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Chapter 1: What are the Baby Steps and how do they help with financial uncertainty?
Hey guys, it's James Childs, producer of The Ramsey Show. Hey, this week Dave and the personalities are living it up on the Ramsey Cruise, so we've put together a compilation of some of our favorite calls and segments from the last year. Regular shows are back next week. Hope you enjoy.
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show. We help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, number one best-selling author of the book Paycheck to Purpose, host of The Ken Coleman Show, Ramsey Personality, is my co-host today. Thank you for joining us, America. The phone number is 888-825-5225.
Clayton is in Little Rock, Arkansas. Hey, Clayton, welcome to The Ramsey Show.
Hey, sir. How are you guys?
Better than we deserve, brother. What's up?
Awesome, man. Well, you know, first of all, I just want to say it really is an honor to speak to you guys. I'm a huge fan of the show. I've watched countless YouTube clips, et cetera, and I think you guys are out there changing lives, so I want to start off with that.
Well, thank you, sir. How can we help you today?
Absolutely. Well, you know, I'll kind of start from a broad overview, and I'll kind of break it down if that's okay with you. Just, you know, my broad overview question, Dave, is really just how not to get discouraged in the wealth building process. I'll give you some background information. I'm 27 years old. My wife is 30. We have a combined net worth of around probably $200,000 or so. Wow.
It's right there on my number. Thank you. And I make about $58,000, $60,000 on my primary job, and I do a side hustle. But total, I make around 80 to 90, kind of depending on the year. And my wife makes around 72. The only thing that we owe on is our home. We both have MBA degrees. We have no consumer debt, no car loans, anything like that.
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Chapter 2: How can I avoid feeling discouraged during the wealth-building process?
Now, you live in downtown D.C. That's premium. And I get it. You may work on the hill. Who knows what you do? But you're there for a reason. But if you move out into the suburbs of Northern Virginia, I know it well. Yes, it's a headache. But we'd rather you sacrifice the right thing. And that's why we put this. I want people to understand what we're teaching here.
It's not to be hard and fast on a rule. It's to help you learn what you need to sacrifice. And in my situation, if I were in your situation, Tanner, I would be sacrificing my time, not my money.
You know, 23 years old.
Yeah.
Yeah. You know, I will tell you this, Ken, I did it worse than he's doing it. Sure. Worse. Yeah. He's in good shape. My wife and I get out of college and here's how stupid we were. We go and rent a, we have two dogs. We're just out of college. We got two little jobs. We go and rent a three-bedroom townhouse. Sure. Luxury. Right. Sure.
That's like five times what we needed because we thought it was cool. Do you remember what were in the extra rooms? Nothing. Sure. Because by the time we finished paying the freaking rent, we had no money. Yeah. Yeah, so what we ended up doing was moving into a little one-bedroom apartment in a questionable – I don't know what those ladies down the hall were doing – in a questionable situation.
You were hoping you weren't on a Vice episode. Man, I'm telling you. And we lived there for a year, but it was one-third the rent that we were paying before. One-third. And so that'd be like you had an $1,800 rent, and we moved down to a $600 rent.
Right.
You know, kind of thing today. In today's dollars, it was a lot less than that back when the dinosaurs roamed the earth. But, yeah. But, oh, my gosh. Wow. I did the exact same crap.
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