📈 Are you on track with the Baby Steps? Get a Free Personalized Plan ✅ Help us make the show better by taking this short survey! While the show hosts are on the Ramsey Cruise for the week, we've compiled some of our favorite George and John calls from 2024. Enjoy your weekend and we'll be back with a live show soon! George Kamel & John Delony answer your questions and discuss: ‘I have $160K of debt, file for bankruptcy?.’ 'How do I stop giving to my ex-daughter-in-law?’ ‘How do I get my wife to spend less?’ ‘Can we trust the Dollar for the next 30 years?' ‘Is it wrong to work in an industry that sells debt?’ 'How do I buy a property with my adult kids?' 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! 🤓 File your taxes with 100% accurate software that’s 20% of the price. 🎟️ See Dave Ramsey and Dr. John Delony LIVE in a city near you. 💵 Start your free budget today. Download the EveryDollar app! Listen to more from Ramsey Network 🎙️ The Ramsey Show 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 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: Why are George and John hosting the show today?
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.
What up? What up? This is the Ramsey Show. I'm John Deloney joined by the great George Camel. Live from Nashville, Tennessee, we are taking your calls on your money, building wealth, doing work that you love, and creating and sustaining and hanging on to great relationships. So glad that you're with us today. We're taking live calls, 888-825-5225. It's 888-825-5225.
We have a packed house out here in the audience. Good to see everybody coming to visit us here in, actually we're in Franklin, just north of Nashville. But we are glad you are with us as well. Let's go out to Milwaukee. No, no, no, no. Let's go out to Dallas. Detone and talk to Cyrus. Hey, Cyrus, what's up, man? Hello, how you doing? Doing outstanding, my man. What's up?
Chapter 2: Should I file for bankruptcy with $160K in debt?
So, yes, I am 26. I have $160,000 worth of debt, and I am wondering if I should file for Chapter 7 bankruptcy.
Why did you jump to that conclusion? What makes you think you can't crawl out of this?
Well, um, I've been working a lot, two jobs, um, constantly, um, not really able to get anywhere. Um, recently about a year ago, I caught a case, um, for a felony charge and, um, I am still going on actively with that case, trying to get probation. Um, so it's been very difficult for me to find another job now that my background check has shown a felony charge. So what are you doing now for work?
Yeah. So I'm working on Amazon. I'm making about $4,100 a month at a minimum. I can potentially make more depending on if they allow me to get overtime or work a six day. I'm working five days there as of right now. Last year I made $60,000 off of it. I'm off of Amazon alone. But I'm just... like drowning right now with payments.
And, um, I did, um, I rounded up all my minimum payments for all my loans and everything. And, um, my minimum is $5,300 a month. And that's just on minimum payments. That's not including food or, um, or rent or anything else. How have you made it so far?
What's getting you through every month if you're going underwater?
So, how did I make it so far? Well, I've been doing... Are you going further into debt every month? No, no. So, I'm tapped out. I can't even get the debt consolidation loan. My credit is shot.
What kind of debt is this? What is this debt, man? Can you break down the 160?
$51,000?
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Chapter 3: How can I stop giving money to my ex-daughter-in-law?
All right, let's do this. Let's stop there. I don't want you to say something that's going to get subpoenaed on the air. Let's just roll back to the money part. Is that cool?
Are you living alone right now? So I was going back between my parents and her. I was in my car for a month. Last month I was in for a whole month just because I couldn't go back to either one. So now I am back with my parents. They, you know, they stopped drinking supposedly. So I'm there for now. And this is another reason why I was thinking about bankruptcy, just because I have a case going on.
I'm unstable household. You know, I can't rely on nobody right now. I'm a worker. I like, you know, two years ago I made money.
you know 93 000 working doubles when i mean i've been working non-stop two jobs for the last three years but bro if you if you if you make 98 three years in a row you're out no no not three years in a row no no i'm telling you like i want you to hear george and i say we believe in you if you make 90 grand for three years in a row just straight hustling you'll be out you'll be free Yeah.
Listen to me. You'll be free. If you file bankruptcy, you're putting a chain around your neck and you're jumping into a lake.
Yeah. The problem I have is I've been applying for jobs in my record with the felony charge.
I got it. I got it. The deck is firmly stacked against you until you get that clear. 100%. But I have never one time... I mean, I've never... The guy who mows my lawn, I don't know if he's got a felony charge. He just does a great job, right? I mean, there's work to be had. It's not traditional work and it's not fun work. And it is hard, grinding, hot, cold work. But there's work.
What do you think, George?
Yeah, there's no shortcuts here. We got to get your income up ASAP. I would not file bankruptcy. You can get out of this, but it's going to take three years of hustle throwing 50 grand at the debt. And that means getting that income up. And man, you're going to have to get creative. You might have to get a roommate or two. Keep living with the parents. Do what you got to do.
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Chapter 4: What are the differences between mutual funds and index funds?
You have to be frustrated, all of it. But you don't have any money to give.
Yeah. Thank you. Yeah. Yeah.
And it seems like there's a lack of trust on your part because you don't know what she's doing with this money, and you don't think it's going to the things you want it to go to.
That's sort of correct. I don't understand. She works like two towns over. It's an hour away. Why not get a job closer to home? Why not? I just don't know where her money's going, and it's always an excuse, and I'm just tired of the excuses. I just don't want my granddaughter out on the streets, and now she's going to be evicted in three days.
Are you in a position to take temporary custody of your granddaughter for a while?
I've told her, yes, she can come stay with me. I mean, I haven't done anything legally. I'm not sure what I need to do legally, but I've told her I can put up my granddaughter. I just can't have her in my house.
Sure, of course. What does she say to that?
I'm waiting for a response. I just sent her a long message today saying no more financial help.
So let's stop communicating in messages because that's how my teenage son communicates with his friends and we're adults and this is too big of a deal. Let's make phone calls, okay?
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Chapter 5: Why does Dave prefer credit unions over big banks?
Probably like 25, 30%.
Oh, my goodness. Okay. So you're going to be a multimillionaire regardless of this conversation that happens next. Can we agree on that?
Yeah. Okay. Where do you live, Matt? Right outside of Charlotte. No, no, no. Do you have your own house, your own apartment? You live with mom? Where are you living?
No. I still live with my mom at home.
Okay. All right.
Cool. How much do you make a year?
Yeah.
Um, 80 to 90. Oh my goodness, dude, you're crushing it. So you're, we're talking, you're investing like 18,000 a year. Yeah. And you've got a 401k through your employer?
No, I use a Roth IRA.
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Chapter 6: How do I talk to my spouse about spending and saving?
No, that's actually factually incorrect. Morningstar did this article, and they said nearly 57% of mutual funds, these active U.S. equity funds, they beat the average index fund peer over the 12 months through June 2023. So that means six out of ten mutual funds beat the index.
Wait, over how long?
Over a 12-month period. They looked at, here's what mutual funds did, here's what the peer index fund did. Six out of ten beat the index fund.
Right, but why are you looking at a 12-month period versus like, you know, decades?
You can look at decades, and it's going to change depending on the decade you look at. And the truth is there's going to be mutual funds that don't beat the index, and there's going to be years the index beats the mutual funds. And so the goal here is to slightly beat the copycat of the stock market, which is the index fund. And so the index funds also do have a fee.
You'll see it listed as a 12B1 fee. And so that kind of makes up for the fact that the mutual fund fees there. So it's not exactly free. And here's the thing. We're not anti-index funds. There's a time and place. In fact, Dave Ramsey invests in index funds outside of retirement. You have that taxable brokerage account, right?
Dave would say index funds are the smart play there because of the low turnover. They're not moving things around as much, which makes the fees less. But in retirement, you're not having to pay those fees because you're not worried about turnover because this is a long-term play, and therefore he invests in mutual funds for his retirement accounts, index funds outside of retirement.
So there's a time and place for both.
What do you look for in a mutual fund, though?
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