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Chapter 1: What are the highlights of this week's Ramsey Show?
Hey guys, it's James Childs, producer of The Ramsey Show. 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, where we help people build wealth, do work that they love, and create actual amazing relationships. I'm Jade Warshaw. I'm joined today by best-selling author Rachel Cruz. Thank you for being here with me today, Rachel. So great, Jade.
It's a good show.
It sure is. All hour, we're going to be taking calls about your life and your money. So give us a call. The number is 888-825-5225. We'll take your call and we will give you our best shot at advice. I think we do a pretty good job, but I guess at the end of the day, it's up to you. So let's go straight to the phone lines where we've got Jason from San Jose, California. What's going on, Jason?
All right. Thanks for taking my call. The problem that we're having is my wife and I can't decide. if we're in baby steps three, four, five, or six. And we seem to be moving in and out of those baby steps.
Okay. Tell me more.
Well, we make about $320,000 as our household income. We've got two mortgages, one on our primary home with about $220,000 left to pay on it. Then we have a rental property that we break even on every month, and we've got about $300,000 left on that. We both save for our retirement, and we max that out every year to get the matching contributions.
I have ESPP along with other investments that I place, and then we have college funds for our kids. And the issue is, so my wife manages all the month-to-month daily checking operations, and she wants to have the six-month savings in a savings account tied to the checking account.
And I keep explaining to her and showing her that, hey, we've got all this money elsewhere, money market funds and stocks.
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Chapter 2: How can I manage my finances with multiple mortgages?
Perfect.
Awesome.
Thank you so much.
Thank you for the call. That's a really, you know, that's an interesting thing, Rachel, because I do think that when it comes to savings, you know, you do have to keep it a little bit. It's got to be enough out of reach to where you don't, quote, accidentally spend it. But at the same time, it's got to be liquid enough to where if the water heater goes out and you can't cash flow it, you can get to
So you don't want to invest it. And you made a good point earlier that, and I don't think this was her from what he was saying, but you also don't want to have a bunch of money so that you can be lazy with your budgeting and you spend more than you make. But it's okay because we got 10 grand over here. We'll just get it. Don't let it be a cushion for your everyday expenses.
It's a cushion between you and life when the big stuff happens. That's your emergency fund, not to cover lifestyle.
That's right. This is The Ramsey Show.
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
I also discovered that there are a lot of rip-offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
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