📈 Are you on track with the Baby Steps? Get a Free Personalized Plan ✅ Help us make the show better by taking this short survey! Dave Ramsey & Rachel Cruze answer your questions and discuss: "38% of homes are owned by Boomers. What happens to the market when they start to die?" "Should I continue to take out student loans?" "I won over $200,000 on a game show and don't know what to do with it," "How do I financially prepare for the loss of my vision?" "How do we navigate my wife's social media blowing up and lots of money coming our way?" "My husband is an avid Ramsey fan and says that we cannot buy a new car" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp 🏥 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 ⛨ Find top Health Insurance Plans at Health Trust Financial 💸 To find out more about student loan refinancing, check out Laurel Road 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 🎥 Get your tickets for The Chosen Season 5! 💵 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 📱 Watch the full episode for free in the Ramsey Network app. 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🎟️ See Dave Ramsey and Dr. John Delony LIVE in a city near you ❤️🩹 Get trusted insurance coverage that fits your budget. 💵 Start your free budget today. Download the EveryDollar app! 🛒 Preorder Build a Business You Love Now at Ramsey Solutions 💰 Don’t pay extra for simple tax filing needs. File your taxes with 100% accurate software that’s 20% of the price 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 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy
Chapter 1: What happens to the housing market when baby boomers start passing away?
Hey, how's it going, Dave? Thanks for having me, guys. Sure. What's up? Yeah, so, you know, long-time listener. I hear you guys talk a lot about how housing prices aren't coming down, you know, due to supply and demand. But with boomers owning, you know, almost 40% of houses in America, is that something we should expect, you know, in the next 10 to 15 years just based on life expectancy?
Well, I'm a boomer. I'm 64. My life expectancy, having made it to 64, is 90 statistically. Is it really? Yeah, statistically. You're going to be around for a while, Dave. I mean, if you make it to 60, you know. So the average male death in America right now is 76. Average female death is 78. But that includes infant mortality, teenage death, and so on.
So when you have a healthy boomer make it in, so the gradient is not 10 to 15 years. The gradient is 20 to 30 years. Got it. To which point the answer is the absorption rate will not even notice it. You won't even know it happened because the inventory shortage is far superior to that gradient.
Okay.
That make sense?
Yeah, no, that makes a lot of sense.
Literally, I'm 64, and so over the next 30 years, the boomers will die off. Roughly. Not over the next 10 years. If they were all to die in the next five years, then your question would say, okay, there's going to be a rush of supply into the market, and he could cause prices to adjust.
Right, right.
That's what his question really had under it.
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Chapter 2: Should I take out student loans if my employer offers loan forgiveness?
Hi. Thank you so much for taking my call.
Sure.
How can we help?
Yes, so I have an employer that offers a student loan forgiveness and I am debating whether or not when I go back to nursing school to pay it cash to not add on to the debt that I already have or should I go ahead and take out the loans, be better financially stable during nursing school and then apply for the loan forgiveness after I graduate.
Never take out debt.
Okay. Okay.
Period. Because you're assuming one possible track in this scenario, that everything works exactly like your little plan you just laid out. And 100% of the time, things don't work like you planned. Something different will happen. And here's the other thing.
If they will give you student loan forgiveness and they won't give you education funding equivalent to that, I'm going to find a hospital that will because there's a shortage of nurses and someone will write you that check. If that group won't, somebody else will.
Like tuition reimbursement.
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Chapter 3: What should you do if you win a large sum of 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.
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.
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
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.
Nancy's in Las Vegas. Hi, Nancy. Welcome to the Ramsey Show.
Hi, Dave, and thank you for taking my call, and it's such a pleasure to speak with you.
Well, you too. How can we help?
Well, I recently won $200,000, a little over, on a game show. Wow. And I'm 70 years old. That's more money than I've ever had.
Can you tell us which game show? Are you allowed to?
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Chapter 4: How can I financially prepare for losing my vision?
But having a paid-for home going into retirement, it creates a sustainability way beyond somebody has debt going into retirement.
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
Yeah, and you know what? The other thing that gave me comfort, and I didn't realize it until you were saying that, they've already downsized. She downsized to get to that.
That's right, that's right, yes.
And so these people are already noticing where they are. They're not struggling with reality.
Yes, yes.
And so that gives me comfort, too, because they're reality-based people.
And their decision-making is wise.
It's clear. Yeah, it's real clear. And long before they got to this phone call. Snake oil, David Spade. Snake Oil.
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Chapter 5: How did one couple pay off their mortgage by age 30?
Chapter 6: Why should you consider joining a credit union?
I mean, that's... I mean, mid-80s, I know, I know. I mean, I'm a really young 70, but mid-80s, that's a ways away.
Well, I can tell. You just won a game show with David Spade. That's not an old 70, okay? That's not an old 70 right there. You're awesome. I love you. So, yeah, I... I would pay it off, but only if you guys agree to number one, get on a tight budget and detail out where, where every dollar's going. So that number two, I can put 1500 a month away.
Okay.
Okay.
And sit down with a smart investor pro, go to Ramsey solutions.com.
And if that's too much, if 1500, if they can't swing it, I still would.
I, they can swing it. She's got, she's got 6,000, $7,000 a month coming in and she doesn't know where it's all going. Um, other than it's getting spent. And so, I mean, he's making a little money, she's making a little money and they got 4,500 social security.
Yeah.
So they can swing that. I don't know how long they can swing it, but they could do it for three years. They get the money back for the 85. Yep.
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Chapter 7: What are the benefits of a paid-for home in retirement?
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.
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.
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.
If you run a business or you know somebody that does, you know the truth. The truth is it's hard. It's really hard. When you're self-employed, you typically have a jerk for a boss.
They work you to death.
It's you.
They work you into the ground, man. And I know. I've been doing it my whole life. And I've been coaching with 10,000 small businesses over the last several decades through Entree Leadership. And we figured out that there is a clear path through five stages of business and the six things that drive you through those five stages.
That makes up what we call the Entree Leadership System, which is basically the baby steps for running and growing. your small business. If you know someone that's doing that, the brand-new book that we have out, Build a Business You Love, my brand-new book, it will come out April 15th. It's on presale right now. You can get it for $29.99 and get over $350 in free bonus items.
Tens of thousands of you have already bought it on preorder. Thank you for the support. Thank you for the trust. And I promise you it's good. I promise you it's worth reading. And it's definitely worth a lot more than $29.99. Information there should make you millions of dollars. So pre-order today at RamseySolutions.com slash store or click the link in the description and you're on your way.
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