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Chapter 1: How can you achieve financial freedom?
From the Ramsey Network, it's The Ramsey Show. I'm Jade Warshaw. Next to me is George Campbell. We are taking calls all afternoon about your life and your money. And if you'd like to get involved, it is a live call. You can call the numbers 888-825-5225. That will get you on the line. George, you ready to get this thing started?
Game on.
Let's do it. We got Chris. He's in Seattle, Washington. Chris, what's going on?
Hey, guys. So happy to be on the show. Thanks for having me.
You're welcome.
My wife, uh, for the last two years has wanted to get a mommy makeover and I haven't heard an answer to this question yet. So I figured I'd give you guys a shot. Um, we collectively, uh, make about $180,000 a year. Uh, we have, uh, two businesses that we own and operate. Um, And last year we completed Financial Peace University and we paid off $25,000 worth of debt that we had. Way to go.
Thank you. Let's see. We cut up all our credit cards and we have a net worth of about $950,000. Wow. Awesome. Yeah. So it's been a hard road. But last year I decided to spend some of my free time working more and open up a handyman business. And I added about 75K on top of our regular income last year. Way to go.
So is that on top of the 180 or that's what you're at now?
That's on top of the $180,000.
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Chapter 2: Should we pay for elective surgeries with savings?
You know, I'm a frugal guy, but once you hit that different place financially, they make a great income. It's a small part of their world, and they're super young.
Yeah, I love it for them. That's a really, really good treat that they get to enjoy because they've done everything right. All right, let's go to Kevin. He's in Spokane, Washington, the city I was born. What's up, Kevin? How can we help?
Hi, this is Kevin. So I have a question about what to do for the future. I'm 18. I make around an average of $14,000 a month doing home improvement sales. And right now I'm saving about 96% of what I make and putting it between S and P 500 and some other, um, funds just to pull cash out of really easily. I want to retire by the time I'm 26.
I want to have the ability to retire, maybe not stop working, but I want to have the ability through dividends and rent from, uh, my renters. to retire. How would you best position myself to get to that position by 26?
Have you determined how much money that is? Like, do you know what that amount needs to be in your portfolio where you'll be like, hey, I'm working because I want to at this point?
I want to make $12,000 a month from properties and dividends. I'm not sure the exact amount I'll need, but I do know that I'll need quite a few properties and quite a bit of cash in my accounts in order to make that income.
Okay. That was the other question. What part of it is you, is this, let me ask this clear question. Is this you really drawing the money out or is this more of a theoretical, I could retire, but, or is this you really, you're pulling the money out of the portfolio?
I don't want to pull the money out. I just want to let it sit and give me money.
So you really would be drawing out that money to live on is what I'm saying. It's not just a theoretical feeling. Yes. That I know I have it. Okay. George, you're looking at some numbers over there.
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Chapter 3: How can I retire by 26?
So half of his income is going to the mortgage. Yeah, just about, yeah.
Yeah, because when you add in probably HOAs, taxes, insurance, everything like that. We don't have HOAs. No HOA, okay.
Here's the deal.
He doesn't have money to throw at retirement anyways.
You guys are paycheck to paycheck. And so throwing a little bit of some pennies into retirement is not going to solve this problem. What will help you retire with dignity one day is at least being debt-free and you having a lot more timeline to go back to work. You're going to need to do that eventually unless he gets his income way up.
yeah well my plan is to go back to work once um he's a little older how much five years from now see that's i don't think you guys can float a mortgage that's half of your income for five years and tackle the problem that you have here like your your time frame is tight how can you tell me how much how much the house is worth like if you were to sell it would you would it bring anything
Yeah, it's up to $500,000 and we owe $300,000. Okay. About $300,000. I don't know how to do it.
So maybe if you sold it, you could take home $170,000 or somewhere in there? Yeah.
I could knock out your debt and you could rent for a while.
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