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Chapter 1: How can I convince my partner to avoid credit cards?
Hey, so I believe in the Ramsey Method. Say the good amount of money. I want to buy a house. Um, I have this girl, like I want to marry her, but she doesn't believe in, um, she, she believes in like credit cards and I don't want credit cards. Um, cause that's what you guys teach. Um, how can I convince her? She thinks they're like, you can't rent a place or you can't get a house.
And I've tried to explain her otherwise. What do you guys think?
How have you tried to explain it? Like role play it with me. How have you tried to teach your girlfriend or to talk to your girlfriend about the way she thinks about a problem is wrong?
Well, I just, I don't know. I try to go soft like you guys do. I don't know. I'm like, well, this served me well. The Ramsey method served me well. I saved up over like $120,000. I'm only 22 years old. I think, yeah, I think there's just less risk.
So you are making, I don't want to over-gender this, okay? You are doing it exactly the way I would have done it at 22. which is I would have sat down with a spreadsheet and said, look how old I am, look how much money I am. And by the way, can I just, George and I high five you? You're doing incredibly well. 99% of Americans don't have as much money as you have in the checking account.
That's because he's in Canada.
Oh, Canada. There you go. On behalf of Americans, they don't have that much money either. But so you're doing a great job there. But I think getting beneath that is the only way I've heard and or seen it be successful, which is I don't want, like you firsthand know the turmoil that's been going on in the Canadian government over the last few years, right? The last few days. Of course, yeah. Yeah.
To your girlfriend. Years, yeah. I'm nervous and scared about any entity, the government, a bank, a car dealership, anybody owning me and you.
Okay, that's a good way to put it.
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Chapter 2: Should I take out a car loan or pay cash?
This is about safety. This is about, I want to have a family with you, and I want us to control our destiny. I don't want a bank to tell us that you can't stay home with the kids. I don't want a government to tell us that we have to leave our house. I want us to be completely free. And that's a different conversation than the ROI.
George and I get calls all over the world about, well, I've got a 2.7% mortgage, but a 5%. I don't care. I'm going to start with freedom. I don't want anyone to own my family. Yeah. And if she says, screw you, you know how good of a deal we can get on a suburban, then you all have a deeper relationship challenge, right? A huge one, yeah.
And Hunter, I cover in my book, Breaking Free from Broke, I went through every single thing I've ever heard about using credit cards, and I debunked it, not with just opinions, but with facts, with research, with my experience, with hundreds of others. And so I'm going to send you a copy of Breaking Free from Broke, and here's what I would do. Okay.
Hey, as part of our future together, I want to make sure we're aligned with money because I know that money fights and money problems are one of the leading causes of divorce. And I want this relationship to succeed. Would you be willing to read this book with me about personal finance or listen to the audio book? Would she say yes?
I think so, yeah.
Because then it's not you telling her. It's, hey, what do you think about that chapter? That was interesting. Like how he was talking about how you can rent a car without a debit card and the steps you need to take to buy a house without a credit score. And then it starts a conversation instead of you telling her how it's going to be. And I think that will help this go better. That's awesome.
Thank you. This is for you, dude, but it's also for everybody listening. It's really important that a future husband and wife, a current, you know, like just a partnership, right? Two people who are married.
their values are aligned but dude beliefs will change all over the place my wife and i believe different things right yeah that's why we read different books listen to podcasts like i want my beliefs to always be challenged and always be changing it gives us stuff to talk about when we go on dates but our values are aligned and so maybe a fun exercise for y'all too is like
Going into marriage, by the way, they'll change over time, but going in, what do we value? And if you start with, as for me and my house, I'm really going to value being free. Nobody's going to tell me what I have to do. I'm going to be able to control my destiny. And I want me and my wife to have that, to share that. Who could, who can disagree with that? Right. Yeah. No, it's true.
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Chapter 3: How do I stop living paycheck-to-paycheck?
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Welcome back to The Ramsey Show. I'm George Campbell, joined by bestselling author Dr. John Bologna. Taking your calls at 888-825-5225. To Canada again we go. To Toronto, Noah joins us there. What's going on, Noah?
Hi, how are you guys?
Doing well. How can we help?
So I'm 21 years old. I know I'm pretty much next to nothing about finance. And right now, currently, I'm sharing a vehicle with my mother. And over the next couple years... I like to sock away some cash in buying my own car, and the car I want to buy will be worth a resale value of roughly $15,000 by the time I want to buy it.
My parents suggest that I take out a loan on this car instead of paying up front with cash, which... I mean, I've been listening to the show for a little bit, but even just on my basic instinct doesn't really seem totally right. I mean, if I have the cash and if it doesn't swap my net worth, then I don't see why I shouldn't just pay up front for it.
And basically their argument to why I should do this is they claim that the interest that I'd be paying on the car loan would be less than the interest that I would gain through some sort of stock market portfolio with the rest of the cash.
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Chapter 4: How to manage a sudden increase in wealth?
You're right.
Even if you get three roommates, you grow up fast when you're living with three dudes. All right. You start to learn some things and it prepares you for marriage.
And it boosts your immune system too because a house full of guys is disgusting. Absolutely. Just kind of as a general rule.
I'll tell you, my mom was just in town. Noah, I revert to a child, right? She's like, no, I'll get the dishes. I'll fold the laundry. There's just a piece of you that turns into a child when mommy and daddy are there. And so I think it's going to really help you financially, spiritually, emotionally, mentally to move on and do your own thing sooner rather than later.
I agree. But good gut instincts, brother. You're on your way, man. I love it. It's awesome.
That's big. So, John, this comes up a lot. There's a rub between there's a thing this other person believes and they're projecting it onto me. And I love this person. I respect this person. And it's easy to say, well, just have a boundaries conversation and tell them to kick rocks and pound sand. But the reality is these are your parents. These are your loved ones.
Can I tell you what I think? So what's happening? Our culture has told us if you have a disagreement with someone, you have to hate them. If somebody believes strongly about debt and you believe strongly about borrowing money, then inherently we have to hate each other. If you vote differently, if you want to go to this church and I want to go to this church, we have to hate each other.
And it's so nonsense. I know he's from Toronto. The whole American exchange, the whole idea of the United States is... You believe this, I believe this, and we're going to figure out a way that we can both live together and move forward. So, man, people like your parents, most of the time there are evil actors out there and there's morons out there.
Most of the time a mom and her dad sits down and gives their kid what they think is the next best right step for them, period. So you don't have to hate them and you don't have to do everything that they say all the time, especially when you're a grownup. Now, if you're 22 and you still live in mommy's house, and you're borrowing Mommy's car, then you're going to do what Mommy says.
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Chapter 5: What does achieving millionaire status look like?
Okay, so your A1 is to get some savings. You said you have no debt to your name whatsoever.
Yeah, no, I mean, I'm paying on a trailer, but it's not under credit. I have no credit at all. I don't have a credit line. I've always paid for cash.
So you owe on this trailer. How much do you owe, and to who?
Roughly $1,600 to a trailer dealership.
Okay.
I already made it. I think it was like a $200 down payment. My first payment comes out next month.
Okay.
Regardless of lines of credit or whatever. So we need to make sure the definitions are clear here because that's now your A1. With every future paycheck beyond your basic bills, necessities, you got to throw money at that thing, get it knocked out within a month or two. Okay. Then beyond that, let's get a fully funded emergency fund, three to six months of expenses.
For you, that might mean 10 grand right now. And that's going to take getting your income up because this should not take a year or two to get 10 grand saved up. Do you agree?
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