Get off the Hamster Wheel! (Hour 3)
Live from the headquarters of Ramsey Solutions Ocean's broadcasting from the dollar rental studios. It's the day Ramsey show where that is dawn. Cash is king and the paid off home mortgage has taken the place of the B._M._w.. As the status symbol of choice I'm Dave Ramsey your host. Thanks for joining US Open phones at triple eight eight two five five two two five and joining me at the bottom of the hour number one bestselling author Ramsey personality Chris Hogan author of the books <hes> retire inspired tired and everyday millionaires. You have a question for Chris. Make sure you're in in line on the phones by the bottom of the hour the phone number here again triple eight eight two five five two two five Ralph is with us in New York Hi Ralph welcome to the Dave Ramsey show. Hi Dave better than I deserve. What's up <hes> not much <hes> I just retired and <hes> I guess I'm about to step six <hes> I just discover your show and <hes> <hes> I guess my question is <hes> my my house is paid off? My daughter's. College is paid off <hes> <hes> I have a 4. Orland K A savings <hes> <hes> as far as investing <hes> rollover that 4. into an I._R._A.. Guess that's my question probably would control all the mutual funds and access to it. <hes> a whole lot better than having adviser looking over your shoulder with you. <hes> how much is in your 4. Five hundred white ago man congrats thanks yeah I yeah I keep mine invested in good growth stock mutual funds I spread it across growth growth and income aggressive growth and international and if you just click on Daveramsey dot com you can click smartvestor. It'll drop down a goes to the smartvestor pros in your area. If you don't have an adviser you can pick out which one of those you'd like to work with and sit down from that list sit down with one of them and has the heart of a teacher understand very clearly what you're putting money into and then if you do a direct transfer roll-over meaning the money doesn't come to you. It goes directly from the 4. into the I._R._A.. Then there won't be any tax implications at all and you'll have complete control of that money what's invested in and you can move it or change it at any time all within an I._R._A.. And <hes> then of course I at seventy and a half though you'll have required minimum distributions our M._d.. On that and that's normal anyway <hes> and you can start to draw money off of it whenever you're ready <hes> to live on draw some of the income off. I certainly wouldn't want to draw more than the income off. I don't want to destroy the principle and I assume we've got <hes> some other stuff coming in as well that you've done very very well congratulations Ralph well done. <hes> Darryl is with us in Boston Mass Hi Daryl welcome to the Dave Ramsey show I dave how are you better than I deserve. What's up not much <hes> so I have <hes> we just finished baby? Step two and <hes> we have a rental property however I owe more than my annual half income on it so it goes in the baby step six however we were considering selling the property uh-huh so a tenant in there now <hes> she hasn't missed a payment but and she knows we want to sell she's been really dragging our feet and I just feel like the place is out of her budget would be ethically wrong to get her evicted from their <hes> not necessarily evicted but a the <hes> kinda she's attendant will right now. We just really want to sell the place bill to finish baby. Step three put money towards the College Fund mean by ten at will <hes> so she does not have a lease right now. It's it's been expired. Okay then. She's a month to month ten. Yes Sir okay. There's nothing nothing unethical about giving someone a thirty day notice. That's a month to month tenant why would they why would that be on ethical. That's your agreement yeah. She's just having a really hard time finding another place. She has two German shepherds so no I'll take her. Oh they'll take her. They just won't take the dogs. Yes yes so you know it's a how long has this Dec- this hunt for another property by her been going on since I would say last October okay so if you want to be gentle you can give her sixty days notice. If you don't even care about being gentle you can just give her thirty days notice and I you know you need to check you know law in your state but in most states you would do that before what were the first of the month for the ending of the month following. This is your thirty day notice and you'd WanNa be careful to do it in writing in most places I would do it registered mail so that you've got proof of delivery and go ahead and call when you've had a relationship with her and tell her that that's coming in all you gotTa do you have proof of delivery and then then if she doesn't move then you have to go through the legal proceeding to evict her at that point. Surely that will work <hes> yeah. She's not found a place because she's not been looking yeah exactly endure opinion that that's a good financial move to to sell the place you don't want. It is what you're telling me. You've been working on getting rid of it for some time. Yes sir. I don't care if you keep a rental property as long as you pay it off but it's not a problem to keep it. As far as I'm concerned. I love rental property. I just want you to get them debt. Free as quick as you can but if you want to get rid of the property and you've been working towards that this is what you would do so if you want again. How long has she been in the property two years now okay right and six months of that has been dragging their feet to leave? Yes Sir yeah. I might give her sixty days. If you want okay but I would do it very formally in writing after you called her and told her the letter was on the way and you you know check with your local <hes> laws and maybe checking attorney even does real estate evictions and make sure that you're you know what form and what process you need to use so that your proper in your municipality and in your state <hes> you know what's the court GonNa do when you come in for an eviction. They GonNa make you start this whole thing over because you did it wrong. You don't WanNa get into all that right. Does what she'll do is tear the crap out of the House if you day you don't WanNa do that so anyway. This is the first of August is coming up and so by the first of August you get all this done and you say well by the end of September. You must be gone. That's very gentle. That's almost a whole year yeah that would be very gentle and if you want to be a little more hardcore you could just say the end of August okay. It's up to you either one's fine neither one another and of course all of that is subject to her continuing to pay the rent if she stops paying rent immediately mmediately. WE'RE GONNA move to remove from the property so yeah. It's just a month to month rental. That's just that's nothing unethical about that at all sir. Thanks for the call. This is the Dave Ramsey show in a recent study showed that over fifty percent of people think that the cost of term life if insurance is triple what it actually costs. This must be why so many people still don't take care of this crucial responsibility trust me term life rates are just plain cheap and it costs nothing to get a quote. The only place I trust and personal tell us is zander insurance call eight hundred three five six forty two eighty two or visit ZANDER DOT com. It's more affordable than you think and you need to get this done. That's ZANDER DOT COM reminder coming up at the bottom of the hour number one bestselling author Ramsey personality Chris Hogan will be with us. If you have a question for Chris you can jump in now. We'll be happy to have you and just the phone number. Here is triple eight eight. Two five five two to five Jackie is with us in Chicago Jackie. Moss Green says you're debt free congratulations. Thank you thank you through very cool. How much have you paid off? I paid up one hundred thousand dollars yeah. How long did this take now three years and four months good for you and your range of income during that time I started out about sixty five to seventy five and then now I making seventy five to eighty five but picked up another job cool living a lot more <hes> I think national therapy I work at a level one trauma hospital strokes and brain injuries and spinal cord injuries so the hundred thousand student loan debt or what most of it so seventy seven thousand is government student loans twenty Alcon with private student loans and then three of it was credit card debt well? That was the first one to go so. Did you get out of school three years ago. What started this no no? I got out of school a million years ago then really years ago years ago. I had a big big change. I just couldn't get off the hamster wheel. I felt like I couldn't figure out why was still in debt. I'm like I got these jobs. I I should be making a ton. I got a master's degree but we know that that doesn't mean that I'm going to be wealthy but <hes> I just couldn't get ahead. I'm like I'm living in studios. I'm buying my clothes at target. What am I doing wrong and so I asked a friend who owned a place like hey do? You think I can move in with you and then right after that my parents let me the financial piece C._D.'s they're like hey take a listen to these in and just see what you think about it and that was the first time I'm like I can do this. I yeah it was like perfect timing like I was ready for it. You discussed it enough to listen. Yes pretty much that makes sense. Okay cool good for you. So what do you tell people. The key to getting out of debt is that's pretty impressive. You paid off a hundred thousand dollars. Almost all of it student loans three years and four months so what's the key you gotTa Tell Yourself. No you can't do it. All if you can't afford it. You cannot do do it. That's the biggest thing when I tell people I'm like yeah you. We can do these things but not right now now. When your Gazelle intense you can't afford to go on vacation and you can't go on vacation but if you save for saying so but I think it's just telling yourself no you don't need it it? You can wait you can save for it and then you'll be able to do it. How old are you? I'm thirty four years old good for you well congratulations so who are your biggest cheerleaders mom and Dad Mom and dad for sure I've I've got big family friends the corrosive who are also Dave supporters and they were helping me along just everybody at work has been cheering me on and all of my friends they know what I'm doing and they're pretty supportive of it. Even when I have to say no to going out and spending ending but everybody onboard oh good for you very very well done war proud of you. Congratulations you got a copy of Chris Hogan's book for you every day millionaires. That's going to be the next chapter. After in your story okay we want to be a millionaire. Okay thank you I would love that too and outrageously generous as you go along so very very well done all right Jackie from Chicago. One hundred two thousand dollars paid off in three years and four months making sixty five eighty five counted down. Let's hear a debt free scream three two one in another millennial set three in the wild. I love it. You guys are amazing. I'm so proud of you very very well done. That's good you know part of not being a victim is deciding you aren't yeah you're not entitled and you're not a victim once you decide that you go. I'm getting off the hamster wheel. That's what she said right. I'm getting off the hamster wheel. I don't WANNA run run run around like a rat wheel. Get nowhere have a heart attack and die that some people's whole lives don't do that with your life. Don't do that with your life. Be Be like Jackie. Grab this thing by the whole about grab the bull by the horns make this thing happen. Take over. I'M GONNA I'm GonNa do what it takes to win. That's when you turn things around. You have to make a decision. This crap is not happening to me anymore. I'm going to start happening to it life life. I'm GonNa tell you what to do. Instead of you telling me what today I'm going to get about the business of designing my life in such a way that I have one get a life. Go get you some. You couldn't do this very possible. That's why we have the debt free screams on and that's why we talk to you guys every day to help you. In any way we can to help you get there. We think you can do it. Sometimes we know you can do it and we often think and no. You can do it more than you do because we've seen someone just like you. Do it just like you. I'm talking to you. Yeah you yeah you you. Someone just like you has done it before gotten out of debt gotten under control where they're spending increase their income started to save and invest in became a millionaire millionaire's come from all kinds of backgrounds but the one thing we know is is that very few of them come from wealthy backgrounds. Most of them started from nothing. Most of them did not inherit their money upwards of ninety percent are not millionaires because of inherited money. That's what Chris Hogan found in the study that we did as we were building the book everyday millionaires that he wrote yeah learn about this stuff. Get that book and read it. It will change your whole perspective on what this what the deal is. Are you a victim. No we've got statistical data proven we. I know that you can win. We know that it's possible all right checking in with <hes> an Instagram follower I live in Vegas. Brandon says house prices renna raising fast. I can't afford a house payment in the size. We're looking at right now but I'm still working our debt snowball. Should I purchase now to avoid the crazy prices in a year or rent longer rent longer. You should not buy a house until you're out of that Brandon. The House will become curse worse rather than a blessing Brennan. I don't know if you know much about Las Vegas but a few years back it was voted the fastest growing city in America. It was the biggest real estate bubble that burst when the real estate bubble burst. I A lot of properties they're dropped in half in value more than any other city in America. It was a mess and if you think you WANNA ride one of those bubbles up again and then watch it pop while you're your broken in debt. I'm going to tell you don't do that. I'm not saying Las Vegas is a bubble. I'm saying it was before and that's a proven fact that's not. It's an observable fact. It's not a supposition of how I feel about. The things show no matter where you live sir buying a home while you're broke is a bad idea it will make you broker and broker and broker because everything that can go wrong will when you move in and Sallie Mae moves in the spare bedroom because you still got a student loan you still got a car fleece sitting in your driveway and you still owe Master Card as soon as you do the roof leak the high heat narrow go out in the hot water heater will blow up and you're gonNA find out about a homeownership costs a lot to own a home. You don't WanNa do that when you bro. Please get yourself out of that. Have Your Emergency Fund in place. Do do things in the proper order. Don't get house fever when you make decisions like this based on fear of the market outpacing you. You're getting ready to do something stupid. This is the Dave Ramsey show yeah yeah this half hour number one bestselling author Ramsey personality Chris Hogan author of the. Book Every Number One bestselling book everyday millionaires how ordinary people built extraordinary wealth and how you can too you hear him here filling in for me periodically like Rachel does and Anthony Does Christie does and so forth Coleman Ken Coleman has been in here a couple of times when I've been gone on vacation lately and of course certainly has <hes> been jumping in and fill in so how's it feel to do show when I'm not sitting here Dave. There's a little pressure. There's a little pressure that comes with the situation. <hes> there's a lot going on on <hes> just steering the ship. There's so many moving components <hes> of what's happening with the clock and then the brakes and so it is one of those. It's been a great learning curve <hes> but I I've really enjoyed it or it as you're good at it. Lie appreciate that that's that's what everybody's saying. Gene Kelly have done a great job. They have. Yes absolutely so Chris Hera answer your question with me this half hour the phone number is triple eight eight. Two five five two two five audrey is with us in San Antonio Texas sexist Audrey. How are you hi Dave? God bless you. Thank you for helping absolutely how can Christian I help. I have <hes> retirement coming. It's a rollover <hes> I have one retirement that <hes> eighty eighty two thousand in one account and I'm contemplating ruling the other. I've got another <hes> account coming thirty eight thousand and I WANNA roll it. I was thinking to roll it into a separate <hes> account so so not to put all my eggs in one basket is what I was thinking but I was wondering what it'd be better to put it all together or could it into two separate will technically you can't combine them anyway. You would have to separate account numbers with your I._R._A.. So you're all in both into I._R._A.'s and you <hes> but if you put them both in the same four mutual funds and certainly the four categories of mutual funds there'd be no harm in that okay because it <hes> <hes> it is going to be a rollover 'cause I got a divorce and they said that I could put it in a separate account. Yes yeah you need. You do need to roll out. It's his 4. Half then yeah yeah role that to an accounts would be better better than one account. It's it's not it's mandatory. They make you have two different account numbers but you could put them all you can put both of the funds are both sets of <hes> rollovers into the exact same mutual funds and it would have the same effect of having one account and there'd be nothing wrong with that. Does that make sense. I'm missing something. What am I no no not at all and audrey you can set those up as David saying in investing the same four ways and those growth stock mutual funds and you'll be well on your way <hes> that's a great question and and it's really one of those reaching out to a smartvestor pro in your area will help guide you through that entire process seamlessly yeah click smartvestor Daveramsey DOT COM and one of the pros will help you walk through the process? It's not that much to it. You can do it and you'll understand it in one meeting Jesse's with us in Jackson Miss. Hey Jessie what's up. Yes Sir I met the Ramsey Mr Hogan honor to speak Etait you too yes sir <hes> actually call him <music> <hes> me and my wife <hes> actually beginning of this week we finally decided to I guess you would say take the bull by the horns and <hes> start managing our money and <hes> really really get this train back on the tracks and and <hes> really my question is am I do travel for <hes> instead of staying in hotels whatever actually on my pull the camper with me to location <hes> most of the time I'm I'm there for four I five months at a time <hes> we actually travel throughout the United States and <hes> I'm really just kind of looking seeing what things I could eliminate as far as bad and <hes> and hearsay and really all of our day combined really <hes> the setup but I have to travel with <hes> is a pretty good bit of my dad and <hes> really going to see if maybe had an idea of another route I could take or what have you to <hes> to maybe minimize some of this okay and Jesse when you talk about what you travel with as a large part of your debt. How much debt do you have on the truck in the camper? Oh right now that the truck is at about about thirty thousand and the Camper Camper. I'm probably about twenty four okay and so with that is that's those are recreational things that you're using for business correct yes yeah because most of the time <hes> I normally would just stay in a hotel and <hes> with the hotel. Oh you're <hes> I've I've seen average of you're going to be spending around around the five or six hundred dollars a week <hes> and actually <hes> doing this round. I'm actually spending about that same amount but in a monthly aspect other than the weekly <hes> mhm well I liked the juve made a decision about debt like you said getting the train back on the track <hes> but as far as working your debt snowball is just going to be a matter of getting serious. I mean what's your household income right now. We're probably about one hundred hundred twelve thousand a year okay and what other debt you have outside of this this truck in the camper <hes> about two thousand and medical bills <hes> about fifteen on my wife's car and a mortgage and that's it how much on the mortgage <hes> we're about. We're about this. I'm not saying I would. I'd be lying if I gave it exact number okay all right well. I think if I'm in your shoes what I'm GonNa do is get serious about attacking that debt or I'm going to sell those those things and get a hotel. I mean those are the realistically the two options as you start to walk through it so you guys need to make a decision but you got a whole lot of debt hanging around with you about fifty six thousand dollars between the truck and the camper so you can see your game can change change if you were to sell those but if you buckle down and get serious I think you can attack it and pay it off. What's your thought day? I think you can go one or two ways. <hes> one way would be used to add these up and run your debt snowball and say hey are we willing to cut deep enough to get all the stuff except the house paid off into years. It'd be it'd be tight but you probably could do it but I mean it'd be an zero. It'd be beans and rice rice and beans indie really want that camper truck combination combination that badly the other option would be sell those two things you'd be debt free very quickly not counting the house and then begin to save while you're using the hotels <hes> to to buy another camper and another truck and my guess is you. You might buy a different camper and truck when you're paying cash. Yes absolutely really truly so either way's fine. How much of your life do you want to give out because basically it's GonNa cost you about a year of your life to keep these things? Yes Sir <hes> really I'm. I'm at the point now of <hes> Lord. I I heard you say before. I mean still so many things the kids think they're next and I'm I'm Kinda at that point now of of really <hes> just whatever the best <hes> I guess you could say your idea of having the camper to stay in is a good idea. It's cheaper than the hotel. That's where your idea came from right. I mean you save a ton of money doing that if it was all paid for so the question is for this camper and this truck are you willing to go beans and rice for about an extra year because that's what the math looks like you know versus versus Salam and then by some other ones a couple years from now either one of those plans okay with me. It's just a matter how much price you WanNa pay for that particular rig now. I've had some rigs in my life. I'd pay pressure to to keep them. I'd bear down and do it and I've had some other stuff. I didn't give a crap about on. I'd rather be free and so either. One of those is fine. You can be out fast enough if I looked at. This is GonNa take you five years. I'd be selling it but I think you can be done in two years with all of this. If you're I one hundred twelve thousand our income if you really lean in but it's going to be tight 'cause if I got that you know looks like we got sixty seventy five eighty thousand out of one twelve. That's forty eight year for two years. That's doable but it's tight as tight and Mama back home while you're living in the camper is also going to be tight <hes> and so she's got to be completely on board with paying the family's GonNa pay a price for you to keep this rig as well so good stuff man. Thank you for calling going in. I'm glad you're doing it. You can do it. You were right here to help you. If you need some more help this <hes> Chris Hogan joins me this hour answering this half hour answering your questions Ramsey personality number one bestselling author of the book every day millionaires millionare's how ordinary people built extraordinary wealth and how you can too this is the Dave Ramsey show uh-huh <music> today saw one three one how good and pleasant it is when God's people live together in Unity Helen Keller said alone we can do so little together we can do so much so Chris Hogan and I are together Ramsey personality number one bestselling author answering your questions. Latisha is with US and San Francisco this go hi Latisha how are you. I'm fine thank you. How are you guys doing better than I deserve? How can we help okay so I have a question? I'll start with a question first and then try to give you some background information. You can let me know if you need more okay so the question is my husband. It's been has an opportunity to <hes> transfer his job to Georgia north Georgia or north Georgia in Atlanta <hes> Alfred Woodstock Marianne area <hes> we're into San Francisco Bay area. We are currently debt free except for our home. <hes> we bought our home ten years ago when it was low so we bought low our current payment is twenty two hundred a month. We owe to seventy on it and we're looking to the move or considering the move for a couple of reasons. One is financial. Obviously the cost of living is cheaper out there. We actually went out there. A couple of weeks ago to kind of look around seems like we would save money obviously on real estate home <hes> property tax in fuel all other costs Kinda seem relative or kind of a wash Josh income taxes or what that Georgia has a small income tax compared to California. Oh Okay Oh so. We figured I'm sorry I was just referencing groceries and right this up before we go any further. Where do y'all live well? That's the thing so we we have always had a desire like we. We have a three year old daughter now but even before we had her we always kind of thought in the back of her head. We wouldn't retire here California's. That's fine or not in love with it. We don't like the school systems now that that's on our plate to think about. We don't like the cost of living in the taxes the political environment. There's several things that we don't like about it but it's all we know we grew up here in northern California so it's kind of a scary thought we've never bounced around moved around the particular area in Atlanta that you're talking about going as a wonderful area. It looks like it. It's an upscale hi good good community strong schools. I just happen to know a little bit about it and spoken in several churches in that area no bunch of people who live there and it's just a it's a great area so there's nothing wrong with this move so far. What's your question okay so the question is you gotTa have a loss of income and when he works he won't have a loss of his base salary he when you work in this area you get a fifteen percent? I'm geographical pay when he moves because that area and Atlanta is up and coming. I mean they do have a five percent so he is going to lose ten percent of his pay <hes> so we were wondering we know moving isn't cheap <hes> but we're wondering. Is this a wise decision. <hes> financially are two goals financially would be obviously obviously you take the equity would have in this house. Put a larger down payment on a home over there to give us. <hes> you know more money. A fifteen year fixed more money at the end of the day to to up our retirement and our college savings account because I'm forty. Hugh he's forty four so we're saving poodles. What does he make it in college? I'm sorry what does he make. He makes right now. A hundred thousand okay says ten thousand dollar swing yeah ten thousand dollar swing do that heartbe okay. What would you think Chris? I mean I'm listening to this. Dave and I'm with you. It's a matter of where do you WanNa live Latisha and the financial side the dentist of quality of life so if you've grown up in northern California are all of your family there yes yes they are. We don't see them. I mean my family is about four hour drive away his family's <hes> in the same town where we're we don't have any family issues but we don't see them that regularly or or you know it's not they're not yeah part of our lives. It's called care when my daughter I can tell you this. You're going to save more than ten percent by relocating to Georgia and in the tax side of things and where you are so I mean for me from a financial standpoint and quality of life. I think you're going to enjoy it. What's your income tax rate in flaw in California? I twenty one percent four in Georgia. Oh my goodness. I think we just found your ten thousand dollars. No kidding. I'm not positive positive but double check but I I think it is <hes> okay and they do have an income tax but my recollection is. It's very very small number like that and so checked that that may answer your question instantaneously but the big thing is. Where do you want live four hours away? You're also four hours away by air. That's right from California. I mean from San Francisco Atlanta. You can be there in four hours and plus your modest kidding through the Atlanta airport just somewhat like going through Hell uh-huh and Dave. I was GONNA talk about the traffic in Atlanta but they live in California traffic upgrade. That's without a doubt. It's hard to imagine that it's possible. That's true I it's a matter of where you guys WanNa live. It sounds like a great adventure venture. Here's the other thing if you go over there and it doesn't work. You probably could move back. You know nothing is permanent as if he'll sometimes when you're doing these things so I I'm in. I like it all right Zachary's in Austin Texas Zachary your question for Chris Hogan. Let me hey guys have gone to my question is we're on me and my baby step four or five and six. If you will mainly focusing on paying the house off early <hes> at the same time we have a small business that we run so I'm trying to find the right way to balance both being Gazelle in tents on the four five and six steps as well as trying to build up A. I guess you guys call it like a retained earnings fun for the business itself. Okay well. I the way I set the Ba- retained earnings fund is I just say a percentage and you decide the percentage of your net profit. Each month should be dumped into retained earnings okay and it wouldn't be ads. <hes> I guess not out the exact same as like what you recommend for <hes> the personal side words just straight expenses bare minimum expenses. No I get to about six months of business expenses because you need to be your own line of credit and not be borrowed the business to expand not be borrowing money to survive that kind of thing. You're trying to get there. I you know full disclosure. I've never gotten there are businesses grown faster than retained earnings has grown on and today to hold six months of cash that it would take for this place to operate would be so much money be ludicrous so it starts to change but but you know a small business with you know forty fifty team members or less man. If you had that kind of cash position you'd feel so rich you know six months worth you know what to do so you can adjust that back and forth and say I put too much in retained earnings so I can't do my stuff at home where I'm doing so much stuff at home I can't do any retained earnings and just dow back and forth between those two knobs knobs and I think you can find the balance you're looking for Chris when you're meeting with an entrepreneur like that an entree leader when when you are teaching entree leadership and they're asking that question you know one of the things I run into his that I'd say ninety percent of time they have zero oh retaining links that's right and not only the zero retained earnings day but they also have debt. You know they've they've. They've they've leveraged something because they heard a professor or some guru say that you need to and so you know Dave's principles are are definitely applicable in business that mindset of getting yourself out of debt having a cash position it just puts you in a position to have opportunities for Your Business and so this is all taught in Dave's playbook <hes> he laid it out people <hes> if you've not picked pick that up and read it it's called Entree leadership. It's the playbook on how he went from a card table in his living room to now almost thousand team members but it talks about the operating principles of Ramsey solutions so if you've not read that if you are a leader or a business owner or you want to be we go pick it up and the day we also have all access which is available for people that can they can plug in and hear more information now. That's the behind the scenes thing you know where we show. We walk with you that way. The thing the thing about business we don't use the same aimed baby steps who do use the same principle correct. The principles are saving for emergencies and saving to purchase things so you pay cash instead of going into debt staying out of debt those are principles but <hes> we simultaneously teach small businesses to get out of that while wild buildings from retained earnings that's different than we teach on the personal finance Lettuce Greg so Chris. Thanks for joining me. Thank you for having me Dave Logan Ramsey personality here with you this half hour. I am Dave Ramsey your host thanks to James Childs our producer Kelly Daniel Associate producer. We'll be back with you before you know it. In the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the Prince of Peace Christ Jesus. Hey it's Kelly associate producer and phone screener for the Dave Ramsey show. If you would like to your debt free scream live on the show make sure you visit Daveramsey dot com slash show in register we would love for you to come to Nashville until date your story. Hey if you've got questions about retirement investing becoming an everyday millionaire go bigger and broader with my man Chris Hogan on the Chris Hogan Shop. I am excited to be able to talk to you all weekend and week out. We're GONNA focus on your calls and it's going to focus on building wealth investing and how to become.