📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱Listen to the full episode for free in the Ramsey Network app. Watch United States of Anxiety exclusively on the free Ramsey Network app! While we're out for the Christmas break, we've compiled some of our favorite Dave and Ken calls from the past couple of years. Enjoy your day and we'll be back with a live show in the new year! Merry Christmas! Dave Ramsey & Ken Coleman answer your questions and discuss: ‘I haven't filed taxes since 2020’ 'I don't feel like we can catch up on our finances’ ‘My mom did a home remodel without permits’ ‘Fiancée's parents want me to sign a prenup' ‘What do I do after losing my business to a fire?’ Discussion about what "being managed out" means. Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💤 Visit Helix Sleep for special offers! 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! ☂️ Protect yourself with the right coverage—take our coverage quiz! 🏆 Take control of your money in 2025! Register for the free livestream. 💵 Start your free budget today. Download the EveryDollar app! 🎟️ See Dave and John LIVE in a city near you! 🎄You could win $5,000 in the Ramsey Christmas Cash Giveaway! 🎁Our 50 days of Christmas deals are ending soon! Get 30% off meaningful gifts. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What should I do if I haven't filed taxes since 2020?
Better than I deserve. What's up?
I'll just be quick and to the point, 2020, 2021, I was working a mortgage company. They closed their doors in 2022. I was making quite a bit. Now I'm a teacher, didn't file my taxes for 2020 and 2021. Probably 80% of that was obviously commissioned. So I did dumb. I know I need to file those now, obviously, and I'm going to owe quite a bit. I was just going to see if I can maybe get some
advice on how to go about doing that in the least harmful way.
Ouch. Okay, here's the thing. Not paying taxes is not a criminal act. Not filing taxes is a criminal act. That's what's weird. We do not have a debtor's prison. They don't put people in jail for not paying their taxes. But they do put people in jail, about $2,500 a year, for failure to file. Okay? So that's the danger that you're in. I'm more concerned about that than I am the payment plan.
I don't think you're in trouble because 99% of the time that you're not some public figure that you come and self- five, you know, you, you catch up your filings. They're just all late. Um, you don't get into any criminal issues, but I want you to get it done now. I don't want them to come find you. Okay. I want you to go to them like immediately, no later than the middle of January.
There's documents need to be filed. Okay.
Yes, sir.
You know, that's the panic. Then the second issue is how do we pay it? Well, number one, we've got to assess the damage and figure out from the actual filings, what you actually owe. And then, you know, your worst-case scenario is you're selling some stuff and putting the KGB, I mean the IRS, on a payment plan. Okay?
So, because, I mean, if you were doing mortgage origination in 2020, you made some bank.
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Chapter 2: How can I deal with financial chaos after losing my business?
Oh, yeah.
Okay. If you've got two years of that, you will.
Yeah, easy.
Yeah. So you're going to give them what you got to limit it, and then you're going to work out the payments. What you've got to have is a real tax pro in your corner right now. And if you'll go to RamseySolutions.com and click on the tax ELP for your area there in Oklahoma City, I know them. They're good people.
They can sit down with you and help you first get the filings done and then secondly negotiate the payment plan and how much of this you've got to throw at them to keep them off your bank account. Because we don't want them putting liens on everything after you file, but also don't want them putting bracelets on you that connect because you didn't file.
Yes, sir.
So we need to get filed and then we need to develop how tough the path is that we've got to walk through. Do you own a home?
Yes, sir.
What's it worth?
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Chapter 3: What are the risks of home remodeling without permits?
There's a thing called the OIC, an offer in compromise that you can get your federal income taxes forgiven. About 1% of them are approved. You have to prove total paupership, meaning you don't have a house, you don't have a job, you don't have any potential income, and you don't have any assets of any kind.
And then they will forgive your debt after fooling with them for about two and a half years. Don't answer those stupid butt cable TV ads. Go get a tax pro and actually work a plan to get the mess cleaned up. This is The Ramsey Show. Ken Coleman, Ramsey Personality, is my co-host today. Oramar is with us in Canada. Hey, Oramar, how are you?
Good, how are you?
Better than I deserve. How can we help?
Well, I'm actually ecstatic to be on this phone call. I can't believe I'm talking to you guys, but I'm calling from New Brunswick, Canada. I actually moved with my family and my two babies, three and four, from Toronto to Escaping pretty much what was happening over there, a normal run down home was $2 million. We didn't want to get into a mortgage like that.
And because we had the freedom of remote jobs, we decided, well, let's move. We wanted a more conservative place as well. So it's been amazing living here. But we purchased a house, $400,000 last year. it has been a year and a half. And I feel like I'm on baby step number zero. We are reading the book and we're doing everything we can, but we had very bad advice with our mortgage.
We went on a variable rate last year and I just, I feel hopeless. I don't know how, How do we even get through this? So we've done what we can, and we got the book from the church, Total Money Makeover. We've been reading it, but with two little ones, it's been tough. I don't know how to deal and cope with, I guess, paying the mortgage when we initially budgeted. We ended up at a fixed rate.
Actually, we fixed the rate last week, and we ended up at $3,200.
So you have a $3,200 mortgage, and what is your income?
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Chapter 4: Should I sign a prenup before getting married?
And when you get things orderly and straightened up, the calendar straight, the budget is straight, you're going to get on top of this and you're going to be able to run. It's so fast because you're really doing better than it feels like you're doing to you. Your numbers are not nearly as bad as your emotions are telling you they are.
Yeah, what I heard is someone who's being reactive instead of proactive. And the power in writing it down and creating this budget, Omar, what Dave's telling you is right. When you look at just that exercise where he said, all right, let's start with what's coming in. You guys have got to write down what's going out.
And when you begin to get intentional, proactive versus reactive, you guys are letting every day come at you. And I don't think you have a plan at all. And it's just overwhelming.
Your emotions are managing this. Your emotions are managing, not your logic.
That's right.
So get your critical thinking skills up on top of it. Open up an EveryDollar app. Get that thing going. You've got a total money makeover book. You and your husband sit down, turn the TV off, put the kids to bed, tell them to stay in bed. And we're going to sit here and we're going to read this book and we're going to freaking do these steps exactly.
We're going to get these forms out of the back of the book even. I don't care if you do it longhand with a yellow pad. But when you get organized, you will feel more in control. And the reason you feel that way is because you are more in control. And it changes everything.
Folks, when you jump on your EveryDollar app and do your budget for the first time, and you say, this is how much is coming in, and here's where I know it's going, and then there's this big pile of money left over, you're going to go, what am I doing? I'm spending like I'm in Congress. What am I doing? You're going to have that moment where you feel like you got a raise.
It's true. Every dollar allows you to see where you are, and then you can start making changes. But the problem is when you don't know where you are, and what we felt in her was this, I just don't know where any of it's going, and I don't know, and I don't know. And here's what we know about just human psychology, when the scariest thing is the unknown.
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Chapter 5: What should I consider when my parents want to transfer property back to them?
No. No.
Did she replumb the house without getting a plumbing permit?
Yes.
Completely replumbed the whole house?
Well, she added a bathroom.
She added one bathroom. Yeah, okay. Is the construction done of reasonable quality?
Yes, it is.
I don't think you got a thing to worry about. Nothing at all. I think you got a thing to worry about. It would have been better to permit it, but lots of people do that kind of stuff. I mean, that's a fairly normal practice. Yeah. Some municipalities are much more strict than others. I can't tell you that, you know, Rochester, New York is not like the toughest in the world or something.
I don't know that. But in general... Most people, you know, it's inside the footprint. She didn't change the dimensions of the house. And, you know, she didn't illegally do a trade other than adding a bath. I really, truly, I don't think you get a thing to worry about.
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Chapter 6: How do I manage my student loans effectively?
Well, I have a history in cardiothoracic surgical ICU nursing, and I'm now a nurse practitioner, and so I heard about the opening with the surgeon that I used to work with through a friend, and I reached out, and they were really excited that I reached out.
$120,000.
And what do you make now? $122,000.
Okay. But I'm guessing there's room for growth here with this new job?
Yeah, yeah. Every year they're pretty consistent with making sure that they compensate you well.
Yeah, okay. Well, first of all, congratulations. So my answer to this is always the same, and it's really simple. I want you to put yourself in your boss's position. And I want you to, in your mind, you just kind of role play that out. How would you want you to come say, hey, listen, I've only been here four months, but I got a past relationship with this surgeon. An opportunity was there.
I reached out. It's my dream gig. I'm sorry to put you in this lurch and do this at this point four months in, but this is an opportunity that I have to take. I mean, that's your reasoning. You don't have to explain that away, but how would you say that in a way that is humble and
filled with gratitude, certainly sensitive to the fact that, hey, you're leaving only four months in, but you don't owe them a certain amount of time. What you owe them is your best, and I don't think you'd ever be able to give them your best if you turn this opportunity down. And so if you have that mindset, how would you want someone to handle it with you?
That's the best way to go, because I know you're a person of character and a person of class.
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Chapter 7: What steps can I take to regain control of my finances?
like paint yourself blue and wear a kilt right i mean you're getting after it right you know what i'm saying and so you knock it in the head you knock it in the head you knock it in the head you're not doing we're not going on vacation we're not eating out we're going to take our lifestyle down to scorched earth and we're going to live on less than 70 000 so we can pay off 50 with a 120 income in around a year and you can do that what's your smallest debt uh it would be my
Actually, it would be my student loans, about five grand.
Okay. Yeah. And so you're going to have that done in a little over a month. Boom. One done. And you just keep doing it. Just keep doing it. Keep hitting it. Keep hitting it. Keep hitting it. Keep hitting it. And that's the process. So jump on everydollar.com slash budgeting and sign up for Rachel Cruz, Jade Warshaw, or... George Camel doing a webinar for free.
And get yourself into that EveryDollar app and get this thing going. You can do this. It's called the Debt Snowball. List them smallest to largest and attack them in that order. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people. Build wealth, do work that they love, and create actual amazing relationships.
I'm Dave Ramsey, your host, Ken Coleman, Ramsey Personality, number one best-selling author and host of The Ken Coleman Show, where he helps you have a better life. at work and at your career and all of those kinds of things. So we're going to talk to you about your life and your money as we always do. The phone number is 888-825-5225. Josh is with us in St. Louis, Missouri.
Hey, Josh, welcome to The Ramsey Show.
Hey, Dave, thank you so much for taking my call. I just want to take a second, and I appreciate all that you do. You've truly changed my life over the last few years, and I just want to take a second to say thank you. Sure. What's up? Awesome. My question is how should I feel about a prenup? I know your stance on prenups and I know kind of, um, you know, extreme circumstances.
And I believe kind of like my circumstance is kind of extreme on both ends. So a little bit about my background. I am currently 28. I followed the baby steps through and through currently on three B I make about 300,000 a year. And, uh,
that's divided up into about a hundred K in retirement, a hundred K for a down payment and, you know, 25 to 35,000 and just a bank account checking account for an emergency fund. So, um, my question, so I'm getting married in June to my wonderful fiance. Um, and her family is extremely wealthy. And although I do not, and her, her parents, And grandparents are extremely wealthy.
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Chapter 8: How do I transition to a new job without burning bridges?
Hello, gentlemen. Thank you for taking my call. Sure. What's up? So I moved with my family to Florida two years ago, left my business in Washington State, five years. And in the last couple of years, trying to, um, you know, work remotely managing the business. It was a struggle. Uh, we bought a piece of property here.
We're planning to build and, uh, you know, a month ago, the business burned down basically completely. And now I'm trying to figure out what to do next. Uh, as far as, Um, maybe, you know, we saved up about $120,000 plus the land is worth about a hundred.
And, uh, we are thinking either to start something new, like the business that I was doing there, which is out of wrecking, um, on the smaller scale, or for me to just get a job, be more stable, sell the land and buy a house, which is what my wife wants us to do. And we have three little kids.
five three and uh eight months old i assume you had good insurance i had no insurance business was struggling and um uh yeah so you just lost it for me to pay i lost it yeah pretty much some stuff survived i would say like 90 was lost yeah so so what's the land worth because you own the real estate right Um, I did not own the real estate.
It was, um, my landlord had the insurance for the building, but the land I purchased here, we were planning to build on is worth about a hundred thousand and we have 120,000 in savings. Yes. Okay.
What would you do right now if you could just snap your fingers with the skill set you have, knowing your industry that would pay you the most? What would that be?
There are a couple options. I have maybe going into consulting for a company, auto company, or I honestly work for myself my whole life, 36 jobs. And I don't know. So do you have trade skills? I do have trade skills. What are those? I used to work in a body shop as a tech, as repairing cars. Mm-hmm. And I can get back into that.
What was the actual business? You said it was auto wrecking? Yes. What's that mean?
That's recycling. A junkyard? It's like a junkyard, yes.
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