень долгое время. И ваша структура до сих пор, Расти, не чтобы обмануть вас, но ваша структура до сих пор, решения, которые вы сделали с кредитным счетом, с карточками, с вашей мамой, вы знаете, коллаборация в ее доме с баллонным зарплатой, как... ваша вся мысль должна меняться.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Нужна какая-то документация, чтобы, когда ты нанимаешь жителей, чтобы бороться за это в суде. Я просто не знаю, есть ли у тебя такое.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Вы должны понимать, что то, что мы сделали, не работало. Мы должны делать то же самое, что я думала, что я буду делать с деньгами. Вы и ваша жена вместе сделаете это. Что я тоже сделаю... Извините, Джордж, вы можете перейти. Вы должны понимать, почему вы это делаете. И для того, чтобы вы начали семью. Я хочу, чтобы это было вашим почему. Продолжение следует. Продолжение следует.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И я думала, что у вас была хорошая информация, и я просто хотела знать, возможно ли это. Спасибо за вашу время. Окей, сделайте миллионер, сделайте миллион, миллион долларов. Чтобы получить миллион, окей, ну, это... Так это будет, что вы говорите, 2 тысячи в месяц, на тот момент? 220 миллионов было для 100 миллионов.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Окей, так что, Натан, я бы рекомендовала тебе, чтобы уйти от этого, как бы, лаборатории, так называемого миллионера. Потому что я думаю, что большинство людей верят, что если бы у меня был такой количеством денег,
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
But your money habits are going to be a big part of this.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И если это не случится до этого возраста, то моя жизнь закончится, и я потерялся. Это невероятно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Мы идем в интернациональный. Мы идем в область.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, я думаю, что сумма может быть совершенно другая, и я буду честна, что Винстон и я, ну, я думаю, что мы можем бюджетно собрать такую сумму, но я использую свою каждый месяц.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, он может, я даже не знаю, да, поэтому мы, наверное, технически могли бы бюджетно меньше для него, и... Он бы был... Но это равно в бюджете? Да, я бы сказала, что это равно в бюджете. Ты спрашиваешь меня, почему мы это делаем? Почему мы не корректируем это на реальность в Крузе? Я не уверена.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Нет. И если Винстон хочет купить что-то, то да.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, я бы согласилась, я не думаю, что это должно быть равным. Но я бы, и я говорю это осознанно, слышать людей, которые слушают или смотрят нас сейчас, которые не в вашей позиции, потому что вы говорите, что ваша будет ниже, чем ее, верно? Да, так что я думаю, что это абсолютно нормально.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но я не хочу, чтобы какой-то сумасшедший мужик слушал и сказал, о, боже мой, у меня будет выше, и ты должен уменьшить. Как я слышал на шоу, они сказали, что мужики должны уменьшиться. Да, да, да.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но если реальность в том, что ты, естественно, спасатель, и ты не будешь зарабатывать так много, как она зарабатывает, то да, я думаю, что реальность должна рефлектировать бюджет. Так что я бы, конечно, не чувствовала себя плохим об этом. Потому что ты прав. Технически говоря, женщины, я думаю, продают больше. Георгий – это предназначение. У тебя есть правильный ко-хост.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Кроме твоих собак и твоего волоса. Именно. И кофе.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но ты продаешь больше, ты продаешь больше, чем Уитни, в месяц?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, и это должно быть реальностью. И реальность в том, что то, что она зарабатывает в месяц, будет больше, чем у тебя. И это абсолютно нормально. Независимо от того, кто вкладывает деньги. Делай это все вместе. И скажи, что это за реальность в нашей жизни. И так мы будем бюджетно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
У тебя есть чувство неоткрытия, и твои родители потеряли твою сестру в этом. Неоткрытие, я имею в виду, весь способ, по которому это произошло для тебя, Оливия, это просто ужасно. И я бы хотела, чтобы у меня была лучшее руководство или направление, чтобы у тебя было что-то правильное в этом.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Сет, у вас есть семейный дом? У вас есть день-то-день интеракции с ними?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Хорошо, но они домашние, и вы обычно делаете жизнь вместе. Вы делаете вечер вместе. Они часть вашего ритма в жизни.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Они не интересуются учеником. Это довольно мудро, Сет. Я надеялась, что у нас будет разговор о том, что ты просто сделал это в день после. И как они ответили на это? Они попросили, чтобы ты платил за их денежку, я думаю. Да, да, практически.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, и Сетхи, и просто чтобы ты знал, и я знаю, что ты, наверное, это знаешь, но просто для того, чтобы сказать это громко, ты ничего не сделал неправильно, правильно? И я чувствую, что что-то может случиться, что они могут поднимать тебя в сторону, где ты чувствуешь, что вдруг, если ты не делаешь что-то, ты делаешь что-то неправильно, потому что, да, у тебя есть средства? Да, вы, ребята, делаете.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но ты взрослый, и ты можешь решать, что ты делаешь, как они тебе сказали. Твоя ответственность за себя и твою семью. И что ты делаешь за это, это твое дело. Но ты существуешь с этим денег, ты не в праве. И я чувствую, что иногда ты чувствуешь, что ты тот, кто сделал что-то, что не хорошо или не хорошо. И так, просто помни, что ты не сделал ничего неправда. И правда, и Джордж сказал это, но...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
это, к счастью, может создать разрушение. И я надеюсь, что это не так, но я чувствую, что они доказали себя. После того, как вы установили довольно сильную границу и были очень честны и очевидны, они выбрали преодолеть эту границу и попросили вас заплатить за ужин. Так что...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я думаю, что ты должен иметь реализацию, и ты, наверное, уже имел реализацию, но ты и твоя жена собираются в команде и понимаешь, о, боже, к сожалению, они не имеют материи, чтобы обладать этой частью твоего жизни, которую ты привлекал к ним, правильно? С общением с информацией. И это грустно, потому что это может вызвать разрушение и сильные границы, которые ты будешь иметь.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, и опять же, они выбирают это, как... Редактор субтитров А.Семкин Корректор А.Кулакова
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И даже связь с вашей мамой и ее Ашей, вы понимаете, это, наверное, будет шагом, который я бы взял, чтобы получить контакт с вашей сестрой.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, это будет около 15 тысяч. Да, я имею в виду, вы посмотрели дома? Я знаю, что это говорит о Шоколаде, где вы живете. Я думаю, это субурбанка Шоколада.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но ты бы не сказал, что это заработок в дальнейшем, Джордж.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Нет, да, и ты не можешь купить его с кашей. Он мог поставить скидку.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Если бы вы зарабатывали за следующие 2 года, допустим, вы бы зарабатывали до 30 тысяч, и только этот налог, который вы живете, плюс 50, который у вас есть, это дает вам близко до 50% налога на 140, понимаете, что я имею в виду? Так что ваша математика, она может компонировать довольно быстро, если вы работаете, может быть, еще один год.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да. Сколько твоих цифр в месяц, Дэн, для вас? Сколько вы зарабатываете в месяц?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И ты получаешь 2000, что ты говоришь, что приходит из Советского Союза и всего остального, и уверенность в том, что ты можешь отменить, опять же, мы просто говорим о, знаете, ровных номерах здесь.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я надеюсь, что вы будете в лучшем состоянии в retirement. В возрасте Дэна, в возрасте Ретайрмента, не было предназначенной скидки на дом. И тогда ты как-то скучаешь.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ну, я имею в виду, что если бы я была в вашей позиции, и как только вы найдете закрытие в ней, я бы, я бы, я так грустна, если бы вы закрыли книгу из вашей семьи, но она, я имею в виду, она звучит невероятно, то, как вы ее представили нам, она звучит невероятно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Для дома, потому что, в итоге, да. И я буду работать, чтобы заплатить. Поэтому это «Бабий степ 6». Мы встретились с кем-то на перерыве, Георгий. Она только что заплатила за дом в тюнинге. И кто-то еще заплатил за дом, который был здесь на 40-й день. Два раза. Два раза, когда люди заплатили за дом.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да. И так, это красиво, что Лайна, опять же...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, и это всегда помогает, особенно если вы новичок на канале. Много людей нашли нас на подкасте или ютубе и слушали только немного. Георгий вообще не стойкий. Не волнуйся. Не стойкий. Немного высоких стандартов. Мы будем их расширять.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, это правильно, я имею в виду, что она украла, это невероятно, что она сделала, и если бы я была, я бы создала, я имею в виду, не то, что вы должны даже создавать границы, потому что там нет отношений, но я имею в виду,
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
В моем сердце есть уровень, в котором я должна сказать, что я готова, я не буду продолжать бороться, потому что даже то, что связано с родителями и так далее, это просто скрывает часть того, что произошло с твоими родителями. И для тебя, Оливия, я думаю, что это самый здоровый момент для тебя, чтобы перейти дальше.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Редактор субтитров А.Семкин Корректор А.Кулакова Субтитры создавал DimaTorzok Субтитры создавал DimaTorzok
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, после того, как вы заведете, Клэр, я имею в виду, что у вас есть немного денег между заведением и вступлением в реальный мир и карьеру. Это всегда хорошо, чтобы у вас было что-то, потому что вы можете двигаться, кто знает, что такое, если вы возьмете работу.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, так что просто как-то иметь какие-то деньги за эту трансляцию, просто подумать об этом. И тогда, когда ты как-то осознаешь, что у тебя есть чувство, что ты будешь осознать довольно быстро, потому что я думаю, что ты знаешь, что ты хочешь в жизни, ты очень, очень проактивен. Так что, когда ты, да, имеешь первый работу, и ты осознаешь, где ты, и...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
У вас есть первое квартиру, что угодно, и вы зарабатываете, тогда, да, 401к, я бы посмотрела на что-то подобное, но сейчас я с Георгием, я думаю, что у меня есть деньги в руках, и смотря на Roth IRA, я думаю, это будет вашим лучшим бетом.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Что заставило вас заплатить $250,000 в кредитные карты и личные налоги?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
О, боже мой. Ты знаешь, Брэндон, если ты знаком с историей моей семьи, то маленькое ребенок, которое будет родиться, это я, и моя сестра была 2 года, когда мои родители подчеркнули банкротство. И через инвестиционные проблемы. Я имею в виду, что папа сделал то, что ты сделал, но на огромном масштабе, и они назвали все его отзывы, и...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Если бы он сидел здесь сегодня, я думаю, что его эмпатия была бы на высшем уровне, потому что он был буквально ты 35 лет назад, что довольно странно. Так что у меня есть такое сердце для этих детей, твоих детей и твоей жены и всего этого, потому что я знаю, что у вас есть много стресса, и я знаю, что у вас, наверное, много шансов и обман, и вы чувствуете много веса. И я слышу все это.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
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
Building Wealth Is Hard but Being Broke Is Harder
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
Building Wealth Is Hard but Being Broke Is Harder
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
All right, Dave, you have some strong opinions.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, absolutely. And you're right, their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding, it took less than five minutes. It was so user-friendly, like the step-by-step approach was unbelievable. And then the next day my phone rings and it says Fairwinds on my phone.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So I answered it and talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Но я также не хочу, чтобы это дом был символом того, что я сделал, и я чувствую себя плохо, и теперь мне нужно сделать это для моего сына. Потому что ты знаешь, что хочет твой сын, Карина? Он хочет тебя.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И если он хочет, чтобы его мама была счастлива, если этот мужчина, которого ты любишь, твой бывший парень, если это отношение, которое хорошо для тебя, и оно здоровое, и ты, ребята, сможешь найти способ разобраться между этими двумя вещами, или этой вещью о родительстве, которая большая проблема, но также, в конце концов, сегодня, как бы, есть второй момент компаньонства и любви в взаимодействии.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И в этом моменте она имела часть вас. Для хорошего причина. Я понимаю это. Но я хочу, чтобы у вас была свобода от этого. И я думаю, что это связано с этой мамской злостью, Карина, которую я очень хочу, чтобы вы подумали. Спасибо за звонок. Я надеюсь, что это поможет. И я надеюсь, что вы можете идти так, как вам нужно идти. Несмотря на то, что это вместе или отдельно. Спасибо за звонок.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я надеюсь, что Кен дает мне тяжелый час.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я возьму грешную. Ты возьмешь? Хорошо, очень хорошо.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Сегодняшняя вопрос от Елизабет в Миссури. У нас есть 2 детских школы, 5 и 7 лет. Мы платим детям, чтобы купить в школе ужин раз в неделю. Школа без денег, поэтому мы добавляем деньги в аккаунт, чтобы детям было использовано, чтобы сканировать их ID-карту и ужин. В дополнение к обычному ужину, школа продает снаряжение на заказе. Это смешно. Нет, я не думаю, что это обучает им о вреде.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Как только боль приходит из пигги-банка, они учатся. Да, да. И реальность в том, что ты обучаешь им об обслуживании денег в 2024 году. Я имею в виду, что много... Да, это хороший момент. ...кассовых продавцов и продавцов, что это то, что это. Так что, что ты будешь делать с этим, с твоей дебетной картой и так далее? Так что... Да, это не трогает меня.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я знаю. Мои дети покупают уроки в школе. У вас есть история? Ну, это просто было близко домой, потому что наша школа такая же. И, конечно же, есть приложение, на которое можно заполнить деньги и использовать Apple Pay. Я не знала этого. Это было несколько лет назад, когда я не знала, как все работает. И мои друзья сказали мне, что я могу вернуться и посмотреть, что они купили.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И, конечно, конечно, конечно, конечно, есть подарки на подарки на подарки. И я была такая, что я знаю, я только что сказала, что она была такая, что, ну, некоторые мои друзья хотели что-то. Она покупала что-то для других детей. И я была такая, что нет, нет.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Так что учителя отличаются, потому что, когда они маленькие, как в первом, втором классе, вы можете имейлить их и даже сказать учителю, что они только позволяют подарок на фридай. И они помогают, вы знаете, Но некоторые из этих детей, это не всегда только Амелия, но некоторые из этих детей бодрят и говорят, что ты мне это заплатишь, и я тебе это дам.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это как открытый рынок в области.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я не знаю, я не думаю, что это будет Каролайн, наверное, давайте быть честными. Я люблю это, я люблю это.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да. Много молитв сейчас.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Вы устали? Да. Вы устали? Да.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Итак, вот мои две вещи, о которых я продолжаю думать, когда вы разговариваете. Первое, как мы определяем безопасность для того, чтобы попасть в безопасный фонд, когда что-то неожиданное. Так что это не очень квалифицирует, потому что мы знаем, что она будет быть, да, это 16 лет или 15? Это 15. 15, да, хорошо. Мы знали, что она будет становиться 15. Это не неожиданно. Это urgent?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Мне нужно сделать это сейчас? Сейчас, сейчас, сейчас. Да, я думаю, что urgent будет как-то квалифицировать, потому что там есть дата. И это необходимо, правильно? Так что это два вещи. Так что, честно говоря, эта вся вещь не проверяет все эти штуки для меня. Так что нет, это технически не... Так что это одна часть дискуссии.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Вторая часть – это то, что вы могли бы собрать с собой некоторую сумму, да, и, скажем так, предполагать, что это 10 тысяч, они хотят, чтобы вы сделали пять, вы могли бы сделать четыре. Можете ли вы взять тысячу из инвестиционного фонда, чтобы получить пять? Конечно, вы могли бы, да? Я имею в виду, что это не конец мира. Но мой главный проблем с всем этим, Джейсон, это то, что, как и свадьбы,
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
как и в других мероприятиях, как и на отдыхах. Если у тебя нет стабильного бюджета и нет ограничений на то, что ты будешь зарабатывать, то это становится более и более дорого. Даже когда ты строишь дом, то же самое. Линейка продолжает двигаться. Так что, если ты решишь это сделать и сохранить 4 тысячи для нее, Я думаю, это будет здорово. Я не думаю, что это плохое. Окей, Кен не так счастлив.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Если вы это сделаете, то должно быть очень четкое общение и границы с вашей будущей женой. И вашей дочерью. Я бы ее вставила и сказала, ребята, это то, что происходит. Вот, что у меня есть для вас. Это все. Это все, что я могу сделать в хорошем сознании и в хорошей вере, где я в жизни. Это то, что у меня есть. Работайте с этим.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И вы установите тон, установите сумму того, что вы можете сделать, Джейсон. Потому что если вы скажете им, да, я сделаю половину, это будет идти от 10 до 15 до 20, и будет нет границ.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И не забудьте о жалобе. И не забудьте о жалобе. Я говорю, дочери, вот дело.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, и это, Джейсон, и я знаю, что это такая культурная часть. Я знаю, что это так. И я знаю, что... Я помню, что у нас был парень, он был из Индии, и он хотел зарабатывать половину миллиона долларов на свадьбу. Я полностью уверена, что есть определенные культурные вещи, в которых ожидания очень большие.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Но это тоже так. И ты можешь говорить об американской культуре, о свадьбах или чем-то другом. Ты можешь добавить другие вещи. Это невероятно. Но часть того, что я взрослая, я смотрю на цифры, что Кен говорит, и я думаю, что это реальность. Это реальность того, что у нас есть, то, что у меня есть, и то, что я могу сделать.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Хорошо. И твоя мужская жена не любит это. Да. Так что готовься к этому.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Preston, how can we help?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Президент, вы делаете очень детализированный бюджет? Очень детализированный.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Ну, это то, что сложно с персональной финансировкой. Мы всегда говорим, что это 80% поведение, а это 20% знание головы. на плане, который вы создали, вы перейдете за тысячу долларов в еду, вы бросаете, вы знаете, несколько сотен баксов здесь или там в течение месяца на все это другое.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И поэтому, когда вы, когда вы осознаете, что это больше проблема дисциплины с вами и выборами, которые вы делаете в ежедневных зарплатах, это, это, это уничтожает жизнь из-за вас. Что я бы сделал, Престон, я бы выражал вас,
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Если вы останетесь на линии, я дам вам премиум версию EveryDollar, потому что EveryDollar является одним из самых полезных бюджетных инструментов, потому что он способен связаться с вашей банкой, и вы сможете действительно увидеть, как они проводят планирование зарплаты. Это очень простая вещь, и ваша жена может иметь тот же логин, так что вы оба имеете апп на телефоне.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И я бы практиковала, Престон, действуя так, как вы делаете 80%. Делай так, как будто ты сделаешь 80 тысяч. И сделай бюджет из этого. И посмотри, что случится. Думай, что это означает, что нам нужно сильно подняться. Это означает, что мы не можем платить за эти 18 субскрипций.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это означает, что, может быть, дети, которые делают веселые джим-классы каждые 2 дня в неделю, они не будут делать это больше. Ты должен подняться. Потому что я хочу, чтобы ты взял эти 80 тысяч... Или больше, я просто использую рандомный номер. Но я хочу, чтобы вы платили. Студентский налог, машинный налог. Я имею в виду все эти налоги, которые у вас есть, кроме вашего зарплаты.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Вы могли бы это снять так быстро. И что я люблю об этом, мы всегда называем это «газелин тентс», потому что это глубокий сакрифис. Вы бегаете, как если бы ваши волосы были на огне. И это как будто бы... Это как будто бы мы ничего не делаем. Мы ничего не делаем, и мы отрезаем. И это значит, что мы даже отрезаем более 80. Я просто сказала, что это веселая математическая игра на бюджете.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Просто посмотрите, что вы отрезаете. Начните там. И тогда я отрезаю так, как вы можете, Престон. Потому что я хочу, чтобы вы чувствовали прогресс с вашими деньгами. И это чувствуется, как вы спините свои колеса. У вас есть вся эта вреда, вы живете все еще с зарплатой. И не было никакого прогресса.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И для того, чтобы получить эти выигрыши, есть какие-то вещи в жизни, которые вы сжимаете, и это будет больно, это не будет весело. И я знаю, что с новым ребенком вы все расстроены, я понимаю. Но это время, чтобы это сделать, чтобы подняться и сказать, что это сейчас или никогда.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это для короткого периода времени, потому что тогда, когда все это ушло, Престон, я имею в виду, как много идет в пенсии за эту вложу в месяц, кроме вашего зарплаты? У вас есть это? Как много идет только в вложениях?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, я имею в виду, потому что ты живешь, как если бы ты делал 190 и продавал все.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, но не кажется ли это как партнерская работа, но ты просто делаешь больше часов?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Итак, вместо того, чтобы сосредоточиться на $12,000 машинном налоге, сосредоточьтесь на студентском налоге. Да. И просто забирайте это.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Вы можете делать дешевые еда на сезон, это не будет долго.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И, Престон, я добавлю это для Кенни, потому что это всегда помогает мне. Когда мы делаем большие цели, то есть, например, для вас это отдача или, вы знаете, это спасение от чего-то. Посмотрите на таймфрейм. Да, у нас есть некоторые, но не достаточно, чтобы обеспечить их. Сколько? У нас есть универсальный фонд, чтобы начать универсальный фонд.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Друзья, давайте поговорим быстро.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Нет, не с точки зрения того, что вы хотите сделать. Я думаю, что это очень смертный шаг, и я думаю, что это прекрасный способ уважать ваших родителей, и легенду, и родительство, которое они дают вам. Я уверена, что они бы обрадовались видеть это, вместо того, чтобы пройти 18 путей по миру или что-то.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я не знаю, есть что-то в этом, что, как бы, о, есть стабильность, это инвестиция, вы в семье и так далее.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Конор, вы хотите быть владельцами? Идея инвестиционного хозяйства звучит как, о, это звучит здорово, и да, есть пассивный доход, и я из хозяйственной семьи, мой муж любит хозяйство, я понимаю это. Но из-за этого я также знаю всю работу, которая входит. И потом ты говоришь о колледже.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я уверена, что ты сможешь найти отличную группу колледжных студентов, чтобы продать это, но ты также продаешь это колледжным студентам. Или, возможно, ты, конечно, не можешь это сделать. Но, я имею в виду, что это не просто... О, да, это круто и весело. Я имею в виду, что это становится как-то парт-тайм-жобой.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И если ты работаешь в полном времени, я буду честна, это может попасть в лапу вашей жены, если она должна идти и ухаживать за санкциями. Это...
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это очень важно, так что я хочу, чтобы вы помнили, что это отличный способ иметь пассивный доход, но если бы я была с вами, я бы просто была свободна, и если вы хотите зарабатывать, потому что у вас не будет зарплаты, если бы вы просто продали его и заплатили деньги для вашей основной жильцы, да, я имею в виду, что это феноменально, тогда вы можете зарабатывать много, и если бы вы решили зайти в инвестиционное хозяйство, то вы могли бы начать маленьким, даже в другом месте.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Ты будешь поменять карпет в 3 года, ты будешь, наверное, поменять стену. Я узнал это от Георгия.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я не думаю, что здесь есть неправильная ответственность. Если бы у тебя был вред и вред премьер-резиденту, я бы сказала, что ты бы убил его. Но для того, чтобы его убить, это не правильно или неправильно. Это просто так, где вы хотите поставить свое время и свои усилия. Если это... Мой папа или мой муж, они, наверное, будут держать это, потому что они любят хозяйство.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, я могу найти секрет, да.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И они говорят, что это дорого, потому что это часть того, чего они любят. Но для меня это... И колледж. О, боже, я только вспомнила, что я была в колледже, когда я рентгенировала дом. О, боже. Винстон жил с шестью людьми, когда я рентгенировала дом. Это ужасно. Я уже ужасно. Это было ужасно.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Мы были хорошими арендаторами. Мой группа друзей. Мы были очень чистыми. Мы обращались за этим домом.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Не так стара, как я. Не совсем на берегу границы.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Так что мы уже... Да, ты получаешь мой... Нет, я всегда говорю, но в моем голове, если она работает, я получаю секрет, да? Но если ты работаешь оба...
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
full-time okay i said i acknowledge that she kind of had me on a technicality but it's still dishonest and we still have an ethical issue that she could get penalized for but with one which all i care about is but if abc company doesn't care that she's also working for xyz how do you know because they don't know no but what if they're not then it's not then in your book is it okay if they're okay with it if they're okay with each other 100 so it's the secrecy that's bothering you that they don't know about each other
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Нет, я думаю, что наша правильная задача – это один месяц зарплаты.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Эм... Может быть, у нас есть некоторые, но мы не говорим людям, чтобы остановить детские шаги, чтобы родиться и делать все это. Поэтому, если вы можете сделать оба в одно время, спасать некоторое денег для обслуживания, а потом оставить на стороне тоже за ринг.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, я бы пошла быстрее. Я бы сказала... Все в порядке. Собирайся, пойди. Я имею в виду, что у тебя есть... Это как флешмоб в бюджете. Да, да. И просто поставь немного денег. Да. Ну, вы хотите свадьбу, или вы как-то низкий уровень с ней, и нет большого дела?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, это здорово. Так что вы будете платить за это тоже. И после того, как вы будете женаты, вы будете комбинировать свои доходы и все это. И если у вас остается что-то, чтобы построить транспортные фонды, то сделайте это. Но я бы... Да, я бы была жената, как только я бы была жената.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я знаю, ты старый человек.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Нет, Дэвид. Нет, мы не рекомендуем реверс-моргажи, потому что они делают точно то же, что они говорят. Они возвращают вас в реверс. Вы прогрессируете, вы платите за дом и строите эту ценность, и вы будете начинать сразу обратно. И так, это продукт, который маркетируется на 60+, когда вы смотрите на какие-то... Я имею в виду, серьезно. Нет, это правда. Серьезно, Дэвид.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Потому что вот еще один момент, Дэвид.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Окей. И, Дэвид, у вас есть что-то в зарплате?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Так что, если вы продаете землю, ликвидируете хозяйство, или ликвидируете машины, все, сколько, вы думаете, вы выйдете?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Но также, когда у вас нет дисциплины в этом. Если бы я была вашей женой, я бы сидела и подразумевала план и сказала, что мы 65 лет, у нас 180, мы все еще в зарплате. Ты получил $30,000 в зарплате, $20,000 в вреде. И сейчас время начать убирать это, Дэвид. Я имею в виду, честно говоря, заплатить эту вреду так быстро, как можно. У вас нужны какие-то зарплаты в банке для инвестиционного фонда.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
I want you to be able to map out.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Редактор субтитров М.Лосева Корректор А.Кулакова
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
ЛМНО-компания, и ты найдешь другую работу.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это не совсем 3000, потому что ты сказал 97.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И только для ваших собственных бенефитов, если вы не работаете 80 часов в неделю, вы работаете 40.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это правда. Это правда. Хорошо, спасибо вам большое. Спасибо за ваше внимание.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Спасибо. Да, абсолютно. Как нам помочь?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И что было с разоглашением, Карина?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
And to this point, I get it.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Your spouse should come first.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Did you initiate the breakup, or did he?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Он 21, а у него 15-летний ребенок? Нет, мой сын 21.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я думала, что ты говоришь, что он, а не твоя сеансе. Я извиняюсь.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, и, Карина, для тебя, как мамы, потому что я могу только представить сокращения, которые ты сделал, когда он был маленьким, и это то, где много эмоций приходит. И поэтому я чувствую, что я бы, я бы, я бы как-то вынуждена сказать, что ты знаешь,
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
this is a symbol this house is a symbol of your hard work you feeling guilty probably a level of mom guilt of leaving your son when he was younger and it's excruciating you know when i have to leave my kids i had a four-year-old crying in the garage when i pulled out to come do this show like it's it's not it's not fun like it is it is hard as a mom uh for those working and that you're like oh and so you as a single mom especially
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И я не хочу, чтобы это было моментом для тебя в будущем с отношениями. И я понимаю, что это для того, чтобы защитить это от твоего сына. Но как мама, я не хочу, чтобы ты держала этот бурдон, когда ты думаешь, что ты должен сделать это. Потому что, Карина, ты сделала то, что тебе нужно было сделать. Ты была единственной мамой. И это была ситуация, в которой ты была.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И ты не была плохой мамой для того, чтобы это сделать. Так что дать своему сыну дом или нет не сделает тебя хорошей или плохой мамой. Я хочу, чтобы ты разделила эту язык в твоем голове. Потому что я чувствую, что это переворачивается в эту решение. Это понятно? И я благодарю тебя за то, что ты так защищен от этого, потому что, опять же, я слышу то, что ты говоришь, так что это имеет смысл.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And if that's too much, if 1500, if they can't swing it, I still would.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
yes well and considering the mortgage is usually the the highest line item for people of what they're paying every single month and that's money i mean 800 bucks is pretty good you know what i mean like yeah there's a lot of mortgages a lot more than that oh definitely definitely um being able to pocket that every single month and being able to use that to live off of versus having to pay the mortgage i mean that's where the math that's where it gets crazy
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
200 grand. Man, I thought she was going to say Price is Right or something.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
good nutrients you know for the little ones oh my gosh we'll eat tacos and tuna fish the rest of our life yeah were y'all both on agreement for being intense because we usually are like y'all both are you're both like we're gonna just who want who wanted it the most though like who's the one i think yeah okay i did i was like okay i like it yeah good to know
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
What a full circle moment, right? Of what kind of person you were when you left. Absolutely.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
absolutely like health financial all of it yes and then when you like walk back in you're like i am just a different person that's amazing yes yes so great well thanks to you guys this is this has been incredible really oh well you guys did it i mean absolutely amazing okay so what was the hardest part because i always find it fascinating when families like they have babies in the middle of doing the baby steps right because it's a lot it's a lot of life that you live in that time but what was what was the hardest would you say i think patience
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Right. And if there was an effect or something happened and they all went within 12 months, you know what I mean? Like it's enough of a spread that it's going to be so gradual.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I don't know. That's what I'm like. I don't know.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So good. That is awesome. Sweet girl. Oh, my gosh. So good. There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage. Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Plus, when your home is paid off, that was your largest expense. Now it's extra money in your pocket and an asset towards turning you into a Baby Steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Oh, I love it. Michelle's in Dallas. Hey, Michelle, what's up?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I'm so sorry, Jackie. When did you get this diagnosis? Thank you.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Wow. How long are they saying until you're legally blind? Did they give you a timeframe?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And starting kind of from scratch from the home side, they're renting still. So that's going to be the next big amount of time.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, well, getting rid of the consumer debt.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Maybe on that, but on social, it is very common for that size of an audience to...
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I know. But there is a whole world out there, and it is wild what people will pay. So all that to say, you guys could make, I mean, hundreds of thousands of dollars a year by her just doing this.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I think it's all on how you guys approach it, how you position it and the role that it plays in your life. So I do think that they're very healthy to create boundaries where you guys want. And I would be stricter on the boundaries early on. And as you get used to something, maybe you're a little bit more flexible and you're like, yeah, that can kind of move. We feel good with that. Yeah.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I don't do it for a living. And I do think there's a world out there, yeah, where this is their world and their life and their family is their content completely. And so with those people that I've talked to in that space, a lot of them do have very strict guidelines of times that they shoot, times they don't.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Because I do think this mingling of the phone and social and videoing everything for content, which is the job, essentially,
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
it I think it does affect the family in a very negative way over time and so for you guys just to say yeah we can enter into the space but you know from 5 p.m to 8 p.m we're not we're not filming this stuff like you know we may do some content here or there throughout the day I don't know do you know me I feel like you have to be very very yeah very intentional and seeing it as a job versus it being so fluid with your life because people that I see do that it it
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, I mean, yeah, that's it. And you're the camera crew. Yeah, totally, totally.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Can I say this too? I would, and I don't know how you would discern this, Josh, but somewhere along the lines that this can be an industry, I think, because I could feel myself get into it, that you make money so fast and pretty quick. Like, yeah, I need three stories back to back and we'll pay you 15 grand. And you're like, oh my God. It can end up being golden handcuffs.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
where you're making so much, you're making, you know, 400, 500 plus thousand dollars a year. And it is work. I'm not saying it's not, but it's like, how could we say no? If it ever got to a point where it's stressful and it's starting to ruin the family, it could be a hard no to stop because it's such like lucrative money. Does that make sense?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Well, yeah. And it's like we, even if it's ruining us, it's such easy. It's money's right there. Like, oh my gosh, that would be so hard. So it's like, there would be some hard and fast rules of stopping.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
if you could lay out ahead of time, which I think is hard, but it can be a golden handcuff kind of thing where you end up sacrificing the family in a sense, even if it's going down, because it's just a lot of money. Does that make sense? And people feel that in other jobs too.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And kind of in a different way. We were on my show earlier, and I love the setup because it's not about, or you can say it, but it's not about the investing and the interest rates and the mutual funds and all of it. It's so much more. It's about the emotion, the heart, the feelings behind money, which you have to get right or it'll ruin you.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, and the tricky thing is we live in a world where they say if you just have success and money, everything's fine.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I think it's such a great example when we say money is a magnifying glass. We haven't seen that for years. And that's it, right? Where you're like, all of this was in you, in all of us. And then when you start to win with money, you are magnified, the good and the bad of us. And if you don't go back to those bad parts, which are coming out as stress, coming out as anxiety, all of that.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, it's like, what am I doing? Like, I was almost better off without all this. And you know what I mean? And it's like, what do I do?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, or spend it on vices to medicate or whatever.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
How did the spiritual part of you kind of weave into some of this too? Because that was a big part of your story.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Which goes such against the grain too of the applause of the world, right? And so some people are out there and they're like, this may not be like what you're specifically talking about, but it's like, well, I want the nice car to feel like I'm successful. You can plug in any element of this and you're fighting against the world for what the world applauses versus what's really true inner peace.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
Yeah, and in that same vein, you know, that there's a lot of different tracks and a lot of different career paths, companies, associations, all different things that are going, that take this route of, we will pay your student loans if you come work for us, or we'll pay your tuition if you come work for us, right?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
Today's question comes from Kayla in Montana. I want a new car. My husband lives and breathes by Dave's rules and he thinks we can't afford one. We're both 35 years old and together bring home $700,000. Our only debt we have is our $600,000 mortgage on our home and a $65,000 rental home. Our net worth is close to $1 million. We have two young daughters and plan to add to our family soon.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So I want to save up and buy a new midsize SUV this year. My husband wants to purchase a used full-size SUV and keep it for a minimum of seven years. Which one of us is correct? I don't understand. My husband wants to purchase a used one and keep it for a minimum of seven years. Do you get it?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And so that guaranteed time, though, still a good idea to have someone else pay your tuition, even if you are stuck in a sector or stuck in a specific company. Depends on how long you're stuck in it.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
No, but she may feel, on the other end of the coin, frustrated.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And she's like, hey, can we spend $50,000 on an SUV? And he's like, nope, nope, nope, nope.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Okay, that's my point. Okay, so what if they're both adults?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And she's like, listen, we have plenty of money.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Because they do have a $600,000 mortgage, right? So I'm like, there's like... There's something wrong.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I think you're offended that she... No, I mean, it's just... I'm kidding. No, I'm kidding.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And I think the frustration comes from when we've talked to so many married couples.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Well, that and it reveals the state of the marriage and probably how it is. And you care more about their marriage in that sense. You as people need to become healthier. And these decisions coming out of that... become way more peaceful and more mature.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So, well, yeah, that's such a reflection, though. It's kind of we're talking about with Lewis in the last segment. Yeah. it's a reflection so much of who you are and your character and the health of you, right? And money either magnifies those healthy versions of you or it magnifies the unhealthy broken sides, which we all have both.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Including the marriage. So him bringing in, or them, she says we bring home together $700,000, so I don't know who brings it home, but the idea that you're making a lot of money is magnifying through a car purchase some of those dysfunctional parts of the marriage. And looking at that and becoming healthier in that fixes some of this.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah. Yeah. Yeah. Because there's some great tracks out there. And then we've also heard on the flip side.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Just to make sure that it's a clear, obvious way and that it's for a shorter amount of time, not a longer. Yeah.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
What's he planning on doing with it, Bob? Do you know?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
What was your gut, Bob, you and your wife? Did you guys have a strong opinion or leaning a certain way, either one of you?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And it's just, it is another example, which we have.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
We have a textbook full of these examples of co-signing. Never co-signing. But I mean, it's this, and thank God, you know, Bob, they have the money. We talked to a lot of people that co-sign for a car, and they can't even make the payment, nor the person that could. But again, it's the relational aggravation and strain that debt causes on people, and it's not worth it.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And I know he said they're still paying for it. It's kind of like almost the stupid tax idea.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Because we're seeing a lot of that, that kind of creativity from employers to attract people. Yeah.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
All right, Dave, you have some strong opinions. Possibly, yeah. I think so. Because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings and it says Fairwinds on my phone.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So I answered it and talked to someone there and they said, yeah, they give... calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Can you tell us which game show? Are you allowed to?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, it is. It's just over and over. It's a complete selflessness versus coming to work and interacting with other adults. Yes. You know what I mean? Like it is a complete giving of yourself.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So much of our worth is... Financial. It's a number. It is poured into that. And it is this value of, here's what I bring in from a dollars and cents perspective. And even that, even you mentioning the 401k, Elizabeth, that is ingrained in you.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And unwinding that, I think is going to be a really important part of this journey for you. Because for so often, again, I'm going to say women because I'll speak for myself, that are proactive. You're productive. You do things. There is a value. It can be like a drug. You get something out of it. There's a cause and effect, and I get to see it.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, and it feels good. And then when all that stops and there's silence there, that's the monster you have to face.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I know. So, yeah. So give yourself some grace, Elizabeth, for sure. But, yeah, it's one of the hardest – limbos for a mom, and I feel that every day between the kids and the job. I get it.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Welcome back to The Ramsey Show. And as we've mentioned, every segment where we're going to, because they're fantastic, we have an incredible crowd here today at Ramsey Solutions. And as you can watch the show live from the lobby on the glass, right next to the lobby, right in front of us as well, is the debt-free stage. And people that stand on the stage do a debt-free scream.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And today we have Tommy and Rebecca on the stage. Welcome, you guys.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
In Corona, California. That's pretty fun. Okay, you guys. So you're from California. Came in. Are you guys here for the weekend?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Amazing. So great. Okay. So how much debt did you guys pay off?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Oh my gosh. Okay. So what does that include?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
You paid off the house? Yes, you did. Okay. How much of the $640,000 was the house or was that it?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So paid off the house completely. Oh my gosh. Okay. How long did that take?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, what would that look like? In an ideal world, how much would you be making?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Okay, so how long have you guys been married?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Three years. Okay. When did all this conversation about selling the house start? Right before marriage?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
an hour okay but per month if you're at 4,400 right now what would you expect it to climb to like 6,000 yeah that's that's the hope okay and what's the reality of that actually happening uh i'd say there's probably i don't know 60 chance that i'd be able to make that happen and that's going to happen in the next month or two is that what you're saying
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with my good friend and bestselling author, Dr. John Deloney. And we are answering your questions. So give us a call at 888-825-5225.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Okay, so tell me what, because I love that it's been three years. This has been like a short journey for you guys, I mean, for the most part. And so when you went from, okay, is this a good idea? I don't know. It's not that big of a deal. No one pays off their house. Kind of that normal mindset, right? Which is very normal.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Tell me about like the emotions between just that, like, okay, I don't know, to actually having it paid off.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yes. Go get a nice pair of boots. That's what you guys need.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
No, that's great. That's great. I know. It's so interesting. Each family, because then those girls, as they grow up, their normal baseline is It's like, oh yeah. It's peace, yeah. You just have a paid for house. That's what you do. The normal you're setting is part of changing that family tree. It's not just the financial legacy, but it's this mindset of how you view and see money.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
yeah okay i would wait then because in that case i mean if you're making yeah i mean if you're making six grand a month then that's about a quarter of your take-home pay i mean that's basically that that is the parameters uh but you you got to get it yeah i mean that that has to be the case brian and i think you have to emotionally be able to detach yourself that if it doesn't happen the way you think it's going to happen that you that you can't afford it you can't afford this house on 4400 a month yeah and i mean brother it's pretty tight on six
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So proud. So great. All right, you guys, we got Tommy and Rebecca from Southern California. They paid off $640,000, which is their house and three years making $350,000. All right, you guys, Let's hear a debt-free scream. Count it down.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And that's how it's done. God, we don't get a lot of houses. We've gotten some recently.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
It's awesome. So beautiful. Three years. Incredible, incredible. Tommy and Rebecca, you guys are amazing. Absolutely amazing. This is The Ramsey Show.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Up next, we have Emily from Minneapolis on the show. Hey, Emily, welcome. Hi, thank you for having me. Absolutely.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, there are so many things in this. And in a weird way too, Emily, I feel like sometimes you can call it God, you can call it life, whatever you want. There's just closed doors that happen. And it's like, there's closed doors continuing to happen. You didn't have the conversation with your grandma. The bank isn't allowing, you know, your dad to fully have it.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And then also then the boyfriend, and then you're going to have to come into play. I mean, like, there are all of these things that are stopping you. And I think, is it your sentimental, you know, the sentimental idea of owning this house from your grandmother? Or is it just, I want to own a house? Like, give me some of the thought behind it for you.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And Emily, too, I would give you a little bit of word of caution with your boyfriend and even just the mixes of finances. Because as you were saying, we were trying to pay off our debt and all of this. Keep everything separate. And if you're working to pay off debt, that's incredible. But be paying off your debts. How much debt do you have?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, I mean, if you guys are doing it, just do it now. Get engaged. Get married. Okay. Yeah, I would be completely debt-free and have a fully funded emergency fund of three to six months of expenses and then save at least a 5% for a down payment. Okay, 5% for a down payment. Okay.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I'm thinking about it, yeah. I would sell it this weekend. Yeah, have you looked into, if you sold a private seller, what it would come to?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, for sure, Emily. No, and I'm so glad you called. So I would just go on Kelley Blue Book, type in the information. It'll ask you some questions and just get, don't do a dealer, do a private sale. You'll get more that way. And yeah, and that would be,
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, Emily, stay on the line. Christian's going to pick up, and we're going to give you Financial Peace University. This is our nine-lesson course, and you can just binge those videos just to kind of get the basics. Make boyfriend watch it. Yeah, yeah. You guys sit down together and watch it. That was already the plan. Oh, good, good, good.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And we'll give you every dollar premium so that you can start really working this feeling of what John's saying, kind of painting this picture of, yeah, what does this look like to actually have a plan for my money? Not only month to month, but in the next three, four, five, six years. And it's an amazing thing. I mean, it is so possible.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And you're 24 years old, and you are going to be able to make so many changes, so many changes in this.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I'm a huge fan. Yeah, no, we're so excited for you. And there's some relational hurdles there too in your life.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
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 Rachel Cruz, hosting this hour with my good friend and best-selling author, Dr. John Deloney. And we are taking your calls at 888-825-5225. So give us a call. Talk about your life, your money, anything and everything. Next up.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
It's a lot of Rachel just shaking her head on stage with John.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
you are the queen of accidental double entendres okay it's it's like your it's like your superpower it happens sometimes all right let's start us off this hour with ken coleman is the king always the king number one yes number one in the book for sure all right let's go to courtney in raleigh north carolina hey courtney welcome to the show hi how's it going i hope you guys are doing good
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah. Is the main motivation, Brian, to stay in because you feel like you're going to lose money or their kids involved and you're wanting to stay in for them or what, what's the main motivation?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, I would because it's not going to really fix your problem because how much do you have in credit card debt that you're wanting to use some of this other loan that you're going to take out, right, to pay off the credit card debt?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And how much is that? How much is the credit card debt?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
$4,000, okay. And how much do you make a year? Around $70,000. Around $70,000, okay, great. Okay, honestly, Courtney, if I were you, I mean, I think John's right. I think you could probably break even on this car. If not, maybe make $1,000 or so. So I would Kelly Blue Book it and really look into private sales just to sell to an individual. And I think you're going to get more doing that.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Again, the dealerships always lowball you because they have to turn around and resell it. And so they have to make their margin on it. And so instead of all of that, you get the profit instead of them.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yes, that's it too, Courtney. They're trying to make a lot.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah. Courtney, do you have any money saved at all?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah. And, you know, and I don't think you're in like a you're not in a desperate situation. So if I were you, Courtney, I would I would make it a goal, get an extra job, get a side hustle, and I would make it a goal to save.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
five to six thousand dollars i mean in the next like four months like make a big goal try to make a thousand fifteen two thousand a month extra and when you do that you'll have you'll have that margin go and buy a five thousand dollar honda civic sell this car for and maybe you'll break even on it right i mean the worst it's gonna be 23 if they're offering you 20 23 maybe you'll get another extra thousand dollars or two and i don't even mind if you have to go to a local credit union and take out a loan for 2500 bucks to get out of it
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, for sure, for sure. And then, yeah, and then, Courtney, you'll be able to work and pay off the credit card. the $4,000 in three or four months. I mean, your whole life could look different, honestly, in the next eight to nine months. And I don't think, yeah, the debt consolidation loan, I mean, that's just moving around the interest. And you're not going to be in this long anyway.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So for the long game, from the math perspective, it's not going to make that much of a difference. And majority of the time with debt consolidation, not as much in this example, but for a lot of people, they try to shuffle around their debt to fix a math problem. We're realizing that so much of this is a behavior problem, not a math problem.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So you, Courtney, going and doing it and understanding like, oh yeah, I can totally pay this off. I think you'll do it faster in that way than trying to kind of shuffle the debt around.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
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
Break the Cycle of Financial Self-Sabotage
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
Break the Cycle of Financial Self-Sabotage
And run some comps too, Brian. Because, yeah, that's right. I think there's probably a lot of emotion wrapped up in this.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Today's question of the day is brought to you by WhyRefi. WhyRefi refinances defaulted private student loans and builds a custom loan based on your ability to pay. Now, you guys, private student loans are different than federal student loans like Sally Mae.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So to learn more about this custom refinancing option and a lump sum payoff option that you could qualify for for after 24 months, go to WhyRefi.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
Break the Cycle of Financial Self-Sabotage
I'm going to have probably a less harsher take than you, Will.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Okay, you make $250,000 a year. You have $50,000 in debt. So, you know, cut everything for six months and... pay off the debt, like in my head. And then you're fine. And then you pay the softball stuff and you're fine. Do you know what I mean?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I know, I know. But it's the debt. Yes, yes.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, that's so like, in my head, I'm like, the thousand dollar softball thing, yes. Is it slowing down your debt snowball? Sure. But I think there's way other problems out there for making $250,000 and not being able to pay off 50.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Right, right. Six to 10 months, it's over. Yeah, get an extra job or whatever. Like, do you know what I mean? Like you, yeah, to do it. I don't like the, oh my gosh, this is the thing. I'm like, I think there's other issues going on besides the softball thing.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
and i feel like we need to give a little shout out this weekend is our money and marriage getaway we have 600 valentine's weekend so we have 600 couples coming to nashville and there's a bunch of them here in our lobby today watching the show which is so fun uh so we are here though live taking your calls so give us a call talking about your life your money your relationships and first up we have brian in billings montana hey brian welcome to the show hey guys thanks for having me what's up absolutely how can we help
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I was going to say a whole rounded childhood. That's right. And the problem with this is it's so segmented, so early in life too.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And what I hear in this too, Renee, I mean, this was what, five, six sentences?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
all around this it's guilt it's guilt it's a good that and i'm like there's a level of this like idolization and her i'm like renee chill like you don't mean 13 if she if renee was like yeah i mean it's fun it's fine but she's like no no i have it's this like pressurized momentum for the parents going on to the children yes and here's what here's the ultimate the ultimate problem
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, and I think, too, underestimating the weight of feeling like I have to keep up a mortgage payment. It's your home. Like, do you know what I mean? Like, there's an extra weight there that you're carrying because of it. It's not like a car loan that you can sell and kind of figure out. When it's your home, there's like this desperation that sets in and not always making wise decisions.
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Break the Cycle of Financial Self-Sabotage
Yes. Well, and I even think, you know, the well-roundedness, I was even hearing some dads talk and they were like, you know, their goal is to go do something outdoors once a month with the kids, with the boys. Because they were like, if you look up, it's a sport, sport, sport, sport, sport. And I don't know why. I don't know if it's like this area or if it's all of America.
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Break the Cycle of Financial Self-Sabotage
I was going to say, and if we just, I would love to do like an investigative reporting on how much these leagues make.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
It is a money-making machine. It's a printing press. And every parent's like, take my money, take my money, take my money. I mean, seriously, it is wild.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So how much of all of this from your perspective, how much of it is the kid that's like, no, I want it, I want it, I want it versus the parents that's saying, do this, do this, do this?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
It's still pretty high. It was like 38, 39%. I'd sell it, dude. So, yeah.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Well, and it's funny, too. I'm like, as a parent with three little ones in this, I mean, literally, they're like, oh, well, if they don't do this and they're not on travel by fourth or fifth grade, then they're not going to make the middle school team. Then they're not going to make the high school team. Then they're going to do drugs and they're going to die. That's it. That's the story.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
That's what it feels like happens and you're like, oh, my gosh.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
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Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense.
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Now it's extra money in your pocket and an asset towards turning you into a baby steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
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Welcome back. Again, we have a big weekend here for our Money and Marriage event. And tickets just came on sale for our November event. We just opened up these dates to the public. So November 6th through 8th, you can come out to Nashville with your spouse and come hang out with us.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
We have so much fun this weekend, you guys. And it's always great conversations, great hanging out time. We really pack in an incredible weekend. So you can get your tickets for the fall event, November 6th through 8th at ramseysolutions.com slash events. Up next, we have Susie in Phoenix, Arizona. Hi, Susie. Welcome to the show. Hi. Hello, hello. Glad to be with you. Yes. Thanks for calling in.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Susie, what does he say his reasoning is for doing this without telling you? When you find out and you say, oh my gosh, you moved the money, what does he say?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So there's been other betrayals, Susie, in your marriage. Yeah. Okay. Yeah. Uh, on his end or your end?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yes, yes. Well, usually when there's, yes, when there's shuffling around like this, and then suddenly there was transparency. Now there's not transparency. There's a red flag. Something else is going on.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, yeah. So sorry, Susie. Yeah, and I would say even from a relational standpoint, I don't feel like you guys have probably fully healed from that, obviously, because even the way he's speaking to you or what you told us, he's shifting the blame.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, I mean, seriously, like it is pretty wild. So, yeah, I would be – yeah, I mean – It is so difficult because if it's not under your name, he could have a secret account that you never know about either. So there is a level of his transparency that he has to come forward as well. But you can pull things in your name.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
If you know the banks you guys are banking at together, whatever name account or whatever account is in your name, you will have access to. You will be able to see it. And then asking him to do the same, because I'll be curious, as you do your digging on the side and he brings information, if his doesn't line up with what you even found. Right. Then there's another distrust there.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
But this is, Susie, usually with these types of situations, we always say around here, and it is true. At this point, it's not a money thing. It's a marriage issue.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Because of the marriage issues, it's coming out as this money issue. And so, yeah, I mean, you guys have, you have a road of healing. I mean, you really do. And if you guys want to.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, and that's really, really difficult and always scary. I'm like, it is the betrayal that's always so difficult. So difficult. So yeah, I'm sorry, Susie. Thanks for the call. I hope that helps. And I hope it does give you some empowerment. to go and to look.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And I think for some, you know, I'll say women who do allow the husbands just to basically do majority of everything when it comes to the money, this is one of the issues that we find because you do feel overwhelmed of like, oh my gosh, I don't even know where to start. Like, I don't even know what to look for or what to ask because you were saying that, Susie.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I don't even know what to ask from a financial situation. So again, just to repeat and help you in this, I mean, it is asking checking accounts. It's asking savings accounts, high yield accounts, money market accounts, investments, Retirement accounts.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Any debts that are there, yes. And what John said too, pulling your credit report and seeing if any debts have been taken out. But those are kind of the categories to walk through to ask him and then for you to go in this investigative process.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
One of the best things that you can do for your money is to get a great tax pro in your corner. Tax season is approaching, and they're going to help advise you to make the best moves for your situation, especially if you've had a big life change or a complicated situation, if you own a small business.
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Break the Cycle of Financial Self-Sabotage
So go to RamseySolutions.com slash tax pro to find CPAs and enrolled agents that have been vetted by the Ramsey team. All right, up next, we have Ashton in Madison, Wisconsin. Hi, Ashton. Welcome to the show.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Absolutely. Thanks for calling in. How can we help?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Have you brought this up to him, feeling like it's unfair? How has he responded?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Did you guys put in investment up front, equal investment, and that's how you got to the 50-50 partnership? Or did you guys, you guys were just two friends, like, yeah, we'll just open up this together and see what happens.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Okay, so terms and everything with the house, all of that is completed.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Okay, so Ashton, what would it look like? Have you guys, I don't know how it's set up, how you guys formalize the business, but do you buy him out? Do you dissolve the business? Start your own thing? Like, what are you thinking? Because he's obviously, like long-term, it's not going to work. It's not working.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I mean, because just think about it, Ashton. As the business continues to grow, the problems you're having are going to magnify. So if you are having issues now with you carrying the weight and he doesn't care about that at all. that's going to magnify, right?
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So either put in some stipulations for him to continue moving forward on what you want him to do, right? I mean, I think that's fair of like, okay, we need to work X amount of hours or profit wise. I take a percentage of the profits from the percentage of work that I do. Like,
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, I mean, whatever it looks like, but structure it where it's fair. And then from there, if he can get on board, that's fine. But let me just, I will tell you, we work with small businesses all the time through Entree Leadership. And it's not always the case, but I'm saying 98% of the time, we always say the ship that never sets sail is a partnership.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Like it's the one ship you just don't want to be on as a partnership. Again, small percentage of ones, they work. Ashton, you're going to run into this and versus if you just do it on your own and maybe he's a manager under you or something, you know, works for you. But but long term, I would not continue down this road because there's been no proof of change at all from him, him initiating it.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And I feel like you're bitter too, Ashton.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Yeah, keeping it, Brian, was probably an emotional knee-jerk reaction for you. But now that stuff is settling and it's not finalized, I mean, it's an option for sure. Because yeah, calling the show, running the numbers, you can't afford it unless... Unless your income bumps up to eight to nine grand a month. But besides that, it's not worth it. So I would figure out a way out.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
I mean, and again, if there was some deal Ashton that said, yeah, I'm going to go to school for three years. Can you run this thing? Take the profits for what you make? And I'm going to get back in after I graduate or something. Right. I mean, like there's there's common sense ways to approach it. But this doesn't feel like common sense at all the way he's gone about it.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
and in reality in reality yep yeah thanks for the call ashton uh thanks to all the guys in the booth thank you to our wonderful audience today at the money and marriage weekend getaway thank you john for being a great co-host this is the ramsey show
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Welcome back to the Ramsey show. And we are so excited. We said here in the first segment that we have a lobby full of attendees for our money and marriage getaway this weekend. And we're so excited to announce the fall weekend events of money and marriage. Running it back. Coming back in 2025. So these are three incredible days to hang out with your spouse here in Nashville.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And you'll join myself and John for a long weekend. And we're going to dive into some great content around money and around marriage, relationships, all of it. And we do live Q&As. We interact a lot. I just feel like there's like this energy about this event that is so fun. It is such a fun weekend. And we're pumped to do it this weekend and pumped that it is coming again this fall.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So if you go to RamseySolutions.com slash events, we are so excited. Oh, it's November 6th through 8th. I was trying to find the dates. So November 6th through 8th. 6th through 8th, it is here in Nashville. Early bird pricing is happening right now. Tickets start at $749. So get yours before prices go up because they will continue to go up.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And we even have some limited VIP tickets with a meet and greets and some other fun stuff. So those are available as well.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
yeah it's so so fun so again uh excited to announce some new dates november 6th through the 8th of 2025 and they dropped us right smack in the middle of deer season oh for a whole weekend which is super not consult john's hunting schedule how dedicated i am to this thing wow what is what a selfless servant you are like a public servant just being here with all of us in november thank you john
The Ramsey Show
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That's all we want. That's all we want. Oh, man. So, so fun. All right. Let's go to Elizabeth in Philadelphia. Hi, Elizabeth. Welcome to the show. Hi. How are you both? We are doing great. How can we help? Mm-hmm.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
Okay, so that's what I was going to ask. What's the discontentment over? Is it that you're bored at home? Is it that you miss your career, that you feel guilt, that you're not bringing in money? Where is this coming from? I think it's a mix.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
No, absolutely. You know, I think it's, I think it's hard when you go from one speed to, to the other, it does feel like whiplash. And this need to feel like what felt normal is no longer normal and it's not comfortable because of that. And so I do wonder, Elizabeth, because you're a high producer, I can hear it in your personality, you like productivity, you like to do things.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And so I'm wondering for you, number one, is there a level of a hybrid? I mean, I think it's okay to always,
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
decide okay this isn't what i was thinking it was going to be and make a different decision right no one's no one's holding you captive to stay home full time unless you and your husband agree like that's a value of ours and you want to keep that value longer but i'm like in my head you can always you can always kind of shuffle around and say okay i've been trying this it's not working maybe i go part-time it doesn't have to be an all or nothing stay home completely or
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
or work you know 80 hours a week or something um that hybrid or even the routine around the home how can you make it mirror your productivity so you at least feel like yeah i'm still staying at home that's what i wanted to do but it's still matching your personality does that make sense
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
And I wonder if that's an issue, though. Is that an issue, though? That's where John will come in.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, for sure. Because it is different, especially if you're used to earning your money and functioning out of that paycheck. It is like kind of this level of like being exposed, like, okay, here we all are together, like working on this together. So, but yeah, it's well worth it, Joshua.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I wish I had gone back and told myself and I wish we had this mindset more that you don't have to change each other and to each other. I think there's this mindset, especially with money, that if you're a natural saver, that your spouse needs to love saving as much as you. Or if you love doing the budget and you check it all the time, they should be doing that too. Or vice versa. He should relax.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
He should have more fun. I don't know, like there's a level of don't push each other to change who you are. Like you were attracted to your spouse for a reason, right? And it's like, usually opposites attract. So there's something about them that you love. That's why you got married.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And so it's not that the personality has to be consistent, but the value system on which you live your life and your marriage and your family and where you're wanting to go long-term, that needs to be consistent. But the way you go about that, and I think it takes a level of humility to even say, maybe I could learn something from my spouse.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Where I have a deficit, they may be better at and vice versa. So there's like, don't create an enemy between each other. Embrace the differences. They're there for a reason and celebrate those. And then also have the humility to think maybe I need a little bit of that that he has or that I could use more of that that she has. Can I tell you something? Yeah, what do you think?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay. So how much debt do you have, Ryan? So I've got about $20,000 in debt. Okay. What's that in?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Medical. Okay. And how much are you making a year?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So after taxes, how much do you bring in a month?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And are you on a tight budget, Ryan? Like, do you have things written down before the month begins and you stick to it and you're like very, very, very, very diligent with your expenses?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
How much money are you spending a month on that? Would you say?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, for sure. Is there, um, do you see, uh, an end at all to that? Like, do you have any estimation on when that will be wrapped up?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Oh, I gotcha. I've been battling. Okay. Okay. And how old is it? A son? Is that what you said?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So this has been going on for two years. Yeah. Okay. But you're thinking there is a possibility of it, of, of all this to be wrapped up at the end of this calendar year is what you're thinking.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, okay. Well, that's good. I mean, in a sense, I mean, from the emotional toll that that takes, plus freeing up some of that income, because I think, Ryan, for you right now, because it's not a crazy amount of debt. I mean, you know, $20,000, we've had a lot worse, even on today's show. There's been some more bigger numbers.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So it's so doable, but I think it's an income issue at this point, because I'm like, you know, after $5,300...
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
about you know 1200 of that going to attorney fees you know i know it's not every month necessarily like that but i mean that's a realistic idea of like oh yeah like there's a big chunk leaving it's almost like you have to replace that in order to gain any level of traction because a hundred dollars extra it's not really going to move the needle much especially with these with this credit card fifteen thousand dollars in credit card debt and your interest rate is what probably 20 22
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, what were these for, Antonio? What were you racking up the step for?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
while we're in this fight that would be my goal Rachel if I were him yeah I mean if you just looked at this of like you know everything's on fire I'm just I am doing anything and everything it doesn't matter hour of the day and it's just kind of this like scorched earth feeling and what's crazy Ryan is if you even just threw you know two thousand dollars you're you're done with this in November you know what I mean December January but I'm like
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
It can happen so fast. The snowball effect can start going in that momentum so fast, but it's the income side that's going to do it. And so that's kind of the lever you have to pull. And you're exhausted. I'm like, you're fighting custody. You're working full time. But I would up this $70,000 a year with some extra stuff that you can do. Again, even an extra $1,000 a month bringing something in.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
$1,200, $1,300, anything extra, Ryan, that's going to be your saving grace in this. Because it does get down to a math problem.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And the income, I don't see many expenses that you can cut from what you've told me. So I think it is. It is just earning that extra income and it's for a short period of time. That's right. But then it's all done and cut up the credit cards, Ryan, like today. Like get them out after we're done with this and be done with it.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Because the temptation is to go back to those and you're going to go deeper in the hole. So just cut those out of your life completely. Absolutely.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, for sure. Okay, so that's the credit cards. How much do you owe on your car?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Wow, Antonio. You financed a car for your girlfriend?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
What else, Antonio? What other debt do you have?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
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The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
How much does it cost David to rent what you're going to do? How much will that be out of pocket?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Like a couple of grand or like 10?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, because there is a point of diminishing return that you end up renting so much that you could have just had it and owned it.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So there's almost like a timeline, David, of...
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I was going to say, you were just on.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Because even within the Republican Party, this issue is divided. Very divided. Even within it, people have different opinions.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
How are you making it, Antonio? Yeah.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And they're about to hit the town. You should meet them on Broadway. I actually did.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I know. We get anniversaries. We get honeymoons sometimes. Yeah, we do. That's always the craziest one. I'm like, I can't believe you're here on your honeymoon.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
All right, today's question comes from Aiden in New Mexico. My wife is a contract business consultant and is also self-employed as an artist. When it comes to paperwork, she's very disorganized. It has gotten to the point where I have taken my tax documents to a tax preparer twice because I didn't want the IRS auditing me.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I beg her every year to get her stuff together and to file on time, but it never happens, which leads to arguments. How do I get her to understand the seriousness of this situation? Oh, that's tough. Well, it's taxes. I'm like, it's back to taxes.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah. And I think self-awareness is huge because she's an artist and I'm not pointing fingers, but I do think there is a- When you are an artist, there is a little bit more of a free spirit within you, right? Numbers is usually not your strength and vice versa. People that are great with numbers are terrible usually at being creative. So it's a, again, it is how you were wired and gifted.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And then I think it is a self-aware adult to say, hey, I have things and weaknesses in my life. And in my personality, I'm gonna be an adult and I have to obey the law, but also what systems can I put in place to help me in those weaknesses? Because I'm not naturally good at all of this, right? She's very disorganized is what he said. So that would be more of the conversation of, hey,
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
what can we do to help you? It's not a point the finger at you constantly. It is, hey, yeah, this is the law. So it has to be done. So what systems can we put in place together? And as the husband, I'm here to help you. And I mean, and he's like on his own. We're like, I'm just taking my tax documents and blah over here, which I get because he doesn't want to go to jail either. Right? So-
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, seriously. But I think it is, hey, how can I help us help you put some systems into place? I think that's right. But there is a point that she has to be an adult, right? Yes. You can carve a situation in a conversation a certain way to a point. But there's also a point, Kim, with all of this, especially the law. But then other things of like, my wife just continues to spend more.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
There's just a point that like... you're not able to change that person. And they have to be the adult. And it's sad when they're not. But we see that a lot around here.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
What's been the repairs? I mean, about 2,000 a year is what it ends up being. What has it been?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Well, I was going to say, I mean, you know, as you kind of look through this from a math perspective, it's less than like 200 bucks a month is what it ends up being, which just feels expensive. Like if the stuff isn't being fixed, like that's one issue. But I'm not a big fan of extended warranties because I'm like, it's the thing should work. And if not, I would rather it be in my court.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Unless there's some crazy recall right now, Sam, and they're like, you know,
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
giving you some discounts on the extended warranty or whatever it may be but um i we usually factor in cars we have a sinking fund that we've set up that if anything goes wrong with the cars we use that sinking fund so again for yours it's coming out to be around 200 a month so i would probably just set some money aside and then hopefully most of this gets fixed because i mean the fact that you keep going in and in for repairs is that's frustrating yeah
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I didn't know they were making hybrids in 01. No, it's a 21.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, you kept saying 01, and I was like, man, they were ahead of their game with that hybrid in 2001.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay. So 2021, that makes way more sense. I was like this.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
All right, Dave, you have some strong opinions.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, the $35,000 truck. Do you have any equity?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I think so. Because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings and it says Fairwinds on my phone.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, if you sold it today, what would you sell it for? What could you sell it for?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So I answered it and talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Are you just guessing or did you Kelly Blue Book this?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
We appreciate that. Sometimes we'll give an anonymous name if it's a personal question. We love that. I love this. Bear from Bozeman. Ken and I will come back at the end of the segment and tell you what our anonymous name would be.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And then girlfriend's car, are you the only one on the loan or do you guys, did you co-sign for her or what was the situation there?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay. And what could you sell her car for?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, so you have a lot and then you have cash, extra cash, and you're saying, should we take this cash and build on the lot or go buy a home?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay. Is the cash that you guys have saved enough to buy a home that's reasonable for you guys?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, well, tell me this. So that's about, I mean, not including the lot, you got $150,000, but I would want you to have an emergency fund out of that. So we're down to maybe $100,000. And if you sold the lot, could you buy a home for $175,000 in your area that you guys would be happy with?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yep. Okay, so what I would probably do, honestly, Tyler, is rent. I'm not a big fan of motorhomes because it is something that goes down in value so quickly. So there's a part of me that would just sell that and then you guys go rent somewhere for a year or two, stock up some cash, kind of see where you're at.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And I don't think I would, I wouldn't make big moves on selling the lot and all of this because you guys could get a few years down the road and want to build. depending on the situation, is the lot somewhere you would want to live?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, but you guys like the area and all of that then, where the lot is. Would you guys want to build on it eventually? Is that a dream you have?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
All right. Perfect. Okay. So the cars are the easy, oh yeah, the boat.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay good so they kind of keep you in that good yeah for sure for sure so okay yeah well I would either just stay put where you guys are for a year or sell the trailer and go rent somewhere for a year or two I don't think there's any big rush and I think to your point with everything that's kind of going nuts right now just kind of letting all that settle
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And then look up and say, okay, either we're going to just, you know, buy a home and live in it for five, six years, you know, get our family established and then build our dream home on this lot years down the road. Or if you guys have the cash available and you want to do the home buying or the home build process, then you could do that. But I don't think I would sell this lot right now.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
He owes eight. What could you sell for?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
No, I wouldn't do that. I would be renting until I knew what my next probably five-year plan would be, housing-wise. Yeah.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And I think too, renting, especially your first year of marriage and stuff, it's just easy having people kind of take care of what needs to be taken care of and you're not having to deal with home ownership and all of that. So that's probably what I would do, Tyler.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yep. Absolutely. Thanks for the call.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
If you're single, if you integrate home for a little bit, that's okay. And then if you hate it?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yes, because then you'll have $7,000. Anthony, here's going to be your issue, Anthony. Your ego is about to like really be hit hard. Like this is all, this is ego. Three cars, boat, RV, credit card debt, living like you're just the... fill in the blank and you're not.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Oh, I'm going Lillian. I went with the nature theme.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Well, it's my grandmother's name. Oh. And I went nature. Okay. I thought bear, animal.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Let's talk about this house, Debra. How much do you owe on it?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And that's the one I'm currently living in. OK. How much is the is the house that your dad left you? How much is that worth? Oh, probably about $650,000. Okay. How much is the condo worth? Probably about $400,000. Okay. And where do you want to be long-term, the condo or the home?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So there's a reality here, Anthony, that the humility pill that you're going to have to swallow to truly change this around is going to be really big. And that's the part about personal finance that's so difficult is like the math stuff. We can walk through that, but there is a character part of you, Anthony, that's going to deeply, deeply have to change.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, it's heartbreaking. I mean, it's a mess. The boundaries here are completely intertwined, and it's not working for you, Debra. And so you're not able to help people when you're drowning, and you're drowning. You're putting your utilities on credit cards. You can't afford this life anymore. Exactly. So they need to leave. I mean, there has to be a conversation of, I can't.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
support you, nor should I. They are grown adults. And you need to give them a runway, Debra, 30, 60 days. Because you can't afford it. You can't afford this situation. And so... So what I would do, would you want to be in the house?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I mean, I would sell the condo, go move in the debt-free house, and then you have $275,000, pay off the credit cards, you have $200,000, and now you get to live your life.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Okay, so you're going to have to up your income. You are going to have to work longer. But you'll have that $200,000, and that's not going to be enough probably for retirement long term. So you are going to have to be working some more. But this will fix a lot of this mess right now. Yeah.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And that's from other people. Yep, yep.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Like you caring about what people think has been very high in your life and And this is about to do the complete opposite. Like, you are going to be, I mean, you're not going to be the man anymore. I mean, like, do you know what I'm saying? But there's an ego level. And I'm saying that kindly because we all have a level of an ego. But, man, it's going to be tough.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
I'm trying. And the dad of the three kids has a job, correct?
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So, Debra, you've said, I mean, so, okay, yeah, he can work whenever he wants, and this isn't, I'm being a little harsh on you, Debra, because you've allowed it, right? He's living the best life. Everything's paid for. He works when he can. He doesn't pay bills. He does nothing.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Well, that's a boundary, Debra, you have to set for yourself. You've asked. You can't control what he's doing. And so now you have to control what Debra can control. And you have to set yourself up. in the next, what Ken just said, the next eight years to allow you to win. Because at the end of the day, they're not helping you, right? It's not like you're falling back on them.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
i know it i know it and like i said i i depended on him to help me like you know with the repairs on the rental house so deborah so we're shooting ourselves in the foot so tonight deborah got it you need to sit them down and you need to let them know hey in the next 60 days i'm putting the condo up for sale i can't afford this anymore
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And I'm going to have to make some hard calls because I have nothing in retirement. And I'm going to have to do what's best for me in this situation. And so that is selling the condo, moving to the home, doing some repairs in between. It's not going to probably be perfect when you move in. But at least you'll have a mortgage payment or a rent payment. So... Thank you.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Antonio, take your payment for the RV, the boat, her car, and the Mustang. All those payments, that's thousands of dollars. Now that you can sell the truck, start paying off these credit cards, smallest to largest. But man, it's going to be a, it's about to be a 180 in your life, Antonio. But it has to be in order for something to change. And I feel the stress on you.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
So man, you got to make some big changes. Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
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The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
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The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, no, that's good. I think we do that now more so is just the like, hey, just don't look for a few days.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And if you know a big anniversary is coming or a birthday, it's assumed that, yes, a gift is going to be bought. So back in the day, we would get Visa gift cards from like Target or something. So you're like, yeah, I'm buying, you know, we're spending, you know, whatever, $100, $200, whatever the price is.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And you don't know where it's being spent, but you know, yes, a certain amount of money is being spent. And then, which I know not everyone has this, Joshua, but twice, two big purchases happened. I did concert tickets one time, and then he bought me a ring. But I had my mom buy the concert tickets, and I was like, I'll just pay you back so he doesn't see.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And then, yes, the ring, which the friend was very generous of buying. How about that? And then Winston just Venmo'd him after.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
You know what I mean? There's just kind of ways, I feel like, around it.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Yeah, so it is a little bit of an emotional disconnect that once the money hits the account, then it doesn't matter whose check it was or who brought it in. It's like, here's how much money we have as a household to spend. And I know, like, we were so young when we got married. So that was kind of an easy, I don't know, we both like, it was a gradual, easy mindset.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And I think it's harder when you get married later. and you're so used to functioning with your paycheck, I understand that's a harder kind of emotional break of like, oh yeah, okay, it doesn't really matter. But it's this deep oneness of just saying, yeah, regardless of who brings in the money, this is our household account, and out of this is how we spend our money.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And that's gifts, that's bills, that's everything. But we just see it as one. And what that does, Joshua, too, is that... that emotional perspective trickles down to other areas of your marriage. And that's one reason we're so big on combining accounts. It's not just from the tactical side, even though it makes running a household so easy when you're functioning out of one account.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
And people that split bills and he pays the electric, she pays, I mean, like all of that. I'm like, oh my gosh, yeah, it takes all of that work out. But then it does something when you are like, okay, we truly are like, what's the saying? Put your money where your mouth is or was that it? I guess that's what you're saying.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Whatever that saying is. But it's just like, yeah, like if we say we are one together, like let's actually live out like we are and even with our money.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Well done. Okay, up next we have, which is one of my favorite calls to take, is actually two people on the line. I'm assuming there are a couple.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
that hey i've i've earned this i've broken this generational poverty i'm never going back i'm the future i'm the model so let's model the way i think that's my encouragement for you today and i would say cal too uh jumping off what ken was saying and i think he is so spot on is that you know growing your portfolio again it's not that's not wrong but we want it to come from a right motivation
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And if the motivation is out of a lack of fear or scarcity or, oh gosh, if I don't do this, what's going to happen is you're going to get the complex. And then the finish line moves again. And then it's like, well, I probably shouldn't have gone over there. So maybe I should. You're going to keep going, going, going, going.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
There has to be a level of contentment in your soul, like a level of peace. Well, it's been about six years since I invested in anything.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah, that's fair. Yeah, yeah. So then maybe your motivation is pure, but I would just do it then from a tactical sense in the right, wisest way, which we would say is not with debt.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
It is to continue to be autonomous when it comes to your money and not have other people telling you what you have to do because then you make totally different decisions with your life and money when other people are involved. You are in a state of autonomy, and that's where I would say, Kel, continue to grow.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And you're doing great. And go take a vacation.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah, they're calling from St. Louis. Hey, you guys. Welcome to the show. Hi, good afternoon. Thank you for having us. Absolutely. And you're both here, right? Yes, ma'am.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Welcome back to The Ramsey Show. One of the ways for you to get a handle on your finances in 2025 is to get control of your money. And we have a live stream January 23rd free to you called 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.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
That's so fun. Okay, so great. All right. How can we help?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Free up some breathing room so finally you can pay off debt, have some margin and some peace when it comes to your money. And then George Camel and myself are going to join them. Yeah, later on in the live stream, we're going to take some live Q&As and kind of do like this show and take some questions and talk to some of the viewers there.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And what's crazy too is if you sign up and you attend this live stream, we are giving some cash away. Yes, there's a cash giveaway for five people to win $4,000 each.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
i mean that's unbelievable it's 20k one night what quick math you can do that you know i went to basic math classes unbelievable so sign up for the free live stream by going to ramsey solutions dot com slash live stream or click the link in the description if you're listening on podcast or watching on youtube and join us it's free it's gonna be a great night it really is these live streams are always very helpful at the beginning of the year to either just get the motivation back again and kind of get back on track
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Or if you are new to all of this and you're thinking, I need to start a fresh start with my money, this is what you want to attend. So again, join us for Take Control of Your Money on January 23rd. Up next, we have Rose in Washington, D.C. Hi, Rose. Welcome to the show. Hi, how are you guys? We are doing great. How can we help?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz hosting it today with my good friend, Ken Coleman. And listen, if you love The Ramsey Show, if you are an active listener, we need your help. We want to know.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Okay. Rose, let me tell you this. A little bit of a red flag that I have going up is that you're saying a lot of our, our, our. You're taking care of... and putting money towards a family member and a situation that you don't have any legal right to in a sense, meaning that you are putting your money in to a life and a relationship that there is no marriage, there is no legal binding.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And there's a part of me that worries me because even though I'm sure you guys are in love and you've been in a relationship for a while, We get calls on this show quite often that we get a call and it's like, yeah, my boyfriend and I just broke up and I still have debt and I don't really have a ton.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Wait, hold on real quick, Valerie. 2.5 in the investments and the million from the house, or is 2.5 altogether?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And then it turns out that they were giving their money and your income to a situation that if something were to happen with the relationship, you don't get anything from on the back end. Does that make sense? There's a big risk there. And I'm not a huge fan of you feeling this burden either because... It's not your niece. It's his.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So, Rose, I would be— Separate, separate, separate. Yeah, and again, this isn't to punish him. This is to be wise for Rose. And I would tell you this. I mean, honestly, Rose, we are one of the shows in America, one of the only shows that tell married couples to combine their finances. A lot of people say, just keep everything separate, regardless if you're married or not.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
We say, when you get married, you need to combine everything. Except for with the asterisk, if there is an ongoing addiction, if there's abuse, if there's something in the relationship, we do recommend separating, again, for protection of the other spouse until trust is rebuilt and all of it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So from a financial perspective, Rose, I would really, and again, it's not to punish him, but it is to say, hey, we are not married and we were going that direction. There was a relapse, which again, I think happens in the recovery world. We have a good friend that is in recovery too. It is wonderful, and there is a healing journey and a process that I totally believe in.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But I would slow down, and I wouldn't be fretting about the niece's college that's not even your niece yet. I mean, all of it. Do you know what I'm saying? I agree. I would keep some things very, very separate until... You feel comfortable enough to marry this man. And at that point, then he is trustworthy then to together start working on this life financially together.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But until then, there's no we in it. It's his niece. He got custody. Yeah. You know what I'm saying? And I know that probably goes against so much of how you guys have been living. And I know that feels really counter to it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But that's the advice I would give you because, again, we hear the other side of it too.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah. If you guys are going to move out of the family situation that is toxic and not fun to be in. then your rent goes up. And as two adults, we have to split that rent. Well, if he looks up and says, wow, I don't have a lot for this rent, then I'm gonna have to figure out a way to pay for this rent. And you have to problem solving that, right?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Instead of just leaning on you, Rose, for everything. And yeah, I would be very cautious of that. Which again, this is hard and messy in the point of the journey that you guys are relationally too. So I know we're adding on probably an extra layer of hard conversation, but you called. So good luck to you, Rose. Hope nothing but the best for you guys. This is The Ramsey Show. Thank you.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Welcome back to The Ramsey Show. Today's question of the day is brought to you by WhyRefi. WhyRefi finances defaulted private student loans and builds a custom loan based on your ability to pay. You'll have a payment that you can afford with a low fixed interest rate that you couldn't get anywhere else. Deb, you really stick to your budget and work the debt snowball.
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The Road to Financial Freedom Is Paved With Grit
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The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
In the economy, no. In your household?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Tell us about what you think. You heard me?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I want to know the layoff situation.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And he makes about $30,000 when he works.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Carissa, the issue here is not that there is a lack of opportunity out there for him to go do that so that you can have the desires met. Yes. The ball, in a sense, is in the relational court of your marriage, not the financial, because there is something that he, a mental block he has, whatever his thing is, and that's your issue.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And now to get a man to see that, a husband to see that, who is in a belief system, obviously, that is not that, that is counter it, is difficult.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Because she wants to. This is her desire.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I love it. My heart's that, Ken. I mean it. Amen, hallelujah.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Well, let me tell you, it's harder work to do that than to do what I'm doing right here, chatting with adults.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And the ideal within a marriage family unit like this is that both people individually, that your desires, your needs, your wants, your passions in life, all of it. How are we able to live in a world where both of you have that? And you can support each other within it, right? So that's holistically, I think, what makes part of a really healthy, beautiful relationship when that is in play.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
It doesn't happen all the time. It doesn't happen every season. But when you're kind of in that rhythm. That's right. And so when you can do that for each other. So for him, that's what I would say to him, is like there is a level of sacrifice. Yes. And in reality and grown-up world that you're an adult with kids, you have to go have a job. You have to make money.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And then if your wife is able to stay at home after you go and do those things because that's her desire, that's beautiful. That is something that we should all be reaching for to do the things that we want, right?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
No, that's right. But when you can set it up, so yeah. It's a really good point. It's a long-winded answer for us.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yes, well, and their bills, I mean, they owe, you know, $3,700 on medical, which, you know, it's not $15,000, it's $3,700.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But of $300 a month, in the scope of life, though, is what I'm saying.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
This is manageable, right? This isn't two car loans that are $900 each, a student loan, $15,000 in medical debt, you know, $90,000 in student... Like, it's not this, like, overwhelming amount. This is a very doable... It's going to have to be, yeah, does he make the decision to do it or not?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Good luck to you, Carissa. We'll be mailing out that great syringe to you soon.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Thanks, America, for a great hour. Thanks to everyone in the booth. And thank you, Ken Coleman. We'll be back.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz hosting this hour with my good friend and bestselling author, Ken Coleman, and we'll be answering your questions. So give us a call at 888-825-5225. And we'll chat about your life, your money, anything and everything. So give us a call.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Up first, we have Hunter starting us off in Oklahoma City. Hey, Hunter, welcome to the show. Hi, how are you guys? We are doing great. How can we help?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And I'm just wondering which one do you guys think would be better? So the question is, do you pay, you know, pay one of them off today because you have the money or do you wait for four months and then pay them all off together? I would go ahead and pay it off. Yeah, go ahead and pay it today.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I mean, I would I would start that momentum because as soon as you can hit the principal and get that lowered, then everything else ends up being more in your favor even over the next four months. So I would. Yeah, I would for sure. Go ahead and pay some money off today. Get that momentum going.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And you're still going to feel great when you're paying off the $19,000, right? You may be paying, you know, $4,000 next month, $5,000 the next. Like, you're going to be chomping away at the $19,000 remaining, and it's still going to continue to feel great. And that momentum, what Ken's saying, you just kind of keep on this track and this trajectory, and you're going to do it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah. Well, and people, hers is pretty short-term, being four months.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Some people that are like, oh, I could wait 18 months. For sure don't do that, because. Yeah. a Christmas trip comes up with the family and you want to travel and you pull some, you know what I mean? Like you end up not really sticking to the plan. So as much as you can, just staying on track helps your behaviors and the rhythms of your life. All right.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Up next we have, is it Nadine in Chattanooga?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Nadine. Did I? Yeah. Which one's right? I'm so sorry, Nadine.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Okay. Yes, this is an interesting discussion. Okay. Because I read a book, which you guys should read just for this discussion because I don't agree with the entire book.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Is that all that's left? Is that what you're saying? If you did split it four ways, is it just $10,000 to each person? Is that what it would be?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So what's your question for us? Is it what to do?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And is that what they're wanting? Is that $10,000 or are they wanting a fourth of the $500,000? That's the thing. I'm not sure.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah, we're all adults here. Let's figure it out. This is pretty easy. And again, if they are competent, healthy people and you can do that, that's great.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
It is interesting because part of this discussion is what you guys are talking about. And it's his philosophy basically is give your kids their inheritance. Now. What now? So that's because the most time... according to the book, that people need money. So to your point, Valerie, is really between 24 and 34. You're paying off student loan debt.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah, it's true. I hope that helps. Thanks for the call.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Welcome back to The Ramsey Show. I am Rachel Cruz hosting this hour with Ken Coleman. And we're going to Wilmington, North Carolina and talking to Jeff. Hey, Jeff. Welcome to the show.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
You're getting your first home, usually transitions with a marriage and kids like the most happens usually within that time frame. And they could get a head start, quote unquote, financially if they had help with a down payment or whatever it is. And then they get to build above that and they get to start earlier versus them getting money. This is not kind of against you, Bill, a little bit, but
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Well, the only reason I'd be really concerned is if you are needing your credit score or credit report for a reason, right? So the main reason someone would pull your credit score, obviously, is to go into more debt. Also, your credit report, if you're looking for a new job, you know, maybe an employer pulls it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But if there is any situation that they pull your credit report and you have another human that you're talking to, and being able to discuss and talk through why that is why it is and be able to explain it, then I would get out. I always hate playing the system game of trying to figure our way through it because of this, that, or that. You know what I mean?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I like the idea of paying it off, being done with it, and then in the next 12 to 18 months, if someone pulls your credit report for a reason... to be able to actually have a human conversation about why that word defaulted is on there.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And honestly, Jeff, when it comes to student loans and defaulting and all of that with COVID and everything that happened, like you're not going to be the only one either. Like, I mean, it's not like it's this, you know, thing. Now it may drop, it may hurt your credit score.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So if you guys are, you know, if you're going to go borrow money, which I wouldn't suggest you do, then it could hurt that, you know, the loan process, but I don't want you doing that anyways.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Not in a couple years. At that point, your credit score will basically be non-existent because if you stop borrowing money after this and you're done with debt completely, your credit score will continue to actually get worse because the way the credit score is calculated, you need new debt recurring to continue and paying on it to keep that credit score high.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So when you stop this process, and anyone listening that is doing the debt snowball, always know this, your credit score is going to go down until it gets to undetermined. It basically gets to zero. And then when you do that and go and buy a home, they're going to pull it and see that you don't have a credit score because you haven't borrowed money in over two years.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And you can do what's called manual underwriting and get a mortgage that way.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yep. Absolutely. Thanks for the call, Jeff. So that's, yeah, that's a big, that's a big reason I get so annoyed with this whole industry is they like make you play these games, right? And if you're like, I'm not playing your games and I'm going to figure out a way to actually do the plan that I want to do.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And I want to get out of debt for four months and not wait nine, 10, 11 months to play this game. It's so frustrating because a lot of people, I mean, it's a very legitimate question that Jeff asked. And I think a lot of people get in those situations and they're like, yeah, what do I do? But when you just kind of don't play their game, it's amazing that you can still survive.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
versus the older kids now being in their 60s when Bill and Valerie passed to the other side. Well, when you're 60s, you're pretty much all set up. You don't really need it or you shouldn't. And then what do you do with that?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Up next, we have Stacey in Philadelphia. Hey, Stacey. Welcome to the show.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Okay, will you give me a list of the numbers of everything? So like how much in credit card debt, how much in car debt, everything?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
60,000. What were you using the credit cards for?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And you said that's for our undergrad. When I asked you about student loans, do you guys have more student loans that's not undergrad, or you're just saying we just have our undergrad degrees? Yeah, just our undergrad degree. Okay, perfect. All right. So, Stacey, I need to know your why. What's making you guys want to clean all this up? Because, yeah, you kind of got a mess on your hands.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And what kind of got you to this point of, oh, gosh, we got to start paying this off?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
What your favorite parts of the show are, what you like, what you don't like, what you want to hear more of. And we have a survey that is live right now that we would love for you to participate in. So two ways you can do that. Number one, you can text survey to 33789. Text the word survey to 33789. Or you can visit ramsaysolutions.com slash survey.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
um well you guys are gonna have to dig out of this yeah we got a plan so i mean stacy here's that one of the reasons i ask you why is because you're gonna have to feel that really deeply in this process because you got you guys have you know you you are gonna have to have a lot of intentionality because there's a lot of debt here and so what you're going to look at and i'm just running the numbers i'm like if you guys made 180 and even if you went and got an extra job
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
and made $1,000 more, right? You could get up to 192. You guys could be on the brink of $200,000 income and completely scorched earth in your lifestyle, not going on vacation, not going out to eat, doing zero more furniture buying, no renovations, no trips with friends, no celebration on the two-year.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Nothing, nothing, nothing, nothing, nothing, nothing. And if you can do that and you guys could live on, let's say $70,000 a year, you got $120,000 to $130,000 freed up and you can sit there, pay off that car, you go down the list. So it's the car, it's the credit cards, and then next is the reno and then the student loans. So you go smallest to largest.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And if you have multiple credit cards in that, then I would... Split those up where you have each individual card within that debt snowball. Again, listing all of your debts, smallest to largest. Pay minimum payments on everything, Stacey, and attack that smallest debt first and working your way out of this. It's going to take some time and intentionality, but you can do this.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
smart vester ramsey solutions is a paid non-client promoter of participating pros learn more at ramsey solutions.com smart vester welcome back to the ramsey show coming up next we have janna in phoenix arizona hey janna welcome to the show hi there hello hello how can we help
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Oh, yeah. We are the dream team, yes. I don't know what... When did you find out about this car purchase? Was this, like, yesterday?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
How much do you get? Well, yeah, I mean, it's, yeah, and the anger and the hurt comes from not being heard at all and that your opinion doesn't matter, that there's no pause. In the person you're doing life with, your partner, your spouse, that there's no back and forth. It's this like dominant one way. And, you know, I'm not going to listen to you. I'm going to do what I want to do.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
That is hurtful in anything. Right. And this could be a husband calling us and his wife's like, I don't care. I'm going to go do what I want to do. Like, I mean, it doesn't you know, it's not a.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
You know, a wife-husband thing, it's a spouse, right?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Like, is this a, oh, yeah, I can see him doing this. I can't believe he's driving across country for this. Well, not that, but I'm just saying not listening to you. Not the actual idea of buying a truck, but this idea that he would go make a decision. that you so adamantly do not want him to make, and he still makes it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah, does that happen in other parts of your marriage? No, not at all. Not at all.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And because he makes almost $300,000 a year.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
We'll pay it off in two months or whatever.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
That is true. Yes, that's fair. Which is them, in a sense. They have $3.5 million.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Yeah, in the truck conversations that you guys have been having in the last few months, Jana, have you said, I would love for you to get this truck. Let's map it out. And in May, let's take a road trip and go pick up this truck together. I'm so excited for this truck for you. Did you have...
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
any excitement and celebratoriness towards this truck for him at any level no rachel i did not okay no that's fair i appreciate your honesty i appreciate your honesty time with it yes so i think that's the i think that's going to be the relational rub that you guys are feeling is he doesn't feel yeah i'm assuming we're all guessing here That you are so gung-ho on this.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
You don't want to spend any money. You're fear-based. You're scarcity-minded. Life is fine. We make $300,000 a year. In the grand scheme of things, yes, in six months, none of this is going to matter. Jana, have some fun. Now I'm going to have to go make my own fun and enjoy this. And again, not the right move, not the right move, but that's his mindset. So you guys have to come together.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And that's where, Jana, I would really push you and him, I hope he listens to this call, that you have to embrace the differences of your spouse and that your spouse's differences is not the enemy. And in fact, they can make you a healthier, rounded person because he's going to bring things to the table, Jana, that may make you uncomfortable. Not debt, but the fun and the spending.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And he's going to bring that. And you need to embrace life. And he's going to help you do that. And then also, he doesn't need to be a freaking... I won't say it. And just like basically middle finger your wife and go in the middle of the night and go get a truck. That was not okay. I do not agree with that.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I want to know Bill from you. I mean, it's 40 grand, which granted it's nothing to sneeze at, but 40 grand out of 3.5 million. It's not a ton.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I'm sorry, though. Get a therapist in there. It'll be good.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So is it what, what's bothering you about it? Bill's it, is it, it's less about the dollar amount and probably maybe the principle of it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Welcome back to The Ramsey Show. When it comes to your money, Ken, one of the largest purchases that majority of people make is their home.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And when it comes to buying and selling your home, it can be very overwhelming, right? The whole housing market, the industry, when it comes to real estate, it can be really hard to tackle, especially alone. And so that's why we created Ramsey's Real Estate Homebase.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
It's a place with all the tools and resources that you need to be prepared when you buy and sell your home and to give you the confidence that you're doing it the right way.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So there you're gonna find calculators, a start to finish guide, multiple of them to help you, how-to articles, a podcast, a book, and even a video course, all packed with actionable steps to help you navigate this process of buying and selling your home.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So if you're ready to take the next step towards your home goals with peace of mind, make sure to go to RamseySolutions.com slash real estate or click the link in the description if you are listening on YouTube or podcast. All right, up next, we're going to Diego in Sacramento. Hey, Diego, welcome to the show.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So let me tell you, Diego, your, the way you're going about this and your heart and your thought process, I really love because I do think, that our kids have to have grit. Our kids have to have a level of struggle. Our kids have to be able to know how to appreciate things, not be entitled, know how to work hard, right?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Like all of these elements of who they're going to be, the character part of them, we all want as parents, right? Or at least I hope parents want that for their kids. And that's what you're wanting, right? And so what you're thinking is you're going to do it through the means of paying for their own college. So where I would challenge you is,
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Are there other places that they can learn those same character qualities And and and also be able to have their college paid for because my parents paid for my college. And I'll tell you, there was stipulations around it. And so we had to go to an in-state school. We had to graduate in four years. And that was kind of the main barriers.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And you could wait with like the one in college and say, we're going to hold it until you're 25. You know what I mean? There could be an age difference.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So I remember thinking, you know, I want to go to Auburn University. And I remember dad being like, all right, well, calculate the tuition and the difference between.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
a school in tennessee a public university in tennessee minus the tuition of a school in alabama you pay the difference and i looked and i was like oh no thanks go vols i'll go instead yeah and then it was all right well now i have to take 15 hours every semester while some of my friends were taking nine so you know because people will graduate a semester late or a year later and they kind of just like work their way through i had to be on a screw you know what i mean like i
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
I had to have that schedule. So I think it's a misnomer to generalize. If your school is paid for, you're not going to have hard work and grit. I don't think that's true. I think it's a way that you feel that Winston, my husband, you know, he had to work his way through not the tuition part, but everything else he had to figure out.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
He had to have a job to pay rent and pay for food and all of that. Right. So, but I, so I think that there are ways to accomplish what you want for your kids and it may look different, right? And I'll give you one more example, then I'll be quiet and let Ken jump in. But for us right now, Diego, we have a nine, seven, and five-year-old. And Winston sold his lawnmower about three years ago.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And we have a lawn company mow our lawn. And he really, really struggled with our kids not growing up watching him mow the lawn. Because he had a lawn care business in college, and he was like, I want my kids to see physically. He was so hard on himself on that. But then as we talked, he was like, but right now, my time is better spent with them on Saturdays than going and doing that.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
What are ways now that we almost have to manufacture a life where they don't get what they want? They're going to have to work and do things to get what they want. So does that make sense? I just don't want to overgeneralize that if your college is paid for, you're going to be some spoiled, entitled brat.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Because let me tell you, there probably are some spoiled, entitled brats whose college is paid for and isn't paid for, but it's more of the character of who they are. And maybe it's revealed to that.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Oh, it's equal. Yeah. You agree with me? Yeah, for sure. I think it needs to be equal. I feel like it'd get real messy real quick. Yes. Even though certain kids obviously maybe need more right now. But I also want this, whenever you give a gift of money, you want it to be a blessing, right? You want this not to continue to harm. So if you do see a situation where this could be actually...
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And I think that's true. And I think, and again, I want to reiterate, Diego, the sentiment of what you're longing for your kids to have is so good. Like, that is so good. Absolutely. Because we want our kids to be able to do that.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But I think that there is. I'm like, there's different, and there's so much between. And like, have them pay for their car when they're 60, right? I mean, like, there's things you can implement along the way.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And they're going to. And the world's hard enough in general, right? I'm like, they're going to bump up against it. But I think you can create an environment within your home between now and 18 that creates, you know, I... knock on wood, I believe this and I hope it's true.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
You know, not perfect kids, but kids that you are able to shape under your household and you as a parent get to put some of those guardrails in place. And if you give them everything they want, are they going to be more spoiled? Sure. If they got to work and figure out and problem solve, then that's going to be good for them too. So I think there's ways you can do it.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
not good for them and leads them in more of an unhealthy path, that would be more of a pause for me just to think through. That's why the age limit may be something to think about. Like when you're 25, you get it. I don't know.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But thanks for the call, Diego. Thanks for all the guys in the booth. Thank you, Ken Coleman. Thank you, America. We'll be back.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Just throwing it out there. But no, I'm in favor. Sorry, Bill. I am too.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And it's such a small percentage compared to what you guys will leave them anyways. So this is The Ramsey Show.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And if you are listening on YouTube or podcast, just click the link in the description. We're actually giving away a $500 gift card. Wow. to someone that fills it out. But these surveys really do help us shape the content of the show and what you guys want to hear. And so we are thankful for you to do that. Now you can give us a call at 888-825-5225. And Ken and I will be answering your questions.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Welcome back to The Ramsey Show. We are taking your calls on life and money. Up next, we have Kel in Tuscaloosa, Alabama. Hey, Kel, welcome to the show. Hey. Hi, how are you doing?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Okay, let me interrupt you real quick. Okay, let me ask this. So you make $88,000 a year. You bring in $4,200 in rental properties that you own outright. How many homes is that? Five. Five. And how much are they worth?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
No, that's fine. That's fine. No, I mean, still, it's fantastic. And then you have $175,000 in just savings. Is that what you said?
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Well, Kel, you've been, let me just tell you, I mean, it's very impressive what you've done. I mean, you're, you are in an incredible spot. If financially. So you call the Ramsey Show. Yes. Any of the examples or options that you gave to purchase a multi-unit, we would not go for because they all pretty much involve debt. So I'm not going to go down that route with you.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
But what I would encourage you in is, you know, I so appreciate your willingness and urgency to continue to grow, right? You want your money to grow and what's the next thing? And I think that that is fantastic. But what happens so easily is that emotion and that motivation sometimes crosses a line of risk. And then people take on debt and then take on risk.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And they take this beautiful, peaceful life that you have where you're just not. I mean, you're making $4,200 a month on rental properties. I'm like, you have this incredible life set up. And then they go and kind of mess with it. And suddenly now you have a bank in your life. You're worried about tenants. And suddenly this peaceful life has now brought on a level of anxiety and work and risk.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Ken loves a coordination of outfits, and here we are.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And it takes a part of your mindset away from you and away from the peace that you have. So I want you to grow financially. We are all about that on this show. I think that that's fantastic. I just want you to do it in a slower way.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
wiser way that's going to ultimately for you, Kel, set you up as a whole person, not just the financial piece of your life, but every element of your life to still continue this piece that you have. So what I would do is either continue to do, because you can't, I mean, from our regards, you can't afford to go buy a multi-unit complex.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
So what I would say is either continue to do what you're doing, maybe save up
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
and go buy you know you said that our homes aren't worth a lot you know maybe you go and step up and rental and go buy in a nicer neighborhood somewhere that's more expensive you can get more rent that way right growing in these ways that um it is more within your means when it comes to cash because right now you're on baby step seven i mean you're
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
All right, Dave. You have some strong opinions. Possibly, yeah. Yeah, I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, absolutely. And you're right, their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding, it took less than five minutes. It was so user-friendly, like the step-by-step approach was unbelievable. And then the next day my phone rings and it says Fairwinds on my phone.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So I answered it and talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance. Christian Healthcare Ministries.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
CHM is a health cost-sharing ministry that's helped hundreds of thousands of families like yours take care of over $11 billion in medical bills since 1981. And CHM has also helped them stay true to their values and avoid miles of red tape. And CHM support goes far beyond meeting financial needs. They'll also help meet spiritual needs.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget.
The Ramsey Show
Your Future Self Deserves Better Choices Today
All right. I hope that helps, Richard. Thanks so much for the call.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Absolutely. Well, thanks so much. And, you know, and when we talk about that, you should not own anything with motors and wheels. That is more than half of your annual income. Richard's going against that, but this is where he's primary living, which again, from a long term, I don't recommend because unlike real estate, if you go and buy, you know, a
The Ramsey Show
Your Future Self Deserves Better Choices Today
two bedroom condo somewhere, it's going to go up in value. That's right. Where a camper is going down. And so to put all your eggs in that basket at this age, it is scary, Richard. And so, yeah, I mean, I don't think I realized you owed that much on it. So almost backing down, paying that off.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Or even selling the camper and renting. Yeah. I don't know. I don't know. There's some, some options to look at. Well, thanks Richard again for the call. This is the Ramsey show.
The Ramsey Show
Your Future Self Deserves Better Choices Today
With the last caller, we were talking about real estate and what that looks like to start saving up towards a home. And you guys, when it comes to buying and selling your home, there's a lot of decisions. It can feel very overwhelming, but you don't have to go through that process alone. We created Ramsey's Real Estate Homebase.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So this is a place with so many resources and tools like calculators, start to finish guides, how-to articles, a podcast, a book, a video course, like everything around the subject of real estate. Because again, buying and selling, it can be an overwhelming process.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And the more information you have that you understand and you know, the more clarity you're gonna have walking into that, which is huge. Like you wanna be armed with so much information before you go and buy or sell your home. So make sure to check it out at ramseysolutions.com slash real estate, or click the link in the description if you're watching on YouTube or listening on podcasts.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Because if you need some next steps towards your home buying or home selling process, Make sure to check it out. One of my favorite things on it is the dashboard. They have the U.S. housing market trends, and they keep it updated.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And it's just constantly kind of a pulse of what's going on with interest rates, median home prices in America, total days on the markets, how many homes are for sale around the country. I mean, it just kind of gives you the snapshot picture of the real estate market. So again, you can go to ramseysolutions.com slash realestates.
The Ramsey Show
Your Future Self Deserves Better Choices Today
All right, we're going to the phones, and we're going to Andrew in Cheyenne, Wyoming, one of my favorite country songs. Hey, Andrew, welcome to the show.
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Oh, no. Oh, man. Andrew, we'll give you one more second. Oh, yeah, that's a bad line, I think. We're going. Is this better? Oh, there you are. Oh, you're back. Yes.
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Can I ask, Andrew, and share as much as you feel comfortable, but what's going on health-wise right now?
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And insurance. This is obviously something more like in a natural bent, I'm assuming. So insurance isn't going to cover it.
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Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with my good friend and bestselling author, Jade Warshaw. And we are answering your questions. So give us a call at 888-825-5225. We'll talk career, relationships, money, anything and everything. So give us a call.
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Um, man, this is so hard, because I do feel like they're just from my own, not my own experience, but people within my close circles of friends and family, even that I know, you know, when you get something, it's like autoimmune or mold or whatever that it can end up feeling Andrew, like, There's always something else we have. There's a long line of things that are continual.
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And so what I always just think about and kind of caution is I would, number one, maybe get a second opinion. I'm sure you know your doctor well and trust them. But we're talking about $10,000 to $30,000, right? I mean, if it was $2,000, that's one thing. But I mean, you're talking five figures going in with treatments. And so- Is that a piece or-
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And is this ongoing or is it kind of a one-time thing?
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Okay. So, you know, what, what I would probably do, because again, I feel like this can sometimes feel like a never ending cycle. I would, I would, Um, and because it's not a, and I know you're, you guys are saying, I don't want to downplay it all the sickness. I'm sure it's just miserable, but it's not a life or death.
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Like, okay, I have to save my child right now because you know, there's a, you know, like it's not this, it's not an urgency, but it is something for the betterment of your health you want. So what, you know, what I would probably strive to do is whatever I could to get, cause 10 to 30 is a big range. So I would get as close to that 10 and I would talk, negotiate doctor's bill.
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I mean, I would do whatever I could. to get it down to that 10. And you guys are, you know, I would work to save a thousand a month. I would be okay right now because it is a health issue, maybe to pause the debt snowball, stay current on your bills. But I would bump that 600 a month up to a thousand and save for 10 months. And then starting October, November, Andrew, start this treatment.
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And then hopefully by this time next year, you're through it, you're done. And then press play on the baby steps.
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And the sense to that, you know, you don't want to prolong it too long because of what you're saying. You know, they can come back and get worse unless you have this treatment. So.
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Getting to it right a level of urgency but it's also not like we have to do this next month the only option is alone and we're done like yeah if you can and it's not debilitating because you guys are working and all that I would yeah I would find something because I would cash flow it and the other thing Andrew that's interesting is when you are working with cash.
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Even when we're talking about, you know, health situations, it does force you. This is why I like cash, forces you to look at other options, other decisions. Sell something. There's just other parts of your brain of problem solving versus with debt. It's like, here's a chunk of money. This is all we're going to do. We don't really have to put the brainpower to think through other things.
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It's just here. But when you're paying with cash and you're working and saving hard, like... I don't know. It just, it forces other things to come to the surface of other options and choices. That's also true. But yeah. So again, I'm so sorry. That is, that stuff that is like, and that's, and that has been, I don't know.
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I don't know if you've, or I've just had people and it's like, you go to the next thing and then it flares up again. I don't know. It just feels like it's like whack-a-mole a little bit sometimes with different things. So I do want you guys to get that treatment. But, but because it's not, it's not life or death right in this moment, it's, I would pause a little bit and save up for it.
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No, not at all. I mean, and if, again, you trust there, no strings attached, that it is a free and clear gift. And what's interesting, Chris, there's a book called Die With Zero. And it's a really interesting read. And one of his takes that majority of people cannot do, a lot of people are not in your appearance position to have the cash flow to do something like this.
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Take care of yourselves, people. Take care of yourselves. It's not insurance. This is The Ramsey Show. Hey y'all, it's Rachel Cruz. Just about everything costs more these days, and unfortunately, healthcare is no exception.
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So if you're looking at your healthcare options during open enrollment and finding that your costs are increasing while your number of choices are decreasing, be sure to check out Christian Healthcare Ministries. CHM is not health insurance.
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Plus, you can join at any time, including open enrollment. You guys, CHM has been helping Ramsey fans for 15 years, and they're the only health cost sharing provider endorsed by Ramsey. So you can trust CHM to take care of you like we would. Programs start as low as $98 a month. So find out more and join today at chministries.org slash budget. That's chministries.org slash budget.
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Welcome back to The Ramsey Show. Up next, we have Mikayla in Kansas City, Missouri. Hi, Mikayla. Welcome to the show. Hi. Can you hear me right? Yes, we can. How can we help?
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But he was saying in the book, if you did, that actually your kids would benefit more from your money in their 20s and 30s than they would when they're 60 and 70 when they receive the inheritance. So it's actually, I would see it not as borrowing against your inheritance. It's actually putting you in a better position 30, 40 years ahead. Mm-hmm.
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Do they support you financially in any way?
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So he was using he was using your yeah, he was using your money plus going into debt under your name.
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We all make mistakes. Yeah. It was just, I was just trying to more of a clarifying question, making sure I understood the situation. Okay. So my next question is why do your parents need to know?
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to get you getting your house paid off that much faster to invest that much more for your kids. Does that make sense? Like it almost is a better use of that money the earlier you get it. If you do something wise with it, like put it towards real estate. Does that make sense?
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Sorry, guys. I'll take over for a second. Thank you. Go ahead. Give me a give me a wave, Jade, because she's got some good stuff to say. Yeah. So so echoing on what she's saying is that you can have a deep relationship with someone and and and be able to kind of share what you're going through of like the struggle of like, oh, yeah, you know, I do have some debt. I'm trying to pay off.
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That's why I'm putting in these hours. And this is the why behind it. And I do agree. You don't need to walk alone when it comes to your money. So having somebody in your life that has context and knows what's going on, I think is important. It doesn't have to be your parents. And I wouldn't say your parents have to know every detail of your life in order to have a...
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a close and great relationship. But if you want that peer to peer mentality to Michaela, you are your own person as well. And so if your mom, you know, has, you know, and maybe you share in her fears or not, I don't know, but she can have her own, you know, set mindset of, you know, what's going to happen for her future or what she thinks may have to happen.
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But also, Michaela, you know, you're 22 years old. And so you get to make some decisions and decide for yourself. hey, here's the reality of my life too. And just because my mom goes one way, I don't have to go that way either. Unless you do think that, right? And you may have context in that, which is totally fine. But I do think you are your own standing person at 22.
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Your parents don't need to know these things, but I understand opening up and wanting them into what's going on with your life, I think is great. And if you want to tell him the number, tell him the number. Like you didn't, you know, we always say like debt is not a sin. It's not a salvation issue. It wasn't some like big moral failure. Yeah. Yeah. You made some mistakes.
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You look back and I was stupid with my ex. Why did I do that? But listen, we all make mistakes like things happen in life, Michaela. So you're 22. Do not beat yourself up about it.
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mistake okay you are not a problem a problem you are not a burden it was just something you went and you went through it and let those emotions go through you okay it's when you get stuck in them that they become a problem yes yeah it does not define who you are your past mistakes don't define who you are Michaela so know that there's freedom in it and opportunity ahead thank you so much for the call thanks to all the guys in the booth thank you Jade for a great hour this is the Ramsey show
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doing what it should oh well I hope that helps Chris and I would say too you know to something to think about for yourself Chris is you know are you in a position emotionally to be okay with being given money because I know there's a level you know not to stereotype but you know even some dudes like there I don't know there's there can be something to feel weird I'm like oh my gosh I'm getting helped by my parents but what I would say to that again if the relationship is healthy and good like
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Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with bestselling author Jade Warshaw. And we are taking your calls about your life and your money. So give us a call at 888-825-5225. Starting us off this hour in Los Angeles is Lori. Hi, Lori. Welcome to the show.
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Oh, well, I'm so glad you called. How can we help?
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Okay. Okay. Let me, okay. So you use 60,000 above and beyond your living expenses to fix up the house to sell. Is that what you're saying?
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put the ego aside, receive the gift. Yeah. Because that's, yeah. I mean, I think you're, I think it's fine.
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Is this still in California or is this like Arizona? Is this Missouri? Like, where are you talking?
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And what are you fixing when you keep saying you're going to be, when you say I'm throwing an extra $40,000 at it, is that because it's almost $4,000 a month to keep it afloat or is that an additional $40,000 on top of just maintaining it?
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Yep. That's great, Chris. Awesome. Okay. I'm next. We have Catherine in Portland's Maine. Hey, Catherine, welcome to the show.
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And is that because it's a broken down house? What's the extra $40,000 going to be going to?
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How much will you, how much will you, if you sold the house today for what you want, ideally, how much equity would you be walking away with?
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Okay. And it'd be 80,000 in taxes. Is that what you were saying? Because of capital gains?
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Yeah, and Lori, if you have the ability to get in a small condo to buy with this equity, I would do that versus renting long-term because eventually you're going to have to buy something and the sooner, the better. Thanks, Lori, so much for the call. This is The Ramsey Show.
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Welcome back. We are taking your calls at 888-825-5225. I'm Rachel Cruz, hosting with the wonderful Jade Warshaw. And we're going to go to Portland, Oregon next. And we are talking to William. Hey, William, welcome to the show.
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What would be the jump in income, realistically, from what you're making now to after you graduate?
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Okay, okay. That's a good investment. How long is school for?
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Yeah. Wow. How long would it be to get into, you know, because I know with that, it's either you own a truck, you work for a company, like what kind of route are you thinking about?
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That's great. I mean, honestly, William, that's probably what I would do. And the only reason I would say to pause your snowball to do this is the immediate jump in income and, and trucking for the most part. I know people can kind of get a little bit into the weeds if you own your own truck. I mean, I know there's some expenses that can happen, but the path you're doing is very predictable.
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It's not like you're going to school to get a master's in psychology and you're hoping to do x y and z and it's a little ambiguous because it is such a short amount of school and because it's pretty guaranteed that's the that's one reason why I would or two reasons why I would say I would I would pause and how old are you young
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Yes, for sure. I would do that, William. Honestly, I would not for sure take out loans for it. I would save. And for you to be able to pay off $24,000 with $100,000 to $110,000 on the road where a lot of your expenses are paid, like sleeping, right? Like you're going to have lower expenses too just because of the lifestyle. So you'll be able to knock out that $24,000.
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I mean, you can make an aggressive goal and say you're going to do it in six months and live on half of what you're making or, you know, something crazy.
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roughly 36 to 38 it's a 22 highlander no brainer yes today william today and what you with what you get with it you're gonna be debt free yeah you'll be debt free and pay for a cash car or whatever you know oh yeah pay for a cash car yeah wow this is a good conversation thank you Yeah, you're rare, William, in the sense that your car is not underwater.
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We talked to so many people that have bought in the last few years when cars were so up in value and they bought high and now they're trying to sell.
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But it's holding its value that well, huh? I mean, you Kelly Blue Booked it and that's what you're seeing?
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Yep. And then when you get that first paycheck, it's all yours because you're debt free because you sold the car. Boom. All right. Let's go to Josh in Boise. He is up next. Hey, Josh. How are y'all? Doing great. How can we help?
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It sounds like a general contractor type. I mean, I know it's not that intense, but that's what it's sounding like.
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Well, I was going to ask, what's the biggest need? If you were to drill it down to two things versus jack of all trades, what do you see as the most lucrative?
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I don't want to sneak around the law or anything, but my question is, yeah, could you go flooring and trim? And then if someone's like, oh gosh, well, I need this help too. You're like, oh yeah, I can fix your toilet too for an extra hundred bucks. I don't know. Is that plausible just as a freelance type work?
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Back experiences that happen with life and because of that people get protective and they want to protect themselves which in one case is totally understandable but also as it plays out in the health of the marriage it ends up being more detrimental than beneficial and that's where you guys have to like really get on the same page so yeah yeah unless to your point that he promised his
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brother that he would help pay for the brother's kids college I don't know I think there's something there that makes sense to you but for you not even to understand why that's a bigger problem to me you need to know that you know Jade I was stopped by somebody recently out and about and she was very kind but she was like can I just ask you a quick question I was like sure
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But she was saying that they, her and her husband are working their way out of debt. She has, I think like maybe, I can't remember the exact word, maybe $20,000 left in her name because they're her student loans. Okay. And they were going to go and refinance the house.
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Well, if they put her name on the deed in the refinance, then they're not going to get as good of a rate because of her credit score and everything.
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And so she was like, we want to refinance, but should we hold off till we're debt free? Or could we go ahead and refinance and my name not be on the deed, but I could put it on the deed after I'm, you know, get out of debt. Anyways, it was this whole like situation. And I, you know, and I told her, I was like, I mean, yes, you want your name on the deed eventually.
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And if it's not, it needs to be in the will, like what you're saying. But the... I think the ownership aspect of both being on the deed is important, but also in a short term, if it doesn't make financial sense, save the money and then put your name later if your name is in the will for it.
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Just in case something happens to him. Because the whole point, again, of sharing assets, yes, is from a tactical standpoint. So we want to be smart about that. But it's also from an ownership perspective and a unity perspective.
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We're going to start off this hour with Chris in Dayton, Ohio. Hey, Chris, welcome to the show.
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All right. Let's go to Richard in Rapid City, South Dakota. Hi, Richard. Welcome to the show.
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Yeah, for sure. Well, yeah, I would be for doing something in the meantime. And I always feel like the transitional season, like what you're in.
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It is harder because, I mean, I think for a lot of people, you kind of have to go into it with a lot of humility, being like, okay, I was doing one thing, and now I'm doing something I never thought I would be doing, but at least I'm earning a paycheck to keep us afloat.
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Because you're right, you don't want to sit there and just drain your emergency fund all the way down, you know, three to four months in. So keeping as much afloat as possible. Does your wife work?
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Sure, sure. Yeah, so I mean, Richard, I'd be doing anything or everything. And again, it's not going to probably be in your field of what you're saying short term.
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And it may not even be a job you thought you'd ever be in, but you're earning something and bringing something in while looking, simultaneously looking for something that you had, or stuff may have to just shift in your professional career.
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If you hold on the line when we get done with this call, Christian's going to pick up, and I'd love to give you some of Ken Coleman's material because he writes about this, of whether it's a job loss that is sudden or expected or you decide to change careers because it's not what you're passionate about, regardless of your reasoning, kind of relooking and just saying, hey, what other strengths are out there?
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Because like you're saying, if it is a narrow field, And if there's not a reality of you getting something very similar to what you're doing, you want something that is full-time, that is fulfilling, but it may look different and maybe something more, you know, that you aren't thinking about. So I'll give you, yeah, Ken's book. And he has the Get Clear Assessment, a code for that in his book.
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And so you can actually take that. And it's a great assessment. It's very thorough. Just to maybe just to get your wheels turning and thinking of other things. Mm-hmm.
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And if it is full time with insurance and benefits, that's a bonus for sure. You know, and knowing that it may be short term, but getting something that has kind of a well-rounded package, I think would be ideal. And if not, you may have to go down to an hourly type job, which is fine too. But yeah, at least you're making something.
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Yeah, for sure. Yeah, Richard, hang on. Christian's going to pick up and we're going to give you Find the Work You're Wired to Do by Ken Coleman with the Get Clear Assessment to help you maybe, yeah, in just a new direction, kind of take that narrow path and maybe expand it a little and see what else is out there. So good luck to you. I'm so sorry. That is not fun. This is The Ramsey Show.
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So one of the best ways to make the most of your money is by sticking to a budget, creating a budget, sticking to it. It is the roadmap, you guys, for your money. And EveryDollar is the best budgeting app to help you plan to spend your money, track it when you spend, save for what matters most. And it is just amazing.
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So keep a pulse on your spending and really make progress with your goals this year. Be intentional. And EveryDollar, again, it is just... It is my favorite app. I was saying this in our live stream, but I'm not kidding. When I open my phone, you know how you subconsciously go to things on your phone that you don't realize you're in? Mine is Instagram and every dollar.
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They're both green. Yes, I know. But for real, Jade and I both, we use every dollar. We love it. It is. It makes it so easy. I just was doing our February budget. I mean, it's yeah, it is great, you guys. So you can actually download it for free in the App Store or Google Play or click the link in the description if you're watching on YouTube or listening on podcasts.
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Because again, getting great tools with you that are simple and easy and help you make progress. That is like that's where technology is at its best.
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When it's helping you. So yes. Honestly, yeah, make sure to check it out again. That is every dollar. All right, let's go to Tanner in Tampa, Florida. Hi, Tanner. Welcome to the show.
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Don't put that pressure on you at your age either. If you were 65, we'd be like, OK, maybe we can decide what else you'll be in, you know, for the next 30 years, but not at your age. So now don't don't limit yourself to that. Yeah. Smart move. I would say would to be get into something, you know, when I say as soon as possible, usually that means a couple of years of savings.
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So it's not that urgent, but I would be I would be getting in. So tell us about your financial situation. Do you do you have any debt? Do you have savings?
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Awesome. How much do you make a year?
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Yeah. And Tanner, also remember to just because of your season of life, you know, from an age perspective that you want to be in your house, you know, I would say for at least five years, four to five years to get kind of the market, if you will. So there'll be some ups and downs or not really. I mean, yeah. And just you pay so much at closing.
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to make sure that you kind of get enough equity built in that it makes sense. So are you in a pretty stable job? Do you think you'll be in the Tampa area for the foreseeable future unless something changes?
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Okay, that's great. Yeah, well, I would do exactly what Jade said. Start getting that emergency fund in place and then saving up a down payment. And yeah, you never know where life takes you in your 20s. It's a wild decade of life. There's a lot that can happen. A lot of change. But that's exciting, Tanner. And let me say this from all the single ladies that work with me here at Ramsey.
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They're always like, if they're going on a date with a guy, they're always like, he's a homeowner.
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It's hard to be a homeowner these days. And if you're a homeowner and a guy, it's extra points. It just means you're very responsible. I'll throw that out there for you, Tanner.
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Good. Get after it, Tanner. And make sure to, if you want to go check out our real estate home base, you can go to Ramsey solutions.com slash real estate. And we have great agents there. Ramsey trusted agents that can help you in the Tampa area. When you decide to buy Ramsey,
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And also just some articles and podcasts, like just kind of start to learn up on this process of homeownership, because the more knowledge you have, the better.
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This is it. And you know what's funny? Even if it's not the quote unquote dream house and your sentiment isn't lifelong, I've had a lot of friends and their sentiment is, oh yeah, we'll be in here until at least the The kids go to middle school and it's a 10 year house, but then they get four years in and they're like, oh gosh, the schools weren't what we thought. The house is a disaster.
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It's leaking. We're doing a repair. Like you just never know.
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I mean, it is something that you kind of go in with like, you know, this is a big investment. We're going to be as smart about it as possible. But also it don't feel like you're like crushing your dreams. If you set out to think like, oh, we're going to be in this for X amount of time. It doesn't. Life just changes. There's no way to know. Yes. There's no way to know. It's a great point.
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It's a great point. All right. Real quick, let's go to Gregory as we finish out this hour of the Ramsey Show. And he's in Washington, D.C. Hey, Gregory. Welcome. Hey.
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Oh, go ahead. How long has it been in collections?
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Okay. Do you have any money saved, like $400, $500? I have $9 saved, so probably not. Okay. Okay, so what I would do, Gregory, is if you can, I would be getting an extra job.
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I mean, I would be working 80 hours a week, getting any amount of money, because the ones in collections, you're going to have a better time negotiating those down, and depending on how long they've been in it, especially the one that's been in there a year and a half.
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Your Future Self Deserves Better Choices Today
I mean, it's been probably sold four different times to four different companies. It's some guy in a cube in who knows where. I mean, like, it's just, it is long gone, and they will be more likely to settle with you. Super cheap. So that would be probably my first goal.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And then, I mean, I would tell Discover, I'm going to be keeping my minimum payments, but sorry guys, I'll get to you when I get to you.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Full-time and overtime. Greg, that's going to be your forever young, if you will. Use that young energy to be working. Thanks to all the guys in the booth. Jade, thank you for a great hour. And we'll see you guys at the Ramsey Network app. If you are on radio, stay tuned and we will see you next hour.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay, so sorry, Catherine. I'm gonna have to put you on hold because we're about to hit a hard break. So yeah, if it is dictated to you, then cut that in half and half of that would go towards your 15%, if that makes sense. So sorry to cut you off to get you there, but I hope that helps, Catherine. Thanks for the call.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Welcome back to The Ramsey Show. I am Rachel Cruz hosting this hour with Jade Warshaw, and we are taking your calls at 888-825-5225. Up next, we have Richard in Tampa, Florida. Hi, Richard. Welcome to the show.
The Ramsey Show
Your Future Self Deserves Better Choices Today
How much do you have currently in your retirement?
The Ramsey Show
Your Future Self Deserves Better Choices Today
And then you're using your wife's income for you guys to keep afloat bills and stuff. Is that right?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. And the military pension. Okay. Okay. You know, I'm not mad at a catch-up. Considering your age and you guys want to retire in the next, you know, four, five, six years. Because you don't, I mean, $117,000 won't get you into retirement. So I understand the aggressive catch-up to get there. My only concern, Richard, is do you guys own a home as well as having the RV?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. Where did that money go from the sale of your home?
The Ramsey Show
Your Future Self Deserves Better Choices Today
So I'm just thinking, okay, so my only hesitation is, and again, you can do this later through your investments after you retire and But one thing to consider is that the one line item in your budget going into retirement that we want stable is housing. And I just wonder if a camper is going to be literally your housing until the end of life. And it probably won't be.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So I would be thinking towards we're going to have to buy something. Very small and inexpensive, but coming out of this retirement savings eventually. And again, it may be in 15, 20 years, but think about the market continues to grow. So housing is only going to get more and more expensive.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So that's my only concern about this plan in general is something that just to be thinking about that, you know, your primary residence is something that's going down in value.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
All right, Dave, you have some strong opinions. Possibly, yeah. Yeah, I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings and it says Fairwinds on my phone.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
So I answered it and talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Now it's extra money in your pocket and an asset towards turning you into a Baby Steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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
Debt Isn't The Problem - Your Mindset Is
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
Debt Isn't The Problem - Your Mindset Is
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
It's amazing. So again, that's joindeleteeme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Slow and Steady Wins the Race Every Time
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
Slow and Steady Wins the Race Every Time
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
Slow and Steady Wins the Race Every Time
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
Slow and Steady Wins the Race Every Time
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Now it's extra money in your pocket and an asset towards turning you into a Baby Steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
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
Don’t Wait for Someone Else To Fix Your Life
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
Don’t Wait for Someone Else To Fix Your Life
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
Skip the Scams, Build Real Wealth
All right, Dave, you have some strong opinions. Possibly, yeah. I think so. Because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
Skip the Scams, Build Real Wealth
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Skip the Scams, Build Real Wealth
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up, and we got an account. And I'm like, Kenny, it took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings, and it says Fairwinds on my phone.
The Ramsey Show
Skip the Scams, Build Real Wealth
So I answered it and talked to someone there, and they said, yeah, they give – calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
Skip the Scams, Build Real Wealth
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Skip the Scams, Build Real Wealth
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
Skip the Scams, Build Real Wealth
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
Skip the Scams, Build Real Wealth
Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance. Christian Healthcare Ministries.
The Ramsey Show
Skip the Scams, Build Real Wealth
CHM is a health cost-sharing ministry that's helped hundreds of thousands of families like yours take care of over $11 billion in medical bills since 1981. And CHM has also helped them stay true to their values and avoid miles of red tape. And CHM support goes far beyond meeting financial needs. They'll also help meet spiritual needs.
The Ramsey Show
Skip the Scams, Build Real Wealth
Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
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
Stop Letting Excuses Steal Your Wealth
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
Stop Letting Excuses Steal Your Wealth
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Now it's extra money in your pocket and an asset towards turning you into a Baby Steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Hey guys, Rachel Cruz here. All right, I'm about to say what everyone already knows, but budgeting is a good thing to do. Now actually starting, well, that's where people freeze up. And you guys, it doesn't have to be that way. With the EveryDollar budgeting app, getting started is super easy and so is sticking to it.
The Ramsey Show
There’s No Fast Track to Financial Freedom
You can set up your first budget in less time than it takes to go through the Chick-fil-A drive-thru. It's fast. And the best part? With unlimited budget categories, you can customize it to fit your life. Grocery runs, coffee runs, or planning your next family trip. Whatever you have going on, EveryDollar helps you see exactly what's happening with your money.
The Ramsey Show
There’s No Fast Track to Financial Freedom
You'll know what's coming in, what's going out, and what's left over for some fun. Because let's be real, you need some fun in your budget. Every dollar keeps budgeting simple and stress-free, just the way you want it. So go download the app for free and get started today. Again, go download EveryDollar today.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But it may even look like a townhome or a condo or something. It may not be even a single family home. Or if it is, it's smaller. And it's way more doable because I do think prices with homes, they continue to go up. So I don't want people on the sideline for too long. But a move like this, I think, will open up so much margin for you.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And you'll be able to have kind of a clear head to go and purchase something again because I do think you'll be in a position soon to buy something.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So compared to your income, that changes. I mean, that's a thousand dollars freed up right there. And if you, you know, work hard and bartend and maybe do double what you're doing, that's two thousand dollars coming in extra a month to pay off this other debt. Right. It just kind of ends up working so much more in your favor in that way.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, for your skill sets, would you say you could ROI better out in somewhere else and you're staying because you love this company? Or do you think, no, like I'm worth this amount, even if I transferred to another company?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, yeah, for sure. Yeah, Tammy, it feels like there's some big moves coming up in the future, which is all positive, though. That's it. I'm like, it's freeing you up more and more, giving you more peace and control, and I think it's going to be an incredible thing. I really do.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
For a period of time, for sure. And then you can save up for a down payment on your next property, and you can just keep that ball rolling. Thanks for the call, Tammy. This is The Ramsey Show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Well, one way to take control of your money and honestly get the most out of your paycheck is by creating and sticking to a monthly budget. And EveryDollar is the best budgeting app to do that because you're able to build out your budget, track your expenses, save for what matters most, plan your spending, all of it.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And it's a really easy to use app that fits in your busy lifestyles right there on your phone.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And if you're married your spouse can have the same account So you guys as you make changes it shows up on both And you just get this pulse of where your money's going and gives you that level of control and to hit the goals that you That you want so you can download every dollar for free in the app store or google play Or click the link in the show notes or the link down below if you're listening on youtube or podcast
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
All right, George, we had a Smart Money Happy Hour episode. You know, we have some that just you can tell have hit a nerve with the world in a good way. And we did one recently on things that scream I'm pretending to be upper class because living a higher lifestyle than maybe what you can afford.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It's a new trend. It's called quiet luxury, stealth wealth. People that are actually really wealthy, you won't really know it. They don't really have all the flashy stuff that you just look at and you know exactly, oh, that hat, that jacket, those shoes, like you know exactly where everything's from.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
a lot kind of go under the radar you know if you know you know yeah yeah yeah it's kind of that that's like the new vibe which is great i think it's great so uh yeah that's number one number two is ordering expensive wine when everyone knows that you're on a beer budget
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
See, that's not fun though. I do like an appetizer.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Rachel's like, I'll have three appetizers and let's try a bunch of... I do. I love going out to eat.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I do. Number three is talking about money too much. So it's like, oh, I'm leveraging this debt. You get a rental property. For all this real estate. I think those are like some of the funniest Instagram reels that come up on my feed sometimes where people are like, I'm $6.2 million in debt and we are loving it. And it's like showing all their VRBOs that they've bought in debt and all this stuff.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yep. Next is flaunting wealth on social media. Ooh. So this is an interesting one because I do think you can, like use vacations for an example.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You could see somebody at the same destination on social media, but the way they present themselves, again, kind of back to that stealth wealth of like, oh yeah, we're just like, maybe I'm showing you some of the stuff, but it's more of what we're doing or like, you know, the kids and the poor, I don't know, whatever.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And then there's those that are like, oh, no, I'm going to take you around the suite that we have rented for the week. You know, or, you know, we're going to it feels it just feels like I want to show you this amazing life that I live.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Live from Ramsey Solutions, this is The Ramsey Show, where we help people build wealth, do work they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with my good friend and fellow co-host of the Smart Money Happy Hour, George Camel.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. He may look like he's driving great when you see him, but behind the scenes, not doing so well. And leasing cars. You know, the number one city. I read this somewhere. So don't. I don't want everyone in Dallas to hate me. Number one city? Of leased cars?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I guess. Got those Beamer. You know, you're always leasing like a Beamer Mercedes. It's always like a. I want to.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
No, I don't think so. I don't think they make money off that, George. Okay. And then number six, over-accessorizing, flashy nails, expensive watches, loud hair, or loud hair slash makeup is what's on there. Meaning just... I don't know, just a lot.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I know. Here's my thing with this though is, I mean, I do that. I get my nails done.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
This isn't real. This isn't real. So, yeah. So, all of these things, you know, can, again, scream I'm pretending to be upper class. So, here's the thing, you guys. Not to be faking upper class. How do we get there and be wise? Because, again, none of these things in and of themselves. I wouldn't say, right? If you, like, order wine at dinner. If you do have a nice designer purse.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Like, none of these things in and of themselves are bad. But when it becomes your whole persona and it's the only thing you're shooting for in life. And, again... that you will put yourself in a financial position that's not wise in order to achieve these things. That's where the caution lights come on.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yep. Let it be real. And yeah, doing things again, doing a budget, living within your means, saving up for an emergency fund, getting out of debt. So you free up payments. so that you can actually use your money to give, to invest, to buy a house that's actually reasonable for your income.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You're doing all these things, and again, it's not going to be like this flashy, beautiful, wonderful lifestyle 24-7. It's not going to look like that, but there's going to be this steadiness and this firmness of a foundation under you, and it's not all just shaky and built on other people's money.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
that's practical amen a paid for car that's the real flex okay so let yeah so the minivan and everyone knows i love my we know your feelings about minivans yes i do love i love my minivan i think it's great it is wonderful but i will say the plastic on the side of the seats have popped off so two now are so when you get in my van there's like wires and
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I know, but I'm like, oh my gosh.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, but it's, you know, but it's paid for.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
What am I trying to do here with my life?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
All right, if you are watching on YouTube, comment below because we want to know some of your, you know, things that you see out and you're like, huh, are these people trying to be upper class and they're not?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
The lifestyle fakeness that's out there. And I would say a good bit of it's probably on social media. Can we be honest with that?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
George, if we could all be as wise and as disciplined as you.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
All of it. But you can check out our Smart Money Happy Hour episode as well on YouTube and podcasts where we dive into this conversation even more. This is The Ramsey Show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
The Employee Benefit Research Institute recently did a study asking people really have a million, asking how many people really have a million dollars saved for retirement. And according to the research, only 3.2, I'm sorry, 3.2% of Americans have a million dollars or more in their tax advantage accounts, like a 401k or an individual retirement account and IRA.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
58% of Americans have less than $10,000 saved in their retirement. So as a Ramsey Show listener, the question is, are you staying on track with the baby steps to reach your financial goal? If you wanna know that, make sure to take our quick quiz to check your progress and received a personalized plan that's just for you.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So you can head to the show notes and click the link titled, are you on track with the baby steps and complete the quiz for free. All right, let's go to the phones and let's talk to Lee in San Antonio. Hi, Lee. Welcome to the show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
We're doing great. How can we help?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And when you're making $150,000, this is the problem. You feel like, okay, well, I can afford the payments.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And if I can afford the payment, everything's fine. And that's the backwards way of going into when it comes to buying a car. But that's what a lot of people do. I can afford the payment. So regardless of how much interest it is, I can afford it. And then life happens, as you've experienced. Okay, job-wise, Alex, what were you doing before? You said you had two jobs that you lost. What were those?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, so you have the $35,000. The tax bill is how much in your husband's name?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
yeah into the that thing that was his credit cards whatever he is not online he is not the house is in my name my carter is in my name everything's in my name okay okay so from a practical standpoint lee i would probably pay it off because it's good it's in your name i mean it's yeah for you guys which sucks that it's his mistake um and i say sucks that it's his mistake because of the way you guys have been living um yeah but i so i would do that i would um do you have money saved
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, so the question to, if you sell, and the stock is in what again?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And then be putting the rest in your Roth IRA that you were saying.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
401k i'm sorry yeah right okay we have that yes so that and your roth ira are going to be your friends because the great thing is when you take the money out like versus this stock where you're having to pay capital gains you wouldn't pay anything and you could just cash it out and it would be all 35 000 of yours the only difference is you won't get the tax deduction come tax time because it's on the roth side yeah that's right but that's worth it because of how much how much you're going to be making an interest over time so i would do that and then
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. And what happened to those jobs?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
How long have you guys been married?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, the way he handles money and the way he approaches money is the same as how he approaches life, correct?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, well, I would say this, Lee, too. Just for the wholeness of who you are as a person, what George is saying is, you know, making sure that you're a whole person and how you can do that best, you know, is your decision for sure. But I would keep my money separate at this point because he's not proven otherwise and I don't trust him. So... I hope that helps Lee and good luck to you.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Well done on all the progress. Thanks to all the guys in the booth and Kelly lady in there. Oh yeah. Taylor has some ladies in the booth and you George is a great co-host. This is the Ramsey show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, okay. So both companies closed. What are you doing now?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Live from Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I am Rachel Cruz, hosting this hour with my good friend, best-selling author and co-host of our other podcast, Smart Money Happy Hour, and George Campbell. That's you.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I didn't introduce you. I just gave you all the titles.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And we are answering your questions this hour at 888-825-5225. And to start us off, we have Dustin in Palm Springs, California. Very nice area. Hey, Dustin, welcome to the show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. Okay. Um, single family kids, single. Okay.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Perfect. Can't wait. What is it? What's going on?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So he basically kept the mortgage in his name and you just pay him the mortgage payment and he pays for it.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, okay. So it is your home. Correct. I mean, yeah, it's your home, and he's just the bank is what that is. Just seller financing.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. That's good. Um, okay. So yeah, I mean the, getting the car out, do the 25,000 that it's worth, where did you pull that number from, from a dealership or from like Kelly blue book?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. So boo-hoo, friends. Here's your $500,000. You're going to have to pay taxes on it.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Or your life. You guys have freaking paid off $350,000. Like, you guys are on a plan together for your life, and you did this side deal with a friend, and your life has changed, and your priorities and your goals have changed. And so... Sorry, friend. It's not like you're putting your friend in debt. Boo hoo. He gets $500,000 and he's going to have to pay some taxes on it.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Sorry, dude. And I'm being very insensitive. If I were you, I would feel much worse because it is a good friend.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, yeah, Dustin, like the writing's on the wall. You have to do what's best for you and your family. It'd be very unwise to make an unwise financial decision for you and your family because of the feelings of a friend.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And I think you can give him some time and say, hey, I'm not doing this tomorrow. Our goal is to do this in 12 months or whatever the goal is for you guys when you sell your primary home, all of that. If you can kind of map out a timeline. give him some time and space and just say, Hey, yeah, this isn't happening tomorrow, but it will be happening in the next year.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And I looked over the agreement that we signed and I'm sorry, I know it's not ideal in your situation, but like, this is, this is our values and our priorities with our families to be completely debt free. And, um, and, and yeah, this is what we're, we're deciding to do. And again, Dustin, you're not like completely screwing the guy. Like it's, you know what I mean?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And I'll be honest too. If you're a friend, I'm like trying to put myself in his position, right? If I ever was in that deal. And I had a young guy come to me and be like, you know, oh my gosh, we're able to get out of this deal because we have the cash. We have the money. We're so excited. We're going to be debt free.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Like you would hope that it doesn't burn a friendship that in fact, he celebrates with you. And you know what I mean? Which I know like this way of thinking is different to celebrate being debt free.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
If he really, Dustin, is not your friend anymore after this, then like, to George's point... then he's looking to make money off of you. You know what I mean? Like, it feels weird if he is going to cut ties with you as a friend because of this move. That's weird.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And you have a little bit of that people pleaser in you, Dustin. I hear it. And so, yeah, this is grown-up stuff. And be a man, suck it up, and...
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
talk to him and again if he is weird after this because of this whole thing like that's a that's a weird guy anyway i'm gonna add this to bizarre one more reason to not borrow money from friends that's the new book and family yes all of it this is the ramsey show
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Welcome back to The Ramsey Show. Up next, we have Ethan. Oh, we have Mike. Sorry, Mike in Asheville, North Carolina. Hi, Mike. Welcome to the show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Still fun. Yeah, we don't have a cocktail on the show, but we are answering your questions, America. So give us a call at 888-825-5225, and we'll help you out. And it's anything from your career, your money, your life, relationships, anything and everything. We're going to start off this hour with Alex in Cleveland, Ohio. Hi, Alex. Welcome to the show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Is that more than just getting the two home offices during COVID? Y'all done more remodeling?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
How much do you owe on the cars? How much debt's on them?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, break them down. What's each one?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Are you able to keep current with your other bills, Alex, right now, making $60? Yes.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. Is she making the $65,000? Yes. Okay. So if you made $100,000, then you guys can get back up to $165,000.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So, I mean, ideally replacing that completely, like what you're saying. And then, yeah, I mean, and then from there, Mike, it's just a complete... overhaul and mindset shift and change on how you guys have been viewing money. And you said it at the beginning of the call, so I'm not telling you anything you don't know, but the way you've been doing it, it has to be the complete opposite.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So this credit card debt is not ongoing to keep lights on and everything?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So this is cutting up credit cards, This is – I mean, if any of your cars have equity in them, I would just sell them and get a $5,000 car. I mean, I would do the complete opposite of everything I've been doing up until this point because that's where you're actually going to start to see some progress. And I really feel like, Mike, you guys need some quick wins in here.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yes, the income is number one. But I would be cutting up credit cards tonight. I mean, no more. No more. Like, you guys are not – in a place to even have them around because so much of this is credit card debts. And I know it was all because of the remodel, but the whole mindset, yeah, of going in when you don't have the money, that can't be it anymore.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And then walking through the debt snowball of paying off and breaking all these out too. So when you say, yeah, some of these are credit cards, breaking each specific credit card out. So you guys may have a long list of debts, But as you start knocking these out, that's where that momentum starts.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, honestly, Alex, if I were in your shoes, I mean, I would figure out a way. I mean, it's about $18,000 for the difference of the car, and you're probably not going to be able to get a loan for the difference.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, and I think what's hard, Mike, is there's a level of deep humility that you're going to have to have in this process because between now and getting your new job, making anything and doing work that maybe you never thought you would be doing is what's necessary right now, right? Because I don't want you guys, like what George was saying, to get behind.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So bringing in $1,000, $2,000, $3,000 a month on numerous things that you're pairing together and you're working late. I mean, do you guys have kids at home?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, and even if your wife can work overtime, Mike, too. I mean, I would be doing that. I mean, again, income is going to be your best bet and then cutting lifestyle, what George is saying. And it's going to be... Yeah, I mean, if you guys... If you get back up to that 195, I would be living...
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
like i made 80 because the 65 000 is covering the bills basically per month right i mean i mean living on seriously on nothing and that's you could you could really turn this around if you could throw which sounds wild wild numbers here but if you could throw a hundred grand a year yeah i mean seriously i mean there's there's some big changes you can yeah selling the cars getting rid of what you can selling stuff to my go around your house sell all the crap you guys that you know that you have
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Doing what you can. But if you hold on the line, Taylor's going to pick up and we're going to give you Financial Peace University. It's our nine lesson course. And you and your wife sit down together and even your kids and watch this. You guys binge this weekend because, yep, life's going to look different in the household. And that's exciting, Mike, because that means you're going to be winning.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Today's question of the day is brought to you by WhyRefi. Now, we don't recommend refinancing on everything, but for distressed private student loans, there's WhyRefi. And we trust WhyRefi because they help you with a low fixed rate interest rate that you really couldn't get anywhere else. And it's going to help you stick to your budget and get out of debt.
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So learn more at 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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If You Live Fake Rich, You Will Become Real Broke!
That's right. Okay, so I always go back to this because it's so spot on and I agree with it 100% and it's science. But Arthur Brooks talks about what you can do with money, five things. And four, bring happiness. And one does not. So this is what I would say to him. To Matthew, you can give, which brings happiness. You can save, which actually brings happiness because it shows progress.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You can buy experiences with people you love, and that brings happiness. You can buy your time back and then use your time well spent, right? So if you have someone mow your lawn, have them mow the lawn, but you get time back, but go work out or like go do something productive. And then number five, you can spend money on stuff, but that does not produce joy.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And then Ramsey, we always talk about you can give, save, and spend, right? So kind of using that framework, if I were you, Mike, I mean, if there isn't a big goal out there, and I would say Winston and I, we've kind of gotten to this place. Our house was a massive goal. That was in 2019. And then we made it a goal for a pool, and we actually were finished. We're done now. I know.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, it took us probably five years to save for that. And so now we're at this point when we are planning our 2025 of like, okay, we don't really have a big financial goal in place. And I would say that for a time period, I think that's okay because we shifted the excitement and like, hey, what's the next thing to some of those things Arthur Brooks talks about?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So like plan a fun trip with your family, like have some experiences with them. Give someone a trip, right? If you have the money, like are there people in your life that you could bless them of like, oh gosh, this couple really helped us walk through some hard times. We want to give them a weekend away, right? And what are things you can do?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And then the giving aspect, which Winston and I even changed some of our giving goals this year. And we have a percentage now in our every dollar budget that is above our tithe, above everything else we do. And it's spontaneous giving. And we're going to force ourselves every month to do it and to say, yeah, where can we give
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
spontaneously to someone throughout the month if we hear a story if we experience someone you know at a restaurant a waiter or waitress like give an insane tip like what are ways we can do that and that fueled my excitement george like we planned all this out a few weeks ago as we were kind of talking through the year it was like okay we don't have a big goal quote unquote we're saving for there's no baby step eight
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, yeah. But we're being more creative with our giving, which does make it more exciting. We are going to travel some this year. So we put that in the budget. So yeah, so like leaning in on these things that actually will bring you joy. And I'll probably, you know, buy some shirts from Abercrombie. You know, it's just what I do.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But overall, like where do we put our time and our energy and our money together? Put it in the stuff that's going to bring you joy and excitement. And for me, that's giving and experiences. But that's probably just my personality.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Are you speaking out of your experience, George?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yes, that's good. That's really good. Make that list. Yeah. Of what are things that we can do.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, for sure. Yeah. If you can get that 60 up for a full time job and find something 75 or 80, right. And like a perfect world. And then the side hustle is what, I mean, that's what I would be doing, Alex. And I'm like, if you can make, God, I mean, you'd have to make 3000 extra a month.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yes, that's what I was talking about. Yeah. And we had the we had we had every dollar for our monthly budget up and then we had Excel and Winston has all these crazy formulas of like.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
implementing taxes I don't know he has all this like he does it all and I gotta get that spreadsheet from Winston I know you should in my life yeah and that's the interesting thing is people really do you know on the show we talk about you know for a lot of listeners and for those of you that are new to the baby steps a lot of people are starting out on baby step one they're just trying to get that thousand dollars and pay off debt right but this this long journey of money is
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I always want you guys to hear from us on this show that the goal of building wealth and being in a really secure place in Baby Step 7, where you don't even have a house payment, your house is paid for, retirement's being funded, like all of that. It's not just to continue just to grow. get more and more and more and more and more and more and more and more, right?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
There is an outflow that needs to happen. You need to do things with your family, give to others, give others great experiences in life. There is something about using money as a tool. It's not something to hoard and to keep, but you're doing this to leave a mark on the world. I mean, there's something beautiful about that that I think is really innate in how we're created.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And so leaning into some of that, because I do think
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
there can be this mindset maybe early on you know maybe baby steps like four five six where there's like my goal is just to like get money get money get money get money which right you're funding retirement you're wanting stability but there's been listeners here that have been with us for eight nine ten plus years that are baby steps millionaires and they're like yeah and they're on the other side and the ones we talked to that
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
have this joy about them, this countenance about them that we meet. It's because they've been able to do some cool stuff. And every now and then they'll drop their story to us, you know, the things they get to do. But I don't know, there's something about this whole idea of building wealth. It's not just to build wealth.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It is what you do with that wealth that brings you a level of joy and happiness and how we're created.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
No notes. So Matthew, spend some money. Go on a great trip and be a generous giver. Go find things that bring you joy with giving because that's the best. All right, George, there are some social questions that we get all the time.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, when it comes to... I do too. I don't see them on here.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, I'm trying to do the math of how to do this within a year to get to even save the amount for the difference. Right. So best bets, you can take a loan for the difference and,
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Isn't like the jewelry people out there, don't they say three months and we say one?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Sorry, one month salary. That's what I meant, yeah.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I think they usually say a three month salary.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I think it was the diamond company, like the people that did the diamonds, you know, decades ago.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I was like, I don't want to mispronounce it, but. I think they came up with the three-month salary rule, and we'd say pull that back a little bit. A month. I think a month is great. But, yeah, the weddings, engagements, rings, it is expensive, George. I'm glad that I'm out of that season.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And does it make sense financially? Because that is an industry that you can spend so much on.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
and like george said earlier a local credit union is going to be your best bet versus a bank um they're the ones that are probably actually going to sit down with you and run more numbers and look but so that would be my first option and then if not that's probably what i would do i would probably try to get out of this car before anything else even before the it solves half your problems yep
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, it's like an actual jewel.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So one of the best things that you can do for your finances is to get a tax pro that you trust in your corner. They'll help you advise you when it comes to the best moves for your situation, especially if you own a small business or you've had big life changes in the past year.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So you can go to ramseysolutions.com slash tax pro to find CPAs and enrolled agents that have been vetted by the Ramsey team. Tax season is upon us. It is happening.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You know, that's the free spirit in Rachel. Winston really takes it. I'm sure it's coming. I get usually the email of the like invite and all the things.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, see, there you go. There you go. It's great. But you can go to RamseySolutions.com slash TaxPro to get someone in your corner today. All right. Next up, we have Morgan in Kansas City. Hey, Morgan, welcome to the show.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, my gosh, Morgan. That was just, what, two weeks ago?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Thank you. That's heartbreaking. So how are they doing?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
My question is, she might. I'm not sure. Is that him wondering if he does, or is it you just saying she might?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. Oh, Morgan, I'm so sorry. So in these kind of situations when there's something so unexpected and so tragic, we we usually advise the families not to do anything major for probably about 12 months because there is.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Right. Right. Well, and he's, and he doesn't, I mean, he can't even probably, you know, put together a thought. And so for you just to kind of be a side support, right. Um, and at least be able to gather and do, you know, some level of work for him is such a gift, Morgan.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, I mean, honestly, you're, uh, you're, you're giving them such a gift by even kind of navigating this part of their lives because everything, yeah. I mean, I just, I can't even imagine. Um, So I wouldn't do anything, again, big from a decision standpoint unless they get to a point where there is something big.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
If they get six months into this and he can't pay the mortgage and there's foreclosures pending or something really big, then we have to make some big decisions. But whatever I think he can do to the degree of staying somewhat –
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
afloat for a year um maybe some small things and we can maybe talk to you about those here on this call but um but overall I wouldn't make any any big big decisions so I think um because again the emotion you just can't see straight you know um she handled all the finances so he's trying to just open bills what accounts do we have I mean he's starting from scratch so it's
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, that's the hardest. Yeah, that's the hardest part is that life continues on right in the middle of all this. And you're like, I have to be a grown up.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Do this. Yeah. I mean, oh, oh, so terrible. Okay. So, yes, I think, you know, your gut on... starting to kind of just like put the baby steps in place. That plan I think is, is a good one. Again, I would, I would take, you know, find the life insurance. I would get as much concrete.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
uh information as you can because that's going to help you guys navigate this but for him um i mean he to get him to live on 70k and be comfortable there probably will mean offloading some of this debt um so that he that they so that they don't have all this you know these payments and i would have you know him look through every account possible to see if there's any savings um
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And and I and I would probably start working on, you know, paying off maybe these smaller debts if they do have credit cards.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So these credit cards are in just some some of them are just in her name. Is that what you're saying, Morgan? I think they might be. I think a handful might be. And I would pull her credit report and his just to verify and make sure that, yeah, that that information is correct.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
George, would you, if you were him, would you save the 25,000 first, get the car out and then do the debt snowball?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And just to continue on what Morgan's saying, we believe in this so much, you guys, to get your wills done. Zander Insurance for life insurance. Get 10 to 12 times your annual income. If you're a stay-at-home mom, you need half a million at least on you. Get life insurance today. Morgan, we're praying for you guys. George, thanks for the hour.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Thanks to everyone in the booth that's making it happen. Thank you, America. We'll be back.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
That is. Cause I do wonder Alex too, if you got, if you paid off the six credit cards and did just the traditional debt snowball, how much, um, payments monthly will be freed up because those are paid off. So even just working down the debt snowball, but knowing you have a freaking $1,200 car payment until you get to it to pay off is not fun. Um,
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But in the meantime, I almost would just work through that snowball until you get there. But thanks for the call, Alex. Good luck to you. We learn from our mistakes, George. We learn from our mistakes.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
We're doing great. How can we help? Good.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Welcome back to The Ramsey Show. If you have jobs like us out into the internet, one of the things that, you know, it's just kind of a known thing. You just don't read the comments. You just kind of let people feel what they're feeling and you just move on about your life. But George, on the other hand, reads all the comments.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
George is always in the comments.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And we keep getting a consistent comment.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yes, Dave is okay. Dave is fine. Dave is living like no one else. He's in Cabo Wabo mode. They are. I mean, you know, I don't know, George. He's left us to run the ship. The grandparents are they're gone. You know, the kids are asking where they are.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Their children are like, they're just living it up, which good for them. Good for them. So if all of you want to know, he is fantastic.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
totally fine he's alive this is not a weekend at bernie situation actually doing great uh and yeah george we we have to fill the show the the shoes he's thriving of the goat let me just tell you yeah so no he will be back we promise he is better than he deserves right now yeah he uh tan and happy he's doing great that golf swings really looking good all right uh we're next we're gonna go to tammy in milwaukee hey tammy welcome to the show
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
How much do you make, um, bartending a month? Would you say?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
A month. Okay. Yeah. Okay. Perfect.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
All right. Got it. Okay. So how, how can we best help you today?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. I mean, yes, Tammy, the only reason I would say and kind of get to that answer pretty quickly with the house is that you would have to basically double your income for this to make sense. And you are saying that you see your income going up.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
um but what i would want is the side hustle income not be part of the equation for your mortgage because i want to get you to a point in your financial journey that you're not having to make have a side hustle to keep your mortgage right not sustainable yeah you want just like yeah your regular income to be able to support your main four walls and and more um so tell me how long have you been in the house
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. Okay. How, um, how much do you owe on it and what could you sell it for?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. Oh, wow. It went up a lot in two years.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
That's fair. Yeah, yeah, that's fair.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Did you have kids, Tammy, when you divorced? Or no kids? No. No. Okay, so it's just you. Just me and a dog. Okay, no, that's great. So, yeah, I mean, honestly, Tammy, you know, our goal, at least when I'm giving this advice, and George would be the same, is it's ultimately leading you to have a level of control over your money that ultimately then gives you peace. That's what we want, right?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, if you build wealth and do all of this, that's later in the baby steps, and that is so doable for people. But the biggest component here is peace. And, Tammy, I don't feel like you have a lot of peace. When half your income is going... to just the mortgage and you have $37,000 of other debt that you're having to pay and you're having to keep up the house.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I mean, there's just not, it doesn't sound like a lot of peace. Would that be true?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yes. Making things worse. Yeah. So I think a good goal to shoot for, Tammy, is I probably would. I would sell the house. I would use some of that money to pay off your debt. I would use some of it for an emergency fund. And then I would quickly get back into a house or into real estate in general. Because I think you can put yourself in a position where you're not a renter forever.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And know that, I mean, from that information that you just gave us about this last year, which is just the most horrific thing that I could ever imagine is losing a child. So I can't even imagine what that grief does. There's a fog that is there. And when you make financial decisions, usually in that time, soon after something like that happens, they're sometimes not the best.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So that's not to guilt or to shame you. That's to kind of free you to say, hey, Yes. As you look back, like, wow, those may not have been the best decisions. I don't blame you for that because of what you walk through. But I do want to make sure that there's a level of healing that you're getting from this and that the money is that secondary piece. But I do. I pray that for you.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, I'm so sorry. And yeah, if you stay on the line, Taylor is going to pick up and we'll give you John Deloney's book and Total Money Makeover. Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So if you feel like the system is working against you, try a biblically-based alternative to health insurance. Christian Healthcare Ministries. CHM is a health cost-sharing ministry that's helped hundreds of thousands of families like yours take care of over $11 billion in medical bills since 1981. And CHM has also helped them stay true to their values and avoid miles of red tape.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And CHM support goes far beyond meeting financial needs. They'll also help meet spiritual needs. Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
That's chministries.org slash budget. Welcome back to The Ramsey Show. I'm Rachel Cruz hosting this hour with bestselling author George Campbell. We're taking your calls. Up next, we have Shonda in Cleveland. Hey, Shonda, welcome to the show.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Hello, hello. Hi. Hi. Can you hear me? Yes, we can. We can. Oh, okay.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What are you doing for work right now?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
How many hours a week are you working?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And you're doing what again? I'm sorry. Say it one more time.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But you're only making $24,000 working as a nursing assistant and working 40 hours a week. Yeah. Okay. Okay. Yeah, I mean, I think the first thing to be looking at, because what's your degree in? Because you have some student loans.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
When you moved away, how far away are you from where you guys moved? Because when you said to go back to my job, does that mean move again to go back to the old job, or you could do something different with where you guys live now?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah. And then on the income side, Shonda, I mean, honestly, I mean, I was, you know, Walmart, Target, like these places are paying up to 20 an hour. Like you could double your hourly rates by working somewhere else. I think you're going to need a different job. I just don't, this job is not going to be able to sustain you. And you're working 40 hours.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So I'm like, you have a great work ethic, but that energy is going to something that's not giving you your rate of return of what you need right now. And so- And places like Walmart, Target, some other places, I mean, they have great benefits. Like they really do a great job in helping their employees. So I honestly would be switching jobs. You have to make more. You can't be living on this.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And Sean, to start binge watching some of our debt-free screams here on the YouTube channel or even podcasts, but go through and watch some of these stories because I know it feels like you're in such a hopeless situation. And numbers-wise, it does feel hopeless, right? And so we want some of that to change with your income and starting to get a grapple on this debt.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah. Does she understand what's going on financially at all? How is she feeling? Is she stressed about it?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But just know that there is a way out. It's just going to look different than probably what you've done in the past, and that's okay. But there's people that do it every day. So continue to feed your mind with this stuff. If you hold on the line, Shonda, Austin's going to pick up. I want to give you Financial Peace University. It's our nine-lesson course on money, just to get you the basics.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We'll throw in Every Dollar Premium as well, which is our budgeting app. And they have a great tutorial there when you sign up there to really walk through and teach you there. Here's detailed how you do a budget. And also go ahead and throw in Total Money Makeover too. And that's Dave Ramsey's bestselling book. And it's the seven baby steps.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I just want to get some knowledge of this plan in you, Shonda. And I want you to just like soak all this up because it's going to, kind of be a different world that you'll be navigating with money. It's going to look different, but I want you to have motivation and people behind you cheering you on.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And even if it's us on YouTube cheering you on and giving you some encouragement through other callers or watching their stories, I want that for you because I want you to know that that this can change. It's going to be different. It's going to be different from what you've done and it's going to be hard. None of this is easy. None of this is easy, but it is possible.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
That's right. And we talk to people, yeah, in their 50s, 60s, sometimes in their 70s, right? And they don't have anything for retirement. They're trying to figure this out. And And even though it's a hard hill to climb to say, OK, I'm going to buckle down. I'm going to I'm going to learn something new, change what I've been doing, sacrifice, take on that extra job. Like all of that is hard.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But it's also hard to go into retirement with nothing if you continued on that path. Right. So it's one of those things like you choose your heart.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And one heart is actually going to be able to. give you money when you start working a plan and get out of debt and be able to have some level of control over your life versus not at all. Right.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You got this Shonda. We believe in you. This is the Ramsey show.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. When you say she's blind to it, does that mean that she doesn't have all the information or she has all the information, but the way she's processing it is not correct in reality?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We talk about current events, pop culture, and money.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Oh, no. Shoot. Well, Gabrielle, you'll never do that again, will you? Yeah. I've learned my lesson. Oh, no. You know, we talked to somebody earlier in the hour and her and her boyfriend, well, fiance, they don't really have a date. I don't think a wedding date we asked. But yeah, both their houses, their names are on the deed of the house. And I just thought, oh, no, no, no, no.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. How much are you guys in the whole month financially with after everything's paid? How much more do you need?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And it was a year ago, though. So now you're like, well, crap.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
When is the lease up? In about two more years. Okay. Yeah, I would look at the early buyout. I would just kind of do some research in that. But then in the meantime, between now and two years, be saving some cash. knowing that you're going to have to replace this car.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But I would take, yeah, this $10,000, Gabriella, I would pay off the bedroom set and then be looking at the $18,000 that you'll probably have to take a loan out for for the remainder of that RV after you sell it. Okay.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
No, I wouldn't do that because I would go on your credit. Yeah, I would just find the private sale, list it, sell it yourself, get as much as you can for it, obviously. And then, yeah, you'll have to have a loan for the difference. And then you'll be working your way out of that. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
because apparently she hasn't been able to uh to make her minimums either okay so it's sounding more like a relationship issue jeremy it sounds like you guys just aren't doing well as a couple in general i don't know if money's the main issue i think it's become a symptom of it but you guys it doesn't sound like you guys communicate well or or have the same goals or or um do this life together very well it seems very separate even from an emotional standpoint is that right
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
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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
Yeah. And I think it's it's I mean, he's getting to the age. He's 17, almost 18. So and again, I don't have kids that age, but, you know, there starts to be that level of letting go. Right. That eventually they're going to be off in college. They're going to be making their own decisions like there is that that. That season of life is coming soon. And so it always begs the question.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It changes a little bit because he's still under your roof, in my opinion. But it always begs the question of if no one's asking advice, you know, when do we give it? And what can we control? Because the truth is you can't control. what she chooses to do.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And it gets to a point, too, that eventually, soon, they're going to just be making their own decisions, regardless of what you guys think or not, right? So if anything, it would be a conversation with him. I don't know what y'all's relationship was. Obviously, they've been dating a while, but you're not her parents, right? But you are your son's parent.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And so I think having that relationship of being able to have the conversation of, hey, this is what... This is what life will look like if she chooses to go down this path. And then we get people in the medical field call us all the time, Jennifer, pharmacists and all this, and they have $200,000 in debt, but they're making $160,000, right?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And so usually the hope is that you have a bigger shovel. If you're choosing to go a path, you know, in this medical type field, it doesn't always happen. You know, they could get married. She gets pregnant and wants to stay home. And then all of her options are gone. Right. Because she has to go pay the step back. So there's a lot of life in there.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But as a for I don't know, I don't know how much you can control it. Right. Yeah.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Can you keep the kids fed where you guys are to be able to work on the relationship and get a higher paying job where you are?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, she's 17, though. Well, this is normal.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, but if it's not her daughter...
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But if they're not engaged and stuff, like, I don't know.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And just to have it on in the background. Just to have it on. Yeah, I mean, I guess if it's in like a very organic conversation, you know, but I don't know. It would, I don't know.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And is her family... Okay, Jennifer, is he about to buy a ring? Like when you say they're serious. Okay, so honestly, too, and you know this, Jennifer, at 17, you're 17. I'm like, I knew multiple friends that were dating in high school. They go to college within...
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
you know nine months or so they're they're off on different schools they mean i mean you change so much in that but also rachel got married in college i wouldn't i had a semester left thank you winston had been graduated a year i had a semester left thank you george so it can happen but what i'm saying though is i do wonder if you're ringing your i don't want you to worry about something that's not your problem right now do you know what i mean like it's not like they're getting engaged this summer and getting married and then she's choosing to go in at 18 years old right like
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I don't know. We may have different opinions, George.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
yes that's right it just adds that weight it's gonna hold them back building wealth but the long-term hope is that she gets on the same page with money and goes you know what i'm not waiting 20 years if she does end up taking this debt it's i want to be done with this thing in three or four yeah and jennifer you do this after school too and i know people majority people change their major right like halfway through so i'm like she may not even end up doing it anyways right so that's
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah. Yeah. And they may not even be dating. I mean, I don't know.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
There's no easy answer here. I don't want you to worry, Jennifer, because I just don't feel like the reality is happening. It may happen in like four years. But a lot of factors have to play in for this to actually happen. But I really do appreciate you looking out, obviously, for your son. That's what I'm thinking. It's for your son. What she does, though, is I don't know.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
okay so she comes home and this is not picking on jennifer but it does raise the question where was she if she was she was at her boyfriend's house okay okay and her boyfriend's um i was gonna use health i don't use money as the example but health okay and she comes home and she says um yeah i mean brad's mom set me down she's dating a brad she has to date a brad in this scenario she's dating a brad i already have feelings about this she says
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Oh, my gosh. Brad's mom. You know, you're not the mom. You're the dad. You may feel differently. Brad's mom sat me down and told me, like, the way you've been feeding us gluten free, all this stuff is actually really harmful. And I actually need gluten and dairy and all of this that you've you've deprived me of, dad. So I like because of this Brad's mom, like I'm choosing to.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Say, would you be like Brad's mom? What the heck? Stop teaching me about.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'm trying to put it in my world. I'm trying to put it in your world. Yeah.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
OK, so you would reach out to Brad's mom and be like, hey, OK, so that's what I'm saying. Like the blurred line with Jennifer and this girl who's not her daughter. Is it overstepping boundaries? Is it parenting another person's child when the girl isn't asking? Sure.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
you know I guess so I don't know they may never get along I'm so glad you called Jennifer that's a really good it's an interesting scenario to be thinking about for sure I would love to hear from the girlfriend's parents but I also and I'm thinking about little Charles now my son like if he was yes dating a girl and she was gonna go I would be like y'all don't do like stop no no like I would feel that you know that tension I'd feel like you're about to enter into something really hard that you don't have to enter into right now like
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But yeah, if Mia starts eating gluten and... We have had that discussion in the camel house.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
If she dates a Brad. It's like alcohol.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Ooh, that would have been a better one if you're a family that doesn't drink.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, you could lower this, I mean, more than half today if you wanted to. If you wanted to keep a $1,000 emergency fund and then throw the brokerage account and $500 that's in your emergency fund at this debt, then you're down to, you know, $2,600. Yeah.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It's done like really soon. And then just build your emergency fund back up for a few months and throw some cash in there to get that back up.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, and Mike, and the reality is, too, you know, people kind of are like, oh, $1,000 emergency fund. These Ramsey people are crazy. But here's the truth. If a larger emergency fund or a larger emergency comes up, usually you don't have to pay for that, like, today, right? Usually you can say, okay, I have two to three weeks.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I got to come up with some cash with my emergency fund and figure out how to pay this. You know, you'll pause the debt snowball and figure it out. But the problem is, is that people try to do kind of what you're doing, Mike, six different things at once, or they try to go and build up this big emergency fund before they get out of debt.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And they never even get to getting out of debt because they spend so much time with just the savings portion to feel comfortable. And there's really never a number that you're like, okay, now I feel good that I can go pay off debt. It's kind of this idea immediately, right? When you become debt-free, what we say your largest wealth building tool, it's your income. It all comes back to you.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And it's an amazing thing when you say, okay, all these credit cards are gone. There's no bank in my life left. And now I get to decide what to do with my income. And you're able that much faster than to build up an emergency fund to three to six months of expenses, which is what we want you to do. We don't want you to stay at $1,000 forever.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But for you, Mike, you're only going to stay there for like two months. Month and a half, right? I'm like, it'll be so fast that you're going to be fine.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. So, Jeremy, I think what it comes down to is you guys aren't paying your bills. I mean, what's happening financially, there's an issue. So... The adult thing is that you both sit down together and say, here's what it takes to run our household. And we have to make X amount every month for this to happen. And we don't get to decide that we don't feel like doing that. That has to happen.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, you're not going to buy a house now, Jordan. You guys are broke. You don't even have $1,000 in savings. Yeah, so it's going to be a few years. Yeah, so it's not a 20% down payment. That's a suggested amount. You can go down to five for a first-time home buyer, so 5%. And by the time you guys do all of this, how much do you guys make a year?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
OK, so, yeah, by the time you guys pay off ten thousand dollars of debt and get a fully funded emergency fund of three to six months of expenses, it's going to be, I mean, 18, 24, three years, you know, till that happens. And honestly, Jordan, that's going to be a whole new world. We got an election year. Who knows what interest rates are going to do?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Like, we don't know what's going to be going on, but we would still stick with that at least five percent down.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
idea and i just don't believe that the lowest house you can find is a four hundred thousand dollar house in boise i don't believe that well you know why because i live in nashville and it's the hottest market right now and my husband him i mean he just went and and you know we were doing investment real estate right now And he got like a great $200,000 house. It's a two bedroom, one bath.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
They're flipping it in a place outside of Nashville. So I just don't believe the $400,000. I get that housing is expensive.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
All right, Jordan. So you can do this, man. You sound a little like us when we get dramatic sometimes.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
gonna happen it's gonna happen get your income up and you'll get calm down you've been married six months you guys just you guys just be patient and in three years it's a whole new world and hopefully there'll still be these wonderful houses in boise that i'm looking at right now on georgia's computer it's not in the constitution that newlyweds have to own a home so i hope that frees you jordan thanks for the call this is the ramsey show
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Today's question of the day is brought to you by YRefi. If you are struggling with defaulted private student loans, YRefi offers a great solution to get you back on track. For a low fixed rate and more flexibility, go to YRefi.com slash Ramsey today. That is the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So either we're cutting our freaking lifestyle and taking everything off the table and doing nothing in order to feed the kids. Or we're going to have to decide different jobs. We're going to have to choose to move back. We don't get to just sit and not make money and not pay our bills. We can't do that. So that's not an option. We're adults and this is part of life. And so that's one thing.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yes. And not and not mention it. And the way that you're when you said, you know, we've followed the principles from year for years. I'm assuming that means you guys are on the same page. You're talking about money. I mean, there's some couples that, you know, they don't know what the other one's doing. But if you are following a level of Ramsey, and that means you are.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
you know connected and you're talking about money so the fact that he didn't bring it up that feels that feels very off to me very off yeah and the fact he opened up credit cards in your kids names well i'm guessing he it's in his name they got cards with their names on it as authorized users Yeah, because if you take out a line of credit for a child, right?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah. Well, what we've heard too is people calling the show saying, yeah, my parents took out debt in my name to build up a good credit score. And then they ended up- Destroyed my credit. Yeah, destroyed the credit because they couldn't handle it. And so you're just like, oh, it's, yeah. And it gets to be a fine line too of identity theft. I'm like, if you're, you know what I mean?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Like, it's kind of to a point of like- There was no consent here. I mean, yeah. So it's I don't like it. I don't like playing the game. And so, yeah, but a lot of it is a tick tock trend.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yes, there's so much more freedom, you guys, when you're chasing the credit score. You can live life without a credit score. You can do everything you just said without a credit score. It is possible. You can even get a house through manual underwriting without a credit score. And so, yeah, I think like you said, it's good intentions. I'm going in saying I'm trying to set my kids up.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But you're falling right into the system that gets so many people, millions of people stuck. and in that wheel of debt. And it's like, it's not worth it. It's not worth playing the game. And then let alone having any level of risk for another human being of their financial wellbeing, that if you screw this up, it doesn't just hurt you. It's hurting your kids then at that point.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But the other thing I'm very concerned about, Jeremy, is the relationship. I mean... I mean, it just it sounds bizarre to me that she's so in the clouds that she wants nothing to do with you financially. Then she's made that very clear. My question is why? Because long term, this is not a sustained relationship.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You know, it's funny, George. I feel like when things are less complicated, they feel less sophisticated, right? Everyone's like, oh, but that's so boring.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, yeah. There's got to be so many other hoops to jump through. And you can live your life that way financially. You can.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
you're going to be exhausted you're going to be exhausted again with a system that is set up to screw you like that's what it is it's not there to free you and for you to be financially free they want you in the system because they make so much money off of you but when you exit out of the system and you're like you know what i'm gonna live with the dev with a debit card with cash we're gonna save up and pay for things and we're not gonna sit here and try to play the industry's games over and over and over and over and over and over
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What is sophisticated is peace. It is. I'm like, there's just that level there that is, it is so much worth it than the mental dance and gymnastics that you have to play.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It's crazy out there. Oh, man. Yeah, parents don't take credit cards out and don't be an authorized user.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Get out of here. All right, let's go to Shane in St. Paul. Hi, Shane. Welcome to the show.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We are doing great. Glad you called in. How can we help?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah. Why would you want to? What are the numbers you're seeing, Shane? Because it usually comes down to numbers.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You cannot live your life on two separate pages financially because what that is, it's an indicator of how your relationship is in general. And you guys are going to just keep moving further and further apart. And you guys have two kids together. So it's worth the fight. But you first, from a tactical standpoint, have to get enough money in to pay the bills.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. And how much do you guys have saved?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
No. I mean, listen, if you're doing the math, I understand what you're saying because of the interest rate. And what we always talk about on this show, Shane, and what you're going to start to realize is that personal finance and winning with money is so much more about your behavior than it is about math. And so if we were all chasing math, we wouldn't be in debt in the first place, right?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So it's not a math problem. It really is us winning. And so the fact that you do have a... bulk of money, which is absolutely amazing. What that does to me, that just, that jump starts. I mean, tonight you could have that $800 paid off, that 350. I mean, those are just like ankle biters, right? You're just like, you just need to get in there and just get them done with.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And then to pay off a $7,500 credit card in full And it'd be completely done.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Or four grand. That's right, the extra.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Because you're not going to be in debt, Shane, that much longer. I mean, when you're looking from a math standpoint, you guys could take on extra jobs and get that paid off in two months.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, so it's going to be so quick that the math at that point doesn't matter. But I'm excited for you. You said you're a new caller, so I'm so glad that you're joining in.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Amen. Well done, Shane. Well done. Well, thanks to all the men and women in the booth making this show happen. George, thank you. Thanks to our great audience here in Nashville, Tennessee. And thank you, America. This is The Ramsey Show.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And you both have to come to that understanding. And if she is so in the clouds in that, then she may not be a great partner long term because she's probably in the clouds on everything else. So there has to be some big decisions that are going to be really difficult. But you both have to step up as adults and decide to face it together.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, yeah. And money's fun. All this is fun. We can enjoy this.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What are the amounts for all those?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I mean, do you realize that if you're going to file bankruptcy, they're going to liquidate and get as much as possible anyway. So, I mean, this could all be on your terms and it's going to be uncomfortable and it's not going to look the way that you've been.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
handling your money but something has to change so of course your life is going to look different if you start making different decisions with money and and it's not going to be easy um because i mean a little bit of the easy route is is the debt route you kind of can get what you want when you want it and you know that's how majority of people live but you're finding that it's causing stress
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You're calling us for a reason because you're not happy with where you are financially. So something does have to change. So your mindset around money, regardless of work and construction and weight, I mean, all of that, like if you're in this desperation part, if you get to this place in your life, you're willing to do anything, like anything.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And I don't know if you feel that or want to experience that.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, you can for sure. I mean, I would say that's the only type of debt I would recommend consolidating are student loans because you usually don't go back into that debt. A lot of people play this game because I think math is their problem and interest rates are their problem. But their problem really is it's the behavior, right?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
The secret of getting out of debt is not the smaller interest rate, even though that can help you to a degree. The real secret of getting out of debt is this intensity, this gazelle intensity we talk about where it's like no lifestyle, nothing, you're working insane amount of hours and you just get it paid off, right?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And so I think that, so I wouldn't put a lot of hope, but again, I would, yes, if you guys can get a better interest rate, again, it's the one type of debt I would be okay with you guys consolidating, but don't have your hope that because you consolidate, it's going to be okay. Do you know what I mean? There still needs to be that level of grit with you guys in this. Oh, absolutely.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
But yeah, if you get a better interest rate, for sure, River, I think that that's a fine move. But again, math is usually not the problem, and I always want to reiterate that. When we're getting out of debt, it's not that. It really is this hope in who you guys are as a couple and teaming up and saying, okay, this is what our life's going to look like for the next three years.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
For sure. And I mean, to just loosen the burden a little bit, that $18,000 truck, it's right on the border of selling or not. But if you can get that down, even if you're underwater $2,000 to $3,000 and go get a beater, I mean, that's taking a chunk off too. So be considering that, River.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Old man Ken jokes. Yeah, I know. You like them once you get them. I know. Once you get them, she likes them.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
River, we're cheering for you all. Come on, River. You can do it.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Today's question comes from Chase in Missouri. I'm new to investing and was playing around with the investment calculator on your website. I found that if you invested $1,000 for my baby at 10% and never put any more in, she could retire at the age of 70 with over $1 million, not 100 million, 1 million. Is that right? And if so, why isn't this common practice?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I don't have my investment calculator pulled up, but over 70 years, are you gonna pull it up, Kim?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, Ramsey Investment Calculator. Yeah, I mean, compound interest is powerful. And over 70 years, I probably wouldn't be surprised if you put no more in at 10% of a rate of return. And so why isn't this common practice, you ask? Well, I mean, there's maybe a couple of reasons. One, I think parents have...
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
don't have a thousand dollars to put in i think there's a level of margin that people are trying to find um i mean also you know when you are investing for a child you know the recommendation of you having to be really over it because a minor can't open up their own account so it would be your name in it and you know being able to transfer it to them long term is an option too so
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And investing, I would say, too, $964,000. So here's what we got.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, and I think in investing overall, it can be an intimidating factor of money. And if you don't feel like you fully understand it, you're less apt to probably go into that world, I would say. But yeah, there's power in that. And then always, you know, I think about 40% of Americans can't cover a $400 emergency in cash.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So to have $1,000 that's not for you and your emergency fund, you know, there's a lot of people that don't have it. But I agree with you. I mean, Chase, that's great.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, and how have the conversations gone so far? Because you obviously know that they're not interested in talking about it. So who has brought up the idea of having these conversations to them?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, how much do you have saved, Madison, total?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
What would you pay it off with? Are you saying putting extra towards your house above the mortgage?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Well, where would you get the $72,000 to pay it off?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. How much money do you have total? I have to pay. Like what's your net worth? Cash. Sorry, not net worth, just cash.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So I don't have a calculator for me.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. Where is the $72,000 currently? Is it investments or just a savings account? It's in savings. Okay. What were you going to use that for? What was that fund for in general?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Do you have any retirement?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
How much do you have in that? About $250,000. Okay, good. How old are you?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Well, I'm not sure. Do you have a good relationship with them now?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
No, I wouldn't until I have a stable income coming in.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah. Okay. Yeah. To make sure that you can eat and everything. But yeah, I would, you know, you've set yourself up really well, Madison, and I just don't want you to continue to be in this rut that you've been in to a degree for a year. Because what's happening is it's just like everything's shrinking, shrinking, shrinking, shrinking, shrinking, shrinking.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And I want to stop that momentum and let it go the other way. And to Ken's point, it's not like a crazy amount.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
You can do this, Madison.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And what about his brother? Is he married? He is not. Okay.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Oh, man. I love Scotland. Are y'all going to move there?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
How many kilts will be at the wedding, though? I'm a little disappointed. No, I bet a lot of the attendees will wear kilts. True?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I would bagpipe down the aisle.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
No, he said that she grew up in Scotland. It's different. Okay, so go ahead, Bobby.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, for sure. OK, so I would start high level with you guys and just being agreeing that. on value systems at which money will play in on the relationship. So a value system would be, you know, when we have money or do we want to be giving some of this money? Is that part of our plan? Do we, how much, you know, is savings something that she gives her a level of security, right?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yes, yes. How is debt playing out? So less like, I would go less baby steps And more just a little bit of that value system, because that's a human thing, not an American thing. So you can look at money because they have money in Scotland. So it's just like, let's together get on the same page.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Thank you for revealing that. And then how we implement it. Over here, how does that look? So if we both agree, yes, savings is important. She may be more of a spender naturally, right? And that's okay. Opposites attract. But yes, we want to be saving for the future. We want a good retirement. So what's the best way to do that in America? A 401k, a Roth IRA, right?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
There's these vehicles at which you can do that. And if we have debt and we want to live without debt and not have payments...
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
because that gives us peace and because we can use our income to go on great vacations and use our income to save for the future and to give like that's why we want to be out of debt right so you kind of start high level and then from there the baby steps is just a plan to get you from point a to point b do you guys have debt right
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah. Is she agreeing that you guys want to work together as a team? Does she see this as a topic of life to say, like, yeah. Joint bank account? Yeah.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
How much will she be making?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Amazing. And you did outkick your coverage, buddy. How much are you guys bringing in to the marriage, just money-wise? How much does she have? How much do you have?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
That's great. And so when you guys get married, I guess you'll be renting probably for a year or two. Is that what you're thinking?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Perfect. So, yeah. So, I mean, I think you guys are probably more on the same page than you realize. So I would sit down together and just say, OK, yeah, let's let's like figure out, you know, the next couple of years and what we want our goals to be. And we have a goal of making 100 grand, 50 and 50 or something. Right. Kind of have like an income.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And then from there, we want to put some away for retirement.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah. And I think to Megan, you know, you can only control what you can control. They're not there. I mean, you guys have kind of asked them and they're not going to give it. So, yeah, like Ken said earlier in the call, we don't have some secret line to give you that suddenly they decide to tell you everything.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah. And I think, you know, making it a goal for a house. I mean, you guys are in a position that your emergency fund is pretty much done, I think. And then beyond that, like, okay, let's like run some numbers. and dream. Winston, I just did this last week. And it's always a fun thing to do where you're like, all right, let's just dream. How much do we think we want for a down payment?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And then you put it in Excel or a calculator or whatever it is. It's like, how much do we need to save every year? How much do we need to save every month? And you kind of just start having these goals towards these dreams that you guys, a life that you're building together, which is beautiful. Hold on the line, Bobby.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Taylor's going to pick up and we're going to give you Financial Peace University for you guys to watch these lessons together because that would be really helpful. Wedding gift. for her.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, just to kind of get these concepts of American way of doing money.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
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If You Want to Build Wealth, Stop Acting Like Everyone Else
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The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So what I would do, what I can control if I was in your scenario and this was my parents. is my sibling. Because that's where the budding heads could start to happen, the fractured relationships. It's not the parents, because if they're gone, they're gone. Who's left is him and his brother.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Plus, you can join at any time, including open enrollment. You guys, CHM has been helping Ramsey fans for 15 years, and they're the only health cost sharing provider endorsed by Ramsey. So you can trust CHM to take care of you like we would. Programs start as low as $98 a month. So find out more and join today at chministries.org slash budget. That's chministries.org slash budget.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I did. I so appreciated it. Gotta pay attention, folks. Thanks for bringing in just the pop culture.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Sure. How much do you guys make a year?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So if I were him, I mean, I would get in a room with his brother and be like, hey, let's just play, like to your point, let's play out some scenarios just so we can plan out as much as we can with the information we have. And then that's all we can do. I mean, so I would just make sure that that relationship is...
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So what's your plan as of now for the $150,000 to be paid off? How fast do you think you guys can do it? 18 months?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, I mean, if you guys lived on $70,000, and then I'm thinking if you apply this $30,000, you could knock it out pretty quick. So to answer your question, Jake.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
What? Because, yeah, $200 is gross. So you guys are probably coming in at, what, $130 after taxes?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Right around there. And if you lowered it to 120 and you guys lived off of 70, that would take you two years. Maybe if you did some extra work, incomes go up in general. Yeah, 18 to 24 months. So yes, to answer your question, I would apply $29,000 of that $30,000.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
keep a thousand dollars for an emergency fund and i would go all hands on deck i would not be thinking about a house while you have this debt um if if you guys decide to start a family which we encourage people that yeah if getting married and starting a family don't don't not do those things because you have debt right so if you guys decide in six months like we feel like gosh it's time to start a family then if that's the case i would pause everything
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Not pay extra on the student loans. Just keep them current and be piling up, you know, a big savings. And in nine months, you guys can put a lot in savings when you do that. And then, you know, when baby comes and everyone's good, just apply that nine months of savings to back to the debt. So that would be a time deposit.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And then, you know, as car stuff starts coming up, and if you know, like, you know, a good amount ahead of time, then you... But if you don't want to replace a car while you have debt, I wouldn't. I agree. That's what I was going to ask, though. I would drive those things all the way through.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
We're a Toyota family. Toyota, Lexus, like in that family.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And Hondas. We'll give Hondas a shot, too.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
How much could you sell it for? what uh i've been i've been told two thousand i've already tried two thousand i've been three thousand one thousand how much less than a thousand yeah you're out of your mind three thousand dollars people may want a great toyota that has lasted jake from richmond i'll bet you it looks like it's got 350 000 miles on it too am i right jake
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
in a healthy place because the calls that we do get a lot on here are when a family member dies and it's handed off to siblings and their adult siblings with other kids, it starts to get messy and all this. So if you can shore up that relationship, that's what you can do. But yeah, I mean, you can't force them to tell you guys.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So Jake so what I would do for real though If you feel like It is on it's last leg which I get 350,000 miles it probably is Try to rip somebody off for $3,000 But I would go get a $6,000 car I would not go spend $20,000 on something Go get a beater again That maybe has 200,000 miles And for 18 months 2 years just drive that car
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And then after you guys are out of debt, that's when you can think about stepping up with cash into something else. But I would use as much of this money to put towards the principal of your student loans because that's going to help you guys so much. I mean, it really will from a mathematical standpoint. So I'd rather drive a crappy car and get this done.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Ken is on his laptop, Jake, just so I can give you context. I really enjoy this. And he is on a car website.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, it has. But it's going to die soon.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
It's not. It's not different colors. It's just a silver car. You would never know.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah. but that's okay and that's why you do why we do it we get it from a to b so a to b that's all we're looking for yes for this time period so so yeah so i would put um as much as you can jake that you guys feel comfortable with um again with the car replacement and an emergency fund everything else needs to go to this and then so you guys are in a perfect position to jake
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
to go and earn some extra money on a side hustle before kids. It is the time to do it. It really is because, you know, and we talk to families all the time that get out of debt with kids, right? I mean, that is a lot of our audience, but it's hard. Like when you have a full day of work, you pick up your kids and then you have to go to another job and a spouse has to stay home and do bed.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I mean, like it just gets really complicated and it gets more and more tiring and more difficult. And so you guys are in a perfect season for six, eight months, like go work extra, right? Bring some of that in. What do you got? What do you got for us, Ken?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Tyler, can I ask, why are you guys selling? to move to a different area?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. How far? I'm just curious from where you guys currently are to where you want to be. Is it like a 30 minute difference or is it like a 10 minute?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Oh, like a totally different area. Okay. I'm sorry. I got you.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. That's great. So, um, so yeah, Tyler, I would for sure. Um, yep. When you guys get, um, that 200,000, I would yes. Apply it to the 42. Go ahead and pay off your debt that day. I would set some money aside at this point for you guys. Do you have, do you have any kids?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay, okay. And do you guys both have pretty stable jobs?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay, so because of that, because of the kid element, and it's on one income, and it's a variable income, I would probably just put aside six months of an emergency fund.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
we always say three to six months, but three would be, you know, if it's, if you're single or if you don't have any kids and you both have pretty stable incomes, you could do more of the three, but because it's a little bit just to give you guys some extra safety. So I would figure out your monthly expenses, multiply it by six and out of that one 50, put that aside.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And I would just open up a high yield savings account. This is my, my husband and I did and label it emergency fund and you don't touch it. And then I would leave the rest, which would be what, how much do you think an emergency, a six month emergency fund would be for you guys?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Oh, wow. Okay. That's fantastic. Okay. So, so yeah, so the 160 that's left, then I would just keep it in a high yield savings. Honestly, Tyler, I probably, I would not invest it because you guys are going to use it for a down payment in the next, you know, two to three years at the latest, probably. Um,
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So, yeah, I would if it's not more than five years, if it was more than five years, I would invest. But you guys are in a position and you may even pull the trigger faster, you know, if you see a great house, because the sooner you get in the market, honestly, the better it's going to be. And you guys will have a great down payment.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So I would just put it in a high yield savings and just let it be there. Yeah.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
It'll say high-yield. So high-yield savings, a money market account, it will say it. And this is not a plug. It's just what we use. We use Ally Bank. Usually an online bank is going to be better for high-yield savings. You're going to probably get a little bit of a better rate of return.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
versus a brick and mortar standard bank so we we have our checking with a kind of a local bank uh that has brick and mortar and then we have an online high yield savings we just have it through ally i know there's a couple of companies that are out there but you can even just google and honest and and i don't know there's there's a lot out there just make sure that there's no because some some banks you know if they're online you know we'll charge you like weird fees and like so kind of look into the fine print and just you know get a great option but something like ally is totally fine
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. And have you guys run out numbers? Because that's going to leave you, you know, 1.2 left in retirement. And have you guys run numbers on that or how long you're going to be working, just making sure that you guys are in a good spot long-term?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
It's not happening. The family money dynamic, you want to wade in carefully, especially as an in-law. And my in-laws are so wonderful. They are very open with us. And every other year, we get together as a family. And his dad has even said to the in-laws, I want your thoughts and opinions. I mean, they're very kind in that way. But I still... and very aware I'm not their kid.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, for sure. And you know what, Kevin? I would sit down with a SmartVestor Pro because I would want to make sure that what you're pulling out principle-wise, which avenue is better through like the Roths or a 401k, if that's a better play, or just any standard mutual funds you guys have. Because some of these gains on the pre-tax you're going to pay capital gains on some of that too.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And so there is a little bit of a strategic play that in the next, you know, 30 seconds, I'm not sure if I'm going to be able to answer that. So, so yeah, I mean, I think from a number standpoint, you're not being irresponsible at all. But that next step is yeah. How, how and which investments to take out of.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And I would talk to your financial planner to make sure you're doing that from a tax perspective, the wisest way. Yeah.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Like, like, like there's, you know what I mean? Like there's still a, and even like, I think even within the Ramseys, like they know everything. And again, mom and dad would love and appreciate and respect the opinions of the in-laws for sure.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
But there's still just that small level of just social awareness of like, okay, these are not my parents or, you know, I'm the in-law that I think is appropriate too. I don't know. Maybe people disagree with that, but I think there's a level of like when you are their kid and blood, um, There's a level of holding that they have that an in-law never will.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
$64,000. What is that? Will you break that out for me?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And where are you living right now, Brandy? Are you renting?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay, that's great. So you'll have $98,000 after the sale of this house. And average, you know, median days on the market right now is around 70 days or so. So hopefully in the next three to four months, your house will sell.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
um so it is this is short term in a sense but that 98 000 um from there i would direct you out because all your debt will be paid off at that point um yeah i'd like to get to baby step four i think i'd be able to do that with the sale of this home i think it's just the short term but i'm trying to figure
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yes, so that's how I was going to Okay, that's great Because Ken is right For the short term For the next I mean, make it a goal For the next six months To bring in an extra two grand a month And you can Because of the programming skills You know, at the beginning of this call, Brandi Just where my mind was going I almost was going to encourage you Even though you love your job A lot of us love things But we just don't make enough money to cover it
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I was going to encourage you to to maybe work somewhere else for two to three, four years just to get some really good financial gain under you. And then you can always go back to the nonprofit down the road. But but there is something to be said that, you know, because you're what you're giving up when you're doing those side hustles.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Is more hours of your time where you could be making that same amount in a shorter amount of time. Right. And so I mean, I don't know. I know you love your job and I'm sure it's an incredible nonprofit and and they do incredible work and people that work in nonprofits, you know, there's such great work there.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
But when you are a single mom with a list of disabilities, there's only so much you can do. I mean, you need to financially get in a spot where you're taken care of and you have money saved in the bank. You're working for a down payment on a home. I mean, there's some stuff there that's real. I mean, it's something to consider. I don't want to push you into it, but I would consider it.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
that it's obviously not a great relationship.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Or know somebody who knows somebody that needs it.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I mean, they are the toughest.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Oh, my gosh. I don't know how they do it. You guys are amazing. Well done, Brandi.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
No, it's probably not going well.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And I will say, though, too. Fairly. I will say, too. It depends on the day. That generation, the parents' generation, too, is a more private generation, right? You think about late boomers, even into the generation before them. So in her defense, they could just be very private people. I agree. That don't feel comfortable, regardless of whether they have a relationship or not.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, I think that, you know, the two biggest myths that I feel like over the past couple years, we keep seeing that people are still believing is, well, rates will just rates will go back down, they'll go back down, they'll go back down. I don't know if we'll ever see 2% again.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
time i mean i don't i mean it's just not i mean they're dropping skeleton i think i mean yeah so so again it's not like it's going to go from six to two in six months like it's just not so if you're ready you can always refinance if it does drop that drastically but it's it's probably not and the other thing is house prices are not going to take a nosedive you know that was a big thing for a while people thought like 2021 2022 like oh it's a bubble everything's going to pop certain markets will have you seen austin texas
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Well, Austin is an anomaly. That is true, yes.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
But they are correcting. It's a correction. There's a correction, but it's not going to drop.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
It's not going to go down. A million-dollar house isn't going to go to half a million. They're pretty much stabilizing for the most part. It's softening to a degree, but again, it's not crazy. It's not this bubble that's going to pop and you're going to get all these foreclosures like we saw in 2007, 2008. I'm going to predict a Trump bump.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Yes. Well, so much of this is perceived confidence, right? When people feel just good in general and they feel good about where the economy specifically is heading.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
And her reasons were good. To say.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, which would equal what?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
uh we don't we actually make uh these decisions together which is okay you threw me off when you said her debt well yeah yeah yeah yeah but you guys have like yeah it's different either way so we okay so we got 655 plus her 25 i'm trying to give rachel okay how much do you guys make a year kevin we make 130 kevin what the crap have y'all been doing i know
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
oh man just living just living wow yeah you know and normal and let me say that kevin i mean this this literally is america i'm like this is normal you're racking up you know credit card debts two brand new cars i mean this is this is uh this is it okay so what's gotten you to the point you said i'm sick of it what has what's kind of what's kind of brought what's brought it to a head that even caused you to call today
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If You Want to Build Wealth, Stop Acting Like Everyone Else
That'll do it. And how is your wife feeling right now?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
How much is your mortgage payment a month? $3,700. Okay. I mean, that's getting up to, what, 40% of your take-home pay?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. So here's what I do, Kevin. So this is going to be real quick. This is going to be very painful to implement. It's much easier for me to sell you all this. I would put the house on the market. I would sell it. This is way, way out of bounds. You have too much house. It's taking 40%. And then think about all these other payments. You guys are barely able to eat.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I'm like, this is taking up so much. So if I were you guys... I would sell the house. I would sell the cars. I would be working 80 hours a week, and I would clean this up. That's what I would do. I mean, would you get any equity from the home if you guys sold?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Because your income, the ratio of what you guys need to pay for rent and mortgage needs to be about half of where you're at because you're house poor. I'm like, you guys, you know, so I would cut up the credit cards tonight. You have to have, keep this...
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
feeling of i'm done i'm done i'm done i'm done and you you you have to get dead out of your life you have to stop and i would be selling everything in sight including those cars and get your head above water you guys have you know three to four year journey here but you you can do this uh hold on the line taylor's gonna pick up and we're gonna give you guys financial peace university which is our nine lesson course um and and you guys watch this together and just implement these steps it's gonna be hard but worth it this is the ramsey show
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Exceed the success so much more than you are.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah. What was her degree in?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
What did she get her degree in? Mass media?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Did she go out of state to a private college? Where did she go to school?
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If You Want to Build Wealth, Stop Acting Like Everyone Else
And how much is she making now?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay, so how much are you guys bringing in a month after taxes? Like what's hitting your paycheck right now? Or like what's hitting your bank account, you guys together?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Okay. Um, what are you doing for work?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Well, and she's not making... I mean.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, I mean, yeah, yeah, yeah.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Well, yours is $33,000 student loans, right? Oh, you got that? Yeah, and hers is $120,000.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Yeah, but is she making close to, what, $30,000? That's what I'm trying to understand.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
So, I mean, here's the fast track of it all, which you're probably not going to like. But if getting out of debt is your number one idea, you guys both have to make more money. And if this is her dream and what she wants to do, is she only on air for a certain amount of time? Like, what are her hours? Is she an early morning anchor or reporter, you said?
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
Well, that sounds good. I mean, like, I don't know if for a short term there's a shift and you go find something making $45,000, right? I mean, like, you're just like even $15,000 more with a side hustle, which I know crushes her dreams. And this is not to pick on your wife, River, or you. But, America, this is what we're talking about when we talk about student loans.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
She took out $120,000 in student loans to make $30,000 a year. Yeah.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
I mean, honestly. And so there is a... a lesson to be learned always. But for you guys, I mean, you're in it now, so obviously you can't go backwards. So, I mean, if I were her, I'm like, you know what, I'm going to do anything for two to three years to get this cleaned up.
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If You Want to Build Wealth, Stop Acting Like Everyone Else
That's the ladder. But that takes time and there are limited positions.
The Ramsey Show
If You Want to Build Wealth, Stop Acting Like Everyone Else
And I would go, I mean, I could be wrong too, but I feel like that's a hard industry to have any level of freelance. You may be better waiting tables from seven to ten at night. You know what I mean? Like, yeah, yeah, yeah. So it's the income problem, River, for you guys. I mean, you just have to up your income.
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Stop Letting Other People's Problems Ruin Your Finances
All right, Dave, you have some strong opinions. Possibly, yeah. Yeah, I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up, and we got an account. And I'm like, Kenny, it took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings, and it says Fairwinds on my phone.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So I answered it and talked to someone there, and they said, yeah, they give – calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
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Stop Letting Other People's Problems Ruin Your Finances
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
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Stop Letting Other People's Problems Ruin Your Finances
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
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Money Is a Tool To Create a Life You Love
And to break that cycle is so, so difficult. And as Dr. John Deloney says, who works with so many people in this area, says that it's rare to have someone actually break it. So when you do, it is a... Something to be celebrated. It's an applause. I mean, it really is, Sarah. So, I mean, I just commend you for that. I know that was 12 years ago, but that's incredible. Absolutely incredible.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, George, when we think about part of the baby steps and what she said, I loved because, yeah, it's baby step. You know, they're past baby step two. They're moving on for that fully funded emergency fund and so forth. And there is something so freeing from the sense of. Yes, the dollars and cents are there, right? We're being wise with our actual tactical money. That's very important.
The Ramsey Show
Money Is a Tool To Create a Life You Love
But it's so much bigger than that. It is like the place where money sits in our lives, the value of which we give it. And when you are out of debt, you have that emergency fund. You don't have to be obsessed with it. You don't have to stress about it because you're setting yourself up so well. And what that speaks to your kids and a household is everything.
The Ramsey Show
Money Is a Tool To Create a Life You Love
To me, that's part of changing the family tree. It's not just... from a monetary standpoint, but from an emotional standpoint, that money doesn't have to be a stress point in our lives because we have control over it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Totally. Yeah. Yeah. And as parents, you know, whatever you can do, you know, we always say more is caught than taught. But from, again, that standpoint of money, we're going to get in control of our money because, yes, from a monetary standpoint, we need to know where our money's going. We want to be debt free. We want to start investing and letting the math work for us, like all of that.
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Money Is a Tool To Create a Life You Love
But more importantly, realizing that money's a tool. It is a tool to create a life that you love. That's what it is. It is not good. It is not bad. It doesn't have morals. And so how can that lesson and where money is placed in your life and in your heart and your identity, what your kids see, that speaks louder than words. This is The Ramsey Show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Investing can be one of the areas of money that can be very overwhelming and confusing and it's not something that you're going to just know everything about that world in a 60 second Instagram reel. And so if you really want to dive in to understand how to do this part of your money well, how to invest well,
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And how to make sure that you don't make any mistakes when it comes to this, because that can be very costly. Make sure to check out our Investing Essentials virtual event. And it's going to teach you everything you need to know on how to get started with investing and how to maximize your investments. So it's happening March 4th and 5th. Tickets start at $199.
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Money Is a Tool To Create a Life You Love
And it's hosted by Dave Ramsey and George Camel.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And you guys have done this event before and it sold so well and people loved it because you guys are really diving into the tactical side of investing and like, hey, what does this really look like? And it's everything from stocks and mutual funds to retirement to real estate and all the areas of it.
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Money Is a Tool To Create a Life You Love
Kind of like a comeback. So get your tickets today at ramseysolutions.com slash events or click the link in the show notes if you're listening on podcasts or YouTube. All right, let's go to the phones. And we have Zach in Albany, New York. Hi, Zach. Welcome to the show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
All right. So tell me about the car. What car do you want to replace?
The Ramsey Show
Money Is a Tool To Create a Life You Love
OK, so it's more of a more of a convenience upgrade, if you will, not that the car is falling apart and we have to replace it. So not urgent, but more just out of like, yeah, the convenience of stupid question.
The Ramsey Show
Money Is a Tool To Create a Life You Love
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 experiences. I am Rachel Cruz hosting this hour with my good friend and best-selling author, George Camel, and co-host of the Smart Money Happy Hour. That's right. We do another podcast together. And so we are here to answer your questions.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Okay. How much is in there? Priorities have shifted. Yeah, how much is in the brokerage account?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yes, I mean, so yeah, either way, Zach, let me say this. Routes A or B would work, okay? So I always like to find, I don't know, road C. Like, is there like a third option in there that feels good to both of you? Meaning you're running the numbers in the math. You're seeing, oh my gosh, if we put 80 grand towards this house, you know, you're putting it towards the principal.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Like you're not gonna, like you're seeing the math, like really, you know, it's on your side majorly in that way, Zach. So that totally makes sense. So I'm just wondering if, you know, you guys don't have a second kid. And I think what you both need to say, because you haven't really said it on this call.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And I think I just need to hear it from you that you guys do not need this car, that people function with two babies and Camrys all the time. And is it squished? Absolutely. But like you guys would be OK. Can we just can we say that out loud?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Totally. No, no, I hear you. And the car is not bad. Getting a Yukon is not bad, Zach, at all. But I want to make sure because this is where lifestyle creep... a little bit starts to play in. And I think if you both said, yes, we do not need this. Like, we would be fine. We could have two babies in the car that we have now. It's a small SUV. We would be fine. But I would love a great SUV.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Like, that's what I would love. I would love it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
But I want her and I want you guys to be on the same page of why you're buying it. Because I don't want her to be like, no, no, no. It's like... I have to have this. Everything is just too small and I can't do it. Because if that starts to be the mindset, what's going to end up happening, again, it's lifestyle creep. Your life just starts, you spend more and more and more and more.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And what we need versus what we want starts to really blur. So I think I would feel better if I knew, Zach, that both of you were like, yes, we do not need this car. We would like this car. Listen, Zach, I have a minivan. I would love a Yukon. I get it. I would want one. I don't need one, but I would want one.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, you guys are going to be fine, especially because of your income, right? If you guys were making $100,000, I would slow all of this way down. And say you're buying too much car. But you guys make $300,000. Okay, I want my question answered, Zach. Do you think your wife, would she emotionally say, yes, this is a complete want, it's not like a need, like we absolutely have to have it?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Totally. No, I hear you. Yes. You're, you're a great husband, Zach. So, yeah, I would move forward. I would buy it. And, again, especially since you guys for sure are having to. And from an income standpoint, what you guys have left on the mortgage and all of it, I think, yeah, I think you guys will be in a great position.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I will say, babies can make everything very emotional, though. So I'm glad that Zach's sticking to the facts and the numbers, and the numbers look great. So present permission to spin, Zach.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Bare minimum. And congrats, Zach. We are excited for you.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Today's question of the day is brought to you by WhyRefi. If you are struggling with defaulted private student loans, WhyRefi offers a great solution to get you back on track. For a low fixed rate and more flexibility, go to WhyRefi.com slash Ramsey today. That is the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
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Money Is a Tool To Create a Life You Love
Yes, and not mention it. And the way that you're, when you said, you know, we've followed the principles for years, I'm assuming that means you guys are on the same page. You're talking about money. I mean, there's some couples that, you know, they don't know what the other one's doing. But if you are following a level of Ramsey, then that means you are...
The Ramsey Show
Money Is a Tool To Create a Life You Love
you know connected and you're talking about money so the fact that he didn't bring it up that feels that feels very off to me very off yeah and the fact he opened up credit cards in your kids names well i'm guessing he it's in his name they got cards with their names on it as authorized users Yeah, because if you take out a line of credit for a child, right?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah. Well, what we've heard too is people calling the show saying, yeah, my parents took out debt in my name to build up a good credit score. And then they ended up- Destroyed my credit. Yeah, destroyed the credit because they couldn't handle it. And so you're just like, oh, it's, yeah. And it gets to be a fine line too of identity theft. I'm like, if you're, you know what I mean?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Like, it's kind of to a point of like- There was no consent here. I mean, yeah, so it's... I don't like it. I don't like playing the game. And so, yeah, but a lot of... It is a TikTok trend.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yes, there's so much more freedom, you guys, when you're chasing the credit score. You can live life without a credit score. You can do everything you just said without a credit score. It is possible. You can even get a house through manual underwriting without a credit score. And so, yeah, I think like you said, it's good intentions. I'm going in saying I'm trying to set my kids up.
The Ramsey Show
Money Is a Tool To Create a Life You Love
But you're falling right into the system that gets so many people, millions of people stuck. and in that wheel of debt. And it's like, it's not worth it. It's not worth playing the game. And then let alone having any level of risk for another human being of their financial wellbeing, that if you screw this up, it doesn't just hurt you. It's hurting your kids then at that point.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Well, because, yeah, you got three kids. So you're going to be going, you know, you're going to go to the pediatrician during the winter. Yes.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Good to go. All right. Let's go to Holly in San Antonio. Hey, Holly. Welcome to the show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
,,,,,,,. P P P P P P G實實 , , , , , , , , , , , , , , , , , , ac a
The Ramsey Show
Money Is a Tool To Create a Life You Love
,,,,,,,. P P P P P P G實 ac , , , , , , , , , , , , , , , , , , , , , ac a The fourth way to literally buy happiness is to buy experiences with the people you love. So that can be a great dinner out, that can be a vacation. So I'm saying, oh, and then the fifth thing that does not buy happiness is buying stuff. You get a temporary hit and then no long-term happiness through that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So you are doing this very wisely. And this is something that you, we always say you wanna give, you wanna save, you wanna spend, and this is your spend. And I want you to spend it in this way because I think it's gonna be such a fun week for you and your family. And yes, you have our full permission. And you have my permission to upgrade you and your wife to first class. So just take that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
No, because then you're buying stuff, George. He's not going to get happiness doing that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Jeff, this is going to be so fun. And, you know, I'm kind of messing with you. But honestly, one of the most powerful financial principles is contentment. And Jeff, you just sound like such a content guy. Like your priorities are so in line. And when you live like no one else, we always say you get to live and give like no one else.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And Jeff, they're going to be living like no one else in the Caribbean with a paid for vacation, making great money. And I mean, and just doing it. It's awesome.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And it's $9,000, right? It's not $29,000 or something. We're not talking about that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Jeff, I really am. I'm so excited for you and your family. Enjoy that Caribbean vacation. It's going to be so fun.
The Ramsey Show
Money Is a Tool To Create a Life You Love
There's a time in your life and at the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on. Churchill Mortgage.
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Money Is a Tool To Create a Life You Love
Churchill is Ramsey Trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense.
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Money Is a Tool To Create a Life You Love
Now it's extra money in your pocket and an asset towards turning you into a Baby Steps millionaire. So get started on the American dream of home ownership today at churchillmortgage.com. That's churchillmortgage.com.
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Money Is a Tool To Create a Life You Love
Well, if you are a business owner or you know someone who is, you know that running a business is hard. It's a lot of work. A lot of energy goes into that. And as you look back at the challenges that you face when it comes to building a business the right way,
The Ramsey Show
Money Is a Tool To Create a Life You Love
Dave Ramsey really kind of took a moment and said, yeah, I've been through this journey and I want to put some of these principles and what I've learned about building a business into a book. And so he has a new book out called Build a Business You Love. You can preorder it now for $29.99 and get over $315 of free bonus items. Heck yeah.
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Money Is a Tool To Create a Life You Love
My gosh, which is early access to the e-book, an enhanced audio book, and instant access to the Entree Leadership Hiring Playbook. So you can order today at ramseysolutions.com. Or if you're watching on YouTube or listening on podcasts, we'll put the link down in the description. All right, let's go to Claire in San Diego. Hi, Claire. Welcome to the show. Hi, guys. Thank you for having me on.
The Ramsey Show
Money Is a Tool To Create a Life You Love
All right. It's a, yeah, it's a great, it's a great question. Do you, this 70,000, was it, do you feel like he hid that in any way and it's just come out recently? Or was it a sense that you guys just kind of started talking about the subject and he just happened to say, oh yeah, and I'm, yeah, yeah, I'm dead. 70,000 worth.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Like, was it more just, was it more secretive or was it, no, we just ended up talking about the subject and then he told me.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Um, so yeah, I mean, I always, you know, I always think when it comes to relationships and debt, it's not always the debt that scares me. I mean, if you guys ended up going long-term, yeah, you would be helping pay the 70 grand off for sure. If you guys got married. Um, but again, the debt it's, I mean, couples have tackled more than that, you know, coming into a relationship.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I would not, not marry someone because of that personally, but it's more of the value system. Kind of what you were speaking about earlier, um,
The Ramsey Show
Money Is a Tool To Create a Life You Love
um that can raise some red flags so i'm trying to get claire from you because knowing that opposites attract and that is so normal okay so winston would probably describe me the way you describe town that she likes to shop and she likes to spend money and winston would save till the day is long and that's all we know um and and so so there's going to be savers there's going to be spenders there's going to be that the person in the relationship that
The Ramsey Show
Money Is a Tool To Create a Life You Love
loves knowing every single number of everything. And they have Excel sheets and they have the EveryDollar app. I mean, they're doing everything possible where the other one's like, oh yeah, we're on track. We're good. I don't need to know every single little detail. That's the free spirit. So there is going to be a give and take and a personality tendency with money.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So give us a call at 888-825-5225, and we'll be talking about your life and your money. So kicking us off this hour is Marissa in St. Louis. Hey, Marissa, welcome to the show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I'm trying to get a check from you. Is it just a different tendency and he just spends because he probably is more of a spender? Or do you feel like... No, it's bigger than that. There's a problem. There's an issue here. And that's what I'm trying to gauge from you. What do you think?
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I think some questions I would ask is, is that value standpoint that you don't want to be having someone that's going into debt to do these things, right? That you want the baselines covered and that's... you know, a level of wisdom and, and, you know, being out of debt, having an emergency fund, having savings, like all of that, that is wisdom. And we want all of those first and foremost.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And then if there's some extra that, yeah, we can spend on top of that, but making sure with him, like, Hey, is living with debt in that lifestyle, you know, what does that look like for you? What's that value system?
The Ramsey Show
Money Is a Tool To Create a Life You Love
And if he really is like, oh yeah, I don't want to, you know, I want to be able to get out and I don't want to live with credit cards and debt and all of that, then that's a checkpoint, right? It's like, okay, that's good. And then you can even ask him, because all spenders, I think,
The Ramsey Show
Money Is a Tool To Create a Life You Love
understanding our motivation, or I would say savers too, understanding the motivation of why you do things gets to the heart of it. And so the motivation in that, and for spenders, sometimes the motivation is fine. And it's like, yeah, it's just kind of a thing I wanted. I saved up, I have the cash for it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I'm not under some illusion that this purchase is somehow going to make me happy for the rest of my life. I'm not bought into this illusion of marketing and all of that. I just wanted the thing and it's great. But then sometimes, Claire, you know, as a spender and I can speak for myself, I ask my question a lot of, OK, Rachel, why are you buying this?
The Ramsey Show
Money Is a Tool To Create a Life You Love
And if I can be as honest as possible, it's like I'm kind of bored and I want some excitement and that's why I'm doing it. Or I always ask myself, if nobody sees this purchase, do I still want it? How much of my motivation of having and buying something is for other people and not even myself? Right. So getting to more the heart of the why behind it, I think.
The Ramsey Show
Money Is a Tool To Create a Life You Love
may help you see either, oh yeah, that gives me some peace. If you can have some level of awareness of why, because the way we spend our money always is gonna tell a story about ourselves, right? So understanding that, or maybe Claire, you find out some things and you're like, That feels like a slippery slope, right? So I think through some of those conversations will be interesting.
The Ramsey Show
Money Is a Tool To Create a Life You Love
But I will say for you, it's going to be a little bit difficult. So give him some grace because you are coming from, like you said, you're a saver. You're raised by savers. And you're like, I don't even know what this alien, which is a spender, looks like. Like, how do they function? And are they okay? I mean, so give him some grace there.
The Ramsey Show
Money Is a Tool To Create a Life You Love
But I think have some discernment around it, I think is important.
The Ramsey Show
Money Is a Tool To Create a Life You Love
But the second one's just a toy. I mean, again, I'm not trying to defend him by any means, because again, it could just be a mess, Claire, and you may be like, oh my gosh. But you know, like you said, he may be just doing what he has seen and doesn't know a difference.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So then another, you know, bucket I would put, not to vilify his family by any means, but to be like, hey, what are things that your family does with money that you like? And what are things that you don't like? You know, and ask him open-ended questions. And then seek his humility. Is he willing to learn and do something different?
The Ramsey Show
Money Is a Tool To Create a Life You Love
If he's stubborn in something in a way, you know, again, that's more of the yellow-red flag. So there's some digging there. But just because he's a spender, Claire.
The Ramsey Show
Money Is a Tool To Create a Life You Love
She is. You are worth it, Claire. This is The Ramsey Show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Going to the phones, we have Paul in Washington, D.C. Hey, Paul. Welcome to the show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Amazing. Yes, absolutely. Well, thanks for doing it. Thanks for being a listener. How can we help?
The Ramsey Show
Money Is a Tool To Create a Life You Love
This is crazy, Paul. Why would they do that? Like, I don't understand why they wouldn't just open it up in the child's name and then hand you guys over the account. Why do they want control over that?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah. I mean, no, your line of thinking is spot on. Again, I go back to... It's so interesting to me that they want... that level of control because you can open up a 529 in a child's name and you give all the rights to the parents and then the parents just handle the account over there, right? I mean, like that does happen. Family members do that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I don't understand why they still want control over it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
No, well, yeah, I mean, it's so, you know, it's, Paul, gosh, the strings attached element, that's what I'm trying to get at, is the element when it comes to families and giving gifts, right? We talk to a lot of people on the show and there's a fine line between enabling. Some people call and they're like, oh my gosh, my sister still needs money because she can't hold a job.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Am I enabling her or am I helping her? You know, like that's a conversation. But when it's over here with just a gift and they say, yeah, we just, we want to be able to help our nephew. The healthiest way to do that is no strings attached, that I am giving this to you. I don't need control over that anymore because it's a gift. It is now yours.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And because it's in your child's name, you as the parent should be responsible for that, right? So you're knee-jerking this, and you're exactly right. That gets very messy, especially if they are wanting a say over how he's going to use it when he's 18.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Okay, you wouldn't have a conversation, George.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, I would sit down and have the conversation, Paul. I would, and just say, hey, yeah, this, it just, it's, I, and put it on you, right? It's not, oh, well, you're doing this. I don't feel comfortable as Paul the dad. Yeah, I don't feel 100% comfortable because I don't know what the next 18 years is going to look like for my child.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And I just want to be able to know that, number one, college is funded and that as parents, we're going to be able to do that and we're going to do that on the side. And depending on what he wants to do with that money, I want us as a family unit to to be able to make those decisions together and not involve you guys in all of them. And so that's really what we're setting up for our family.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Thank you so much for the offer. If you guys want to continue to put money in there or it just sits over there, that's totally fine. And maybe at 18, he may use it. He also may not. I don't want to... tie my son to this either.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So if you guys emotionally are great with it, have an empty hand and say exactly what George said that, you know, and if he doesn't end up using in this account, you can actually move actually $35,000 over to a Roth IRA. There's an option there or move it to another child in the family. That's an option. But I want all of this just to be said out loud as we start this.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And that's what we're feeling and thinking. But thank you so much. I mean, that's so kind of you guys to even offer. But yeah, but I'm not 100% comfortable with every element of that deal.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, there could be a hundred percent. Yeah. I mean, we get.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I mean, yeah. And especially a 529 because it's it's for education. It's not like it's this big trust fund and it's like, hey, I want to make sure the 18 year old is like semi mature before they get this money. But from a character standpoint. It can only be used for education. So I'm like, I don't know. There's not much you can like screw up there.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Unless Paul's, you know, I'm kidding, Paul. I was going to say, unless the brother is like, oh.
The Ramsey Show
Money Is a Tool To Create a Life You Love
We should start a new show, the Family Conflict Show. Hey, Paul, we got your brother online.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You did all the hard work. Yeah, you did it. So yeah, for sure. Wait a year so you don't have to pay that 10%. But then I would take it out and invest in, like George said, kind of that seven-year mark. It's always just an easy math, Holly, too, if you're like, okay. Because if you pulled out and put in a mutual fund... You know, you're going to get, you know, fifty five grand or so.
The Ramsey Show
Money Is a Tool To Create a Life You Love
All right, let's go to Savannah, Georgia, and we've got Blake on the line. Hi, Blake. Welcome to the show. Yeah.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Well, let me first just say, I would not be embarrassed by that amount. I think that you're doing hard work, and you guys are just shifting what life has looked like. I mean, up until this point, yeah, you guys were living one life. You're coming back and doing something else, right? And so that does not speak to who you are as a person, and so much in our world, our
The Ramsey Show
Money Is a Tool To Create a Life You Love
You know, just way more than you have in the annuity. Yeah. Tons. I mean, it's crazy.
The Ramsey Show
Money Is a Tool To Create a Life You Love
salaries and our income and our net worth becomes our self-worth right that is such an american mindset and so i understand it can it feels defeating um because you're like i'm working really hard and i feel like i'm not making enough to support my family so all of that that tension i'm so glad to hear because also like we get calls on the show and they're like my husband won't go to work and we're we don't have enough to make ends meet you know and you're like they won't swallow their pride yeah they won't swallow their pride and just do what you're doing so like
The Ramsey Show
Money Is a Tool To Create a Life You Love
There's so much upside for you, Blake, even from just the attitude of how you're approaching all of this. So just hear us say that first and foremost. And who you are in your character, honestly, is what takes you far in life. It's usually not a college degree in which you got your degree in, quote unquote, because half the people don't even use their degree.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And so, yeah, so I think there's a lot of upside. So I'm curious, Blake, for you, you know, you're 34. Like, what would you want to be doing at 40? Like, what is a job? What is a career path? What is a line of work that gets you excited?
The Ramsey Show
Money Is a Tool To Create a Life You Love
And it's because of the fear elements that people are. I mean, and especially after an election year when they house a mark, when the housing market even feels like, oh, my gosh, it just everything just feels big and scary out there. And it feels safer to put your money in something like an annuity because you don't have the risk of everything.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah. Have you guys, you said you did your every dollar budget. I'm curious, how much does it take to run your household each month?
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I'm curious, Blake, is there anything in the area that for the meantime, that instead of trying to pair, because you could, you could pair two or three side hustles together. It's just going to be exhausting. And that's not sustainable long term. So I'm just wondering from your primary income, is there anything out there that's paying, you know, because right now you're making what, 27?
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I'm wondering, you know, anything working at Walmart, you're going to make more than that. I mean, but is there anything in your area that, yeah, that you're able to make $40,000, $50,000?
The Ramsey Show
Money Is a Tool To Create a Life You Love
But yet your money's just, it's not making the return it could.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, and I'm even wondering if there's people in your area that, yeah, because Ken Coleman talks about this a lot, that so much of our work and getting that next step or that next job is more about the people you know. It's not about the application. And so, yeah, in your realm of people.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, if there's a business owner and they need admin work, right? I mean, like anything like that or even some remote jobs, Blake, which might drive you nuts being in the house. I'll tell you, I don't know, because you're probably an active guy. But yeah, if there's anything within your community, I think that's going to be your best bet, Blake, between now and the next year.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Instead of putting together, which you can, and you're going to have to do something soon because you can't be in the red for long.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I was going to say, they make a lot, right? The financial.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Okay, that's great. You guys are making progress. Okay. Yeah, that's great. I mean, yeah, in between now and March, I probably would be doing some side hustle stuff. And if there's anything that you can do that goes straight to the consumer, we always find that you're going to make more doing that. So even if that's tutoring, you said that you're a substitute teacher.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So if you can even tutor, doing something like that for the meantime, but looking for that main income to go up is going to be the key and kind of getting you on that right path. We're going to give you, yeah, Ken Coleman's career assessment. So Make sure to do that, Blake.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And if anyone else is new like Blake and you want to know where you are with the Baby Steps, make sure to go and check your progress and receive a personalized plan. And you can click the link in the show notes, which is titled, Are You On Track With The Baby Steps? And complete that quiz. And this hour is up, George. And we'll see all of you guys live on radio and in the Ramsey app coming next.
The Ramsey Show
Money Is a Tool To Create a Life You Love
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
Money Is a Tool To Create a Life You Love
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
Money Is a Tool To Create a Life You Love
Welcome back. Going to the phones. We have Sarah in Riverside, California. Hi, Sarah. Welcome to the show. Hi, thank you for having me. Absolutely. How can we help?
The Ramsey Show
Money Is a Tool To Create a Life You Love
So this guilt, Sarah, I'm just double checking that the facts are correct. You didn't use this money immorally. It was more of a conviction that you personally had with it because of who it came from. And you just, the thought of using it just feels gross and you had to use it at one point. But from a legal standpoint, you used it exactly how anyone else would use it, right?
The Ramsey Show
Money Is a Tool To Create a Life You Love
To help run the household because you're taking care of a child and that other parent is helping with that, correct? Correct. Exactly. Yeah.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Oh, congratulations. So exciting. Thank you. Are you guys relatively healthy people, would you say? For the most part, yes.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, how much is in that account? In the account right now is... $2,000 and I used four of it. Four of it. And what are you going to do with it eventually? Are you going to give it to him when he's 18? Or help pay for a car when he's 16? Or college? Or what do you think?
The Ramsey Show
Money Is a Tool To Create a Life You Love
emotionally mature enough to be there yet sure okay um so what i'll speak to i'll speak to the money side of it sarah from the sense that no this is not a debt that you need to pay i mean you're you use the money essentially how the system works and you know you use it exactly appropriately and i know that doesn't sit well with you because of who it's coming from and that
The Ramsey Show
Money Is a Tool To Create a Life You Love
That totally makes sense to me. But I think kind of the quote-unquote debt going forward, which is not a debt, but is to say, okay, how can we best set up my son to have a life where he, from a financial standpoint, understands money, doesn't have to walk through this debt-free journey, and we're setting him up in order to do that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And that looks like things like maybe college or helping with his first car, whatever that may look like for you guys and for me. I wouldn't hold on to that emotional $4,000 anymore because I think you need to release that. But I think going forward, the motivation now is to pass a great legacy onto your son, regardless of $4,000 or not.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So I totally understand how that can feel like, oh my gosh, we use this money and it feels so gross and I hate it because he's a terrible person. Um, but on, but you know, you, you guys were in a pinch at the time and that's what that money's for is to help take care of your son. And that's what you guys did.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah. And Sarah, too, you know, give yourself a little bit of grace. You know, if this was a $60,000...
The Ramsey Show
Money Is a Tool To Create a Life You Love
you know thing or something and you're like oh my gosh she was supposed to use it for a down payment on a house or you know what I mean like a mag like I feel like like a like a lot of this magnitude and weight from a dollar standpoint I feel like we could go at it a different way because I could see you know the more money it is the more weight it feels right so um yeah so with this four thousand yeah I I want you I want you to release it for you Sarah again it's not about the dollars at that point to me it's it's that emotional attachment that's still there to him and
The Ramsey Show
Money Is a Tool To Create a Life You Love
And I want that. I want that release from you, you know, so whatever that looks like.
The Ramsey Show
Money Is a Tool To Create a Life You Love
OK, OK. Yeah, because I feel like for me, George, that's kind of how we've decided it overall of like health of the family.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And my husband stepped up in more ways than I could ever even pray for. Well, and give yourself to so much credit, Sarah, because we talked to so many people on this show and women specifically that are in a situation and they don't feel like there's a way out. And whether from its financial type abuse where a husband's withholding and not allowing.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I mean, that's kind of the way we've we've dictated it. I mean, I don't know.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yes, to physical, emotional. I mean, you can fill in the gaps.
The Ramsey Show
Your Future Self Deserves Better Choices Today
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Your Future Self Deserves Better Choices Today
CHM is affordable, aligns with your values, and gives you more options for your health care. And you can join at any time, including open enrollment. Find out more and join today at chministries.org budget. That's chministries.org budget.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yeah, and what's so hard is I feel like one of those, especially the ones that I'm like, oh, it's terrible, are people that call in and their spouse has passed away suddenly, and they don't have life insurance. When you have to think through how am I going to pay my bills in the middle of all that grief, it's terrible.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So life insurance is the one thing, especially as a mom with three little kids that I'm so big on for people to get because it's inexpensive. Zander is the place that Winston and I actually get all of our life insurance.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
All right, Dave, you have some strong opinions. Possibly, yeah. I think so. Okay, because you really prefer credit unions over big banks. So why is that?
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. The step-by-step approach was unbelievable. And then the next day, my phone rings and it says Fairwinds on my phone.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
So I answered it and talked to someone there and they said, yeah, they give... calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
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 Time To Cut Debt out of Your Life!
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 Time To Cut Debt out of Your Life!
Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance. Christian Healthcare Ministries.
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It’s Time To Cut Debt out of Your Life!
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It’s Time To Cut Debt out of Your Life!
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The Ramsey Show
It’s Time To Cut Debt out of Your Life!
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It’s Time To Cut Debt out of Your Life!
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It’s Time To Cut Debt out of Your Life!
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The Ramsey Show
Your Debt Should Make You Uncomfortable
And Hannah, you could use that $1,000 if something came up that you weren't expecting. Because that's kind of how we qualify an emergency. It's when it's urgent and it's unexpected. So something comes up and you're like, I have to do it now, right? It's not like a... Something comes up and I could fix it in six months, right? That wouldn't be the emergency fund.
The Ramsey Show
Your Debt Should Make You Uncomfortable
This is like, oh, this has to happen today. And also, Hannah, in your checking account, we always say to have a buffer in that as well so that you're not, you know, There may be enough of a buffer and you're checking out to cover some small expenses that come up because you're going to have a miscellaneous category in your budget, ideally.
The Ramsey Show
Your Debt Should Make You Uncomfortable
So there will be things that come up throughout the month that you don't expect. But ideally, it's coming out of the budget there. You're not having to touch the emergency fund. The emergency fund is only when it's kind of big expenses related.
The Ramsey Show
Your Debt Should Make You Uncomfortable
um that you're like oh gosh a couple hundred bucks and it's you know we may have to dip into that but i always like having a cushion jade in my checking and depending on where you are in the baby steps you know if you're in baby step one through three you know maybe a couple hundred bucks in there as padding um and maybe you bump that up more as you get into baby steps four five six and seven but i do hannah want you to have a buffer in your checking that's
The Ramsey Show
Your Debt Should Make You Uncomfortable
not emergency fund driven or savings driven, but it's more lifestyle driven, if you will, just so that you don't go into the red and you're checking. So I hope that helps. Thanks for the call. We have two more segments coming up this hour. Give us a call at 888-825-5225. I'm Rachel Cruz hosting with Jade Warshaw, and we'll be back.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Really the best way to make the most of your money is by sticking to a budget, creating a budget and sticking to it. I mean, it's probably the most powerful tool from a tactical standpoint when this comes to gaining control of your money, knowing where your income's going, knowing where margin is so that you can pay off debt and save and all of it. There's just something proactive
The Ramsey Show
Your Debt Should Make You Uncomfortable
about telling your income what to do and if you've not downloaded every dollar make sure to check that out this is our budgeting app and you can actually download it for free create your first budget and really get in this habit and this rhythm of your life of budgeting and do and do this regardless of where you are financially those of you you know like the last caller who's working to save up a thousand dollars all the way to those of you on baby step seven that the house is paid for everything's done
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Your Debt Should Make You Uncomfortable
tracking your monthly expenses is so important because it just gives you this gauge of where your where your money's going financially and it just gives you a sense of control there's so much in life that we can't control so when you can't find these things that you can actually get in a rhythm and be proactive with that is your income and that is a budget so download every dollar for free in the app store or google play or you can click the link in the description if you're watching or listening on youtube or podcast we'll put a link down there but go and
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Your Debt Should Make You Uncomfortable
Download EveryDollar. All right, going to the phones. We have Austin in Nashville. Hey, Austin, welcome to the show.
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Your Debt Should Make You Uncomfortable
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 Rachel Cruz, hosting this hour with my good friend and best-selling author, Jade Warshaw, and we are taking your calls, America, about your life and your money. So give us a call at 888-825-5225.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah, for sure. How many more years do you have left, Nick? How many more semesters?
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Your Debt Should Make You Uncomfortable
Oh, OK. OK, I gotcha. Yeah. And honestly, Nick, in that state, when you're in something like college and you are cash flowing out, which is so great, I still would recommend not even investing really at that point because just having liquid cash in case something happens, it's always a smart idea. And even after college, right, you graduate college and if you move,
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay, I mean, I would, Austin. Honestly, like, you're in a great position. No kids? Seasonally, just to, like... All the way. I mean, like I would tell them I will work as many hours as you will give me. And then another thing to think about is the ratio of car debt to your income. It's right on the line.
The Ramsey Show
Your Debt Should Make You Uncomfortable
We always say we want to know more than 50 percent of your annual take home pay or your annual income. And and so that, you know, you're 35 is kind of what you're projected at right now. And 14. Yeah, you're just kind of on that line. And I think it's one of those questions, even though you are upside down on it.
The Ramsey Show
Your Debt Should Make You Uncomfortable
I probably, in your case, would just pay it off, but always be thinking through with debt, what is worth it? Because you want to, you know, calculate how many hours and how much money it's going to take to pay this car off versus if you're like, you know what, it's worth, is it nine private sale or nine to a dealership for a trade in? Did you look online? Um,
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Your Debt Should Make You Uncomfortable
nine private okay i mean yeah at that point you're probably break even but um but just yeah in the future it's just a good uh mental exercise even for people listening or watching especially with car debt to say okay how many how many hours extra am i gonna have to work to keep this car versus if i sold it took out a loan for the difference uh maybe a couple thousand more just to buy a beater
The Ramsey Show
Your Debt Should Make You Uncomfortable
And how significantly you'll get out so much faster. But again, Austin, in your case, it's kind of a break even from that point. So yeah, I would just be working extra. And then at the same time, Austin, be looking for a full-time job of something that you want. And you're in a great, I don't know, I think FedEx, UPS, a lot of those places, it's great employment.
The Ramsey Show
Your Debt Should Make You Uncomfortable
So if you are there for longer than maybe you're expecting, I think that's okay. But also know your next...
The Ramsey Show
Your Debt Should Make You Uncomfortable
um to take a job somewhere moving expenses and moving costs like there's just a lot of reasons to have money liquid at your age and then once you graduate you get settled you get your first job then you can really dive into investing and at that point for you you'll be at 15 automatically which is so great for some people they have to wait a few years to start investing so um so i wouldn't i honestly wouldn't rush into it and i think um
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Your Debt Should Make You Uncomfortable
Yeah, where are you graduating from Austin? Is it an online school or-
The Ramsey Show
Your Debt Should Make You Uncomfortable
Oh, okay. Okay. Gotcha. Yeah. Well, I hope that helps, Austin, just in the sense of just some encouragement that you're in a great line of work with FedEx right now from a seasonal perspective. So take advantage of that over time.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Um, and, and, and this plan hopefully will lower that stress and Jade's right to map out a specific timeline of, okay, you know, September of next year, where am I going to be? Um, if I, if I start paying this stuff off and I would pay the credit card off like.
The Ramsey Show
Your Debt Should Make You Uncomfortable
I mean, yeah, I mean like it's 500 bucks too. And we talk to people, Austin, all the time. Yeah, all the time who are doing extra side gigs. And Jade, when we talk about this on the EveryDollar webinars and we ask them like, hey, how much, what do you do for a side gig, a side hustle? And how much are you making? Some of them are making $2,000, right? I mean, just for extra side hustles.
The Ramsey Show
Your Debt Should Make You Uncomfortable
So there is ways to get this thing paid off in six months. It's very, very doable, Austin. So I think that will really propel you into some motivation to pay this off.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And for all of you graduating, you know, now we're in May, live like a broke college student until this debt's paid off.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Keep that lifestyle. Because I think the problem is, is when you get your first job and you're getting a salary, you know, this career, you're thinking, oh my gosh, I'm a grown up now. And your expectations of life suddenly kind of creep up of what that lifestyle looks like. But if you stay low on lifestyle while you get this cleaned up, I would rather be doing that at 21, 22, 23 than 31, 32, 33.
The Ramsey Show
Your Debt Should Make You Uncomfortable
I know, that's right. You got it, Austin. Thanks for the call.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Welcome back to The Ramsey Show. We are in the holiday spirits, Jade. We are in the middle of, I don't know, still shopping. I think I'm pretty much done. I have nothing wrapped. Oh, man. But Santa at our house doesn't wrap gifts. He just pulls the gifts out of the bag, and they just are there under the tree, not wrapped. So that's always convenient for Santa.
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Your Debt Should Make You Uncomfortable
so what goes does anything go under your tree ahead of time gifts that mom and dad buy like we'll buy you know i see like one or two things that we'll wrap but uh but they unwrap a lot of gifts from like parents grandparents uh there's a lot of unwrapping happening there which is great but yeah so that's a good idea i might uh take you up on that yeah that was my santa growing up childhood never wrapped either so
The Ramsey Show
Your Debt Should Make You Uncomfortable
It can feel like it goes against this idea of compound interest because we celebrate that so much of how great it is. And the earlier you start, the better off you're going to be, like all of that. But you'll catch up. Like if you start all of this at 23, you will be fine financially.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Which is nice, but we're still going through our lists of gifts for like, we draw names on both sides of the family. Smart. All the things. So where are you at with all of it, Jay?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay, and I actually, when you were saying it last year, I remember it and being like, that is so true. Like if Aunt Linda needs something, like she can get it. Yeah, she's fine. Like Aunt Linda, especially if you are getting out of debt, you're on a tight budget. And it's been a hard year or two, you guys, like with inflation and stuff.
The Ramsey Show
Your Debt Should Make You Uncomfortable
I mean, it's just people are just getting the necessities paid and there's not a lot of room. And so it was this guilt-free reality that adults can take care of adults.
The Ramsey Show
Your Debt Should Make You Uncomfortable
So I think it's more important to have as much money, just cash available for these big transitions is the smartest thing.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And I think that's the yeah. And I think the level of discipline and planning, some people just don't they don't do. And it's a little bit on a whim. And that's where people get in trouble with money is because it's so emotional.
The Ramsey Show
Your Debt Should Make You Uncomfortable
and all of these emotions are driving your decisions and usually when that's the case when our logic isn't doing it and it's our emotions we do tend to overspend we make spontaneous decisions that probably are not great in the long run because in the moment it feels good it feels right and then you look back after logic is set in with maybe a level of regret of realizing oh my gosh and and this is the reality too jade is that you know we're again we're not like we're
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah, I would just... Just this year. Sure, I would leave that. I would only touch that money if you needed it to get through school without debts. But I think it sounds like you already have a plan on the other end to do that.
The Ramsey Show
Your Debt Should Make You Uncomfortable
the Grinch stole Christmas kind of people, but 28% of Americans are still paying for Christmas last year. I heard a stat that said 49%. Oh my God. Oh, wow. Like any level of that. So there's obviously a clear boundary issue that we're having that we're not able to afford. And so to your point, the kids are the priority. Christmas and the Christmas spirit and all the stuff, right? It's the kids.
The Ramsey Show
Your Debt Should Make You Uncomfortable
The adults are going to be okay, right? So prioritizing that. And even within your kids, right, of your family, if it's going to look different than last year, because maybe this year is the first time you are doing it on a budget. Mm-hmm. Talk about it. Communicate it. Talk about the difference. Christmas may look a little different this year. Yeah.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And then even thinking through the motivation, too, of why you're buying everything in the first place. That's always a big question for me because even for kids like I am. This was probably two years ago, Jade. Everyone like on social media, on Instagram, they were just posting like Christmas Eve, like Merry Christmas.
The Ramsey Show
Your Debt Should Make You Uncomfortable
you know oh yeah and it's just like a picture of like their tree and like all the gifts and stuff and I was like oh I was like well that's kind of sweet so I did it as we're going to bed like we had our lamps on and it was just a pretty little picture so I just you know and then we had our gifts out from yeah we had our gifts out and so I took the picture and just captioned Merry Christmas and I got so many comments on my minimalist Christmas oh they're like Rachel where's the gifts oh whatever so refreshing it's just a minimalist Christmas at the cruises and I was like
The Ramsey Show
Your Debt Should Make You Uncomfortable
this is regular i thought we like i thought we were doing i thought we like had a great christmas but then as i looked through i'm like oh no from what people people go hard in the paint and again it is not bad if you have the money and this is where you're choosing to spend it that is totally fine yeah nobody's you're grown you're grown and we're also the moms you and i both talked about this yesterday during a break when we did the show yesterday
The Ramsey Show
Your Debt Should Make You Uncomfortable
I also had three trash bags full of crap that our kids just don't use in the playroom and in the closets in the room. I'm like, so then it's just stuff just ends up building up. And that's the consumerism where I'm like, I'm not going to buy you stuff just to buy you stuff either. So that's such a good point.
The Ramsey Show
Your Debt Should Make You Uncomfortable
I'm going to end with a with a hater comment, Jade. You ready? If buying slippers hurts your wallet, you have other problems. This is very financial illiterate advice.
The Ramsey Show
Your Debt Should Make You Uncomfortable
If slippers hurt your wallet, you have other problems. Is exactly what we're saying. Yes. Yeah, it does. So then we got to dig into that. Why that is. All right. Well, Jade.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Great segment. Thanks for giving us the Christmas spirit. We appreciate it. Thanks to all the guys in the booth. And thank you, America. This is the Ramsey Show. We'll be back. You've got a lot to keep organized in life. Kids and calendars and carpooling and cleaning. I mean, it is so much. That's why you need a knockbox.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Perfect. Thanks, Nick. For the call. All right. Up next, we have Jay in Anchorage, Alaska. Hey, Jay. Welcome to the show.
The Ramsey Show
Your Debt Should Make You Uncomfortable
That way, if something happens to you, you leave your loved ones with happy memories and not a huge mess. Knockbox is a complete system to help you organize your accounts, personal history, estate planning documents, and all your other info in one place. I'm talking about everything from life insurance policies and social media accounts to your dog's vet, divided into 15 simple categories.
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Your Debt Should Make You Uncomfortable
Plus, they've got checklists that tell you what to add to each folder so your family won't have to guess where everything is. So start getting organized today at knockbox.com slash Ramsey. Your family will thank you. That's knockbox, N-O-K, box.com slash Ramsey.
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Your Debt Should Make You Uncomfortable
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 am Rachel Cruz, hosting this hour with bestselling author Jade Warshaw, and we are taking your calls on life and money. So give us a call at 888-825-5225. We are here to chat with you.
The Ramsey Show
Your Debt Should Make You Uncomfortable
All right, starting us off this hour is Allison in Philadelphia. Hi, Allison. Welcome to the show.
The Ramsey Show
Your Debt Should Make You Uncomfortable
How are you guys today? We're doing great. Thanks for calling. How can we help?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Merry Christmas. Absolutely. How can we help?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Surprise. Surprise. Yeah. When did all this happen, Allison?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Man, I'm so sorry. Okay, I mean, it would be so difficult to be grieving the loss of your husband and then at the same time uncovering this other reality that you had no idea was happening, financially speaking.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay. So walk us through, you may have said at the beginning of the call, but what's the state right now of where you are financially? After you've uncovered everything, where are you?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah, I'm curious why you're not able to contribute to the 401k because you chose a different package for a benefit, for your benefits?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Are you making an income, Allison, right now?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Allison, there's a lot of you taking care of people, including your own children, your grown children right now. And I'm not defaulting you, but there is something to...
The Ramsey Show
Your Debt Should Make You Uncomfortable
understand Allison that you have to take care of yourself first and foremost right and that's not a selfish idea you can't take care of people while you're drowning right you have to get yourself in a very stable position and so um so he had this life insurance did he have any retirement I mean I'm assuming with all the foreclosure stuff he like yes um yes uh it was it was it's in stock okay how much is that a year I'll get 20 grand a year for six uh years and it was 117
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay. And, and then, yep. And you have a 200,000 in life insurance. How old are you?
The Ramsey Show
Your Debt Should Make You Uncomfortable
And you have to determine what Jade was saying earlier too, Allison, that with this house, you were, you know,
The Ramsey Show
Your Debt Should Make You Uncomfortable
essentially should have been be able to make these payments on you know 150 000 income is what he's bringing in around that and you and to supplement that you don't have that and so i don't want this house holding on to this house i don't want you to drain everything just to keep the house to jade's point earlier so um yeah if you if you hold on the line um emily's going to pick up and we are going to set you up with a financial coach because um
The Ramsey Show
Your Debt Should Make You Uncomfortable
getting all of this and from a legal perspective yes the contacts that you need and all of it and they're going to be able to ask even more questions allison than we can on in six minutes here on a one call in the segment um because there's probably other things there as you start pulling a string to really figure out and get yourself like in a position of all knowledge to start making wise decisions with all of the information possible so hold on the line and we will give that to you as our gift and we are so sorry that that is what you're up against it's terrible
The Ramsey Show
Your Debt Should Make You Uncomfortable
I don't know about you, but I love the new year. It's a fresh start. And I get to reflect on the good things I wanna keep doing and the not so good things I wanna change. And I know a lot of you are psyching yourself up thinking, okay, this year I've got to get my finances in order. And big goals like that are really exciting, but they can also be overwhelming.
The Ramsey Show
Your Debt Should Make You Uncomfortable
That's why it's so important to have a plan. So before you do anything else, start with a budget. Start with EveryDollar. I love EveryDollar because it's so easy to plan out your spending and keep track of it every month. Plus, most people free up on average $400 in their first budget to go towards their goals. Guys, this can be an amazing year.
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Your Debt Should Make You Uncomfortable
And if you choose just one good habit to start, choose budgeting. Download the EveryDollar budgeting app for free today. Welcome back to The Ramsey Show. Up next, we have Katie calling us from Dallas, Texas. Hi, Katie. Welcome to the show. Hi. Hello. So glad to be here. Well, thanks for calling. How can we help?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Well, I can see how you're overwhelmed with that because that is overwhelming trying to do all of that at the same time. What's causing you? What's the motivation in trying just to get it all done? Do you feel like you're behind on investing? You don't feel like you have enough savings? There's a lot of debt. What's causing you to do this?
The Ramsey Show
Your Debt Should Make You Uncomfortable
and my car that is 11 170. okay um so yeah so part of this paying off debt for most people that call the show katie i would say nine out of ten of them don't have money to pay off these credit cards in this car so we're going to be talking to them about
The Ramsey Show
Your Debt Should Make You Uncomfortable
working extra sacrificing lifestyle all of it but your position is completely flipped because you you have that cash so like what jade was saying is that's a big green check light but also katie we want to establish new habits so that we don't get back into this place of debt again so what were you using the credit cards for the the two um just spending okay um
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah, and the three to six months too, Katie, is enough to cover to what jade's saying when these big things come up to cover with cash but it's also not so much that you're getting frustrated that you're not making a lot on return right so it is that perfect medium are you single married kids what's like your life status I am married. I have one baby. Okay.
The Ramsey Show
Your Debt Should Make You Uncomfortable
So since you like security, Katie, I would go more the six-month emergency route versus the three-month. Yep. So I would stick with that six months. Do you know from an operating budget perspective how much money you guys need per month just to keep kind of where you're at? And I'm thinking, you know, mortgage payments, utilities, gas in the car, food, all of that.
The Ramsey Show
Your Debt Should Make You Uncomfortable
What would you guess to keep you guys afloat for a month? How much money? Um...
The Ramsey Show
Your Debt Should Make You Uncomfortable
No. And considering it's, you know, is it pre or post tax?
The Ramsey Show
Your Debt Should Make You Uncomfortable
yeah and when you're talking about you didn't know much about investing a great place to start katie a roth ira is a great option you and your husband both can open it up you can both put seven thousand dollars in and that grows tax-free and within that roth ira you'll invest in mutual funds and i would sit down with a smart investor pro to to kind of get all this started and then do you and your husband both have um retirement benefits at work like 401ks or a 403b
The Ramsey Show
Your Debt Should Make You Uncomfortable
I do not. I believe he does. Okay. So yeah, so I would use that 15% to fund two Roth IRAs, go up to the match with his 401k. And how much do you guys, household income-wise, are you making a year? I'll say $60,000. Okay. Are you guys working together with your money? Do you guys have a combined checking account? No. No, we don't.
The Ramsey Show
Your Debt Should Make You Uncomfortable
It's pre-tax. Okay. So yeah, so I would probably, I think you're going to be better off, and again, talk to a smart investor pro, but when you actually look at everything, I mean, even from index funds to mutual funds, you'll get a better rate of return just doing something like that, even though you'll have to pay capital gains when you pull the money out.
The Ramsey Show
Your Debt Should Make You Uncomfortable
What's he say about what's he say about all this? Does he want to? Does he feel out of control? Money wise? Is he feeling like a little bit like, oh, gosh, are we on track? Have you guys been talking about it? And that's why you called? Or is this just you on your own feeling it and you don't know where he's at?
The Ramsey Show
Your Debt Should Make You Uncomfortable
How long have you been married? Five years. OK. How are you feeling about that? Do you like how that is or would you rather say, hey, we're a team in this and all together we're like working towards our future together with investing and we know what's going on?
The Ramsey Show
Your Debt Should Make You Uncomfortable
And starting us off, this show is Nick in Detroit. Hey, Nick, welcome to the show.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And so, yeah, sorry, Jay, does he have debt, Katie? Do you even know? Yeah. Yes. How much does he have?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Katie, do you care to stay on the line? We have to go to a break right now, but I'd love to keep talking if that's okay. Are you okay if we hold you over to the next break? Yes. Okay, thanks, Katie. Katie, you stay on the line. We have a hard break right now, but we'll be back and unpack some more of this because I think this is a great to be able to help her and for you all.
The Ramsey Show
Your Debt Should Make You Uncomfortable
This is where a lot of people are in America from a financial perspective. So we'll be back.
The Ramsey Show
Your Debt Should Make You Uncomfortable
That still feels like a- It's going to be a better growth rate. Yeah, absolutely. But yeah, how much do you make a year?
The Ramsey Show
Your Debt Should Make You Uncomfortable
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Your Debt Should Make You Uncomfortable
That's ramseysolutions.com store. Welcome back to The Ramsey Show. We have Katie on the line from Dallas from the last segment. And Katie was telling us she has $47,000 saved, $24,000 in debt, which was car and credit cards. And she was wondering initially when she called in about how to invest and how to pay off debt, not just let that money sit there because she wants to make progress.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And as we kind of were digging into that, To the numbers in her situation, kind of unpacking the relational side of money. And marriage and money is so closely related. When you are married, working together with your spouse and being on the same team is a crucial part. But also we know on the other end, it's one of the leading causes of fights and tension and divorce and conflict.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And when you're not on the same page and when you live kind of separate lives financially. And as we were unpacking with Katie a little bit, that's what we've kind of started to discover is – where they are from a relational standpoint when it comes to their money katie is that a good overview would you change any of that or add anything
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay. I think you'll still qualify for a traditional Roth IRA at that range. So I would definitely be funding that. You can fund up to $7,000 and that. That might change in 2025. But I would do that 100%. And then I would probably just look at index funds or mutual funds beyond that. It's not retirement and you're not getting that match. But how much are they matching? What percentage?
The Ramsey Show
Your Debt Should Make You Uncomfortable
We unpacked it. Yeah, so before we were getting off the call, we just kind of asked, and I feel like it kind of struck some emotion in you of knowing that you guys don't work together, but yet he has a lot of debt, and you said it was just too much debt for you to even want to handle or to face. Is that right?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay. What other debt does he have? What's the credit cards and collections? What are those amount to? Do you know?
The Ramsey Show
Your Debt Should Make You Uncomfortable
And does he have any money saved in his name? No.
The Ramsey Show
Your Debt Should Make You Uncomfortable
So, OK, so, Katie, I think what this starts to open up and what you're feeling and correct me if I'm wrong, but it is touching every security insecurity part of your story and in your life. Like you've done everything you can to stock money away, even now.
The Ramsey Show
Your Debt Should Make You Uncomfortable
taking out credit cards and spending over here but just knowing the safety of money has been a lifeline for you and probably coming out of a lot of pain from your parents experience and you've done everything to safeguard yourself right um against i would say against debt but what's funny is you've taken on some debt right so there is still a level of risk there but you've patted yourself with the savings and it's kind of become your lifeline and you're gripping onto that and letting go of that is one of the scariest things for you to do would that be correct
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah. Which is very understandable, Katie. Very understandable. And so I want you to, as much as you can, because with money, emotions drive so much of this. And the more logical we can get, the safer I think you're going to feel with some of these decisions.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And one of the first steps I would do is sit down with him because I don't know his... I'm not on the phone with him and I can't ask him these questions. I don't know... Where he's at. If he is at a place, Katie, that he's like, I'm so overwhelmed. I'm so mad at myself. Right. He's probably not feeling great about himself. And it's like, I want to change. I want to turn this around.
The Ramsey Show
Your Debt Should Make You Uncomfortable
That's that's one scenario. A scenario would have a red flag and cause you to pump the brakes a little bit on all of this. If he's like, I don't care. I don't care, Katie. I'm going to do what I want. And we get those calls, too, with some guys that are like, well, he wants to buy the truck. He doesn't care. He's going to buy it. And we're you know, we can't make the payment, but he doesn't care.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Right. So like that is a character issue. If it's that, would you say it's kind of the first scenario or the second?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah, but so he's more on that first scenario, you would say. He's all for it. Okay. Okay, so Katie, I want to encourage you that this is all good, right? I know you feel overwhelmed, and we're going to walk you through a very clear plan right now. So the first thing I want you to do is you guys together tonight – You can open a bottle of wine if you need, like, just a good sip of something.
The Ramsey Show
Your Debt Should Make You Uncomfortable
interesting way okay it's hard because it's free money coming from the company right but again your rate of return i just think that you could five percent is i think you could still i think yeah i think you'll end up better just doing it on your own versus putting money into this
The Ramsey Show
Your Debt Should Make You Uncomfortable
Order a pizza. Whatever you got to do to relax and say, okay, together, we're going to look at everything. We're getting out our pay stubs. We're going to know exactly, because when I asked you how much money you guys make a year, you said, I think around six. Like, I want you to know to the dollar, here's what we make combined. Here's every debt. We're going to write it out.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And we're going to know everything here. And we're going to, tonight, shake hands and say, we are now a team. Together, no longer are we roommates Venmo-ing each other for the mortgage. No, screw all of that. No, we are one. When our income hits our new checking account that we're going to open on Monday morning, when our income hits that account together, we are working as a team.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Because when you do that, Katie, not only from an emotional perspective, does it create so much unity and so much of a more beautiful marriage because you see yourselves as one, which is what you do when you choose to get married, to live life with another person. You're living that out on a tactical sense with your money. So that's such a beautiful part of it.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And then together tactically, as you start to trust each other in this, you're going to have this cleaned up, Katie. I would sell the boat immediately. But then by Monday, you guys can take this $47,000. And this is going to scare you, but I would pay off all, I would keep a thousand and, and you would have, you have, I think 42,000. If you, if you don't count the books, I want that sold.
The Ramsey Show
Your Debt Should Make You Uncomfortable
You're going to pay off everything else. Okay. And so you're going to have $5,000 left and you guys together are going to have a goal. I would say to save up probably, I don't know, 26, 27,000 for an emergency fund. And you're going to, that's your next goal together. Katie is to work to, to buff up that emergency fund. Okay. Yeah.
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Your Debt Should Make You Uncomfortable
And that's going to take you guys, you know, maybe the next eight, nine months, ten months to do all of that for that emergency fund. But together, that's going to be your goal for 2025. Together doing this. Getting rid of the payments. We're done with payments. And now you're going to have your full income to be putting towards this emergency fund. $5,000 in this.
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Your Debt Should Make You Uncomfortable
That's scary. Is it scary because of what's going to be left? The $5,000 or it's scary that you're paying off his debt? That's scary.
The Ramsey Show
Your Debt Should Make You Uncomfortable
You have a lot of your income, Katie, leaving. And a lot of it's going to be coming back to you. And you'll be able to build this emergency fund up back very, very quickly. And then beyond that, you can start investing. Hold on. Stay on the line, Katie. And Emily's going to pick up. And we're going to put you guys through Financial Peace University.
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Your Debt Should Make You Uncomfortable
Yeah, absolutely, Jay. Thanks for calling. Yeah, I would do that. But then definitely, you know, sitting down with a smart investor pro is always what we're going to recommend. I always hate giving blanket investing advice, you know, in a three minute call because there are some ins and outs and different employers are offering different things.
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Your Debt Should Make You Uncomfortable
It's our nine-lesson course and give you every dollar premium. So when you guys start looking at numbers today, you can start building out your first budget. Thanks for the call, Katie. We're cheering you guys on.
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Your Debt Should Make You Uncomfortable
All right, Christmas is almost here. And if you are still buying gifts for people on your list, buy them a gift that actually will create change, kind of a positive gift that they can use beyond Christmas. And we have almost 30% off some of our best-selling products in the Ramsey store. If you go to ramseysolutions.com slash store, you can check it out there.
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The Total Money Makeover, Building a Non-Anxious Life, Breaking Free from Broke, All of these best-selling books are 30% off. And also, the Questions for Humans deck are just $12. And that's the couples, friends, and parents and kids editions. So there's a lot there, you guys, at ramseysolutions.com. The Christmas deals are ending soon because Christmas is right around the corner.
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So again, give a gift that can create some change in people's lives that you love. All right, we're going to go to John in Midland, Texas. Hey, John, welcome to the show. Hi, guys. Thanks for taking my call. Absolutely. How can we help?
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Your Debt Should Make You Uncomfortable
I mean, the amount of changes that's occurred with retirement funds within companies in America, even over the last 10 years, you know, companies offering now Roth 401k is up by 20% versus what they were offering even five years ago.
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Your Debt Should Make You Uncomfortable
Yes, absolutely. Yeah, digging into that and looking at those numbers. But yeah. Yeah. So, yeah, I would get with the SmartVestor Pro J, double check all of that. But that's my knee-jerk reaction for sure is because when you look at all of these and the older people get, there are financial advisors out there that start to recommend more conservative funds. That's true. Like bonds and all of that.
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Your Debt Should Make You Uncomfortable
Yeah. I mean, you've done a fabulous job, John. I mean, it's incredible. I mean, yeah, I think that that's exactly right. And if you want to make it easy... and make it that automatic transfer to a money market account or a high-yield savings account to save for that down payment, I would say, yeah, absolutely. You know, there's always, you know, I don't feel this with you.
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Your Debt Should Make You Uncomfortable
That's why I just want to say it out loud, though. There is something when you're starting something new, you all that are listening and watching, And you're starting to build new habits. I do think being as hands on as possible and going through the motions is really important.
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Your Debt Should Make You Uncomfortable
And so some people just want to automate it their whole life and be like, oh, I don't want to have to like feel anything. It's just going to happen. There is something about stepping in and saying, no, no, no, I'm going to transfer the money myself. So I'm practicing and seeing this happen.
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Your Debt Should Make You Uncomfortable
And there's something about taking control in this discipline over your actions, which is a big part of winning with money long term. But John, I think you have some of these disciplines already in place. It's not like you're trying to change something big from your habits. It's more of a tactical change. And so doing something automatic at that point, I think is great, right?
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Your Debt Should Make You Uncomfortable
When you have stuff that just automatically comes out because you know, yeah, we're paying for electricity or paying for cable. Yes.
The Ramsey Show
Your Debt Should Make You Uncomfortable
and it's just coming and it's making my life easier in that way uh that's a benefit for sure and that would be the same with savings so if you do want to create an automatic you know transfer and and knowing that that high yield savings you can get to that money for some reason right if you lose the job or like whatever it is you know you can get to that money um but yeah but that's great john how old are you i'm 25 okay way to go and what do you do for a living
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Your Debt Should Make You Uncomfortable
Okay. Okay. That's great. I know it's always encouraging to talk to people in their, when they're young and in their twenties and you're making, yeah, I mean, incredible money doing it. So, and handling it really well. So that's, um, incredible, John. Good luck to you. I think that that's, yeah, that's amazing.
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Your Debt Should Make You Uncomfortable
Yes, for sure. Um, um all right let's see we got uh oh this is a fun instagram handle okay ready for this yeah jacuzzi 101 okay you like a good time at what point should my adults children's finances be none of my business oh i'm gonna go with at the point they're adults
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Your Debt Should Make You Uncomfortable
Yeah, this is always a tricky one because you hear,
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Your Debt Should Make You Uncomfortable
parents still wanting to be involved in their kids decision making and probably some of it out of a good heart right seeing kids maybe making mistakes or making decisions that you wouldn't make and you want to still be the parent in that way and intervene but I feel like the more life I've lived Jade the more successful relationships I see with parents and adult children happen when they start to become more peers yeah
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Your Debt Should Make You Uncomfortable
When you step into adulthood and your parents actually see you as a fellow adult and they're still not trying to parent you or lecture you and they see you as a peer, usually from the people that I've seen in my life that have great relationships with their parents, it's because of that.
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Your Debt Should Make You Uncomfortable
That's true. But still, I think even then, you know, it's advice you want to look at because I think on the flip side, when you're still in quote-unquote riskier, which is mutual funds aren't even that risky, you're still going to get a better rate of return. you know, I'm just never a fan of bonds is what I'm trying to say.
The Ramsey Show
Your Debt Should Make You Uncomfortable
There's kind of this mutual respect and the ones where there's usually tension when it's like, oh, God, my dad's still telling me how to load the truck or my dad, you know what I mean? Or my mom is still critiquing this or that or like, you know. Whatever it is, that's usually relationally when there's some tension. So I'd say none of your business.
The Ramsey Show
Your Debt Should Make You Uncomfortable
And if they don't ask, not much you can do to change other people. You really can't. Really can't. Well, thanks to all the guys in the booth for making this a great hour. Jade, thank you as always.
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Your Debt Should Make You Uncomfortable
Being a great co-host. Thanks to everyone out in the lobby at Ramsey Solutions. And thank you, America. We'll see you on the Ramsey Network app, podcast and YouTube. Make sure you guys download the app. So we'll see you next.
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Your Debt Should Make You Uncomfortable
Even, even as you get older, I just don't think that it's worth like, yeah, the limited growth. So thanks again for the call, Jay. This is the Ramsey show.
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Your Debt Should Make You Uncomfortable
Welcome back to The Ramsey Show. Today's Ramsey question of the day is brought to you by our sponsor, WhyRefi. When you're trapped in a maze of defaulted private student loan debt, it's hard to find your way out. But WhyRefi can offer you a lifeline with a custom refinancing based on your ability to pay and a lump sum payoff option that you could qualify for after 24 months.
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So go to whyrefi.com slash Ramsey. That's whyrefi.com slash Ramsey may not be available in all states.
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Your Debt Should Make You Uncomfortable
Yeah, no, no, no, no, no. Having guests pay for their plate at the wedding. No. Yeah. That's a hard pass. And it's different if it's like your birthday dinner and y'all are all going out to dinner, you know, to a big dinner and everyone covers their meal.
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Your Debt Should Make You Uncomfortable
But there is a an etiquette. I feel like when you invite someone to your wedding to celebrate you, their their presence is the gift, not them having to fund. Yeah. Fund it.
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Your Debt Should Make You Uncomfortable
You know, there's there are trends and we've talked about this. I think George Campbell and I debated this a little bit of people asking instead of a wedding gift to Venmo money to the bride and groom so that they can help pay for their honeymoon and like that kind of stuff.
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Your Debt Should Make You Uncomfortable
And if they want to do that, because some people, they will just give money for a wedding gift.
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Your Debt Should Make You Uncomfortable
Yeah, and that's their choice, and that's great. But forcing people into a lane of how they're going to be generous to help you feels like, I don't know why, it just feels off to me.
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Your Debt Should Make You Uncomfortable
Okay, so you have extra money. I just want to make sure I'm understanding your question. And you're asking if you should be using it to cash flow college or do something else with it.
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Your Debt Should Make You Uncomfortable
No, because I'm a millennial and I still think it's... Okay. Yeah. Maybe it's the Gen Zers. Maybe they all think it's okay. I don't know. Maybe it is. I don't know. No more. I don't know. Eboo's a Gen Zer. Would you put a Venmo? Would you put a QR code? Yes or no? At your wedding reception. She says yes.
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Your Debt Should Make You Uncomfortable
All right. All right. Well, let's head to the phones. We have Hannah in St. George, Utah. Hey, Hannah. Welcome to the show. Hi. Thank you for taking my call. Absolutely. How can we help?
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Your Debt Should Make You Uncomfortable
Yeah, a good high yield savings account, Hannah, I would go ahead and open that and put your $1,000. And I wouldn't do right now the 10%. I mean, the 10% for giving, but we really, we don't talk about percentages for savings until maybe step four. That's right. And so this like, oh, we're gonna put 10% of our income for savings and do an emergency fund.
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Your Debt Should Make You Uncomfortable
I would put it all together and I would not worry about the percentage. I would find whatever money I had in my budget and get that $1,000 as quickly as possible. So you may be able to do it, depending on what you guys make and what your budget is, this month, right? And it may be 25% of your take-home pay, and it fills up your emergency fund that way.
The Ramsey Show
Your Debt Should Make You Uncomfortable
But I would not look at percentages for saving right now. I would get that $1,000 as quickly as possible. Then once you guys are completely debt-free, then you bump it up to three to six months of expenses using that same high-yield savings account. That $1,000 will then kind of be that springboard into...
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. Yeah. Okay. So yeah, so keeping your car, Jasmine, and then your goal is for the debt snowball, you're gonna pay off your debt smallest to largest. So even with the credit cards, which we didn't really talk about in here, but you know, listing those out, if it's if it's three or four cards, and one is $2,000 balance, one's 4000, whatever it is.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So let's just pretend that the car sold a $22,000 car and you now have an $8,000 loan. So you have an $8,000 car loan or a personal loan because of the car, your $6,000 car loan, and then list out your credit cards all separately. And then sit there and just say, okay, smallest debt to largest debt. And you're going to pay minimum payments on everything and pay the smallest one off first.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
It depends. Emily, will that change significantly year by year? Do you guys see that growing or do you think it's going to be pretty consistent for the next couple of years?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And again, even if it's the... Even if one of the credit cards is a $1,200 credit card, pay that one off first. And then you're going to go down the line because that's how you're going to get the most effective use of your money. Once that's freed up, that credit card is paid off, frees up a couple hundred bucks a month to roll over to the second smallest debt. And you just keep that going.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And God, Jasmine, I'm so sorry. But for everyone listening, this is why you don't co-sign. Because the bank looked at the sister and said, we don't trust you. No, they said you won't be able to make the payments. And if a bank won't give you money, who gives money to dogs? They like send dogs credit cards in the mail. Banks will give any money to anybody.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So if they don't want to give money to somebody, that's the biggest red flag that is possible. Like a bank will not lend someone money. That means they're not good with money. They do not have the money to pay it.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So do not take it, people. Learn from Jasmine. So Jasmine, I'm so sorry. And not to throw another little like element into this whole situation, but she did say she's expecting. I know. And so we usually go in stork mode if you are pregnant. So Jasmine, I mean, honestly, you may even want to pause all of this. Go ahead and do this at Snowball.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
List everything out so you kind of know what your plan is. But honestly, I would be just stocking savings for right now. If you can get rid of the car, that would be one thing I would do. I would take out... that $8,000 personal loan and get rid of the car. But you also want to stockpile some cash until baby's here and you're okay, everyone's okay.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And then whatever money you've had saved during this time press play, hopefully that'll pay off a couple of those smallest debts as you're saving. But I'm sorry, Jasmine.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Today's question comes from Lucia in Arizona. She says, Wow, man. The quinceanera. The quinceanera.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yep. What do you think, Rachel? I mean... Well, I mean, the range is what you're talking about here. I would have the same mindset as a wedding, that you can go as expensive as you want. Mm-hmm. You can go as inexpensive as you want. And a lot of that is dictated by the emotions and the expectations of the person involved, a.k.a. your 15-year-old or a.k.a. the bride. Yeah.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And so I think there's a lot there. As a parent, you have more control over than a wedding, right? Yeah, yeah, yeah. And so I think you tell the 15-year-old, here's what we have saved. Mm-hmm. And it's a part of your tradition. So you're going to know we're going to save for this, right? So be putting money aside for it.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And when the time comes, I mean, I wouldn't worry about inflation and all of that because we can't control it. But just save what you can. And what you have at that time is what you have to spend. But no, I would not be going into debt for it. I wouldn't even be... honestly stressing over it either. You know, I would have a plan for it and then let it be as it is.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And the 15-year-old doesn't get to dictate the decisions either. So... Yeah.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Godspeed. But you have control over the expenses in that. So you get to make it as fancy or as not. But yeah, I wouldn't let...
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
the cultural pressure right because i know this is a bigger deal than like a sweet 16 yeah i get that it's like right of passage yeah it is it's a big deal so you want to celebrate and honor that but yet we're not going to be stupid about it that's right when it comes to the cost and we're going to be wise because that's a bigger gift to them than this one night kind of celebration right so and invite a lot of people so they get a lot of gifts and
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay, so how much is the school going to cost? How long is the program and everything?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay, and what are you getting your master's in?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. And you've talked to people in this industry, right? And a master's is a requirement, would you say? Is that a barrier to entry to even get in and apply to some of these places? Or does it just look nice on the resume?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. Okay. Cool. And you're making what now, did you say? Right now I make $61 a year. Oh, good. Okay. And what do you have in savings that's not retirement?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. And which would be for how long? Four years? It would be about two and a half years. Okay. Yeah. I mean, honestly, Kaylee, I probably would. I would pause. I mean, it's a short time. You already have some in there, which is great. So that'll continue to grow. And I would take student loans off the table if I were you. Not an option. Yeah. Take it off as not even an option.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So now going forward, how can I go to school and and get my master's debt-free. So that 17 is gonna help with the prereqs. And so what you could do, and people do it all the time, it's a lot, but people work full-time. They sure do. And go to school.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And if you can keep your job and cash flow your way, I mean, Kaylee, that would be incredible because at the end of it, you have no debt, you're starting off, you get to switch jobs, you'll be making 80, which is a $20,000 bump at the low end. And you start retirement funding there and you're off to the races versus saying, oh, I'm going to just pretend that you go, you know, $43,000 in debt.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
What savings do you guys have, Emily?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
You come out and you're making 80,000. Well, that's half of your income already in debt. So it's going to take you probably three years to get back. So it's kind of this like, There's a big give and take here. So the sacrifice on the front end, which is gonna be a lot school and working, but cash flowing your way, even pausing retirement for two years, and then getting that degree.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And then I would press play on retirement and go on. So that's what I do. But I would I would mentally it's a mind shift thing, but you have to mentally take debt off the table and then see what your options are. because when it plays, it's the easy route. It's easier just to sign your name right now. It feels easier, yeah. It feels easier.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And then on the back end, it's so many more years climbing out of it financially. And that's more time missing out on retirement, right? I mean, like all of it, because you're going to be pausing for more years than two to pay this off.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So a vacation call. That's going to be a good one. Yeah, that's going to be a good one. Yeah.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yes, I have, George. Sketchy and never trust them.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
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.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
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.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, man. Oh, gosh. And that's even if you cancel in the next couple of weeks? Yes. You will still lose that? That's what you're going to lose? Yes. Okay. So you're $1,000 basically out of pocket? Yes. It's $2,500 out of pocket. But $1,000 would be added to go out of pocket. Sorry, that's what I mean. Okay. And are you married? Is there a dual income situation in the home? I am, yes.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And for New York, are you guys like Manhattan? Where are you guys? Like in the suburbs. Okay. Outside. How much are your operating expenses every month with rent and everything? How much does it take to run your household?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
$120,000. Okay. Do you guys have any debt? None but the house.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Ariel, you can go on this trip. Yeah, just do it. It's $1,000. Okay. Yeah, you're good. You're totally good. Okay.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
You have $200,000 in savings. Mm-hmm.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
okay yeah you've just been living in this tight cut everything out phase for a while which is why that's fair because your savings will eventually dwindle if you're just living off of it so i get it but from like relatively speaking i would not lose 2,500 not to pay a thousand especially where you are with your cash like yeah yeah you're great so what what kind of job do you get go ahead
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I said, I'll take it. Yeah, for sure, girl. Go on that trip. Yeah. Okay, so what's taken you so long to find a job? What were you doing?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah, yeah. Are you guys able to live off of, I know his income's a little bit unstable just because he's working for the government and everything, but for $120,000, are you guys able to sustain life on that? Are you having to dip into this $200,000 to live off of?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
But it'll you know, I need to find something soon. That's for sure. Keep it afloat. OK. Yeah, for sure. Yeah. And if you guys get to that position, you know, maybe for you, it's even something that looks different and maybe not as.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
High up is where you were. But I think you guys are good. I mean, you're yeah, you're in it. You're in a good spot.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
What was the rental bringing in in monthly rent?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. And you're just kind of tired of it. You're like, oh, I don't want to deal with it. I'd rather sell.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, wow. That's great. Yeah. I mean, I would, um, I like diversification in general. So the fact that you have other properties is great because you're still in that, you know, a little bit of real estate, you know, in your entire portfolio. Um, but if you have a cash offer like this, I mean, I, I would be, yes, I would be tempted to take it. I just know how much work it is to, uh,
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah, if there wasn't savings, what is it just for, like, food, rent, like, all your, just to keep things afloat?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
um keep up with properties and you've kind of played the long game because really when it comes to making money in real estate it really is what you've done where you bought I mean how many years ago you've had it for how long
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Sure. Yeah, so now that it's paid off, and now you have so much equity in it, that's like the payday of rental, right? Where you get to do this and sell it, and... Yeah, put money in IRA, live off the interest, and, you know, I think that's probably what I would do. I think it simplifies everything. And since you're a real estate guy, you still have other properties. Are those other ones paid for?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay, Ricky, so how much are you worth? I'm just curious. How much are all these properties combined?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Wow, that's great. Very good. All paid for. Yes, I'll pay for it. Well done, Ricky. That's really cool. Either way, you're going to be fine. I like the idea. We just met with our financial planner this week. Last year, what the market did was insane. It was just crazy. 22 wasn't a great year, but 23 and 24 were great years. It is kind of fun to see the math game
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
in the market just knowing okay you had a piece of property which is ideal right when you make money in real estate you're kind of making it at the buy so you buy it hopefully cheap and then as it appreciates and you gain equity then you get to sell it and that's where you're making the money and so that's i mean it's literally that's what he's done and then go put it in the market and and hopefully knock on wood i know it won't all be that as good of a year as we've had the last two years but it's just been incredible
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Like, if we're cutting back on a lot of things. Yeah, yeah, yeah, no, totally, yeah, like, bare bones would be $6,000.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
How much do you owe for the ones that are suing you?
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah. Well, yeah. What I would say, Patricia, is this $4,500, I don't want to give you the wrong advice, but from what I have gathered over the years of doing this show and talking to people, it's $4,500. They say it expires on Tuesday. If it takes you another week to get out of the debt settlement, you call them back 10 days later. They're there. They just want the money.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I mean, at this point, too, with debt settlement, you haven't paid them for so long. they're lucky to get anything, right? I mean, at this point and how these companies work too, these debts are sold so many different times. They've gone through three different companies. I mean, they're not really keeping track.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
There's a level of intimidation always with them, whether they're on the phone or through mail. And so, I mean, some of it is legit, right? I mean, they can, but I really think, Patricia, if you take all of next week to get out of the debt settlement and it takes you a couple of days,
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
and for them to email over paperwork, like what Jade's saying, and have documentation that you are really out, then I would call this company back and show them and tell them, hi, I had that document. I'm a few days late, but I have $3,800. I can pay you and just settle this now. They're going to take your money. They will take it. So I wouldn't be, I would be on it.
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You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I would be urgent about all of this because I want you out as soon as possible. But I wouldn't, let their timeline be the one that's dictating all this either.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Revoked along with the entire agreement. Yeah. Mm hmm. Or both. Oh, Patricia, I'm so sorry. You know, you've gotten yourself out of a lot worse situation than this. So this is, you can do this for sure. You can do this. It's going to take some time, but we hope that helps. We're cheering you on.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, wow. Okay, so both options are paid for? Is that what you're saying? Yeah.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay, great. What's the, can we ask what school it is? The one, the four year?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Say less. Golly, Grace. You know what? Yeah. Yeah. I mean, I'm going to the school that's paying me. And it's four years. Which is normal. Which is normal. And I think that, again, it's not for – I get this for everyone. Like, some people do the trade route. Some people leave high school and go right into real estate and get their real estate license. You know, like, anything's great.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
But I do think there's something about those four years out of high school where you're on your own. And it's kind of that bridge between – Being so dependent about mom and dad on so many things. And now, like, I don't have to go fully real world. I have, like, four years to get a great degree. Yeah. Learn some life experiences. Kind of have that bridge.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I think it's, like, from an age perspective, I think it's good.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Because you'll have your whole life to work and do all the things. And because it's paid for, right? I mean, if the money... If all this was different from a money situation, I may have a different answer. But... It's paid for. Yeah. And I mean, I would do it. What's your what do you want your degree to be in?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, that's awesome.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
That is cool. That's perfect. What's keeping you not doing Notre Dame? Is it just because of the time? Like it's for it's two extra years.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, that's interesting. Okay. So you'd be driving home for... And do your parents, would they pay, would they help pay for the state school?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So teachers are in our top five of baby steps, millionaires, too. So, yes, I saw that on your Instagram. Yes. So, I mean, it's known. Yeah. Teachers don't. Teachers should be paid.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah. I mean, that's what I was going to say, Emily, like running the numbers. Let's just say in a dream world, you put what you're saving for your house and your emergency fund. And you did the classic Ramsey baby steps. You went down to $1,000. You put everything. That means you guys would owe $280.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
way more i have children in public school and i'm like god bless you all of you uh so they should be paid more but if you it is a career over time you know you get the pension like you do there yeah you there are benefits you do move up right but it's yes it's not a career you're gonna make three hundred thousand dollars in right so um so i get that but it's what you want to do right now is it grace
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
OK, I wouldn't. But yeah. And unless you saw like a really clear path to do the state school and do it in two years and pay for it. And that made you feel more comfortable being closer to home or whatever. You know, it may be it may be some extra work on your end to do that option. And sorry. Last question, Grace, is it a academic scholarship that you're getting?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, I gotcha. Okay. Okay. I gotcha.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay, okay. Because I wonder, is there any scholarships and grants you could get from a state school option? Just to get some other, you know, some other things.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And if you worked for one more year and you guys lived on $80,000, because you said it would be terrible, but we could live on $6,000 with everything. And that's the barest bones. Rice and beans, beans and rice, the lowest. I mean, when you do that, yeah, you're going to need, you know, 70,000 ish. And if you guys are making 400 right now, you're making 115 or 150. Yeah. $115,000. $115,000, okay.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
You would have to pay. Over two years, right? So that's $12,000. That's $1,000 a month. I mean, it would be some work for you to do it, but I don't know.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And it's really hard at 18 to know what you want to do long term. So it can always change. But if you have a niche and like a... an inkling of like, okay, I want to do this. And she said, and I want to teach, I want to teach like, right, go to foreign countries and do this. Like I want to, I want to do that. And Notre Dame has a program for that too. And it's paid for. It does feel like,
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
It's like a pretty obvious option except for that like element of getting home and you would have to cover the cost of that. So that may be meaning that you, you know, work a few nights a week or something just to have some extra cash. I think that's a small thing to figure out.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I agree. I agree. But gosh, that's great. Great question.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Some Dave quotes there.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
That's what Logan wants to know. Logan, you can relax. Okay. Pop a beer, you're fine. No, so we always talk about, you know, baby steps one through three is intense. So while you're getting out of debt, building up an emergency fund, you are, you're going to be focused and every amount of energy and money is going to get those completed.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And then once those are completed, then you move from intense to intentional. And so paying this house off, you know, again, some people stay because they choose to in tents. And they just go right down the lane and pay off the house. But this is the time to kind of ease up. Because I don't think, you know, long term. But you and Sam, you guys did Baby Step 2 for years. I mean, it was a marathon.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So just, yes, relax. Enjoy it. And, yeah, Jade's enjoying herself. As you all see.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah, between like $350,000 and $400,000, I guess.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Almost in a year, Emily, you guys could do this. Now, what the weird mental shift is, these other things you've been saving for, having the safety net of this big emergency fund and this dream of home ownership soon here, you start back to square one when you do this. But that gives you the option then for you to be home. Mm-hmm.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I think it's like- And if not, they can help find a provider in your area too. Yeah. So I would contact Churchill is who I'd recommend. And yeah, and it is, I mean, yeah, there's a little bit more of the effort put in to this kind of process. Kind of like sometimes it's effort without living with debt.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Like if you don't have a credit score, you know, there may something with insurance may come up, but they pulled your credit report. They don't have anything. So you're gonna have to show them past bills that you've paid on time. Like there's a little bit more effort, but it's way worth it from a mental capacity than keeping debts and managing debt your whole life for the score, right?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
But no, but it is still possible. And people, yeah, they're still doing it all the time. And it's still a possibility.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Let's go through what you'll expect.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Not with a mortgage company, like an ally bank or somewhere, you know, that's be looking online is usually a great option for high yield savings. So yeah, your savings for the down payment should go in a high yield savings account with a traditional bank or an online bank. And then when it's time to actually buy the house, which for first time homebuyers, we recommend a 5% down payment.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
that this debt is paid, and then now we're slowly going to work back to our goals, but we can do this in more of a strong financial foundation. Or let's just dream that maybe you worked one more year. I don't know. And you guys put away another $100,000 to jumpstart.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And on a 15-year fixed rate with your payment being no more than 25% of your take-home pay. So after you have all of that, then you're able to say, okay, I'm going to go to a mortgage broker or a mortgage company and get a mortgage. So you're going to have to do manual underwriting because I don't have a credit score. And then you keep on moving. Yeah. And it's great. Yeah.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
From your parents' home? Yes.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, okay. Were they using it as a rental, like for an investment property?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Oh, okay. And so they've had it where, what has, what have they been doing with it the past couple of years?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Sure. How much are they selling it to you for?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And is that like a market value or is that a discount? It's market value. So you're not getting any kind of deal because it's grandmother's home.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
No, that's fine. Yeah. And do you guys, do you feel like financially, are you guys out of debt and have some savings?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. Do you have money saved at all?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. So what would be the down payment for the home?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. Got it. I would slow down a little bit, Sarah. I think it scares you because you guys are in a little bit of a shaky situation. I'd take the $15,000, some money from the $20,000, pay off the car tonight. You'll have $15,000 left. That's your emergency fund that I would re-save for a down payment to make you feel good about it.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah, I was curious about how much per house are you guys making?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And are you guys working 40 hours? Oh, plus, yeah. It's usually about 60 hours a week. 60 hours. Okay. Yeah. And making 70 combined. Yes. Around $70,000, $6,000 a week or a month.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Well, when you break it down, you know, you're both working full time. So it comes out to be, you know, $35,000 each that you guys are making per year. And I'm just wondering, because the biggest thing for this is to get your income up. Like what Jade was saying, to get out of this is going to be like, that's going to be the biggest thing.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
So I'm just wondering from a time perspective, is there anything spending 40 hours a week?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah. So really, Becky, I mean, it's it's cutting expenses and upping income is what it comes down to. So before even doing anything into retirement, paying off this forty seven thousand dollars in debt like that's that's number one goal. OK. And and then once you pay that off, be stacking some cash after that for an emergency fund and then start looking. Yes. At retirement.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Do you guys have anything saved right now in retirement?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Becky, how do you get more of those jobs? Having someone paying you $30,000? Is there more of that out there? Oh, may have lost Becky. Okay.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Okay. Well, that's great. Well, yeah, if I were you, I think being able to find those bigger fish to fry, if you will, because if it's the same amount of time, find clients that are going to be paying you more for the same amount, right? Absolutely. I mean, it is a little defeating of like, man, 60 hours a week, making $35,000. You'd make more. doing something else. That's right.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
When it comes down to it. So again, I know this is y'all's lifeblood and you've built this business, so I'm not saying to abandon it. But you do kind of have to reevaluate what is my time worth? That's right. And am I charging enough too? We do find that a lot in small businesses that demand is there. Yes. And yet you're like, okay, you've kept your prices relatively okay, but you could up them.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah, and I think too, Emily, it's one of these like, it's a values conversation, right? I mean- You can say, you know, we value right now me being home and it's where I want to be. And if that's what you and your husband agree with from like a lifestyle perspective and that your family decides that, that's great. That's what you guys have decided. Now run the math on that.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Test it. At the very least, test it.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
corporations are going to be less likely to change and absorb some of your raises than individuals like with a homeowner. So yeah, Becky, I would be looking around. And again, that $30,000 deal, that's amazing. So how else can we get that?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Yeah. Well, I mean, I would sit down with your financial planner and kind of map out, OK, if we have some non-retirement accounts, you're going to be paying taxes on the growth. So you need to remember that. And what's worth it? What's worth cash flowing versus living off these investments? And we just had that conversation this week. When does that happen?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
But as long as you can cash flow things, keep those investments growing. I agree. But when you get to a point as you get older and that maybe income starts slowing down. that's what those investments are there for. And so be taking those out. But yeah, it's a great question.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And if that starts to feel... like you can't breathe and that you're going to be home, but you're going to be stressed out because you guys are living on nothing for four years where you're like, okay, I could just do one more year, get out of this debt. You know what I mean? Like it's a, it's an either or game.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
But for me, just like now when the baby's little, it might be like, do it now so that you are home when they're four or five, six, when they remember all of it.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
She kind of did it out of spite is what it sounds like. Oh, no, she didn't.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Go ahead. Did you Kelly Blue Book it for an individual seller by chance? Yes, and that would only be $15,000. So I would still be at $7,000. Yeah, you're still underwater. Okay, I just didn't know. Sometimes you get a couple thousand dollars more for individual.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
hopefully something from her and if you don't you just continue to plow through it because it's on your name yeah is that yes but the thing that she thinks it's funny so she says that nothing's in writing can't take it to court for it and she just went and got a new car she's not yeah you can't i mean yeah that's the that's the dangerous thing yeah and so why what like i again we can't like sit here and like psychoanalyze your sister but yeah but you keep saying that she thinks it's funny and all of that how old is she
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
She is 23. I'm 26. Okay. And she understands the severity of it. She understands what's going on.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
OK, so it's just it's really a character integrity issue. Jasmine, we we call this around here stupid tax where there's just things that we pay. It's going to end up being eight thousand for you after you sell the car and for the difference of just I don't have the money right now.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Hey, you guys, health insurance costs are only moving one way, and that way isn't down. And if higher costs aren't enough, the wait times to see your doctor are longer, and it's harder than ever to get anything approved through the bureaucracy. So if you feel like the system is working against you, try a biblically-based alternative to health insurance. Christian Healthcare Ministries.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
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The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
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
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
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
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
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The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
There's a time in your life and in the baby steps for renting, but you don't want to do it forever because when you rent, you're still paying for a mortgage, just somebody else's. Plus, rent means instability in your budget because it always goes up, never down. So when you're ready to buy, make sure you work with a mortgage partner you can rely on, Churchill Mortgage.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Churchill is Ramsey trusted to help you make the move from renting to home ownership wisely. Churchill understands that when you buy a home the Ramsey way, your mortgage payment will be a consistent, manageable part of your monthly budget. Plus, when your home is paid off, that was your largest expense
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Now it's extra money in your pocket and an asset towards turning you into a baby steps millionaire. So get started on the American dream of home ownership today at churchhillmortgage.com. That's churchhillmortgage.com.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
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
Stop Watching the Market—Start Building Wealth
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
Stop Watching the Market—Start Building Wealth
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It's amazing. So again, that's joindeleteme.com slash Ramsey. Make sure to check it out, you guys. Hey, what's up, guys?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
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The Ramsey Show
Stop Watching the Market—Start Building Wealth
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The Ramsey Show
Stop Watching the Market—Start Building Wealth
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The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yes. Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, absolutely. And you're right. Their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm like, it took it took less than five minutes. It was so user friendly, like the step by step approach was unbelievable. And then the next day, my phone rings and it says fair winds on my phone.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So I answered it and talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. So again, you guys, I know it can be a pain to switch banks or to open up new accounts, but Fairwinds, again, they make it so easy.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey to learn more. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It started at about $105,000 up to $115,000. What do you do for a living? I'm a director of revenue for a hospitality management company.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It was mostly from starting a side hustle at a gym.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I had been with my boyfriend for a while, seriously dating, and we started to have deeper conversations about what we wanted our future to look like, and I just started to realize that the path I was going down was going one way, and the path I said I wanted to go down was another way, and something needed to bridge that together, so... decided to get serious about paying off debt.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It was a good time. No spouse, no kids, just a good time to hustle and lay a good financial foundation.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I started with my parents giving me FPU right after I left college with six figures of debt.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Oh, yeah. No, he was so excited and definitely on board. Obviously, our finances are not combined, but we hustled together. So he's still around? Oh, yes, very much.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
He is, yeah. He's still on the ride. Good.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Oh, it was the All-American Variety Pack. I had student loans, multiple credit cards, auto loan, personal loan, and medical debt.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I think the biggest piece was writing a budget for the first time in my adult life. So that was a huge game changer. And then really learned to track where my spending was going and cut out all of the non-essentials. And I think another big piece for me was initially writing. doing the numbers and finding an end date that I could focus on.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You know, like if I can just stay in tents for 14 months and that really kind of helped just to see where the finish line was.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I met my goal. It was to pay it off by December 31st of 2024, and I hit it.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Oh, I'd say both my parents, I would say. My mom's the analytical one, and my dad was the creative mind, but both of them goal-driven.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Thank you. These are, in case I forget why I'm here, debt-free pants.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, I just went to Goodwill, bought some jeans, and then I cut up and sewed another pair on top of these.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I was taught by my mother when I was growing up.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, I'm just enjoying life. Obviously, coming here was an exciting opportunity and have a few trips planned later this year and really just continue to save for the future.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I think the budget just played such a big role, assigning every dollar a place so that it didn't just disappear. And then for me, a little bit more personally, I would say... just not feeling the need. I'm a people pleaser. And so it was very difficult to feel like I was letting people down by saying I couldn't do certain things or attend certain important moments in other people's lives.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, that's been a really cool piece to this as well as seeing others that I've inspired to start this journey as well. And yeah, now I get to cheer them on.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
My family. I have some siblings back home in San Antonio and people from work. Obviously, my boyfriend, Ryan, and
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It absolutely can't be done if you stay intentional and really just fight for the life you deserve. And it can be easy to see social media or society trying to serve you up what you think is a good life, but just knowing what you want and staying true to that is
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Three, two, one. I'm debt free. She is.