11 Episode results for "Zach Bennett"
Success Shuts People Up (Hour 1)
"Live from the headquarters of Ramsey. Solutions Broadcasting from the dollar car rental studios. That's the Dave Ramsey show where debt is dumb, cash is king and the paid off home. Mortgage has taken the place of the BMW and the status symbol of choice. I'm Dave Ramsey your host. My Co host today on the Dave Ramsey show Ramsey personality Anthony O'Neill. We will be answering your questions about your life and your money. It's what we do here. The phone number triple eight eight to five, five, two, two, five. That's triple eight eight to five five to five anthony starting his our office is going to Kendra in California Kendra. Welcome to the Dave Ramsey show. Hi Dave Anthony Hardy. You doing today great. How are you I'm doing very well, thank you. I'm calling today to ask for some guidance and wisdom my husband, and I are in the process of considering building a new home. At least they're looking for property for the last two years and. We are right down looking into getting into development in a gated communities where we would have to take on a promissory note and I want some guidance because I understand that there's some risk associated with fat and I wanted to have you kind of walk me through what I should consider of as we draft up that contact. Okay! I'm confused a promissory note. You mean you're gonNA. Just borrow money to buy the lot. No. We have the money to to purchase the land outright. We just closed on our home and we have the amount of cash. We need to purchase the property, but it's a development that they're going to take a twenty eight year press property and divided into two parcels, and to work through the process. They're asking that we enter into a promissory note for them to develop that land divide it, and then have septic and well power delivered as well as like a road to go through that gated community. very dangerous. No I would not do that. What they're asking you to do is to promise them. is to borrow money from. is to promised to pay them for a development for a lot that they don't have subdivided yet. Right and that's my concern because I got dangerous crud because we are than their creditors. Your they're better. They're the creditor, but you're a borrower. They're the lender. And you're in debt to them and unless the terms of this promissory note were really ironclad, and you'd have to spend some money with an attorney then if they don't even if they don't get the subdivision through. You owe the money. A lot that you can't buy because they can't deliver it. And the dog listen. Here's the deal. We will take the lot when you get subdivided exactly. This one they're asking that we provide two hundred thirty thousand dollars as an investment, and then they are in that to us, and they provide us interest on a monthly basis until the land is delivered. Would it be different in that case? Okay so they're wanting you to loan them to thirty thousand dollars. Why would you do that? You're super desperate for this piece of dirt, aren't you? Are Well. We've been looking for property for the last two years. No Way. They don't have the money to do this deal, yeah! So they WANNA. Use Your money to do the deal in Turin, so you allotted a profit. So? This is dangerous, very very dangerous I mean if you can take lean on a piece of property that is worth. Even then dumping and bankruptcy, because they screw up because they're broke obviously. Obviously don't have the might do this deal. They're trying to get their customer to fund it for him. So, they go. Okay, here's what you could do. Okay, let's say the lands worth two million dollars. Just be crazy. Okay, the whole piece of ground and you take a lean a mortgage against that piece of ground for two million dollars. I mean you and you loan them two hundred thirty thousand bucks. It's worth two million dollars. You got plenty collateral. You would be safe until they decide. They can't do this deal. And they go into chapter eleven bankruptcy, and it takes you four years to get your Dadgum foreclosure through in order to end up owning the whole piece of ground, and all this while you're two hundred thirty thousand dollars a year. We're GONNA use to build a house with his gone. Exactly that's what I was wanting convenience on because I wanted to know if it's possible for me to add language into the thirty note that says that you know as. Such a date, so for all year from today of promissory note, implies unsecured debt, no way under the freaking son. Are you alone? These broke people two hundred thirty grandson unsecured, but if you took a lien against the property that starts to get a little bit smarter, but they can drop it into a chapter eleven, no matter what the language in your note says. And, they can tie you up for five years. And, that's my concern, too. Because he always talked about how Um you know once they go into to you. I would not be able to contact them I. Want you can't foreclose. You can't take any action until you get permission from the court. Meanwhile they file extensions on their chapter. Eleven plan, and you never get out of there. War, that's my. What I do is I write all these things up as a worse case, scenario I'm like a cancer doctor seen so much cancer. Okay, and so I know this kills. You don't do this. There's a chance this is going to kill you. It might not kill you, but there's a chance. This is gonNA. Kill you and here's the thing you simply WanNa. Buy A lot and build a house, yeah! Way Too much trouble. And I did have one thought. As far as you know asking for some collateral that if they are not able to produce system, we can assume the whole twenty acres that gives it a little bit more collateral I was talking about then they can dump the whole thing into an eleven, and since we know they're broke, lesser probability. Completely they can't. They can't use a regular bank and they don't have any money. Because you're gotta be their last resort. Who goes to their customer and ask to borrow money. No people really really bro. Yeah, now, Baby! This is I'm sorry. This is just a bad deal. You know my my one of my buddies used to say on deals like this he goes. You can work your way all the way down into it, but when in doubt, don't don't do it. And you're in doubt doubt for sure. There's no possible way I'm doing this deal not just to build a house, Dave. You know it's not. It's not even as a business play. If you were just an investor I mean I've got the extra money I. Throw at it, and you know kind of hope. They don't pay and end up with a two million dollar piece of ground right right but God the trap. You would go through the crap. You go through to get there. Yeah, it just you know. I'm always looking anthony. You're not talking about this in a Christian setting. Always look and say Okay God. What is your the sure money? What are you? How do you want me to manage it wisely, and when I can't get peace about it? That's one of my guidance. Mechanisms from a spiritual perspective Sir be a good steward with one touch. It won't be a good manager, but part of that is due. I have peace, yes, and if I'm the manager of the money and I don't have peace that's God telling me. But you know I think she was trying to talk herself. And I'll do that all talk. Talk we can make a lot of money here away. You possible or end up with a really sweet lot is everything goes perfect yes. Evidently an attractive piece of ground, but this is the way we get ourselves into stuff. Yeah, I appreciate you. Asking and I appreciate the spirit with which you're asking, but I I gotTa tell you Kendra and California to where you are real estate laws are. So it's even worse. It's even harder to foreclose on someone there. Other places you just foreclosed in California you go through like three back flips and twists and a Canon ball and a Jack Knife remember to inject one league cannonball. No. You didn't do that I too young for that day. Thing. It's a swimming thing anthony. This is the Dave Ramsey show. Finding the right pair of sunglasses on a budget is difficult. They're either too expensive or they don't hold up, but recently I got a great pair of sunglasses from a company called shady raise. They are a game changer. Shady raise offers premium sunglasses that protects your eyes and are completely affordable. I'm talking the best overall value in sunglasses, plus they also replace your shades with a brand new pair. If you lose our break, them and I do that all the time right now you get fifty percent off two or more pairs at shady raised dot com with the Promo, Code Ramsey shady raise dot, com Code Ramsey This is the Dave Ramsey show anthony oneal Ramsey personality number. One bestselling author is my co host today. Open phones at triple eight eight to five, five, two, two five. Anya is with us. In New, York and new North Carolina I on you, how are you? I'm good. How are you? How can we help? I'm calling very passionate about helping people with money I believe God calling for my life is to be a financial coach and I've seen how having lack control of your finances can affect your quality of life because my parents are in that position. How old are you I? Knew very clear on twenty years old. Cool, have you been? Are you in college or a high school graduate or what? in college right now. I'm pursuing my finance degree. Good for you very cool. Yeah, how can we help? So I knew very clearly that I wanNA. Start my own financial coaching business, struggling to determine who, by each market should be ideally. I would love to work with individuals and couples that are in the same position. It's my parents are that would be living paycheck to paycheck needing help figuring out how to get out of the and setting themselves up for retirement. That's not exactly a niche market. That's like me and Jenny Craig. We got a lot of work to do yeah. Right I'm just kind of position that they're in right now. Just like the specific position that they don't know what they're doing with their money and their. That's like everybody in America. Yeah. Right seventy percent of Americans are living paycheck to paycheck. So we need you out here. Yes, but it's not a niche. I mean it's a pretty broad market. I mean it's Walmart any. It's everybody everybody. That's good news. For you! You got a lot of work to do. Let me, ask you why. Why are you so passionate about it outside of your parents and your? Why are you so passionate about because you're young and I loved that passion and I'm I'm right there with you, but what's your main reason why you really WanNa get into it? Well. Through high school I think God has really laid all my heart seen how people struggle so much and it just different people in my life. No one in my life seems to know how to. deal with this finding to. Just see how it affects their quality of life, and I feel like God has really put a calling on my life for good fares. Cool sounds like it. Yeah, definitely does go for it definitely and let me ask you this. Here's what I would tell you today. I think you're finance degrees a great track for you to be on when you come out of that, you probably ought to try to get some after. Academia training as well something like our financial coach Masters. He's training. We've got a coaching training program that we do here teaching people how to do what you're talking about doing. and we don't work with rich people by and large we can, but most of the people that call us or people living paycheck to paycheck like you're talking about and believe me. There's plenty of them. We need your help, so you could do after that. I started on you as I didn't. I didn't have any credentials I mean I had a finance degree, but I had been broken, so nobody really cared what I thought Although I can take a yellow pad pencil. Whip you with it I know how to do the math You know but but I started a ministry at my church. Dago Dave just sitting down and just as a volunteer, just helping people and it Kinda got my legs under me where I had done some actual coaching before I tried to charge money for it. Because one of the problems with being under twenty five years old is People are looking at you and you've got to prove yourself at a different level than an. has to prove himself like me. The kind of assuming guys got a clue, but with a very very young person that you gotta prove your chops a little bit. That makes sense A-. That's well. That's why I've struggled to put myself out there. Because I wasn't sure how adult would react to me being so young. I mean they're question, and then once you prove your chops. You just have to smile and go I know I. Get it, and then you just show them how you can help, and but you get used to. Doing that may be in a volunteer role before you start trying to charge, and you could do that while you're in school and I'm tell you take. Your sweet market is right now. Zach what Dave said, and that's what I did. That's where I met you at. At Day when I was a youth pastor, teaching young people how to be good sewage with their money in the church, so that that should be where you start off that high school college age bracket right now to prove you track record to build a solid platform and definitely come join our program to. We can teach you that way as you're getting older. The older people will respect your opinion. I'll tell you what let's do this I'm. You could go to your Some of the guidance counselors, and so forth on your on your college campus, the and some of the professors that people are coming to to say I'm on the. What campus are you on? I go to Appalachian State University her fiance. Great Great School. Okay, so go in there and talk to some of the leadership team and say who do the students who have financial trouble come to for coaching, and I'M GONNA pay for you to go through our financial coach master training. Talking about day all right. To training, and then you start just on the college campuses of volunteer the way you pay me back is. For Free you help some people on that college campus and that will give you your chops. You'll get your reps and then and then you know about two years of coaching broke college kid, you bro You. Can Coach anybody yeah. 'cause they're desperate and Dumbo. I'm kidding. You you know you and that's a great market for you to help us this don. Kelly pickup. She'll get you in touch with our coaching team. We'll put you through the coach training. It's an online course, and you'll breeze right through it with your heart, but your heart's beating for this stuff and you know, but the difference between a calling. And the implementation of calling. Is is some reps. guess like I. Mean When you came on board here. As Ramsey personality, you are already an accomplished speaker. Yes, did thousand two thousand people in your youth group that you're speaking to, and then you went into doing corporate speaking and speaking to non youth, like old people in churches and stuff I have spoken thousands of times in the five years. You've been here on our team. And those reps guess the quality of your delivery today. The quality of my delivery today is way different than it was five or ten years ago. It was it. Because of reps, and also because of the knowledge, sitting up beneath you and growing, which is why I'm so happy that you blessed her with that, because not only would she get the reps, but she's going to have the proper education. Yeah, we can. We can get the training to the budget stuff because you don't get that with an answer. No, you don't I'm glad you said show. We can cause finance degrees. You know you don't know. What a mutual fund you don't you don't WanNA personal finance in a finance degree. Yeah so. The! The answer is always reps. yeah, especially, when you're younger and you've got to prove yourself. Yes I because then you got your good. You prove you're good at what you do, and then no one cares how you are. Yes, you know the thing that comes. Any kind of stereotypical roadblock. Age. Race Sex No hair whatever the stereotypical roadblock is that that is the the causes someone to prejudge you because of their ignorance, the there's only one way to with that. Yes, and it's not wave your finger at him. I don't think that way because I'm young. Don't think that way because of my skin color. Don't think that way because I'm all white southern guy. I don't think that way, because instead just go be excellent. Yes, and it shuts up a lot of people success shots up a lot of criticism and a lot of questions and a lot of stereotypes. You said that day when I joined your team here. A lot of people shut up. Well I mean. Because you, you get it done I. Brought, you know you brought it home, and so you know you don't. Have you know we get one. Anthony speak somewhere raving fan letters comeback because he owns a stage audience disown you know what we get when I go and speak somewhere raving fan letters because I've been doing this for thirty freaking years and I know how to do that. It's my craft. Excellence shuts up the critics. Yes, delivering the goods shuts up the critics some of them, but now what keeps it going is if you're not good not yet. You gotTa be good. And you got it that means you gotta constantly be working at your craft. Casa, whatever your craft is and that's what we're talking about here. That's the reps for her. Do the reps to the Reps. do we talk about it with Ramsey personalities time when trump speaking on the air here when it comes to media hits shot riding. Whatever the form of communication for a thought leader is or someone delivering a message to Reps. There is no substitute for activity baby. This is the Dave Ramsey show. There's two words that come to mind as you run a business in today's environment. And communicate, things are constantly changing and as a business owner. You must stay in front of it. That's why I recommend. Podium podium works to help you share up to date information with customers. It's a better way to connect with website visitors and collect payments remotely all through text messaging, plus right now podium is offering their messaging tools for free to every local business in the US, go to podium dot COM to get started for free. That's podium dot. com. In the lobby live in person. Real humans are here at Ramsey solutions, and that includes Carlin Beth on the debt for day maybe. You guys live, Lexington I'll right very nice beautiful town this so here to do a debt free scream. How much you pay off about fifty five thousand cool. How long did this take twelve months? Good and your range of income is what we were right around one twenty. Okay cool. What do you guys do for a living? I'm an insurance broker. I'm a teacher awesome. What Grade Fifth Grade? You had the hardest job. For Real. And so. What kind of debt was the fifty five thousand? Staff Yeah Pretty Normal. We had two cars four credit cards, a health bill and Still a lot of student loans. My skin loans. Yeah, you were definitely normal has been married eight eight and a half years. Okay, but twelve months ago. What happened? I got sick of living paycheck to paycheck and pulling from savings to just make it through the month, so yeah, we had two kids and We were normal. You know and we watched our savings just dwindled and not enough and and we are smarter than that so. You came into money to be. This broke right? Okay, so you reached? A level of disgust has discussed before there was a real crisis. Yeah, but just an emotional point, which is a good one I like that that's much better than getting the crap out of you. So. What happened then? So my family had talked about you before and Kinda followed your program, so I got curious and thought why not and I read the book total money makeover and I thought we can absolutely do that, and then I convinced Carl to read the book and we just kind of. Went from there. Helps it I'm a fan of insurance brokers. We had everything wrong I. Mean every wrong insurance place. It was I was horrible. that's why I went into brokering and not working one on one with clients I You know when we read your book. I think she was apprehensive about bringing you up because of insurance. when I was bored at work, I would spin the wheel at my desk and that's who's going to get a whole life insurance policy that day, Wow, so when we got about halfway done with your book and I was already cancelling policies. We probably had seven denying I. Don't know exactly how many your best customers absolutely. And now. I mean. We're paying a third of what we're paying and we're. You know triple of what we were actually insured for. Yeah, so everything's in place now now. She got good term in place. De Jong and in the process went in attack mode on the debt. Why did it go? You guys? Okay, so she's reading the book, and then she got to read it. How did she do that? I was ready. You're ready to was timing. Don't want to punch. We're talking about their day and I was I thought I made up crying in the shower until I. Read Your Book. Found out you, were there a lot sooner than me, but? The. Yeah, it was just time we sick of it. It was horrible. There's a sense of desperation when you're reading the wheel. And you just go now, and then you just twelve months only twelve months and you just you whipped it i. mean you sell some stuff? We sold some company Stock but we screwed up with that check came in. We bought a patio. We just we're in our own way, so you know, but it did it taught, and I mean to knock out the fifty five, making one twenty and one year. That's either serious beans and Rice or you move some stuff. Some cash value in some of those policy. Yeah, I think. Some of that stock went towards debt ball. And just being smart with their money and choosing better insurance plans, and okay, so just you just really got down the budget it. Yes, I mean we're paying over nine hundred dollars a month and insurance. And now we're paying a little over two hundred bucks. Yeah, that's a big. That's not getting ready to car payment right now. You know I'm curious. What what would you say? Do Out those twelve months? What was the hardest part of that journey? Getting started. I mean just just going for it. And not talking about it all the time you know, we saw the Lifson gains that we making and I. WanNa talk to everybody about it and they didn't WanNa hear. And hopefully hit home with the right people, and it has we've seen people. Come over and start asking US questions, but that was the hardest thing for me. I mean doing it was easy. Rachel always talks about the the budget you know frees you up to actually spend and stuff like that and she's not lying. It really helped us. Get, on track and and do what we wanted to do, but we're also you know both college athletes and I think the it was fun for us to try to get to our goal. We had to have a goal. We were GonNa hit it no matter what patterns and we didn't. Competitive, you gotTa Cook. It's but yeah. I love it. Oh, you is! Your biggest cheerleaders. My family, and then our friends here with us. Who mentored us through the class homemade? So you went through financial to we did we got ta or Shane and Eric Tucker they went through the, or they were the coordinators for us, but we have I. Have a buddy at work him in his wife got on a little after us there now in four, five and six. Buddy in Cleveland he's on four five and six and her sisters. Single mother now on four five and six so. Surrounded ourselves some pretty good people. Yeah, well. You got some of them going yourself so way to go guys. It's very cool. We're very proud of you excellent, excellent job. What's your advice? To someone who's where you were twelve months ago. One of the secret things you need to do to get out of debt, you said get started as warranted. Raid Okay I had credit cards. She didn't even know the balance on. You. Don't sleep well at night. You know a from the your schoolteacher ain't do allow young people fifth grade is a young age. But how do you feel about high school is? Do you believe that all high school is should know this before they graduate? It should be a high school course. We'll by middle school. I think middle schoolers could start learning how to handle money budgeting, checkbook but highschoolers definitely need to know how to how to look for scholarships to how to budget themselves. Would insurance policies like we're just kind of thrown out there? We don't really know how to be an adult and some some guidance from you would be fantastic. Oh, cool, so you brought? You brought the cat to do the debt free scream with you. What are their names and ages? Get them into the shot. Brielle is eight and Braxton is four all right very cool, so have they been practicing? They rid a debt free scream. We'll see here in a second. Very cool. You guys have changed your family tree. We got a copy of Chris Hogan's book for You. Retire inspired a no, it's not. It's called every day, millionaires man. That's a throwback three years ago. My brain anyway too many years of this anyway. We're going to give you a gift and your next chapter is to be millionaires and your story and we're looking forward to hearing from you when you do that as well. Let's go to give them debt. Free degree for those two young ones all right cool. Extra added bonus there all right. Carlin Beth Brielle and Braxton from Lexington. Kentucky Fifty Five Thousand Bait off in twelve months making a hundred and twenty counted down. Let's hear a debt free. Scream three two one. We're. Great job, you guys. Great Job! You know there are so many people in the financial services business. In that have finance degrees that are bankers mortgage people, insurance people, real estate people, whatever and when we're in one of those businesses and I've been in several of them have been licensed just about all the things that just mentioned. at one time or another in my long life. Shut up. Hey and It's it's amazing how we learn the nuances of that business. And don't apply them to our own lives. and. You end up with a different thing where he's sitting there with nine hundred dollars, an insurance premiums is doing it for two hundred two and has more coverage because he switched a term and he's in the business in the business. So and. And that's that is just not that unusual. Yeah, it's not that unusual, pretty pretty incredible stuff. WHAT A NEAT COUPLE! It's changed a family tree I'm looking at the kids right now. Their future is ten times better. Oh easy easy ten, thousand, better well done new gas wiry, very well done. This is the Dave Ramsey show. Thanks for joining us. America Madison is with us in Oklahoma. Anthony O'Neill. My Co host this hour on the Dave Ramsey show hi Madison. How are you? I'm better than I deserve. Dave, how are you just the same? What's up? Are they. And I got my husband and I wanted to get your opinion and basically last January. We started our debt free journey. We started at about nine thousand. Dollars and now we have got twenty nine thousand dollars less right now. I yeah, we've been on real real hard. You WanNa get out as as can't But in August I will no longer I I took a step back from teaching. I was a high school teacher Norman. And taking us that back to the back to Grad School, which is fully paid for, and and basically we're going to have an income drop and my husband, and is wanting to kind of go into storm mode and. kind of pile up money just to see without that income what it will look like and I on the other hand I'm like, but I think Dave would say just keep going and so I think we kind of wanted to get your opinion on what we should do. I assume you've run the numbers that you're going to be okay or you wouldn't have made this move. We have we have? We are in a storm by? I don't know and that's kind of. That was kind of a thing that I oppose to my husband. I was like you talked about 'cause. My husband works in like new home sales, so he gets on base, paid policy commission, and so my thought processes. Why don't we just take your commissions and put that to? Storm Storm Mode. There's no sort of doing it. Yeah, Star Storm Mode is your family is in jeopardy potentially financially, and so you stop and pile up cash. If you're putting your family jeopardy by working on your master's, you shouldn't do it. Yes, bottomline. Well I'm not we. That was like before I. Even applied I was like if I were to stop teaching, what would that look like? And we sat and ran the numbers and means you slow down your debt? Reduction is all it means because you don't have as much money, yeah! Right, but that's not a storm. Storm Okay. Okay. I think we heard storm mode during the pandemic, and that's true. That was only true during the pandemic, as if your family was in peril, if your family because of the pandemic was getting smashed in the face financially, then we were telling everybody to put things on. Hold right and Dave is really not a storm. Oh like you said. It's really that we need to adapt to this season, so we'll do slowdown babysit, too. Because we were taking some incompetent, also, we may not have soda babysitting mature. We can go back and look at the budget and see where else. During covert, we said okay. There's you know there's people that are in peril. Their jobs or their about loser jobs. Will you stop your babies? Yes? That storm storm and you bought up cash, but you're in peril, then he. You didn't put yourself there. Yes, Cova did yeah, and now you're back to work most cases around America, not everybody, but a lot of people are or have the potential to go back to work. Things are opening up and so you're starting to come back out of are caves after the nuclear winter, and all that kind of stuff and you know, get back to normal, but like you know if your family's income was not affected. During Cova, we were not even telling you then Yup just because there was a cultural shutdown. Did that mean the thing so? That's just a you know. No, I wouldn't do it. In this case absolutely pretty simple as you know, the thing is, is it does kind of go back to some language? We used it covert. If you're out there thinking about this anytime. Facts are your friends. You do not stop working your financial plan because you're. Worried yeah. That's not a fact. Because you WANNA have children someday, it's not a fact. I'm pregnant is a fact. Okay then you would stop and pile up cash until the baby comes. That's one of the things we teach right. I've lost my job or they told us there's a ninety percent chance we're going to lose our job. This month is a fact is. A lot of people got laid off two months ago and I worry all the time. Is Not fact. Yeah, that's worry. There's one little fact in that, but I mean you. You have to distinguish between because what happens is our minders. Every one of us have a little baby drama queen that lives inside of our brain and drama queen. Causes Everything to blow up and be bigger than it really is when it comes to worry yeah. And so you gotTA. Stop and just calm down and say. What are we really facing here? And what she's really facing is a reduction in income. Because, she's going to get her masters and she made that decision. Yeah, but a-, but it's not that that's a fact. Yes, and so that family is not imperil right, and so that's not storm Oh. That's not that's what we teach. Folks Open phones at Triple Eight, eight to five, five, two, two five Burke Bertram. BERTO BERTO IS WITH US IN INDIANA. So how are you? Hey Dave! How you doing better than I deserve. How can I help? So I just want to let you know that last year about sometime year around this time I called you and you Kinda Whitney into shape. And, since then my fiance and I have been able to pay about fifty thousand dollars worth of debt, and it's all it's all thanks to you and I really appreciate you. Will thank you. I didn't do it. You did it. I'm proud of you. Yes so my question is You're always pretty much. I, I follow the baby steps and. In the baby steps, I don't see you. Wear. I would start saving at for like Real Estate I. Know You talk about saving for mortgage, but what I apply that same step. as far as like when I'm ready to invest in real estate to the same as investing or saving as a down payment for a house, no. Investing in real estate is done with cash. If you're following us, it's what I do and. That's your wealth building process, and that's baby step seven. Okay, so you don't. 'cause you're you're always talked about only having three to six months worth of expenses. So how do you Do you accumulate that wealth throughout your entire life until you have enough money for for a home to buy cash wouldn't be your entire life. Basically you walk through the baby steps and you're debt free. Now when you don't have a mortgage, and you don't have any bills and your funding retirement funding your kid's college, your money coming out your ears, yes, and so you real quickly pile up cash, and you pay cash for your first rental property, but that's at baby steps seven. That is an additional wealth-building step. Leveraging into real estate, borrowing money to get into rental or flips is a really good way to end up broke. Yup, don't do it man. I'm not doing it I'm not on baby. Step seven yet. Once I pay off my home. Mortgage on you. Really do wonders some real estate, don't you? I really do Dave. I really do like I really. Connected to you because I mean that's I. Know That's where a lot of your wealth is, and so I'm learning from you and I'm doing it the right way. Show listen the thing is. It's a little slower than maybe what you had in mind when you call a lot of people. WanNa. Run out and go into debt. But the guys that buy real estate, the GALS WHO by real estate with a bunch of debt ten years later. I, don't know any of them. That aren't broke. Because one cycle comes through, and it'll take you out. Yeah, and there's always a cycle within a ten year period of time of some kind or another. I mean. What if a bunch of your tenants didn't pay for the last two months? Because the cove. And you had mortgages. You would realize the fallacy in the idea. Borrowing have rental property. Then you know there's two things right now with that sounds like he's a young Guy Dave and there's two things has really gone on in this generation single stocks you know and then flipping. Those are the two big things that I'm constantly being axed by by this these twenty thirty roles like Hey, I'm a getting a single south from day trading, and then I'm GonNa, go take out this loan and flip and I haven't found one person. Who has who has really bill true wealth from that? Yeah, I, mean if you found somebody to start doing that when they're thirty and fifty. They're still doing it and they're not broke. Found a Unicorn very myself don't exist out there. and. It's it's really not this generation I've seen it for thirty years. It's everybody WHO's trying to get ahead. Yes, we're trying to figure out what's the shortcut. What's the shortest path to build wealth in real estate's one stocks is another. Good places to invest and bill wealth they're not good places to, borrow money. To get into this because it will burn your, but so it's simple, so anthony oneal co host this hour here on the Dave Ramsey show that puts this hour in the books. Our thanks to Zach Bennett filling in for James Childs this week of course Kelly Daniel, our associate producer and phone screener I am Dave Ramsey. Your host and we'll be back. A. Guys George camel host of the Dave Ramsey show video chan. You can now listen to the show hundred smart speaker. Just tell your Alexa device to play the Dave Ramsey show or find out all the ways you could benefit at Daveramsey dot. com slash smarts. Money isn't the only thing we talk about around here. Get life changing. It buys on your career from my good friend and career expert Ken Coleman all my Ken. Coleman show according to a recent Gallup poll. Nearly seventy percent of Americans are disengaged at work. If you dread going into work every Monday morning, and you're just trying to make it to the weekend the Ken Coleman show is for you. Everyone has sweet spot. Spot, your sweet spot is at the intersection of your greatest talent in greatest passion. We will help you discover what it is. You were born to do, and then we'll help you create a plan to make your dream job a reality you matter and you have what it takes. Join the conversation on the Ken. Coleman show hear more from the Ramsey network including the Ken, Coleman Show, where ever you listen to podcasts. Hey It's james producer of the Dave Ramsey show. This episode is over, but check the episodes for links to products and services. You've heard about during this episode. Thanks for listening.
Focus on the Payoff, Not What You Have to Sacrifice (Hour 2)
"The headquarters of Ramsey solutions broadcasting from the car rental studio. This is the Dave Ramsey show where America hangs out to have a conversation about your life and your money. Well as you can tell I am Chris Hogan I am joined in studio with my co host. This hour. Is Miss Christie Right Christie you What are you typically so calm? Quiet I'm on need you to have some energy. Please quiet, and just you know you don't even notice them there sometimes so. Silent America I'm joking. Ladies full of fire, and she's full of passion, love helping people, and I get an opportunity to do something Kristie you. Made a little bit of a shift year I've known you over the last several years to be focused on helping women with business, helping them with their business plans helping them start this thing and go from a hobby to a business being intentional and focused, but now you've made a little bit of a shift, and you're helping women in more ways than just business i. want you to tell me until all people what you're doing. Yeah, it's really cool, and you know you. And I have shared the stage at entree leadership and we teach and leadership. You've done this for years together and we're always telling people in business for example. To listen to your market, respond to your market. What is your market saying? Hey, we need more of less of or can you solve this problem for me? Also, and what's interesting Hogan is over the last I. Don't know two to three years. I've noticed a real pattern in my market in the business boutique market I would have women come up to me at events. Women I see out. In public and they listen to podcasts. They read the book or or whatever they read the blog and they say oh I love your love. Your I love your event. I Love Your Book Changed My life and Oh great. What's Your Business is? I don't have one I'm like Oh okay. We got an idea you know you're working on like trying to get it started, and they're not gonNa ever have business I just you helped me in my life and I was like wow, I said you help me reach my goals. You helped me build confidence to become a better person. person you helped me improve my relationship Hogan. This happen so often that it became the that was the majority of people I were were seeing and meeting out, and I thought okay well. Let's let's look at this and respond to this not just move over there, because that's where they are, and that's what they're saying. But also at the same time was feeling a stirring in my own spirit, and feeling God leading me in the space of saying Hey Kristie, all this content and teaching that I've given you and life experiences and lessons. You've learned from Ramsey solutions and so on. You don't have to put it through the business filter. Most of this applies to your entire life, but we're talking about goals that applies to your life. We're talking about fear that Tuck Pressler when you're talking about money that applies to relationships. They all bleed into other areas, and so it's been really fun to see how this company has come around me. Our leadership team Dave himself. You guys as the other Ramsey, personalities have come around me and said Yeah. Let's let's do this. Let's go after this new space, and so it's not so much a shift in terms of were abandoning the business. It's just expanding so instead of just helping women with business. I'm. I'm helping people with their life with personal development goals, and so it's been really fun to see that okay since the expansion. What are you hearing from your from your peeps? This is so fun so I. Wonder if I can even pull up my phone. Read you this example, but I've been getting messages on instagram already and feedback from the market where they're saying things like. Hey, I love the new shift I've been here. Let me read you wonder here. She says I love this new direction. You've taken with your content I'm nowhere close to being a business owner and I have no desire to be somehow I've been here following your account for years. I've been telling you for years and don't have a business. Don't want one I've I've just been applying it to my life. And now you're speaking to me even more directly, so ma'am talk about affirmation. It's really cool so all right now. What is your instagram? How can people find you on there? What what are still at crispy right, but the biggest shift that that people will see is the business boutique. Boutique podcast, which has been a show on Youtube, it's GONNA show wherever you listen to podcasts has shifted and become the Christy. Wright show, so you'll find that in the same locations, but now we're not just talking about business. We're talking about all the different areas of your life, so this and it's gone weekly. Which is fine so every Tuesday eight am we launch a new episode every Tuesday at eight PM. Your primary audiences, who it's mostly women, but we do have men that show up his applause demand for business or personal development and I think now with this shift where more intentionally talking too busy individuals people that are you know kind of like the the entree leadership group where their self development junkies. They read the books they want to be better. They want goals. Yeah, and we're going to help them do that so okay. So, what are you talking about on your show? Give me an example so the biggest thing we're kicking it off with and I would love to hear your thoughts on that, so we can. We can talk about this. As I've been processing. Okay. What is what is key to making all these other aspects of your life possible and the word that comes back again and again in my life in my experience in scripture and examples is confidence now. Let's talk about this. Because people sometimes even Christians. Have this idea about confidence like it's negative. Confidence means you're self centered. Your conceded. That's not what I'm talking about at all. I'm talking about a rooted firm foundation in knowing who you are, and who's you are, and so I walked them through something I it's a framework called the core of confidence where. where I'm going to help you work on your life from the inside out not just working on the symptoms putting a band aid over the problems, but starting at at the center of you, which I say, start with your spirit, start with your faith, then moved to protecting your mind in your limiting beliefs and your thoughts. Then you move from there to appreciating your body, a lot of women struggle with ninety one percent of women don't like their body. Hogan and you can't not like your body this one home. You have to live and think you're going to have maybe one. PERCENT! It's really hard to love others when you don't like yourself in car to be competent relationships when you're feeling insecure your body, so we talk about that, and it's not a jeans size. I'm talking about appreciating this home that we live in on this earth, and then from there you're working on spirit, mind body, and then your relationships, as you build this confidence in horse into your relationships, and from there, your resources to time your. Your money your energy and so really. The show has been walking through that last week. We talked about protecting your mind and this coming week on Tuesday we will have an episode on appreciating your body, and I gotta be honest Hogan when I watched the proof of it I just teared up because it's just such A. we're talking about really important topics that really that are hard to talk about, but but in point necessary. That's fantastic, so I'm excited to hear that. There's a safe haven for women to be able to reach out to be empowered it's funny. You said remember who you are. And who's your Momma Hogan? as I was a freshman in high school cross-stitched some things for me. the first one was if it is to be, it's up to me and that was across it, but the other one was always remember who you are and who you are. Those two items are in my closet today. Wow, they gone with me everywhere. I go because it does remind you that it does require sacrifice it. You do have to be careful what you think about yourself, and what you think is possible, and so it's really important, so I am glad to hear again. Christie right show available all the places that you go here podcasts She is primarily helping women dudes. You can go in there, but you better act right. Now. But an opportunity to be able to get connected. You can find her at Christie right on facebook at official Christy right on facebook at Christy right on Youtube and at Christie. On twitter and instagram. I've known you've had this burning desire, and I've known even when you were doing business boutique, you were still focusing on the overall, and so I'm excited for you now to be able to unleash and to be able to be here full on still helping ladies with business. This is an expansion on the brand. this is not shift or change. It's an expansion and I'm excited for you and I'm excited to be on with you this hour. America, if you've got a question and it's about personal development about life for about money. See See. Here's Chris Christie you better. Bring it, 'cause we will. This is the Dave Ramsey show. Around here. We're always looking for ways to save money. That's why a huge fan of honey honey is a free online shopping tool that automatically finds the best Promo Code and applies them to your cart. You never have to open a tab to search for a discount again on his found. It's over eighteen million members over two billion dollars in savings at honey on your browser today for free at join honey. Does Com Slash Ramsey? Everyone you are listening to the Dave Ramsey show I'm Chris Hogan and I'm joined in studio with my co hosts Christy. Wright and we're ready to take your calls so if you've got a question about money or life, call us the number to call eight, eight, eight, eight, five, five, two, two five again. That's triple, eight eight to five, five, two, two, five, and again go ahead and. And put this as a contact in your phone right just so you got him and you got all the social media thing. He's as well so you can find us at Ramsey. Show you got the phone number hit the button at dials Kelly there to talk to you, so we're gonna go to the phone lines and We Got Kim online to from Colorado. Kim. How are you? Good. How can Christina help you today? While my boyfriend and I were fifty, but we have started doing the baby step huron step to and my seventeen year old son, who came down to visit for the summer, hurt his talking about it and asked what we were doing. 'cause we were talking budget and stuff. And so we showed him some youtube of the baby steps. And he saw were he were talking about if you invest now. And only do it for X. Amount, you'll get this and if you wait and do it here, you'll get this return to me. I want to invest. I went I went to a smartvestor pro. Not What Kyle Good? He's getting dot setup. My son makes twelve bucks an hour and he's going to put on hundred dollars a week while he works. The summer in Iraq by Ra is absolutely fantastic. But my boyfriend and I don't know what else to do to encourage. He doesn't have any living expenses, so it's not like he has such. Or anything like that. What's the next step? He doesn't think he wants to go to college and if he does. He said it just wasn't home and pay for it and go to commute. You know community or Tech School. Where do we go from here? Well? I think you know the beautiful thing. Is he starting out on the right foot? I would definitely encourage him to start. You know with having an emergency fund. as you mentioned, he doesn't have a lot of expenses, so his first hurdle, would be getting two thousand dollars He doesn't have debt right now and so the mindset around it. He doesn't have that obstacle to overcome, but what he does have his opportunities to do is safe cash for vehicles save cash for himself and have emergency fund pay cash for school as he goes to community college to knock out those prerequisites, and so he's building and preparing instead of having to clean up with debt, so he's still got a great opportunity in front of him. Question. How did you say he was? On, he turned seventeen on the night called well one of the things I would encourage. This is just one of those things that it may just be for practice now, but you said he doesn't have any expenses, so he doesn't have to live on a budget. Living on a budget is actually a great practice. Even if he doesn't have independent expenses, because I'll tell you Kim one of the biggest mistakes I made. When I got out of college was I never because I lived. My mom funded my lifestyle in high school and in College, I didn't know. Know How to say no to myself on an entry level salary so I wonder if you whatever those expenses are whether it's you know if he is a car. Even eating out with the friends you get you give him something to pay for something that he pays for on his own now than he thought he pays, he pays for all when he goes to the movies, he pays for himself so whilst the market work and he cut on hundred dollars in this checking account, and the rusty put into savings account and he lived on for nine months. Going through weren't really going through really fast. last year because his friends are like Oh for me by for me so. He got to the point where. where he started making his own lunches, pick them to school so that he wasn't paying for their lunches. Yeah, no, yeah, you've got. You gotTA. You GotTa Savour on your hands and that's. Some place to be I think that he will have some expenses. You know whether it's college or after college just saving up for those transitions and getting used to living within its means sounds like it comes very naturally for him, but maybe maybe Kim you help him with the boundaries at the friends in that cat thing that's only going to magnify if he. That especially as you get older, those things get bigger and you don't want to do that and so helping him with that, so that's fantastic I love that you have fostered the saving element in this young man and he's intentional. Let's guide him help him to keep growing have him jump in. Listen to my show. Even listen to Kristi. Show because he's GonNa Opportunity Learn about goals and dreams and bigger for yourself than anything you've ever thought previously possible, and that to me has been one of the biggest game changing moments for me is having people see potential in this little country boy that maybe I didn't see for myself. Thank you for the call. Thank you, Kim all right next up. We got troy on the line troy. How can we help you? I saw. There I'm sorry. You're right, buddy. We are fantastic how Christie and I help you. On so I. Of, course I'm I'm you currently free I'm actually stationed in Japan right now. And I I'm GONNA be for the next few years and I sat down and did a good. It was how much I'm getting here and. I have a money going into the tst five percents so that I can do that match. Have opened up I already and I'm putting in five months so they can marry hit that six thousand dollars in, but. With the rest of my monthly bills I still have a little over two thousand. A month left and I already have a six month. Emergency Fund said, I'm. I'm kind of fear. What? What should I do next? Okay, we'll troy first and foremost. What branch of the military you're in? I'm an air force. Well, brother, thank you very much service Here's what I do I like the fact that you for. Did you ever have debt troy? Yes. This year alone did how much did you used to have? was around twenty, two thousand. Okay, so you never had credit card debt car loans. Nothing! Wow, okay and you. How long did it take you to pay off your student loan debt? Well I was actually just paying the minimum. Had A couple of years and then I kinda just got tired of it and. Just kind of bear down on and said about. Maybe five months to pay off the last seven thousand. Okay I'm proud of you. You got serious about it well I. Want you to remember that feeling of attacking debt. 'cause you realize it's not. Your friend is a friend of me right so you want to remain allergic to that. What I would tell you is that I want to see you increase. You've got an emergency fund. You don't have debt I. WanNa see. See You. Increase your investing up to fifteen percent so through the Tsp. the thrift savings plan. That's the federal employees version of a 401K or four three. Be Get that up to fifteen percent Then what I do, start to save elsewhere. You said you're there for three years, so at some point you're going to be stationed somewhere else, or you may be out, but eventually going to buy home so having some money. Money, put away. Christie is always going to be a good thing. Yeah, that's what it's going to say symptoms. It's so hard to think that far in advance, because three years sounds a long time from now, but in three years that let's say you save after your fifteen percent. You Save you know one thousand five hundred dollars. A month in savings account the amount of money that you can put down on a home. Home when you get back to the United States or whatever the plans are for you. You're going to be in such a better position to do what you WanNa do then because you've got that pile of cash so once you get your investing you know covered and taking care of definitely just pop that cash, and that's going to open up so many options when or to buy a car or whatever you need. To have a great, you're gonNA have great options. Hey Chris. Let me show you how fast three years ago. Three years ago, how many kids that you have? Think about it plus it real quick has three years ago and how many you got today three. And they are expensive. Welcome to fast man. Okay three years go fast but I. Tell people this, and don't you still this on your show? Oh, well because you will you do and I I'm glad I got all these people listening to the show. I tell you, but here's what I tell people to do. As you start to think forward I, won't I encourage people to make what I call two year decisions meaning I WanNa make a decision today that I'm GonNa look back on in two years and I'm glad I made on. Let's get you know what I mean. Yeah, and it causes us to rise out of our current situation a little bit, but to look forward into what. What could be and what you frankly feel should be, and it allows us to kind of navigate and make some progress. I love that you know it's really about anticipating the reward anticipating that the happiness. You're gonNA feel the benefit in two years, not the sacrifice. You have to make right now, so look at that. Look ahead like you're saying in two years. What's the rewarding payoff focus on that? Not what you have sacrificed today. That, you do it. This is the Dave Ramsey show. People all over the country are discovering a faith-based and budget friendly way of meeting healthcare costs through Christian healthcare ministries. Christian healthcare, ministries or C. H. is a nonprofit organization that helps members carry one another's burdens with healthcare expenses, and they have successfully shared each other's medical bills for nearly forty years. CFC H.. M. is right for you by visiting. See Ministries Dot Org C. H. M. is a proud sponsor of Dave Ramsey. Live events. Hello everyone, you are listening to the neighboring show I'm Chris Hogan and Co hosting with me. This hour is Miss Christy Wright. Who is on the ball? If you're not plugged into following her, you can't on facebook at official Christy. Right also on Youtube. At Christy Wright and twitter and Instagram at Christie. Beat right, so make sure you check that out. Plug in and follow. We're having a blast taking your calls. If you're out there and you've got a question, call us. US The number to call is eight, eight, eight, eight, two, five, five, two, two five again. That's Eight, eight, eight, two, five, five, two, two, five, or send us a a question via social You can do that to us at Ramsey. Show or me. Ask Chris Hogan. Three sixty or Christie on instagram or twitter at Christie, be ripe all right. We're going to the phone lines. We've got a list Lisa on the line How can CRISTIANO HELP YOU YOUNG LADY? Can you guys unexpected? Pick your brain and get some solid advice here. just coming off on welcome out of a divorce after thirty year marriage, I just turned fifty for the most part of innocent home. Mom, I'm working part time right now. but I after the divorce settlement I teed off on late debt I'm debt free now? Paid off my cars everything. Everything and I have about thirty thousand left and I feel like I need to purchase a home, because obviously I, need somewhere to live and our rent in the area is comparable to the mortgage rates, so My question is I'm Wayne out these huge life decisions right now. One is Brian. House and just working full-time and living my life or Using the money to. To go to school and put off buying a house My fear is that if I don't buy something now I might. I might not be able to in the future because of the area that you live in we have this influx of people coming in, and it's just really driving up the real estate, and so just wanted to hear your advice on. What you think is is wisdom. How many do you do? You have any children. I do four children, and they're all out of the house. My youngest is now twenty one. So Yeah, okay, you said you're working fulltime or you want to. I'm working currently I'm working part time for a church and so. That would be if I purchase a home I need to go back fulltime and focused in that direction, or continued part time and and schooling and use that money for other things What do you WANNA for? well. It would be almost like starting over because it's been so long, but my education and the medical field I didn't quite finish my nursing degree, and so that would likely be the direction that head but I also I just turned fifty, so it's like Oh, my gosh. I. Don't have a ton of time left I mean. We're going. I want to throw the flag Lisa. Wait a minute. Ticket! got a whole lot of time left Let me speak to this because I see Christie's brain over here, roommate. I want you to hear me. You have to give yourself permission to be able to start cleaning. And, in that, you've got a false fear about this home-buying. Yeah, I agree you're trying to force your way into doing it. You're like the rent is comparable and Blah. Blah Blah all right, but also guess what renting. Let you have some time to save up to make a decision about where you want to be. You have raised children. You're now able to make decisions about what you WANNA. Do and I can tell you if you've raised those kids and been married that long. You're so used to thinking in a partnership that you're GonNa have to learn to think for you. See your who the ones that you have to call you get to decide now so I would tell you this I think it would be smart for you to do a six month. Lease rent somewhere for six months. Breathe I. Hear People Call in on my show. All the time that Chris Hogan show Krista rates are low and need to buy. Are you ready to buy? They're like. Don't know then. You're not ready to buy, so we're. We're not GONNA do it. Just because the rates are so, that was actually my plans. I'm in three three months three of a six month lease because that was my plan. Okay by some time to think this through into. That's why now I'm like. Okay. You I extend out and other your lease or do I hop into this and and you know. I'M GONNA. I know I'm GonNa tell you right now. There's nothing wrong with you extending the lease another year. you to be able to feel confident about where you are and what you're doing so i. don't want you to rush. and and have that false expectation because of mortgage rates and all this other stuff. This is a time for you to think about what you WANNA do and Cristiano obviously on the emotional side here. for Leesa, this is new territory. Yeah, it is and I love that you hit on this of the idea of thinking for yourself because when you do anything whether it's a job or a role as a mom or being in a marriage in your case, all of these things you can have a bit of an identity. Identity crisis when you go through a life transition like this and you go, okay. Who am I outside of three children that I've taken care of who am I outside of this marriage. Who am I outside of this job or whatever the thing is that I think that time? Is Your friend right now? The first thing that jumped out to me when you are sharing your your question Lisa is I'm scared that if I don't buy a home I can't in the future. That's just not true. That's just not true. Fear, and and so we don't we don't want to. See. You know, advise anyone to to make decisions based on fierce. I would say to extend it another six months another year and give yourself time to really pray journal Think you know. Get get your footing under you. Who Am I? And what do I want this next season you might? You might find a job in another city. That's not too far still close to your kids, or whatever and you wouldn't be able to take that as easily if you go in Russian. Russian. Buy a home and put down some roots. Just because you're frantically trying to grasp at straws and feel like this is the next right thing. Give yourself the space to breathe and give yourself all the options in the world, and then you can just like. We were saying Chris Project out two years or three years and say okay. What do you want to look like? Does it look like I'm working as a nurse? That might direct my decisions. Does it look like working? Working fulltime, but living in a home here in this city. That'll help you back out of that. Decide what to do day, but I think you need time and space to be able to do that not from a place of fear. I agree and I I'm so glad that you called in because you're dealing with very sensitive thing that are very real but I agree with Christy given yourself time, and you know what you've known who you've been in all those roles. Roles you get to decide moving forward. Okay, right, you get to decide. This is now your new normal I've got a friend. That's also walking through a tough divorce situation right now and I've told him I said you just got to embrace it. It's uncomfortable. It's frustrating. It's irritating all these things, but you get good people around you. Being plugged in and I'm GonNa tell you you start to see things now. I'm different because I'm a Christian and so I got my faith Lisa. Fell and so just breathe young lady breeze. This isn't a microwave is so crock. Pot is your life and you get to be the shot caller here as you move forward, so don't rush. Take your time. definitely want one. Encourage you to sit down and talk to people you trust. It's always good to get some guidance you know and you know men are stubborn. Help, we can tend to be very reluctant to reach out to ask for help and It's that's not. It's not a good thing. Isolation is dangerous. It's interesting to that I think when you have the you know. A lot of people are scared of silence I would be one of those people. I don't like silence. I like to fill it and if. If we're just allow us up to sit in silence whether it's you. Pray whether you journal whether you have coffee with friends that you trust wise counsel, the Bible talks about wise counsel. Then what's interesting is it will come to the surface. If you're a believer, you believe God will put it in your path to show you what you're supposed to do next. Chris that's I love helping people start with your spirit because so often we run ahead and we think well God. You keep 'cause I got things to do. It's like we we can start there and say hey. What do you want for me if you're a believer or even if you're not a person of faith to say I'm just GONNA, give myself to time to reflect on me and look ahead to the future and what do I want, but you need silence. You need space to identify what that is. We can't identify that. That in rushing and fear, though you really can't and if you've spent so much time raising four kids and being a spouse now you get a chance to put yourself first. That's going to feel weird you don't you gotta learn how to do that? Learning to walk again, so give yourself some time. Give yourself some space There are some great books out there I. Encourage you to dive into in the midst of this journey, but most importantly don't do life alone. That's not the goal. This is the Dave Ramsey show. L. Everyone This is the Dave Ramsey show I'm Chris. Hogan joined in studio with my co-host is Christy Wright and we are having a blast taking your calls dive in an talking about the things you want to talk about so if you've got a question about life or money, guess what we are right here. Ready for you. Okay, we're. GonNa go to line four. We've got sean on the Line Sean. How are you? Good. How are you guys doing? Oh, focus, not finish my freight. What's your question? Could well first of all my my wife and I are on baby steps, four and five and we just become really passionate about the baby steps and telling everybody we know and. Trying to help as many people as possible, so I want to try and do it as a side hustle, so I'm saving up right now for the financial coach master training. but at the end of that. What what do you recommend sort of in terms of? I have no gift for marketing so kind of. Did more like word of mouth, and how do I get out there and telling people about this and helping people, but also getting paid for it? Is it word of mouth or Go knocking on doors, or what do you recommend is the best way to? So shot you you. You and your wife are doing the baby steps baby step on right now. We're on foreign five. We trying to get three. Be will probably go back to that. At the beginning of the year. Okay eight off twenty five thousand last year in five months. Okay, let's say you just fell down a complete transformation. Well hold on twitter. Let's say Sean. You just found out that I'm your long lost cousin. Okay. And you've been living this stuff, and it's made this change, so you just their meeting me and I'm asking you hey, what are you guys? How are you things down things going with your money? What would you tell me? well following this process in the past year we paid off twenty five thousand dollars, and now we have twenty eight thousand dollars in savings. We're now saving for retirement or savings for kids college. It's been a huge transformation all in fifteen months. So this stuff works, and it's I want to show you how to do it. Hey, guess what you do. Is. You just did it. You just at that's exactly how I would tell you you don't need to do marketing which you do need to do a testimonial. which is you tell people what you did that work for you and that's exactly what I would do. Is You're talking to strangers? Cousins family members fatty. They'll listen anybody would some. and so that's that's. I'm moment to slip it in. Here's the thing Sean. And this is what Chris Hogan just hit on so many people get caught up in his idea of sales. I'm I don't WANNA be sales the I don't want to be pushy I. Don't WanNa be annoying. I. Don't I don't either Hogan. Doesn't either and we're great at sales. Here's what sales is not being pushy, annoying getting on people's nerves. It's sharing your heart and sharing your story, and that's just what you did you share your story. Share your Y share your heart. Share your heart to help share your transformation when you share your heart, which is so natural for you. You just did it. Then, this sale naturally follows people naturally say sign me up. How can I help? How do I follow this path? How can you help me? Sean when it comes to the actual business piece of it. I will tell you if you go through financial coach master training, they give you some teaching and training on how to set this up as a business, but then from there once you do what we we've just been saying of sharing your heart sharing your story, it can be as simple as an email to. To your family and friends say hey guys I'm doing this. Here's my heart. Here's my here's my story of how it helped me and I want to help others. If you know of anyone that might benefit from this, please pass along my information, so you might just start with your personal context, but here's what's really cool sean here's what's really cool about service based businesses. Once you get one client the second easier. The third is easier than it gets easier with every client, and then you can activate your tribe even if it's a very small tribe of five people to be evangelists for you where you then really activate referral marketing word of mouth, marketing, which is what you alluded to initially. Because who do you want in your house? Doing your lawn watching your kids teaching someone piano, someone you trust, so you hire people that you were referred by others, and that's what people do for financial coach. Training for financial, advising as well and so, you can activate those customers to market for you once you get this thing going, but I think just sharing your heart will be a great kickstart, and you'll keep doing that the whole time, but it can just magnify once you activate that tribe it will. Sean and I'm going to tell you you doing financial coach Master Training I actually teach that training. All via video. It's digital course online, but they will walk you through setting up a business as Christie said beginning to think differently about it reaching out, you WanNa serve people, and that's how you do it, and whether you're opening up to questions. If they have a question that they can reach out, they can have a conversation. You can sit down and do that the big. Big thing you're also gonNA learn as again how to appropriately charged for that business and treat it like a business, and so you got a great opportunity. We have people that will do it as a ministry. We've got people that do it business. Get people to do it as both so really want to encourage you. think about Your Business Plan. Think about your process and. Kelly essentially a business boutique book I know it says for Women Sean. Your wife can read it at the business. Principles apply. Don't feel weird, it's. Either way. There's your plan. There's your plans. Like San, Ho Ho Ho. Never gave me a book so shaw. She likes you whatever. Got Martha on the Line Martha. How can Christie and I help you? Well Hey. I am so excited to be on the phone with you guys. This jets Christie. You are my hero. You're so. We were at Dave Ramsey solutions two weeks ago, but we missed everybody but cures my deal, so I am an accountant fulltime, but I fell into a side hustle of making cookies for University of Wisconsin student. MOMS find me on facebook. There's uw page. Send me money, and I take cookies to their students Monday and Mondays and Fridays on campus. It's so much fun cookies that Friday but you guys weren't there. We missed that okay. But anyway my thought is where we go from here. I can't quit my full time job. There's too many benefits. No me health insurance. But I have so much business, and it's word of mouth now I. Don't advertise at all so much business that I have to turn down. This was quite long offseason because the students con- summer, but in the fall it's just crazy. It's crazy busy especially around Christmas and end of the Semester Valentine's Day. But how do I know when it's time to jump in an terrified? State benefits I can't get rid of it. Yeah, I'll I'll give you the quick answer on how to build up on the side. If you WANNA do it fulltime, which we get this question all the time Chris we get this all the time. We don't want you to make a terrifying leap to your side business and hope it's going to support you. I want you to build the side business up so much that it can support you, and then it's the next logical step eat. It may not equal and personal income from the business. What your? Your salary take home. Pay Is from your fulltime job, but it needs to be an amount. You can live on so maybe make sixty thousand right now, but you can live on thirty. You need to build a business up to thirty so so financially. The dollars need to be there. We're not gonNA. Assume they're going to show up. When you when you go full time, then it's not a terrifying leap. It's the next logical step, but I will tell you one thing. I want you to do right now and your business. Are you ready for it? It's GonNa be it's GonNa be uncomfortable Martha. Okay, I want you to raise your prices. If you're so busy that you're turning down business, your prices are to low, and I don't even know what your prices are but I know they're too low, don't you Hogan? Too Low. So raise your prices. Thank out! That's going to get you there even quicker Martha. Not another idea is that you may look. Is there a bakery? Is there somewhere around that? You could partner with and as far as helping the officer that business now again I'm not talking about necessarily a straight on partnership, but to be able to help you in the busy times, but you got to think through because I, hear this giggle in Your Voice Martha. That tells me that you're having fun game, right and that you're excited about it and that's that's a good thing. You can get creative and do all kinds of stuff like that on a campus. That could be really. Really Fun. It really can, and you're right about the pricing Z. people typically have the scarcity mindset, so you don't want to raise the price, because if you raise prices, I'm going to miss out on people. No, you're not, you know. There's a thing called a fair nickel. And then there's an unfair don right. You want to charge the fair nickel, not the unfair time, but at the same time you're in a business you are trying to. It's you're trying to make money. And so it's important to always be looking at that and the best way for you to find out is to get an independent third party decision this. Opinion is for sure, but you also think about what your. Business is the guarantee Martha things for businesses cookies. Her businesses, not cookies as a momma off. You're taken cookies to my babies in college. That's a whole different value. I would pay so much more babies to receive cookies in their dorm room. You GotTa think about what you're the bigger picture of what you're doing. It's not just cookies from your local grocery store. It's the service. It's the experience and you could you could. You can have a lot of fun with that. Martha well listen. Thank you so much. The call Christie. Thank you for taking the time to join me. Has Been Fun. Listen, we want to all the you offer listening I wanNA. Thank Kelly Daniel. Our Associate Producer Zach Bennett producer, filling in for James Styles and I want to thank all of you for listening. This has been the daybreak show. Hey! It's Kelly associate producer and phone screener for the Dave Ramsey show. This episode is over, but if you've heard about an event product or service and didn't have a chance to write it down. Don't worry. We list everything you've heard about. During this episode in the podcast show notes or had to Daveramsey DOT COM. Thanks for listening. If you're looking for fun and practical ways to save money in your everyday life, you need to check out the Rachel cruze show podcast from money, expert and my daughter Rachel Cruze. Crews and I'm excited to tell you about hype podcast. A lot of people are living paycheck to paycheck end debt. They don't even know where to begin, but they have this need. This want to get in control of their money. And if that's you, you have come to the right spot, so in each episode, a ton of inspiration and practical advice, if not subscribed to the Rachel cruze show podcast. Make sure you do it today. Hear more from the Ramsey network including the Rachel cruze show wherever you listen to podcasts. Hey, it's james producer of the Dave Ramsey show. This episode is over, but check. The episode notes for links to products and services. You've heard about during this episode. Thanks for listening.
An Expectation You Don't Communicate Is Called a Thought (Hour 1)
"Live from the headquarters of Ramsey solutions broadcasting from the car rental studio. This is the Dave Ramsey show where America hangs out. About your life and your money I'm Chris Hogan and joining Me Co. hosting this hour is miss. Christie right, so we are excited This show will have high energy. Christie brings energy wherever she goes. If she is awake, things are moving. I'm good. This is fun. This is when I. Get to host with you. Because speaking of energy, we have good. We have a good energy. We and speaking of we just got through really pouring into business leaders from all across the country and I have to tell you did a fantastic job in your talk. Tell people what you were talking about a couple knuckle. Yeah, okay, so let me just tell you the title of my talks. I really liked the title because it Sassy. Get a life how to not lose yourself in the business you love. And then, and then you know if you're a business owner, you immediately that hits a nerve and you go. Yeah I know what she's talking about because it's really easy to you. Love this business. It's your baby. You pour your heart and soul into it, but man it can become so consuming that especially in a time like this right now where you're exhausted, trying to drum up business, or you're exhausted, trying to keep up with business, and and it can be really hard to have a life outside of that, so I just tried to give them some practical tips to encourage them to get a life bureau's. No. Talk to people about taking leadership to the next level and really pushing because right now, let's be honest. Things are tough things. The norm has gone and what we have to do is regroup in recoup and recommit to what's important to us and what? We're willing to get there so It was a fantastic event and hats off to our entire live event team, and everyone. A staff included that helped. Make that possible so great job to all of you all right. Right listen everyone we are going to be taken calls as usual, but also social media questions, and so what I want you to do is hunt down Christiaan social media. you can find her on twitter and Instagram at Christie. Be Right does went. Slap at in your phone right now. At Christie, be right. You can find me. At Chris, Hogan three sixty and we're GONNA WE'RE GONNA take some questions so Christie if if you if you're ready, I already got a couple in. And I wanna hit you with one that I. You're wake, I'm. How are you ready? Okay, 'cause, this one gets real right out of the gate. Okay, here it is. This is from Kayla from the Ramsey baby step community. She asked any suggestions for dealing with in-laws. Especially disagreements over watching and spending time with your children. Yeah, let's talk about. Here's what's interesting and I think the in-law relationship can be particularly difficult because you've got different expectations, different cultures, different ways of being raised. Maybe you're from different geographic regions, so even just kind of family norms. Were brought up different. I think it comes down to one thing. You actually talk about this a lot Hogan. Expectations, it comes down to expectations. Now I would say that format for our little family of of five. We've got three kids I feel a very specific responsibility for the people in my household. I do not feel a direct responsibility for the people outside of my household, in terms of I have to run myself ragged for every aunt Linda's exportations to Matt Ni- decide what is right for us. As a family in terms of how much we see our extended family. What we're GONNA do for holidays. What's right for us and then? Then, we communicate those to the people that are involved now you can communicate in a way that's loving, but farm and I think what's difficult is when people don't take the time to have the word, sometimes awkward conversation of here my expectations for my family. What's right for us? What are your expectations? And can we find a common ground there so unwilling to have the conversation that actually builds up and leads to resentment. It leads to hurt feelings. It leads to people feeling ignored or not valued, and really if you would just have the conversation, it can see so much of that. What what is your quote? That's so good, you say. An expectation you don't communicate over thought. I think it comes down to communicating that for me. Relieve some stress I agree, and here's the deal. We say around here to be unclear as unkind right now. Here's the other danger of this. If you don't communicate these expectations between you and your spouse now what you could have as tension right especially if it's his family, right or you know what I mean, the other family and so don't leave it to chance talk about right. You know well, and you know what I've noticed. This is an interesting dynamic, actually done some research on the dynamic between mother-in-law's and daughters in law, and it's the most difficult family relationship in any connection regardless of personality style. Because you've got two women that have they typically. Typically make the decisions about holidays about traditions about time with the kids, and sometimes they can disagree, but what's interesting is they have the relationship? Typically, it doesn't go through the spouse like in my case, the conversation is between me and his mother, so so that's where the resolve needs to happen. matinee need to be on the same page that that's not going to have the conversation for me. I'm a big girl I can have the conversation with the were grown adults, and so I think just like you said be on the same page with your spouse, but the conversation can still happen between the parties that are actually doing the planning. What's important? And so, so you don't let Matt do any of the planning. lebrons! Here's the thing when I text. Like Hey, we're wanting to do. XYZ I'll ask. Hey, what are you thinking? I always ask him I. It's his family I'm going to ask you first. It's your family. And then we come up with a decision and I'm usually the one that communicates it just because let's be honest a lot of times women are the ones that make the playoffs. They're the talkers we love to talk. We love the talk. Get together so. We can. We can be the planners. Helps. But getting on the same page is so vital. So important that talking it out, and you know especially right now in this cova time. Where a you may or may not be seeing family as much and so you really going to have to be very intentional on when you go visit. How long were you stay? But the more you talk, these things out the better you can feel comfortable in the plan. Yes, and I would say that the hard conversation. The Awkward Conversation pays off and. If two people that are healthy, loving people, and they lean into the awkwardness, and they're willing to have the conversations about what their expectations are. You have more intimacy more connection, better relationships, better communication and everybody's on the same page I would say that at this point met, and I've been married eight years. My relationship with my inlaws is better than it has ever been, but it's been due to laying that groundwork and having some conversations where we had to come together, and it's hard, but me and my friends. Some of them don't have it and they have the conflict I'm. I'm so grateful we have that conversation. anyways off and you don't need to have it. All you have to do is communicate talk about it, and you gotta flex the muscle, but I like what you said laying the foundation and the past. What it does is now it kind of creates US Open communication moving forward listen. I was also tell you about something. These times are crazy, and if you WANNA get on the same page with your spouse with money, this is the time this you have an opportunity to have a never again moment right now. We never again do. Do you have to be at the mercy of a global crisis? Never again to you have to make a decision between keeping lights on or putting food on the table. You've got an opportunity to put yourself on firm foundation. We know we have the right plan. We've got the right tools and the right teaching, and you never have to question if you're doing the right thing with your money Ramsey plus gives you all of that. It's our brand new all access membership, and you can try it for free today. Here's how it works. You'll learn to proven plan with money in. In Our bestselling content, Financial Peace University, and you'll budget and finally take control of your money with everydollar, and you're going to be able to track your progress with the new baby steps at all of that in one membership. Here's what you do, text the word trial, two, three, three, seven, eight, nine, again text, the word trial, two, three, three, seven, eight nine. You've got an opportunity to put you and your family and direction that has helped over seven million families get control of money. It ain't a surprise, people. It's a plan that works. This is the Dave. Ramsey show. Finding the right pair of sunglasses on a budget is difficult. They're either too expensive or they don't hold up by recently. I got a great pair of sunglasses from shady raise. Shady raise offers premium, affordable sunglasses, and right now you can try shady raise risk free for thirty days with a twenty dollar off discount that means you can get polarized sunglasses starting at just twenty eight dollars when you use the Promo Code Dave at shady raise DOT com. Delaware this is the Dave Ramsey show opera. Oh can co hosting this hour with me. Christie right. We are so excited to take your calls to talk about your life and your money. Here's the deal you need to call us. At one, eight, eight, eight, eight, two, five, five, two, two five again. That's triple eight eight to five five two two five calls. Zach is ready to phone screen and talk to you to find out what's on your mind. And Christie and I are ready to give you some some guidance, some advice something to help you. Push forward and move forward, so we're since we're ready. We're ready, so Christmas get to the phone got Gina Calling and how are you? Hi Chris Christie. I'm so happy to get to talk to you. Both will thank. You very excited to talk to you. What's on your mind today? Yeah so I live in stolen. Yeah, and Estonia has right by the even the Catheter and the ball exceeds right here. And I had this dream to buy an apartment so I listened to your show, and not talk about buying houses a lot, but here small apartments that people advice I have this dream to buy an apartment and I have one hundred and ten thousand euros in cash, and I could buy an. An apartment for that that would be an okay apartment there are also incredibly departments with incredible, and they just get you excited. and they're more like three hundred thousand euros journey, so that would mean I would need a two hundred thousand euro mortgage, and that's quite big, considering the Estonian efforts, celery and my salary, so my hair. These center is twenty five thousand, and that's pretty high, even stolen. Yeah, but. Yeah so I'm just wondering. Should I go for the really exciting thing? Because you know, value might go up and that's a long term investment or should I be like? Yeah I just very curious because you seem to the people of Wisdom, so I'm here what he's saying. Gene I appreciate Kim. I'M GONNA. Try to seem to give you some guidance here. So tell me again. You've got one hundred ten. Euros one hundred ten thousand euros saved up and you can buy a regular apartment for how much. definitely what I can't even buy an apartment for nine ts thousands It's. So that would be okay to live in. It wouldn't have seaview I would love to see you. the how far away is to see from your apartment this this ninety thousand one. And that would be maybe ten minutes good because the sea has been great. Yeah and and and I like the idea of you buying an apartment and having some money also not using everything you've got and so you're making twenty five thousand a year. How did you get one hundred ten, thousand saved up? What did you do? Yeah, I joined I joined a start. ABRY, Ernie and we ended it up to a Unicorn, and so that was some share options. Succession okay very good I'm gonNA. Tell you Chris Alba. Chime yet. I I like the idea of spending one for eighty to ninety, and yet you might be five ten minutes away from the view a, but the mindset of you getting in there having some money, not spending every dime that you have in having that money that reserve leftover u continuing to work and be mindful. Maybe you upgrade the apartment in three to five years. Yeah, you know what I heard her voice. It's can have the apartment that can pay for in cash, or can I have the CV which sounds so exciting as if it has to be one of the other I think. Think it's both GINA now. Just like now I would advise you to pay for this apartment in cash, because you're going to be able to save so much money when you're not paying interest on a mortgage, save up and then upgrade in a few years, just set a financial goal to say I'm going to upgrade to a better apartment. That's two hundred thousand in X. amount of years, and then upgrade from there, and eventually you've got that perfect seaview, and you own it outright but man. It will slow down your progress so much. If you're paying all that interest on your mortgage and so right now you could be completely debt. Free own this. And everything extra you save up still working towards that goal. That dream is not gone. You're just GONNA delayed a little bit. I totally agree like that. Gina. Here's the idea instead of standing in your apartment. Looking at the when you're debt for you can go get in that band right? Go down there and hang out and look at it, but that's the way to go and thank you for calling in. We appreciate that so interesting. I want to pay for one second Hogan, because I think even though she's in another country and we're talking about different currency people here in the United States we deal with the same temptation. Temptation so someone that would call in that has the ability to pay for House and cash paper and apartment condo. Whatever in cash the temptation is always to get more than your means. The temptation is always to upgrade your lifestyle before you have the means to pay for it because well, if I can pay for this. What can I get for this? The freedom to be able to pay for something outright, that's an unbelievable position to be in that. You could pay for apartment or House. Even here in the United States in cash, so avoid that temptation to take out extra debt. You can just reverse the whole process save. Save up and still upgrade later, but man a lot of people aren't in that position. Take advantage of it to be debt free and own it out. No I completely agree with you and you know home purchases are not small. These are big items, and so we tell people listen if you've got a mortgage fifteen year, fix Max is what you want, but then you're still as I found in our national study of millionare's people are paying off their homes on average in seminary years, but you're right. It is a matter of looking in you being content with where you are quit worrying about what other people are doing, right? Right you don't you don't know how much death they're taking on, but be content in your plan and be aware of where you are. Yeah, it's so tempting to. I've seen this with people when they get raises or promotions or bonuses. It's like I've got a bonus. Let's go buy a car. It's like how `bout. You just let that bonus. Sit about you just put it in so often. We want to upgrade our lifestyle when we get a raise, or you could just let that be amazing margin where it's between you and life, and you've got that many more options because when you buy stuff options just got stuff. Got Options No, you're right and a lot of times. If you start to upgrade lifestyle too fast what you're doing, downgrading your future because you're preventing you from being able to have more of the freedom more flexibility that you want Gina. Thank you so much for calling in the. Really really big question all right. We're going to line while we got Arias on from. Louisville ours, are you. Hamdan I Chris Hey Buddy. What's on your mind man? so done across the rise I'm currently never engineering. I got laid off right before the carnival so When I went job-hunting got blessed with a network engineer for this, and that twenty two years old while about sixty k. here, but Also, I'm also back, not analyst. Or another company, and that's a I think forty three years. Okay, I'll make one hundred. K. after. and be and my girlfriend and she makes about forty. At together and make about. Forty eight year. We got one hundred game debt and I want to buy a house so I got a person wants to sell my house for a pretty. Good deal and I'm like Hey, I got some bit. So what is your? What are your thoughts on the house? And also family man so I want my family to rent that house and I'd be the owner and then. me and my girlfriend by House with lane against that house. I, hear you How old are you again? I'm twenty three all right? Listen to me I like to wake. You think I liked that. You are long range thinking. I like that you are planning, but but my friend your skin some steps. You're rushing and you're making good money, and I I'm A. I'm a Lick Chrissy Charmian that I'm let loose. Yeah, go ahead! There's something very powerful about focusing on one thing at a time, and we wanna do all the things right now. Put a little bit dead a little bit. This investment property a little bit on your. No, no, no, you're deluding your efforts and slowing down your progress. So that's the reason we have the baby steps in the order that we do. We want you to point all your guns at one thing at a time. Because it's going to give you momentum, it's going to give you confidence and then when you're ready financially. Financially. You're able to buy that house. Whatever House that is at that time? This is not the only good house. You're going to be offered. This is not the only good deal this. We have this scarcity mindset like John It. No, no, no, No, you're twenty three. You make great money. Get yourself out of debt. Set You and your girlfriend for success long-term seat on those payments hanging over you and then man. You could make some cool decisions about your home investments whatever you WanNa do, but tackle one thing to secularize Christie pump the breaks here. Person foes. Well. We're going to do is. We're not counting girlfriend because that's just a friend right now. You need to put a ring on. Get Sears. Get married, then you can start to say we right now. You Ain't speaking French. Buddy all right. It's an individual situation. You'll get yourself out of debt. You'RE GONNA. Get Intentional, and you're going to stay focused because you're not finished I. Love Your Energy I. Love Your Focus but slow down young man slowdown. Be Clear on what it is. You won't be certain of what you don't want. This is Dave Ramsey show. L. Over one welcome back. This is the Dave Ramsey show I'm Chris Hogan and Co me with me. This hour's national bestselling author, Christy Wright and she is a young lady that is intentional and will make stuff happen. Well. Aren't tense, but people tell me I am too, so we? We get along just fine, but I'm GONNA. Tell you this a lot of people right now. They talk about wanting some confidence. feeling concerned about what's going on lack of being in control fear lot of fear but you've got something going on caught a five day confidence boost. Something Fun to help people kick start building more confidence in themselves, but also in their faith in the God that created them and what's cool, but this Hogan and I'm sure you get this a lot I think people think of confidence as this personality style like it's a gene you're born with some people, have it? Some people don't make no competence is a skill and skills can be learned. Learned like cooking or riding a bike and so this five day confidence boost is really just a very simple way that I can show up in their email inbox. Give them some practical things they can do to help them build confidence to combat the fear and go after their goal. So what do they need to do? Sign up gotTA. Cristiano DOT COM. That's it. That's it okay. All right, give email. Get some information. You'll get an opportunity to get the five days of confidence boost, which is a good thing to check that out Aren't you all if you're out there, you gotTa Question I. Want You to call US number to call eight, eight, eight, eight, five, five, two, two five again. That's triple, eight eight to five, five, two, two, five, or find us on social at Ramsey show or Christie at Christie beat right or me at Chris Hogan. Three sixty. We got a call. We got Jackson on the phone. Jackson, how are you? Good. How are you guys doing? We're doing pretty good buddy. How can we help you? So the situation on kind of dealing with his I'm looking to get engaged to my girlfriend. Four years I don't know what's the next year year and a half or so okay I still have about twenty seven thousand dollars for the student loan debt I'm trying to decide if I should just throw the kitchen sink that and get it paid off, and then you know, save for engagement and the things that come with marriage later, or should I kind of both at the same time. What so okay, this twenty seven thousand? Is it all student loan jet that Jackson? It's only soon long that I don't have any other kind of other met. Good job, buddy. What's your household income right now? so I make about seventy five thousand a year. And my girlfriend makes about thirty one okay On Yeah we're not married yet, so I don't know that's. Right? No, I agree. I. Agree so so you? You have been dating her for around four years. Does she have the expectation that a ring is supposed to be showing up soon? I mean not like tomorrow, but it's. We've definitely discussed it and Oh Jackson hold on a minute. Wait wait a minute. Probably now see this is why I ask questions. What do you mean you all have discussed it? Well we we are. We need to agree that we want to get married like we're not just dating for divorce. They're going to break up. Okay good good in this talk. Did she give you an idea of a timeframe? there. Now she did Yes, you did actually if you're talking about it. How long ago did you have this? I old. I floating around it or Was It in twenty nineteen. Was It in twenty twenty. probably twenty twenty. Okay, all right recently. I'm going to defer to the young lady in the studio with me. What would you think Christie well? It was what we were just talking about with expectations, communicating expectations, so here's one of the things I want to commend you. Jackson first of all. You're thinking long term second of all. You are considering her third of all. You're trying to do the right thing. financially and girl friend. I don't know how long it would take you to pay that off. How long how long do you think? Have you done the math of how long it takes paid off? Seriously Paul Yeah I. Think I could pay off in less than a year. No problem okay. So I I know. You can pay it off quickly. That's that's pretty quick. In a year you could go either way on this one, but one and I've heard Dave answer this on the on the radio. Show here before Hogan of You know this is GonNa, be a long journey. You can get married. You can do a small wedding. You can do a small ring. You can upgrade the ring later. Later, you can get smart. You know and how you pay for the wedding. It doesn't have to be this big extravagant thing but you know and one of the cool things to Jackson, and this is just a random idea. I'm thrown out. Hogan, you can talk to her and say hey, here's my situation. I want to set us up for success financially and I WANNA marry you. What do you think you could even y'all are not married yet, but it doesn't mean she can't speak into that decision. Because the ring is going on. Her finger at debt is coming into her household. You can even have a conversation to see her thoughts on it. No, you really good and Jackson I would probably do that. You guys have been open and you've been communicating each other. I would be upfront. Hey Jackson let me ask you this. How many months salary are you thinking about and paying for an engagement ring? Well you hear this typical three months Valerie out of. Somewhere between two or three wrestlers. Okay now see I. I asked this. Because I've seen these articles do Jackson. It's like three months. Listen. This is not a law. Okay, that's not long. And she's going to wear it forever. I. Just want her behalf. Speak up on behalf. Objects I want you to hear me this crucial. This is important I. Want you to get an idea of the timing. You guys talk about that. You found out the style, but do not take her shopping for her reign. Do not think the mile because in the little jewelry stores. They have all types of diamonds. They have the some the size of me. I have some the sizes human size. Don't be in there having her with you. As you're making this decision, you agree or disagree with me. I did that's that's good. You're holding back. No. Very true find out the style, but I think it's seriously goes back to what we said a little bit ago. Communicate expectations. If you have a conversation of the timeframe, it's going to avoid her having her hopes up for every fancy dinner every time you ask her to go, do something really Nice Nice restaurant. She's waiting for you to get down on one knee. Knee and she's disappointed. Let's just talk about it in the open. Here's our here's our plan. Here's our plan with our finances. Here's our plan with engagement, and then then you could still surprise her in that timeframe. See that's a good point. Yeah, that is, we can still be surprised, but you do want to gain understand, and but yes do not take her shopping. You. Know what happened with matinee. So you know I'm an eight so once I know I know I'm like well. Let's let's do the thing you know what I mean like. Mike let's get engaged. You're the one here we go. I knew about two months into dating. It took him another year so every fancy date. Every nice restaurants like well. We're, is it? Where is it? He's like I need a minute so I just think on the same. Face asked him where it was literally in my mind. In my mind. Which means I, knew you. I've been around you for about ten years. You get helps our hope, so that's there. Aren't you couldn't talk to your your soon to be fiancee? Get on the same page, but but he definitely attack the debt as Christie's said, be smart about the type of wedding you do. You don't have to put love on hold. just to attack that but what you don't want. Want to do is add debt to the situation. and I'm being honest and I'm proud of you in the focus, you have as a young man and I. Wish you all well working together but talk about this stuff and be able to iron it out and and get on the same page. Okay? I got another social question. Kristie This one is and this came in for you. This is from Amanda from the Ramsey baby steps community goes. She asked. How do you balance family well-being family well being in financial goals. How do you balance the two? Okay, so this is interesting because it's actually similar to what Jackson was just talking about so when people are in baby, step two for example they ask. Should I do this or this? How much? How much? How? How intense should I get now? I've seen people, and even here in this building that get so gazelle intents and baby step two. They don't have a phone. They don't have cable. They don't have a life. And that is their decision from their value perspective of that extreme end of the spectrum that I'm going to be that inten that many sacrifices to get out of debt quicker. Quicker now when I paid off my debt, Hogan had a TV. had a cell phone I gave up vacations. I gave up close. There's things I gave up but I didn't get so intense that I didn't even have any cable, so I think it's what it is is it's really being on the same page with your family of deciding. What are your values? What are you? You willing to sacrifice for that goal. Because when she says financial goals, we're talking about running towards this thing so matinee may value different things when it comes to spending money and we do, but we need to both speaking to the budget just like we say and make sure that we're on the same page with sacrifices. Because when you've got that nerd that wants to have. The extreme, but someone else's like. Hey, I still want to be able to like have a cell phone. You just need to communicate gun the same page where you fall on the spectrum of intensity to reach that goal I completely agree and Hey, no. You definitely did not go bare minimum because I want you to tell everyone the name of the two goats you had on bar. Tell them the name real quick. Goats, All you need to know? That's unbelievable loony people. This is daybreak. Hello everyone. This is the Dave. Ramsey show I'm Chris. Hogan and Co host with me this hour's Kristie right. We are taking your calls about your life. Your money and we'd love to be able to hear from you. The number to call is eight, eight, eight, eight, two, five, five, two, two five again. That's triple eight eight to five, five, two, two five five social media. You can find Christie at Christie. Be Right. You can find me at Chris Hogan three, sixty or the Ramsey show at Ramsey show all right. We're GONNA. Get to the line. We got Kelly on the phone Kelly. How're you? Hello I'm good. Thank you for your. How can Christina help you today? Thank you all for your teaching. Inspiration I have I'm on baby step. Two started the program in October. Done well so far. China to stay focused on paying off debt I. have two small loans left to the tune of about five thousand between the two. The next big one to tackle is the one I'm calling about. It is a family loan originated About six and a half years ago, it was. from my husband's uncle, who has since passed away in his now been turned over to the ant basically so. the original amount was for twenty five thousand. And he. And put it at six percent interest rates so. I should be able to pay off the two smaller debts. Working on now in the next few months, but what I WANNA do is instead of. Leaving that big loan to finish out for the ten year. Installment, Plan I WANNA. Pay It off much earlier, so I'm trying to think of. A reasonable. Amount to save up and to kind of stock pile, and then go to the ant and say hey, can here's X. amount of dollars? Can we just be done with this loan? You know without me carrying it over and and all that I. I've tried to look at a few Amortization calculators and I think I've from looking at it and I'm not a hundred percent correct, but I think has paid close to. Around twenty thousand dollars just with the interest. but I think there's still probably. A good. Eleven thousand on it left. 'cause I'm only six and a half years into it so I I WANNA I don't WanNa. Insult her because I am grateful for. The loan, but at the same time percents a lot of interest and Limping? Kelly, let me ask you this. What was the original twenty five thousand us for? So we've made a lot of bad decisions with money, obviously and we at. We wanted to buy a house and. To clear up a lot of our consumer debt. to get our debt to income ratio down but thank suggested if we could get a personal loan kind of off the books to clear up some of the. Had made than then we could get. We could qualify for this house. Okay, and so you're you all have been paying on this at six percent and and so am I hearing you correctly that you wanna then now go offer like a settlement. Yes, I want. I've been paying to eighty four a month, which as far as I can tell was slightly over the six percent, but you know that's my fault for not looking into that long time ago, but so these six and a half years been kind of just auto pain to eighty four and I and I think there's a a good like ten thousand. Dollars less on it, but just all is paid an interest I. think it comes up to close to almost the full amount so I'm wondering. What you know, stockpiling money each month and just kind of coming up with. A number to go to her and say. Can we be done well, I mean I don't think there's anything wrong with you going to have the conversation but did you outside like paperwork for this loan? Was this a handshake thing? Somewhere between we did, we did sign a little installment agreement of, but he said he said that there was no problem with us paying off alone early. I think overseas. Yeah, well I I would say as you're dealing with the aunt. There's nothing wrong with you going to have a conversation, but I want you to hear me. There's nothing that obligates the ought to to stop anything, or except anything, and I think that's really important Christie to keep in mind so when you go, have the conversation you go with the right spirit and not go in trying to demand for sir. You Death for sure you definitely need the right spirit. Spirit the right posture of humility, but here's the biggest thing that I think you need in your Corner Kelly I. Think you need to know your numbers like I think you have got to do the math to see exactly what was agreed upon exactly what you've paid exactly. How much of that is interest? How much you have left to pay? How much of that is interest and I would come in and say I'm just making these numbers up Kelly I- oaten thousand more. Of four years, and that includes the interest, but what if I just page you just the principal, just the the loan amount. I would actually own us. Oh, you six thousand, so could we agree on seven thousand to give me a little time to save the sub still paying interest in interim, and then pay you the amount that would just be remaining in the loan amount only but you. You can't even have that conversation that you can both agree on. If you don't know your actual numbers, you've got to figure those numbers out and I don't know what those are right, but but I think you're absolutely right and going in and having that open and honest conversation, and then just keep in mind. There's nothing that obligates her to have to do that and so I just want. Want you to be willing to have that conversation. Be Upfront and and see where it goes from there, but I agree with Christy. Knowing the numbers are going to be crucial, so you can be able to show. You're not estimating you're guessing. Sit Down, really look at it. Run the numbers on what it is. You've paid, so you can show her because she may not know and and May. May Not be on the same page. Well, I'm worse. Case scenario you run the numbers and you find out okay if I'm able to save up five thousand dollars by this date on the counter that would pay it off because interest is not an ought not a relevant applicants point because I've hit that date then it doesn't even matter if she agrees or not. Because there's no prepayment penalty. According to the way this was set up, so you can go in with five grand worst case scenario. You know what you need to pay off. You can stockpile that amount. Walk in and pay it off. Totally agree. Thank you so much for the call all right next up. We've got Alex on the Line Alex. How? Are you? Chris Christie. We're doing good. What's on your mind? I just had a question about life insurance for children always tonight. We don't have any kids yet. and I know days in your thoughts are on full life policies. I'm not even talking to you about that, but my wife a fairly good point. she was wanting to have life insurance that our kids. We have in the future because of a possibility of them, having like you know like a heart, condition or something like that. in the future that would probably prevent them from getting. Life Insurance in their twenty S I guess. Hypothetical but I just was curious. What your thoughts on that? Okay, so you? You all are looking at this as more of a preventative thing or try to get it. Right. Yep Yep Okay Yeah Yeah. I here's the reality. Life Insurance is meant to be able to replace income so you and your spouse having life insurance is important. If something happens to one of you, there's a dollar amount that's coming in to be able to take care of the kids. Some? People have looked at. You can add a rider to your term policy in the name of your kids That's something you could take a look doing by talking to one of the insurance LP's, but as far as just outright getting policy in their name, no They're not making any income they're not. They're not doing anything that that would a financially contribute to your lifestyle, so you can talk with insurance about getting a writer, but a full blown policy in their name as A. A child. No, you've seen those Gerber life. Things That's whole life insurance, which has a identity crisis. It's trying to be an insurance program. Trying to be a savings account an investment and what it is overpriced, and so it's not something to look at look into at all. The rider may be the way to go for you guys, but other than that. Get term on your you and your wife. Make sure you've got ten to twelve times your annual income. That's the way to. To Go. Yeah, it's it's hard to because when you're trying to forecast for the future. You don't know what's going to happen but I. If if if you have a lot of fear, you can start to think. Oh, I've got to cover all these bases. Do all these things for what might possibly happen. We see this in Business Hogan people asking. Should I incorporate thousand? LLC and I'm like. Are you highly business? Do you have a high net worth? No, no, no, I just haven't NC. NC Shop or whatever and and a lot of times that fear can drive us to make costly decisions that are wrong, but I love how you look at it from a practical standpoint. You don't need to do that. No, you don't. Don't let fear rule. You get the right information. Listen I WANNA. Thank producer James. Child Associate Producer Zach Bennett, and thank all of you offer tuning in and thank you for calling in and I gotta think my co host this hour. Christy right this. Thank you all? This has been the Dave Ramsey show. This is james childs producer of the Dave. Ramsey show on your smart speaker. You can add our skill by saying Alexa opened the Ramsey network skill from there. You can listen to all our shows. Ask Dave money questions like. How do I invest my money? Or what is the debt snowball? Find out more at Ramsey dot com slash smart speaking. Hey if you've got questions about retirement, investing or becoming an everyday millionaire, go bigger and broader with my man Chris Hogan on the Chris Hogan Show I. AM excited to be able to talk to you all weekend and week out. We're going to focus on your calls, and it's going to focus on building wealth investing, and how to become an everyday millionaire. Subscribe to the Chris Hogan Show wherever you listen to podcasts. Hey, it's james producer of the Dave Ramsey show. This episode is over, but check. The episode notes for links to products and services. You've heard about during this episode. Thanks for listening.
My Ex-Husband Lives in a House That's in My Name (Hour 3)
"The Live from the headquarters, of Ramsey Solutions Broadcasting for the Carl Studio. This is the Dave Ramsey show where America hangs out, have a conversation about your life and your money. I'm Chris Hogan and joining me as Co host is Anthony O'Neill Masol bestselling author and millennial expert, and we are very excited to be working with you and talking to you. Anthony has also a Ramsey personality along with me. And we love helping people. Typically we would be traveling all around the country fighter out burning up get. Airlines and airports and all the things but guess what well yeah that and we're here ten. So we have an opportunity to be able to help people help companies be a Webinars, and so we've had to pivot in in order to get in front of people doing the Webinars have an opportunity to interact on instagram using social media. I've got my everyday millionaire facebook group that has also available. You can go to facebook dot com slash Chris. Hogan three sixty. Click on the group section and join Hogan's everyday millionaires. These are all people that are on the journey to becoming everyday millionaires. people are in their from eighteen to eighty but it's about community it's about being connected and and having people to cheer you on. Anthony is all over instagram. Youtube has been blowing up videos and stuff that he's putting on. You can find him at every O.`Neil on there as well. what's the latest video you up man I it's actually a goodly man. I did a video called to things every twenty and thirty wrote needs to know. And I really walk through the five things that they need to be doing right now. So I definitely want to encourage everyone to go over to my Youtube Channel youtubecom four, slash anthony, or just drop in Anthony oneal and search bar, and you will see this video already got about ten thousand views and less than twenty four hours because I really lay out everything that I wish someone would have told me when I was eighteen nineteen or even when I was in my mid twenties. And to even to things that I've learned from you and Dave in my mid thirties, and so I put all that stuff into a list and you get five hundred video. You gotTa Watch video because I give you a text in number two where I'm going to text you the other fifteen things. We do these things in your twenties and thirties about time you hit your forties, you will be going onto the Chris Hogan tribe to join a everyday. Really cool to do. Did you poll people and find out what the things they wish they would have known or did you just talk about from your own experience really just went from my own experience school and just really listen and everything that I've learned from you from our Cuban from Dave to some of my other mentors hell. This is what every young person to know. You know the cool thing about that is You know you may have people out there that don't have men or Dads oracles in their life, and so be able to share that contents. Fantastic. Again, anthea nail on Youtube in finding check out that information. It's a great opportunity. Here. We're going to get to the phone because that's what we do. We got tomorrow on the line tomorrow. How can we help you? Thank you so much for taking my phone call. I, need a really horrendous. Mistake not eight years ago. and it's come back to Kinda biting and. Not. Sure. What to do I got married about a half moved to a town where my ex-husband was bought a house realized when we to apply for the House that he had that credit I, put it in my name. Got Divorced three years after that with upside down on her house. So we made a verbal agreement that I would move back to where I'm from and he would take them. The payments would just pay me rent. And then take care of the house all been good until this week. When he tells me that the roof is. Leaking into the dining room in the basement flooded. Said because of code that? Is. Hours have been cut. You can't afford to fix it, but he will want to hours get back up. So. Our agreement was that he would eventually if I sell the house when I got. Out from under water that he would work on his credit. And it friendly which on that hasn't happened. but he said his brother night could possibly come for him next year. So there seems to be a lot of promises. But yeah, not sure what to do front you take out a loan. Or to you know I just Wanna I just WANNA. Get rid of it now I know I know and in the midst of this, you know this, this is a couple of things on top of each other right. You've got the failed relationship. Then you have the the failed part of him to do what he said he was going to do, and then you also have this other third thing called regret. Okay. And and it's real I mean as you look at it, I think the main thing now is, let's move in a direction that gives you a concrete path but also concrete clarity like we're not going to rely on any more verbal or anymore innuendo or hope we're GonNa do the things that puts you in the right position. I would reach out to the lender that you have the mortgage through. I would to walk through them the scenario this home. How much do you think it's worth? So I. Ninety, four and last. Year and a half ago I had a real estate agent to look at it and he said that he would listen for around eighty. Now this is before the you know damages. Son With the flood and how do you? Oh, so much more on it. Did you take out a home equity line of credit? No I just I think to be honest I think a way overpaid for the house. Well. You think I didn't know what I was doing I. Understand I understand and and not trying to beat you up over that I think the main thing is getting clarity because we don't know what it's worth. The main thing is is what you've been told by your ex who's living in it. That is that there's water damage I would reach out to that lender today I'd begin to have conversations and dialogue with them. This may be tomorrow a thing where you're walking through a potential short sale with them. And short sales simply means that you end up working with the bank to get their approval to accept less than what's owed on the home, and in this scenario you this is a process it may take three months for you to get approved. For that, you're going to have to walk through the scenario and communicate clearly I would ask your ex for pictures of the water damage pictures of the roof. So you can show the bank and let them know you are not living in it There's a tenant there that is your ex. And begin to just lay out the cards I. think it's going to be important to talk to that institution and for you to take notes on who it is you speak to, but you're going to have to advocate for you and this ask them about their short sale process, and if they won't do a short sale, then you can ask him about the second one and that's a deed in lieu of foreclosure. Deed Lua foreclosure. Simply you voluntarily turning over the home to them and you know this is again, all of these things are going to be based on you communicate and clearly with them. To call them today. So let me ask you this question is she would have called in about before the before she left before she got a divorce. What would you advise in this situation? Should signs something with husband? No I would actually I in that scenario if I could have called her back before all of this, it would be a matter of obviously in the legal agreement in the divorce decree to get everything laid out in writing quick claim deed had had to be signed over about certain period of time but again, it's neither here nor there this is where we stay up. Yeah. Contact Leonard Communicate about a short sailor deed in lieu of foreclosure. You can do this and we're here to help this is Dave Ramsey show. At Tacoma's we believe a great pair of cowboy boots should be comfortable right out of the box. So you can stand with confidence no matter what the day throws at you. We believe in the enduring quality of handmade boots and we believe that your hard earned dollar should go far. So we only sell direct to you know retail markups no middlemen to deal with just amazingly handsome cowboy boots for men and women that won't just make you look taller. They'll make you feel taller to find your parrot to Cova Dot com slash Ramsey and walk taller. Our everyone you are listening to the Dave. Ramsey show you what it is always so good to meet real people. Here in the lobby. We. Got The Texans out there. Californians. That's people and just hanging out I, said, what brings you the Tennessee said you said I believe. Probably leading that that they're just trying to make me feel good it did to it worked is good to see you guys good to meet good people If you're ever here in the near, Nashville wanted to come by Melissa has Baker Street cafe over there where she's got fresh baked goods, amazing. Coffee as well as a bookstore over there. So you. Can come by grab some items, grab some gifts. If you want we'd love to see you here now real quick because we love feedback we value the input from listeners those that have the right things to say I'm just kidding, but it helps us to know what's important to you, and so we can deliver the right kinds of content and teaching. Last. Week, we launched a brand new survey in would love your feedback. So check it out at Daveramsey DOT com slash survey. It only take you a few minutes and there's one hundred dollars Amazon gift card up for grabs. That's pretty cool. Also, you can text the word survey, two, three, three, seven, eight, nine. Survey two, three, three, seven, eight, nine, or visit Daveramsey dot com slash survey. Again, if you WANNA take it on your phone, just text the word survey two, three, three, seven, eight, nine, or visit Daveramsey, dot com slash survey. We always love to hear the feedback. And know what's on your mind. So all right let's get to the phone. We saw get to go to Miami a Oh you ready. Here, we go. Christian in Miami Florida. How can we help you? Hey. Thank you so much for taking my call been listening to you guys all year nonstop everyday up catching up on old episodes and and everything. So really grateful and my husband I really grateful for everything that I do as a team that they're amazing. You. Really quick on on our end. So we started this year with the program I WANNA say at the beginning of the year, but you know the first month is always a little difficult. So we started in February like full-on and So I started doing now David. Lee Says Senator Pizza deliver this. Much as you can so I started doing Jordache and We're getting a new like fifty dollars maybe nine depends on depending on the base I said I, I started doing a few like balloon declaration sauce and that kind of started taking off on its own and Right now, we're at the actually even have storage for seems because it's it's gotten to a point where we can't hold it anymore the house. And we're looking into even by a car and Warren Beatty step to. So my question was we are. So I like I said, we started this year. We just paid off already like seventeen cake in inside like credit cards we just paid off our car. And where we're going to, we're working on loans where we we have a long way hundred, sixty, one, thousand dollars in on We both went to private school for art and We're working hard to try to get rid of it so. the business, my side of the business taking off and your thinking of getting an Sev's because have a Nissan Altima, and he'd like have brass laws and. A bunch of balloons that we have to deliver sometimes and it it just doesn't fit in there. Sometimes, we have to take another car rental car. So my question was if it's a smart idea to. Put the money that we've been putting aside for that in your car or ensue the student loans that we have signs already paid right now we have. We do have an emergency fund that we don't fetch and we have six thousand dollars to say the side for a car. no, we're not getting a brand new car. We just need a bigger car Christian are you? Are you talking about? Are you talking about getting another car or are you talking about selling the Nissan and just getting a van? And you use for your van for your personal and business. Well, what are you talking about having two cards? It's still just one car. While we're we're kind of looking at both right now We've got in a vote for our car from Car Vanna and they're offering. Twelve thousand dollars for about eight. Not. Bad. How much do you owe on it? You say paid it off. Okay. We get paid it off last month. What Does Kelley Blue Book? Say the value cars were at the be privately sell it. Not sure. Okay. So that's Yeah. So that's the very first thing I'm doing. I'm going to KB DOT COM I'm GONNA look up the trade in value plus to deprive private sale value I am not a fan and I am not a fan of two things one you have a six thousand dollars in your savings account. Now you say you save now for a card for Your Business Oh. Okay. A little bit there. Here's what I'm going to recommend your debt paid off you debt is your number one priority. Number two if you want to sell your car, okay. Sell Your Nissan and take that. Maybe add on a couple of grand. So you can get a van I have no problem with that. But what I do not want you to do is to keep Nissan and also does wipe out all your money that could have went towards the debt to buy a second car though hey. Chris Watches Ao how often is it that you have to pack the grass walls or fences whatever you said. It could. It could be every other week. like example, next week where both Friday Saturday and Sunday and. It it comes and goes right now like if I look at profit wise by. This month that we could be booked competing every weekend and there's months that we are both every other we've been great and you said right now is you bump into that scenario if it's needed, you you rent a car. A. Fan Yeah Ao keeps saying Van. You never uttered the word van you said SUV didn't you? and. That means expensive UV. Okay. How much are you talking about spinning? Quit you quit chuckling? Knew I was listening you. How much you thinking about spending? Well I was looking at a twenty seventeen. Law. Stop, right there. I was trying to help you out. You, you need to start with an eighteen something. You're looking for in nineteen, ninety, nine astro. Van. With whip pan hundred. Playing Christian here's the deal. Here's the deal I love that you guys are hustling I. Really do I like that. You're making stuff happen, but here's what I want you to make happen I want you to make this debt shrink you follow me. My concern is is in ails, hit the nail on the head and talk about if you can sell your car for twelve, I'd much rather you go find a ten thousand dollar Suv something that you can. You can run into the ground and hustle I just think whenever I start to talk to self-employed I especially like you like, your salesperson. I can tell, okay, I really can't I. Think you could sell me some Suntan lotion I really do I feel like you could feel like you could I got my game on but I think people that are self employed always be able to rationalize doing something else right like being able to divert from the plant. So Christian I want you to do this I would you and your husband and said I, don't talk. Don't you guys to look at this situation and say, Hey, what's in the best interest of our family like if we're being real not like like straight up like if We're trying to make sure we're moving in a direction as a family for the sake of her kids for the sake of our business. What's the smartest play for us to do not the preference not what you like but what's the smart thing and I think looking at it through that Lens where you go? Hey, if we do this and we get this SUV now we're gonNA move forward not rationalizing buying anything else. We're going to stay plugged into this and we're GONNA attack this debt, the beauty of being self employed. you don't have caps on your income there's nobody given you limit. Saying Hey, as all, you can make you get an opportunity to take the sky to the limit, and so that's what I want. You Got City I want you to make this decision together looking at it being intentional and say, Hey, let's make a two year decision. I want to make a decision now that I'm GonNa look back on in two years and I go boy glad I made that I'm glad I was uncomfortable for a little while so I can be effective later it's a difference you can do a Christian and we're here on your side this is the Dave Ramsey show. Most home security companies try and trap you with high prices. Tricky contracts in lousy customer support simply safe on the other hand has everything you need to protect your home with none of the drawbacks of traditional home security their professional monitoring keeps watch so they can send professionals if there's an emergency all this starts at fifteen dollars a month tried today at simplisafedirect Dot Com and my listeners will get a free hd camera. L., everyone you're listening to the Dave Ramsey show. I'm Ramsey personality Chris oaken joined by fellow Ramsey personality, Anthony O'Neill We're excited to be here with you to be able to take your calls and talk about the things that are on your mind, and so you can call us at numbers eight, eight, eight, eight, two, five, five, two, two, five again that's eight eight to five, five, two, two five or you can find us on social media You can find Antonio at Anthea Neil on youtube twitter instagram the same with me you can find me at Chris Hogan three sixty, and you can also follow the Ramsey show. Have a great opportunity and I WANNA give a shout out to our. Dave Ramsey. So Youtube Group that are highly active and have a lot of thoughts is what way output it but we appreciate their support as well as opinions, and so we appreciate people listening in and tuning in realizing our jobs to help people get better All right. We're going to get to the phone line. I've got Jamie on the line calling from Evansville Jamie. How can we help you? Hey, guys. Thank you so much for taking my call. Thank you for calling in. Yeah. So I have a question about baby step three and B that I'm working on just need advice on kind of how to figure it out. just a little back story I'm recently divorced. I have four kids I was a stay at home mom for five years. And in order to get a mortgage from my house that I live at now. I have to have six months of employment history. So my mom helped me out and use the home equity line of credit to get the House that then. Her have an agreement that in a year. I will buy it from her so. Currently, I have fifteen thousand dollars in my savings. Which would cover my emergency fund and I have an accountant and this is my question. I have a Janice Account. That has just under twenty, nine, thousand dollars in it. And I didn't know that was a wise decision to cash out to us towards my mortgage. Okay. All right and So Jamie Tim tell me this. What is what is your income right now? I actually just started about a month ago and I it's about sixteen, hundred a month. Okay and so did you say your mom used the home equity line of credit to buy a home? Yes to buy the house. I'm in now again, and what is the mortgage payment on that? Right, now, I only have to pay the interest which is. three, three, hundred and fifty dollars a month but the mortgage would be anywhere between seven or eight hundred. Okay, how how much is the house? It was I one, hundred, twenty, six, thousand okay. Hundred, twenty, six, thousand. So she has the home in her name. The goal is at some point you're going to buy it back. Yes. Okay. Thank you. I get my Employment History Yeah Roy how old are your kids? They are eight, six, four, and two goodness gracious. Okay. You're busy busy. You got your hands full Tell me this when you open up these the Janice account why was it opened? I believe this is opened whenever I was a child. Okay by either my GRANDPA or my mom. Okay. All right. You don't own anything else. Right. Okay. Your vehicle's paid for. All right no emergency credit. Cards. And and looking at this, here's the deal you you're in no way in any position, re trying to buy a home right now. The good thing is is that you know your your parents have taken steps, not the preferred step, but they've taken a step that allows you to have some consistency and some stability in your life correct right. Now the track your own career. Wise. What are you doing? What kind of are you doing right now? right now I just have like an entry level position on a hospitals here where I live I currently going for medical coding. So that's my goal and I'll be done with that November. and WHO's watching the kids while you work. They they go, to daycare. WHO's paying for the daycare? I am. HOW MUCH THEY CARE It is three, sixty, five, a week and but the money that I get in child support covers that. Okay. All right. So here's what I do. You know the money in that Janice Account. If you told me, you had you know twenty, thousand credit card debt. You know this is non retirement savings I I will talk to you about attacking it I. See this money you know that sitting there you know Gosh as almost cushion I would not use it for the House I. Really. I think you've got time see you don't you're not dealing with the landlord you dealing with your parents right and I think the most important thing you have to do is really begin to walk this path of of being newly single right at the same time being single mom having a lot of things on you but I think you slow down you know like the kids I know in your mind, you're thinking the kids leave the house and they need this or that now they need their mom. As well as their dad and I slow down to just breathe a little bit to figure out what are you need to do now what's the stuff that Jamie needs and her life whether it's taken the time to meet with a counselor being plugged into a church where you realize, hey, I need to get the right people around me right now as I go through this time of healing. To kinda breathe and regroup right because you got four people counting on you there eight, six, four and two. Yeah, I. Agree With You I think Keith things she needs to get onto plant she's really right down wasn't clear vision where's she going and work that plan and then also she needs to have a conversation with their parents and let them know that plan I came mom and Dad. I talked to Chris Hogan Anthony O'Neill over the Dave show, and I'm just really not a position to move quickly as I wanted to. But here's where I'm going. Here's what I'm expecting. Are You all? Okay with this thank you so much for your help I wanna fix this but before I can fix this, I, need to fix myself my kids no, I'm with you I think you're absolutely right about having that clear communication and it sounds like obviously your parents support her. have her back and to be able to talk about it and really kind of be clear and be upfront and honest You know what the big thing is to as I want you to make sure you're spending time with these kiddos. especially. The eight and six year old just so they're able to talk about and be clear about what they're feeling with this newness and the tendency might be to throw a lot of stuff Adam. but I will tell you this I think the time you spend is going to be more crucial than the stuff giving them an opportunity to think about what's going on and kind of what they're feeling and where they are. So thank you so much for reaching out All right. We're GONNA get to the phone line. We got Rome calling in from San, Diego, how are you? Hi, I'm I'm good. Good good. What's your question for Anthony? Well A. Question specifically for for him or anybody. I mean I work. By a friend of mine, he told me to give you guys a call. He said he got a radio show you help people financial is so I I have. A lot of a lot of debt and it's been kind of struggling a little bit. But I moved down here to San. Diego started off with fifteen thousand dollars. Personal loan then. Yeah, I got. An eighteen thousand dollar credit card loan and the Flying Thousand Dollar Credit Card And I just. I bought this call last year for like twenty, four, thousand and. yeah. It was A. Eight. What's your income right now and you ain't gonNA I. I'm I make about. Seventy, seventy, seventy, five probably Make a ball six, six, thousand, a month. It's on. I. Knew about the timing of that inexpensive. So I. Bring home about five thousand. Okay say bring home about five thousand dollars a month and you're you're I mean you're up there in debt. As a matter of fact you know we we want to spend some time we want you to hold on. We're GONNA come back t right after break because we're going to walk you through this process a hotel room. Yeah. That's kind of cool. said a friend told him. So financial dues he called you know what based on that knowledge that's exactly what he did. Yeah Rome hang tight. We want to unpack this help you get on the plan that we know without a shadow of doubt it will work stay tune everybody we're coming back. This is the Dave Ramsey show. Hello everyone you're listening to the Dave Ramsey show before we went to break we were talking to Rome and Rome. Has, financial situation he said he'd been listening to a friend Friend told him to call in or some financial. Do The may be able to give him some guidance and guess what he did call in So see Rome you still there. Gas We lost. Oh now, but you know the Rome, youth? Okay Rome you there. Okay I don't know what happened to but you know the the key thing. Let's we got try one more time. Rome are you there? Yeah I'm here. All right but a good good. Good. So okay you had called in. You had laid out you had fifteen thousand dollar personal loan eighteen, thousand credit cards another thousand and twenty, four, thousand and a car. Do you have any other debts? No no not not that I can. All right. Well. This is what we're GONNA do I I I want you to go back and thank you France for suggesting you to give us a call because they they gave the right information. Gave you the right people, right. So with your income in right now, here's a very first thing you need to do get on a plan. And that plan is called Financial Peace University. So when we get off this phone, want you to sit tight. We're GONNA. Put you back on the phone with Kelly Kelly is going to go ahead and process that I want you to sit down once a week for nine weeks and want you to learn from myself Chris Hogan, day Ramsey, and Rachel cruze we're gonNA walk you through everything because we can't do that here in three minutes on the phone call but the very next thing you need to be doing right now is wrong stop barring money. Okay. We went to the stop. Stop No more credit cards. Were Yeah. It cards as a matter of fact, you will what kind of car do you have right now? One, two of them were from almost Citibank and the other one chase you have three cars are you married Rome? Cards cards. Okay. How many? Yeah. Yeah. Okay. I'm talking about your car what kind of car do you have right now? Oh Car I'm sorry I misunderstood it's an. Export Twenty nineteen. How much do you owe on him? I owe about seventeen thousand left on how much How much is it worth? from what I looked up. It's. Around that around that like around. Sixteen to that's something like personal. Dealership I think like fourteen. Or Fifteen. Do you have any money savings right now? Unfortunately I don't know about. So that's the key thing we're going to really help you out with man we need to walk through the process and give you a solid foundation. I don't like the fact that you're in a car note right now but we do need to figure out how we can maybe over the next few months save about three or four thousand dollars in. Cash. By cash, Car C. could sell this car in that eliminates sixteen seventeen thousand dollars in debt right there off the top but we're going to walk through the debt snowball process ruined walk through the whole journey. Financial. Peace University of a Hogan. This is a a great phone call these kind of phone calls Rome. Tell me this. How long have you been stressed out about this debt? About. About. It it started when I was like seventeen. I mean my my my parents told me to start credit like start building credit and. I like my first card I got like a six thousand dollars panel and and I i. You know I didn't know thinking about money I just. I feel bad card up pretty quick and right? Yeah. Yeah. I just realized them. Myself with credit cards. So I, I haven't. Worn like months. Eight. Months. I use my credit card. Hey and you know what? That's the key man is to really stop Do you have any kids or family near you? I have a daughter I. Don't have any family I'm here to San Diego to raise my numbers with. My family up in the bay area. How old is your daughter? She's seven how you love that little girl. Oh, very, very much. I heard you as you said it I. Want you to look at that little girl and I want you to say that you're going to help her have a future. Yeah. Okay right now. Motivated me Oh I bet and she's about to motivate you a little bit more if you keep listening. I want to look at her and tell her you won't have a legacy and you're going to give her one. and. Our Daddy's GONNA show the way. And I want you to make a decision about things that are helping you and the things that are hindering you. Know more tiptoeing around it we're going to be really clear. And help you to kind of recenter. You need to get some people around you as well. I don't know where you are on your Christian walk but I would hope you can get plugged into church. I've been to San Diego they're all got him. But you need some people in your life to. You didn't get here overnight Rome right? This was a process of like you said, seventeen years old your parents telling you had to start credit. You know they were passing on what they thought was wisdom it's not. What we're GONNA do as the plug you in with Ramsey plus we're going to give you an opportunity to begin to see this stuff differently. As. We talk with people and we're talking about the thing that goes against the cultural norm. Okay. The credit card companies want you to believe it's normal. They want you to worry about the points they want you to worry about the miles and your credit score we don't because we know better. We WanNA help you. You didn't get in this that overnight, you're not gonNA get out overnight but we are going to show you a path that if you walk it and you walk it clearly and you stay focused that little girl will have a legacy because her dad is gonNA provider one and so again, just be plugged in Kelly's going to get your information We're GONNA. Get you plugged into this and again you're going to have to change your thinking I love. That he said, he wanted to stop the credit cards because he didn't trust itself and hadn't used them in eight months. See that to me is somebody that's willing to make a change and so you can shut them things down Rome and again, just give yourself some time. Right to be able to hear some stuff's you can learn some new things. It's crucial. Yeah. Today scripture comes from James One twelve blessed is the man who remains steadfast under trial for when he has stood the test, he will receive the crown of life which God has promised to those who love him again, that's James One twelve and then. We have a quote work hard at your job and you can make a living work hard on yourself and you can make a fortune and that's from Jim. Rome you know this mindset ao of of where we are right now in this country a lot of tough things happening a lot of things a lot of challenges I think it's really important for us to make sure that our mindset right of what it is. We're saying not worrying about what people are saying about you but more importantly, what are you doing for yourself and I think it's really important for people to be stronger than ever as we deal with. This trial and tribulation of this pandemic mantis absolutely right I'm doing a lot of self studying Hogan and I'm learning that is easy to remember the pass and not focus on the future We spend so much time on this happened in that happen rather than saying this can happen this will happen and we can control the future by making proper and wise decisions today. So although the pandemic is impacting our yesterday and even some of our today's what can we do what choice can't we make today that will impact tomorrow and we all can make choices that will impact our tomorrow for the best and we. got. The last phone call I made a choice that I'm not going to swipe more credit cards because I don't trust myself and I don't WanNa let down my daughter. She was my number one influence thousand choice that he made today it's going to change us tomorrow and we all can do that Hogan. I. Completely agree and the caller before he dealt with some life change not anything she predicted or anything she would have anticipated but it's a matter of what are you GonNa do about it and I think you know looking at it I tell people a lot Ao that it's hard to be hateful when you're grateful. And I think it's important for us even in the midst of trials and tribulations to find something that grateful for is it? Who are you grateful for? Who are the five to ten people that you go boy I'm sure glad I had them in my life I want to encourage you to reach out be proactive make list those people and do a check in check up on them right on there with family members and use technology for our for our advantage with skype and facetime to be able to see family I know you may not be able to get to him like you. Used to but let's look at them and be able to see their faces because something can change and I. Think, no, we got a lot of time in this year. This is September. This is the second new year, but we have a new opportunity ahead of us. Let's grab it and do it the right way I wanNA thank Zach Bennett producer WanNa think Kelly Daniel Associate producer I wanna think ao particular time to hang out money. This was fun hugging. Thank you and I want to thank all of you offer tuning in and listening. This has been the Dave Ramsey show. This is james childs producer of the Dave Ramsey show. Once again, you made the Dave Ramsey show one of the top four most popular podcast last year. To, get your daily dose of motivation and inspiration from the Ramsey network subscribe or follow today wherever you listen to podcasts. Money, isn't the only thing we talk about around here get life changing advice on your career for my good friend and career expert, Ken Coleman all my Ken Coleman show according to a recent Gallup poll. Nearly seventy percent of Americans are disengaged at work. If you dread going into work every Monday morning and you're just trying to make it to the weekend, the Ken Coleman Show is for you everyone has a. Sweet spot. Your sweet spot is at the intersection of your greatest talent. In greatest passion we will help you discover what it is. You were born to do, and then we'll help you create a plan to make your dream job a reality you madder and you have what it takes. Join the conversation on the Ken Coleman show hear more from the Ramsey network including the Ken Coleman show wherever you listen to podcasts. Hey It's james producer of the Dave Ramsey show. This episode is over but check the episode notes for links to products and services you've heard about during this episode. Thanks for. Listening.
Get a Second Opinion When Dealing With Your Car (Hour 1)
"Live from the headquarters of Ramsey solutions are casting from the dollar carbon to studio. This is the Dave Ramsey show where America hangs out to have a real conversation about your life and your money, my name is Anthony. O'Neill sitting in with me today here in co hosting with me, today is the one and only dot. The D formerly known as Dr John Baloney how we doing anthony doing well doing well. It's a beautiful hot Friday I'm. I'm excited because I get to leave out today to go. Pick up my dog, so I can't wait to. Your dog is back. mytalk is going GonNa be going to be amazing man. It's going to be amazing, so we're not here to talk about dogs. We're here to talk about your life and your money, so give us a call. Triple eight eight to five, five, two, two, five, triple, eight to five five at two to five. If you, watch it on Youtube. Give us a call Charlotte eating I. told you to go ahead and give us a call. Tell Kelly. I told you to call in question. Are you too I think the world could use your questions on other people were asking it so if you can get through, give us a call. Triple eight eight to five, five, two, two five. You'll get you know what? That's just go straight to foam is go to the phones Orlando this go. Let's go out to Virginia. Have a conversation with Juliana, did I say your name correctly correct Juliana Juliana. Johanna. Okay, cool great. Thanks for calling in on this beautiful. Friday. How can doubt the help? I guess so I. Don't I'm hiding? The vehicle issues and the transmission is about to go out in my vehicle I have thirty five hundred dollars saved up and I was just wondering if I should buy another vehicle, or if I should put it minds that. Oh Man. This is a good question, so you have forty five hundred dollars. You're still in debt. How much debt do you have left right now? I can't last. Seven thousand nine hundred seventy dollars go seven thousand nine hundred dollars in debt. What kind of debt is that left right now? Do you have on? Medical debt, okay, so we got medical bills on. Where'd you start? How how far have you paid off? I have paid off so far. I originally had twelve thousand dollars bet. You almost almost halfway. There forty one hundred. That's real good. Tell me a little about this car Juliana. What kind of car is it And how much is it worth right now? On it's a jeep wordy sport, two thousand four, and it's worth about two thousand dollars. Okay! How much do you own a car? Do you don't owe anything right? No I don't know anything. I pay sporting cash there you go. What's wrong with jeep? The transmission is about to go out so when I took it to the shop the other day they recommended that I. Just go ahead and buy New People. All right, and it was this the only shop he took a by. yeah. Here's what I recommend in this situation. Because right now you need a vehicle. Okay, right now you do. How much do you make a year? What your annual income! My annual income edge around twenty four thousand. Twenty Four. What do you do Jillian? I work in a warehouse. Yeah! If especially out there, so here's what I'm going to recommend for you in your situation there. Giuliani's what I wanted to do. was I wanted to go ahead and take this by another mechanic and get another another quote. See if if someone in telling me situation a front. Tell Him Hey, you know. I don't make a lot of money if you're. You're single parent. You're single parent. Tell them that you single parent and to say. Is there any way we could do something to? At least give me another two three years out of this vehicle and just ask them. We give you the honest their opinion, you know. Hey, we could do something here. We could do something there if they say yes. Go ahead and use that. Forty five hundred dollars to go ahead and get that fixed you some of it shouldn't be spend forty five hundred dollars on and then if they say no I don't have a problem with you haven't at forty five hundred dollars purchase a new car I would sell the jeep for two thousand, whereas at and honestly I'm try and find car right around four or five thousand dollars take three thousand dollars to go towards that and keep thousand dollars into your emergency fund and he'd go back to your baby steps because you're. You're at seventy. Nine hundred bucks left on on paying off your debt, so you're not too far off but right now you are in situation. You know I definitely went especially our ladies in a world right now i. want them driving safe. You know and I want them have reliable car to get an appoint a point be and even point see that doesn't it'd be luxury needs to be something dependable that can get them. There but I definitely want her to get a second opinion, because I think sometimes the first opinion especially will ladies. Another option to maybe bring maybe bring like a male friend with you. like a male big brother, maybe a male friend, or if you have your father surrounding your life, maybe bring a male which you can have them lead the conversation because honesty, sometimes unfortunately somebody's mechanics take advantage of when they see single ladies. Come in, so I can imagine anthony is frustrating. When I decided to get on a plan, and I'm going to work really hard in start driving towards. Paying off my debt following the steps fallen steps. And do them a car. Start falling apart. What do you tell somebody that's just frustrated? I come through it all right and it still didn't work. I mean I would say his life I mean happens. You know, make I had a shoes plan to pay off my house this year than corona happens. You know what I'm saying. There's there's nothing. We can do about life happening, except except know for a fact, it's going to happen exactly. My father taught me the six PS growing up because he was in the Marines and he said, and you have the properly primarily plan, so you can prevent poor performances, and so his thinking was properly proudly playing well. If you know something in life will happen whether that's car breaks down whether you get sick and gotta go home for three months whether that's corona rather as you just WanNa, leave a job and start something new. New You know you gotTA. Have a nest egg so properly proudly plan because if you don't then when corona his, you're struggling, you're hurting them. When the car breaks down Oh my goodness, you're having you know you struggling. You're hurting. Then when life happens, you're struggling and hurting so what I tell everyone you know when they start out in this journey, you guys, life will happen. K. followed the baby steps. We want you to have a thousand dollars. just for you. Know your big time emergencies now. Here's the truth. Is it thousand hours enough. No it, the thousand dollars Babysat one is not designed for it to be enough is designed to put you on pressure to get out of baby. Step two quicker. Because when you get comfortable, you move comfortable. You know and so when you move comfortable that means you move slower. No, you know, I. Need to get out of this debt I. Need to be strategic needed. Tell my boyfriend girlfriend Toma friends and my family and he told them I need. Tell myself no so this way. I can get a babysit number three and go ahead and get three to six months of expenses and going ahead and start investing into our future. You're not running like a gazelle anymore. You're stopping in the field. You can breathe. Relax now from a mental perspective. And size the practical. How do you get over that emotionally? When life happens out of nowhere I for me, it's a it's A. It's an alignment of expectation, not of experience, and so it's something. It's just important to know it. Yeah, it's just important. No, it My wife and I been under contract on four different places for different houses in the last six joined here Yup and we keep having inspection issues. And then we had another one pop up on house number five. We had one pop up yesterday. And now we've been expected, so we had a couple of hours of downtime. We were frustrated. And I woke up today. Assault the problem. Let's move on, and I know it's coming I. Know is going to be challenges and I'm not GonNa get defeated by the challenges or by the idea of challenge because I know it's coming if he didn't kill me, it made me strong. I love him sometimes America. This is what you're going to get for the next three hours. Stop the DA myself, so we went here from triple eight eight to five, five, two, two five. We'll be right back. Really enjoy the day grant because we have one of the best producers he knows how to choose that. Use it coming in and coming out so James McKay. She keep up the good work keeping the man. I Love it. We're going to go out to Denver Colorado. Have a conversation with Charlotte Charlotte good afternoon. How can I doubt to deny? Yes we can. How are you this afternoon? I'm good. I'm doing well I'm doing well. How can we help? So I'm trying to. Think. I made a decision to go back to school and I just Kinda want reassurance that it's the right decision on the right time. Oh. Yes, Charlotte, are you from, are you? Are you youtube fans? Sam Yes she called in. You listen to me, thank you. All right, so help us out. You know breakdown down. What's going on with your situation, Charlotte, what are you thinking about? Yeah so I already have a bachelor's degree in chemistry. I got about three years ago and I'm currently in job working for allowed as a sales associate really being in the last I thought maybe even working with people would be better and really don't like to travel for the job in sales on in originally I went to school for pre-med and is divided about medical schools, not the right route for me and I don't think going back to school to get my arms become a nurse. looking at starting a program in January the program cost. Seven thousand dollars in eighteen month program I'm planning to pay cash for that program. I love it so Charlotte where you are. Where are you in a baby? Steps baby step, are you on? I. Q I have nine thousand dollars left on my car. Nine K. left on a car. Wash your annual income right now. Right now forty, thousand, forty, eight K.. Okay, what's in the? Car Only right. I've most even long. No credit cards nothing other than the cost. I. Mean You know here's the thing? Here's an break a minute. You Charlotte and you already know what I'll tell you know. Watch us every single day on Youtube I recognize your name and so I'm GONNA suggest I don't have a problem with you. Going to school to to pursue the are in. Here's what I do wants to do. Because you're making decent money right now. I want you to go ahead and get out of debt I so this way when you get out of debt, go ahead and get three months. Set aside then you can go ahead and cash flow to seven K.. K. So I'm saying spin at least one more year paying off your debt going ahead and getting your three months of reserves. Once you do that, then you can really breathe and just focus on moving fort, which a future and focus on our end process, because eighteen months of school in are in I. Know Several nurses. It's not the easiest journey, so I want you to take some debt off the table, then yes, absolutely, go ahead and go after that because you go from making forty, eight, thousand, two, posh, making about sixty five seventy eighty and our recommend. How old! How old are you from my mommy asking? I just turned twenty five yesterday kids. Not Yes and I'm going to recommend you are in you. Hit the road and travel because right now. Traveling nurses are making anywhere from two to four thousand dollars a week traveling, so you're go from making forty eight thousand dollars a year to possibly right at about eighty to a hundred thousand dollars, so go ahead and move some pay off this debt. Okay, and then once you pay off the debt. Get that three months in reserves and important going ahead and pay for school, and you're going to be a sharp twenty, six, twenty, seven, Zero Young Lady of really really really making some good decisions, because now you focus on your future. You in school, did you have like a doctor degree undo? Like I. Don't know no I I. Love People who? Get their degree. They go work in their field. They are successful in it, and then they start to think calendar take these skills and leverage them towards a helping profession I just have such respect for nurses. PEOPLE WANNA be a part of that field. Anybody who wants to be a nurse right now is looking at a felt need out in their community right because nurses are just getting hammered right now, and that's just it just tells me Charlotte's The kind of person I want leading in my community that my kids are grown up in. One thing I would tell. CHARLOTTE? I think making that kind of money as a single twenty five year old I think there's a way she can hammer it and figure it out and still keep that January deadline I think there's a way to find some things on the side your side Hustle. Figure it out and you. You don't have to lose your spot. And then you can slide into that January class debt, free rock and roll, and yet at nursing program eighteen months is going to be drinking from a fire hose, and so she needs to go in there with heart mind clear of any debt, but may go get it. I'm excited for Charlotte I'm excited for two Charlotte. Thank you for calling in and also thank you for washing on Youtube and those of you all listening right now. If you radio every single day from one to three PM Central Sanitize Dave Ramsey, himself and And all the personalities. If we're on the show we're, we're live on Youtube, so go to Daveramsey, not go to Daveramsey. Go to Youtube, dot com, and just look up the Dave Ramsey show live, and be able to have a conversation with all of us live. I'm on there every single day. When I'm on chatting, looking at the comments, so join join a youtube family going out to New York City. We're going to have a conversation there with the Sabrina Sabrina. Thank you for calling in. How can doubt to deny help? Hi Dr the Hi Anthony. How are you guys? Is Hot out here Nashville Tennessee, but we're doing our right. LESCOTT! That's good. I. I'm doing okay. I'm doing okay. Thank God I was calling because I. Actually spoke to you guys. Last month I think for the last month. asking you guys what what to do thinking that our landlord would rave on us. And you guys told me to have a conversation with her. Asking what intention was and I to my husband and we decided we wanted to wait until August. Ask Her. To have that conversation with her, but this week she served us with. Vacate the apartment Oh. Yeah? I remember this phone call. So why does she do that? I'm not sure I. Don't know like we pay our rent on time every month, and for even during the whole corona virus, my husband was at work aimed. Surviving off two thousand dollars a month, but he's still think I rent. And yeah, so she just decided to. she wants us to the apart live. So what did you? August have that conversation. Because normally she comes to us around like September October. Two dollars says she wants to the. And there's going to be starting in like November. So we decided, we wanted to wait till August back conversation. Yeah I like her. You know so my thought would be like are going fight this you know, I mean 'cause. If you all up on a contract there, there are some things that cover you but since she is saying, you know, get out Yes, get out, but I think I remember the conversation you if you move out, you're gonNA eventually. Be Paying more money because you had. A good deal, so yeah I remember I. Remember the phone call. I remember my people. So here's. My here's where you bring a she. Did you ninety victory, but she said we're going end this contract. Okay? Cool I, only our. We want to work with someone like that. Who can just do that to me? Right, now it's time for you to start looking. Honestly you know I hate to say brain That's why I really wanted. Jonah had a conversation last month, and just so you can have some time if the conversation wasn't GonNa, go the way they are wanting to go for you all a since. Then is the case. Spring is time for you. I'll go ahead and just have a conversation real quickly. How much money do you have a savings right now to make a transition? Now we're on baby. Step two, so we only had two thousand dollars, but we decided to go into storm mode, and we're pulling money out of like. Different cases and we figured that by October. We could have Broccoli Twenty five thousand. Twenty thousand dollars to do what move into buy a house or move to Renzo move to buy a house. No. Knows Brennan. Now and when? When you have to be out of the house. Tober October! Okay cool, so here's the thing. Here's the thing is bringing. Don't buy them babysat number two right now going ahead. Yes, pause babysitting number to go ahead and get some money ups. You can transition into an. Finished paying off the rest of your debt. Okay there, what I want you to do is grading it three months then three beat start saving for a house, but right now you don't need twenty. Five grand will get into house needed transfer gain apartment side at least for maybe one year two years. You'll be all right. This is the Dave Ramsey show. You're like me. Draw Tom has become podcast time, and if you listen to podcasts to hugh are going to absolutely love this. It's the brand new Ramsey network out is like a podcast player with all the cool shopes in one place. That's right. This is how you get better in every area of your life. We're talking about the Dave Ramsey show. Of course, the Chris Hogan show the Rick Rate Accrues show to King Coleman show Christy, Wright show entree leadership, and one of my favorites my personal podcasts, the borrow future podcasts and coming up soon. Dr John Onis show will be an. An air, so we are working on it right now this morning. Kelly Daniel James Childs Zach Bennett and the whole crew man. We're working on the Dr John. Baloney show and we're going to be launching it here soon. I'm getting excited so survey. James is going to help you out with your show. He's helping build the infrastructure. We got Kelly. They're more more Kelly James. Let's be real but yeah, they're both. They're both Alpha behind the board and getting this thing off running I'm excited us, interesting. They didn't offer to help me out with my show. Okay, Rookie Company here and. He get the pros. At the pros, we get the pros you know. The cool thing about this manage can browse by. Say favorite clips and share them with your friends. Help them get better in life so never again. Should you struggle to find the education and empowerment? You need to improve your life. I want you to download our Ramsey network APP today in the APP store. You guys now the APP store Google or apple, and if you're rocking with me, we do apple over here. Search the Ramsey network against search. Ramsey network, and you will find it, you know. Talking about shows I'm really excited. Just recently released a single panel. Oh, my youtube show! called the table with a Oh and every quarter. I'M GONNA. Do a panel interview. In different people February I did a back history channel house over a million views. I did a singles panel where I'm just talking with singles Israeli diving deep to how how do we think about money? How do we think about life on how to even think about this? Growing healthy relationships and it went viral I mean it just went viral. People having and I'm super excited. Because man next week I've been invited to come on a single panel. will ask the to a women's conference. Call woman evolve which Sarraj's Roberts. Jake's daughter and the wife of Tory Roberts one of my mentors. And Sarah is just killing the waves right now. She says killing it and she said won't come on how this could continue the conversation and so I would encourage man I. Want I want the Ramsey family? come up with Aaron and support me. Because I need some love, but I'm on this panel with a bunch of ladies, just having a conversation I'm the only guy I'm going to get some popcorn and watch that myself. I can't wait. I can't wait. It's going to be going man I. Love Sarah Go to women evolved dot com you guys go to women evolved dot, com, and You can register. I don't know the cause I don't even know. There is a cost, but I would love to have a Ramsey family. Ao tribe come over and support me I feel good on the Panama. 'cause I mean I I love. The Fed video did very well the last thing I want to be known for his. A is a singles experts so Sarah. Sign trying to be single forever. You know trying to like a couple of here looking at his laughing and they're like. Yes, I know I don't want to be a single expert. I'm I WANNA be a married guy who's passionate about money in life so. I mean you're the one that keeps signing up for singles conferences I'm just saying I. Mean Well I'm single right now. What are we supposed to do? Tell him no. I'm just saying you're choosing the car that you want to drive in his all. I'm saying listen. This implies Sarraj's I. Love Heard you say Yes to Sarah, Jane. You. Say Yes. Sarraj's Taurean Sarah Jakes I just yet. Whatever you need as long as doesn't contradict or conflict with what we're doing with Randy solution there you go but I'm excited. Seriously go to. WOMEN EVOLVED DOT COM. You Guys I. Want you to check it out register for the conference. Not only will they just be me, but she has some amazing suffer ladies, so any single ladies or any ladies at all just go check it out. WOMEN EVOLVED DOT COM. Let's go over to a Dallas Texas and having conversation Rene Rene good afternoon. How can? I help. Bit Afternoon Dr. Anthony Breath Anthony I. Love everything you're doing with the AL show in the table of keep going at. Time for the world you. Can hear you placebo multi. I love everything. You're doing at the AO guys. If you're not checking it out, go hop on it. He has an amazing content and really good information comment. Thank you so much when they can we. Know so I'm GonNa baby step two right now. I do currently have about a hundred thousand student loans, which is my only debt and I'm trying to aggressively pay down. How much? A hundred thousand. Are you a physician? I'm a mental health expert. Teacher Day come join the show we need you. I'm there. I'm there so My grandparents have a house that's been in our family for over fifty years, and it's just too much for trying to take care of right now, so they're transitioning out of the home. It's about two hundred thousand, maybe a little north of that in their willingness to me four hundred thousand so China. Get some input intake on. How could possibly address this issue? Rent here is about fourteen hundred dollars a month if that Kinda helps, put things into perspective. Can you rent this house from them? Until you're in a position to buy it since it's a family home or they need one hundred thousand dollars cash. I could but I think that it would cost some family issues because there. It's kind of been a safe haven for family to Kinda come and go whenever they need a place to stay, and if I'm renting it from them I feel like it'll be open. You know for everyone to feel like they can just come and go as please. So, I'd rather own it, just to kind of keep down nine. So I'll tell you. I think you know this, but it's if you if you buy that house today. It will still be that house for your family. Tomorrow. No not at all. You think you would shut them down. There I mean with me. They have boundaries in place especially. If they know that I own, it wouldn't be issue at all, but as long as my grandparents are. The official owners of it I think that an issue. Do you like the House Rene like if it wasn't a family house. if it was just a regular house that you were just driving by outwitted real estate agent. Will you. Purchased a house for you and your family. and. Extremely vomit on through our neighborhood and I think it's an amazing locations very centralized location. It's in a safe neighborhood so I would buy it. So here's going to be my favorite day. I'm like right there with John I. I hear you when you're saying. You're going to save one hundred thousand dollars. But this is what I tell, everyone and you. You Watch my channel, so you are no about to say. You know Will your mortgage payment be cheaper than your it? At one hundred thousand dollars absolutely, will the house be cheaper than renting something absolutely not. So I'm having a conversation with grandma and said listen. Can you and I have a contract having agreement? Can you and I keep this between us or a Ho? Family doesn't know our rent. This house from you take the mortgage payment off of you are will do it, but I wanNA. Pay Off my debt so this way me and my family are in a good financial place. And then after I pay off the debt, I will pay. I will buy the house from you. And if the house is worth two hundred out, give you one hundred thousand from there but I'm not gonNA jump into debt right now. I don't want you to do that. Not In babysit number two and get. It sounds like a great opportunity because you're saving one hundred thousand dollars when it comes to you walking one hundred thousand dollars equity, but at. At the same time you're still picking up a lot more expensive from from the future. If it's two hundred thousand, I mean this is a pretty. It's not a new house, so what I want you to do is have a conversation with grandma. Listen. What can we do? Am I in a position to do this? No I'm GonNa Debt Free Journey are rock a OH. A rock with the Ramsey family I wanna do this thing right, but I'll also I, WanNa help you and I love the house. What can we come to an agreement on to where I can move in? Help me with the payment? Give us some freedom, but still I can have this house with the next three years well. How much are you making a year right now? Rene about eighty five. Eighty Five K, so if you really live below your means for like this this this these next few years I'm telling you when they you can attack the and be be debt free with the next two years, and I think two years for your grandmother's a great time and I I want to respectfully disagree with Renee, and since I've got the hold button can. Grandma's house is always grandma's house and I know boundaries boundaries, but grandma's house is always grandma's house especially when it stays in a family. Only right here. You guys on the Dave Ramsey show. Wow, BRO! Shipper late. Eight to five, five, two, two, five, sitting here with doubt the. Is Beautiful. Hot City. Nashville Tennessee's ninety nine degrees here. Hype filling about this Weatherman I'm not Houston kid born and raised I. Love me some hot weather so I'm loving it. All, right man you're living, get I'm not loving it. I I'm really not I love it. I can't can't afford to get any good fishing will. I, share can and God knows I can. Only be outside all day long. All right sounds good man. We're going to go out to Morgantown and have a conversation with Courtney according to good afternoon, how can I help? Hey Guys I. Appreciate you taking my call to get some advice for you, so I have a question that has to do with money and family. uh-huh yeah, which is why I need health while we need help, so my husband and I were married we. We just had our third son, so we're on baby. Step two positive to pay cash for our third son, but we're really excited about -gratulations Mike. My thank you know we. We celebrated that little victory. You're! My question is before we were together or married. He took out a twenty five thousand dollars student loan for school. And his mother and his grandmother cosigned for him. And then they at some point later paid off decided. The interest rate was too high, paid it off without telling us like we didn't. We did not know and then we just got a call from his mother a couple of days ago and she. She's wanting us to pay her the money back plus the interests, and that's the basic just a bit. It's more complicated than that his. His grandmother and mother Goose Kinda Split It between twenty thousand. The MOM paid fifteen thousand. The grandmother paid, and she wants the fifteen thousand dollars that we owe the grandmother, so we don't even her, but if we don't pay the grandmother before she passes away, it will be taken out of her portion of the will of money that the grandmother within to the mother and the will. And it's just caused all kinds of family drama, and she's not wanting to talk to us because we didn't know a lot of this. We're kinda shocked and just trying to figure out what was going on and what? What was going on before this? Because this usually somebody calls her dead in when something else is going on. Are they upset with you for other things. There's been some more in order. Well I. Think it's two sided. I think one side is. We've been very vocal about our financial success that we we've had. We've we've? We've seen off about thirty thousand of our own debt so far and you just pay cash. Mersa and we started out really low. We started out. You know thirty thousand and a ton of student loan debt, so we've been really vocal about we love Dave Ramsey. We Love the plan. We're doing the plan. Check out our success and I think the other part of it is the grandmother. Land that? My live in Varna is owned by the grandparents and there's a shop on it like a building and they want to buy that building before the grandparents passed away. They brought that up and I think that's also another reason why they need money right now. because. They're wanting to buy that goading before they passed away and most the grandparents are in their ninety. It's not like they. So we don't know what to do so There's a couple of things here and I love to hear Anthony sought so number one. Do you have twenty five or thirty five thousand dollars to check with? No on baby steps to. Get back up. We positive cash. We have right now. Okay, so so you can't write a check for thirty five grand, so that's number one number two. You're not going to take out a loan and paid them thirty five thousand dollars back number three. If your husband took out a loan and they co signed it and they paid for it. I would go with Navy not legally, but the integrity says he took out a loan, and they covered for him so if they want to call the loan, however lame or ridiculous or two sided, or whatever that is the reality is he took a loan out from them, and so I would call them back and say fair. Enough I don't like. How did this? I don't think this is. Is An ethical way to do this but I don't have thirty five thousand dollars to give you right now, so I'm GonNa put you on my debt snowball. And when I get to that portion of that, we'll work on it there, but I'm not going to be a right. You check thirty five grants. You can buy a warehouse in a couple of days. What do you think Anthony? Totally agree with you could not have said that better and I I I think it's. What you and your husband need to do is rally up because this is going to affect your grandkids. This is GonNa Affect Y'all to relationship, and so you and your husband has got to be united on this conversation, otherwise man this this kind of money, nonsense and family just spins an all kinds of weird circles and suddenly these. Beautiful three little kids ears don't know their grandparents and your grandparents hold you hostage, and it just gets messy, so be clean. Be Boundary have firm boundaries. Call it what it is, and then move on. Know thirty five grand, so that's an easy decision right now. Love it going out to a New York City going to have a conversation with Kisha Kisha good afternoon. How can doubt to deny help? My God. Get asking I'm really nervous. Hi, it's nice to talk to you. Oh man, it'll be nervous in. We're just to normal people we love talking to you is. Not at all so I just have a quick question. registered Murph out in New York I'm a I'm a new listener broker on the question of doubt. Sit Welcome to the family. Thank you. I just have a question about tuition. Reimbursement me. Just give you a little bit of. So far what I'm hearing this show you're asking for income and such husband and I have a t clean income of. Ninety five. and we're currently cash showing a leading cause Kobe stopped it if he s so. We got a little delayed, so he got an extra. jump on things. and. I just wanted to know because I'm crying in school as well NFL special program, which is pretty expensive that I'm halfway through the program already. Graduate next year. December twenty twenty. One. And it's like eighty one hundred three months there. So my thoughts are What do you think about? Taking a loan out and then came back immediately at the end of the semester. My employer offers hundreds of set permission reimbursement. I was GONNA you have interests. How long are you in a program now? You say that you are. You graduating next December as far as in twenty twenty one. and so. You living in New York City and you're making about ninety five thousand dollars. How how long are you into the program right now? Halfway some. Are Year to the program graduating next year one last. Year so here's the thing you you well. You don't know me because you're new to the family, so I have a huge passion for this message, and this is what I tell, everybody who are current WHO's currently in school If you are in school right now and you're, you're halfway more than halfway. There I'm not going to recommend you to stop. You know I'm not gonNA. GonNa I'M NOT GONNA. Recommend you to do that. What I and recommend though is. I wanted to figure out? How much of it can you cash flow now? Have you seen here and you honestly tell me anthony I can't cash none of it I'm GonNa. Tell you to complete the program Okay and immediately once you get out of school. You're attacking this debt and if you have your. You have your employees pay your employees are is paying you back Dennis, gray, but if there is a way you can, you can finish the program today. Today if you can finish the program with maybe putting four thousand dollars a month towards that, and that means you're lowering how much you're going to graduate in debt. I am okay with that. I prefer for you to wish I wish you would have called me before you went to school, so we can talk about another program another way if you get through it of but right now what I tell everyone you know if you're in school. If for an example of you are a freshman. The I'm telling you to stop Sophomore I'm Lila, junior year and senior art finished a program Quiche Kisha. Could you take the money that you are saving up for your wedding and? For, lack of better terms borrow from that. How much how much how much does she have must be have saved for you wedding Kisha. I only have about four grand saved for the weddings. When win are going to do it with a wedding happen. Nuxie June gap so I'd rather see you go to the J. P. and get joined. The thousands of people couples across the country that have had their wedding plans all screwed up because a covert go to the justice of the peace or I married somebody in my living room once get married and take that money and edith it towards your debt or throw it towards that tuition and your boss. Pay You back. tuition finish as much as possible debt. Free congressional, Congrats Gang. I WANNA. Thank our producer James Shout and Kellyanne your phone producer. Remember you guys. Caliber of our financial future will be determined by the decisions we made today. It's been fun America two more hours. This is randy, show. This is Kelly associate producer of the Dave Ramsey show. Did you know over sixteen million people listened to the Dave Ramsey. Show every week and along those people listed on one of our six hundred plus radio stations across the country to find the station near. You had to Daveramsey Dot. com slash show. 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 show. I am excited to be able to talk to you all weekend and week out. We're going to focus on your calls, and it's going to focus on building wealth investing, and how to become an everyday millionaire. Subscribe to the Chris. Hogan show wherever you listen to podcasts. Hey, it's james producer of the Dave Ramsey show. This episode is over, but check the episodes for links to products and services. You've heard about during this episode. Thanks for listening.
Don't Carry Another Person's Baggage Around (Hour 3)
"Live from the headquarters of Ramsey solutions broadcasting from the dollar car rental studios, it's the Dave. Ramsey show where debt is dumb. Cash is king and the paid off home. Mortgage has taken the place of the BMW as the status symbol of choice, my co host on the air today on the Dave Ramsey show Ramsey personality Dr John Baloney joins us. Open phones at triple eight eight to five five to five. That's triple eight eight to five, five, two, two five. You guys jump in, and we'll talk about your life and your money. We have announced. Earlier today that one week from today on Thursday June the Twenty Fifth Rachel Cruze Chris. Hogan and I are going to be doing a free. Hour and a half to two hour to live stream of event called what now. COVID nineteen your money. Now that we've come this far through this process, the pandemic, the pandemic shutdown what? Now That's an important conversation to be having. It is and this is exactly the time to have it, and it's a different conversation than it was ninety days ago when we said need to give a message of hope, which is calmed down. Be Nice to each other. This is going to be okay. We talked about you lot. Factor your friends, quoting you and none of that has really changed, but but now we've moved through this further now. We need to say okay. What's next? What do we do now? What now what have we learned from this? What now? Thursday June twenty-fifth at seven PM. If you WANNA watch, we'll have about one thousand folks in the audience here in Ramsey solutions. And those tickets are gone. That was were free and they went in about twenty minutes. And you just text the word control to thirty three seven eight nine text, the word control, thirty, three, seven, eight, nine Chris Hogan Rachel Cruze, and me for an hour and a half to two hours, Thursday June twenty fifth seven PM. A free livestream called. What now tell your friends tell your facebook groups. Tell your friends a church. Tell your financial peace. University groups everyone tune into. Into, this That's three rock star, world, class, minds and speakers for free. That's a deal it is a good deal is a good deal, but you know these are unusual times, and we need to do some unusual things here at Ramsey to make sure. Were there for you guys? Kristen is with US Kristen is in Wisconsin, hi, kristen, welcome to the Dave Ramsey show conductor John, help. Hi Thank you for having me on. Your show is such an attack you you to what's up? I have a question. It's Friendship Question I'll play the just a little bit, and then if you need more. More details will let you know. disability, friendship and forgiveness. I had a real good friend that I was friends with for a while. And we had a falling out about a year ago. And she's still. Still not she. We still have not gotten forgive. To get forgiveness from her Work! well. She let me borrow her bike. We're both In our forties and I, her daughter has got a teenager and has a bike and I took it to a horror show in Kentucky and it was stolen. so I get home and the week. I got home. My mom actually went into the hospital for a brain hematoma. And so I did not respond great away to this. I didn't pay for the bike and I didn't replace the right away. And I was just really stressed out and anyway. She had won her need to meet her at the store to buy her daughter a new bike. And I just told her. That's not good. You know with really not reasonable or Is it was an old bike. anyways and and showed plenty of money in anyways it I. Did wind up paying her five hundred dollars for the Blake. Hundred at. Yes A bicycle or motorcycle. In bikes are expensive. I mean this is a nice bike another expensive, but this is not like. This, daughter had what ages this daughter. Fourteen nicest girl memorial, but mom definitely hold a grudge. So. What's the? What's your question? I see I. see them every day because we our worship at the same barn and. You know it's been a mental struggle for me. Just going out there and being ignored and you know. Not, even all say hello, and the there's it's just. I've not even treated like human being anymore. And I'm not asking her to be my friend I just. I'm sorry. I've written or not. Have you? This is messy. Just. Taken her aside and said I'm. I try I guess I haven't really gotten. That closer time she sees me walking to her, she walks away. So it's a, it's like you have a choice to make right, so you had a traumatic moment in history. We lost somebody's Bike I. think it is fair to replace their bike, and now again yet whether it's a five hundred dollar bike or two hundred dollar bike doesn't matter how much money they have. If they're millionaires and billionaires. You lost the bike in you. Pay For it. companies some terms with that. And of course, we want people to be sympathetic to US especially when times of of Tragedy In our own homes. but it sounds like you've got a decision to make. You want to carry this around with you or unit. Take the first up and say hey I'm sorry and I should have taken care of the bike differently. My Mom's in bad situation. I didn't handle it right and I'm sorry and you move on There may be a difference on WHO's at fault. Who's right in my personal life? I've decided I decided several years ago, I don't care anymore. I'm not going to carry other people's baggage around even if they're, they should have been more sensitive to me even if they should have handled something differently, I'm not going to carry that because it weighs me down, hurts. My knees hurt. smush alerts my neck. I'm not GonNa do that and so I'm going to go I. I'm going to reach out and say I played a part in. This separation and I'm sorry. And hosted handle the veteran. It didn't and. Obi forgive me now, so that would change the language of the way you described the story forever. If you do that. In other words, the language would never have anything to do about. Nice Young Lady, but her mother carries a grudge. It would never have anything to do with got plenty money. She could buy bike. Never have anything to do with well. She should've understood my mother had him we. Say phrases like those again. You would just say. I was wrong. I didn't. Pony up the money as quickly as I should have. I didn't react well to this. And if she can't accept that, then you've at least set it all down. But when you qualify all of your. All of your apologies with qualifiers. It takes the. Sincerity off the apology. Will you never get you never get to put the bricks down and his other mom called me I'd be telling her the same thing. Right telling her the same thing. To say you're sorry. Put it down. Just forget it. Move On. It's not nothing's worth that, but and then if she still won't talk to you WanNa talk. That's her bags two years. I believe me. There's some people won't talk to Dave Ramsey I can promise you. And I blocked fifteen thousand on twitter. Does that count? This is the Dave Ramsey show. Finding the right pair of sunglasses on a budget is difficult. They're either too expensive or they don't hold up, but recently I got a great pair of sunglasses from a company called shady raise. They are a game changer. Shady raise offers premium sunglasses that protect your eyes and are completely affordable I'm talking the best overall value in sunglasses, plus they also replace your shades with a brand new pair. If you lose our break them and I do that all the time. Now you get fifty percent off two or more pairs at shady raised dot com with the Promo Code Ramsey. Shady raised dot com code Ramsey. Personality Dr John Baloney is my co host today on the Dave Ramsey show. The main difference between houses that sit on the market when you're trying to sell a home and the ones that actually sell. Our real estate agents who know what the flip they're doing. And the starts with you, knowing the value of a good real estate agent, it is worth it to find a high octane high experienced agent who cares? About getting you one hundred percent of what your home is worth. This is why we endorse the top agents across the country. Are endorsed local providers. Is Easy for you to find a quality pro in your area. It never pays to settle for a subpar agent. Because, you're Kintu them. God help you. Or, because there in your church God help you. Or because you're friends with them now this is your largest asset. Don't turn this over to your friends. Buddies, brother who? is going to get their feelings hurt way. Get the right person to sell your house. Go to Daveramsey. Dot Com slash agent and find the real estate agent. That is a pro in your area that we recommend. Believe me we have. Vetted them. The things that people do to keep from hurting someone else's feeling. Isn't it unbelievable man? Is it unbelievable waste hours of their life? They will buy things I didn't want they will. Buy Insurance. They don't understand to avoid. Conversation by a a timeshare because they went into one of those stupid timeshare presentations and Are Afraid they're going to hurt the scummy timeshare agents feelings. The things we will do not have a hard conversation the up. It's unbelievable. Christian is with us in Oklahoma Christian. How are you? I'm good. How are y'all doing better than I deserve? What's up? High thank you for taking my call so last year I got divorced I'm thirty two. I'm a single mom and teacher as a two year old and so I basically just not baby step two trying to work through that and I started to look at my insurance and trying to find a cheaper rates and such I was wondering about life insurance since my sign is only two. And obviously, if something were to happen to me, then he would go straight to his father, who was extremely financial, financially stable, very good with money How much do you recommend that I take out or what? well anything you would need to supplement his care or want to supplement his care. You would need to take that much out. And so if he's cared for then that takes care of one of your problems. If are one of the problems that would happen if you were to pass away, you know who counts on your income and those people need to be supported and. The good news is it doesn't cost a lot at your age if you go to. ZANDERINSURANCE DOT COM and get an easy quote, they're really quick and easy to get, and you know you can buy a couple of hundred thousand dollars for little and nothing at your age Do you need to have the full ten to twelve times your income to make? Make! Sure your whole family is taken care of. If something happens to, you, know no, you don't in this situation. Because the only dependent you have is also dependent upon his dad, and so he would go to his dad, who's apparently perfectly able to take care of him. If you do get life, insurance, his dad, and that your ex is not the beneficiary. The beneficiary is a family trust. There would be formed upon your death. And the money goes into that trust for that child, and you set the terms of the trust. It is not in control of your ex. So educate me on that a little bit I get to. I form a trust, and then I get to say how the person who's WHO's GonNa. Take my my son or daughter. I get to dictate how they're going to spend that money on my kid. The trust is gonNA spend the money on the kid. Okay, the they don't have any. You could say so for instance Sharon and I when our kids were minors. You Got Minors at home we add up Our will stated that upon our death, if we both passed away that the money from our life insurance and all of our assets would go into a trust for the minor children a trustee. Is given the job of doing what the trust says. And so we set up that trust then to first and foremost to pay a monthly amount to the person that's. Them this case, uncle or an aunt? They would go to and so that gives them money to raise our kids monthly right because they're taking on the expenses of food shelter clothing. All the stuff for does right medical everything else, so we give them a monthly. There was substantial, but not making the millions of dollars right Then we also said that when they turn sixteen, they could pull up to a certain amount out for car. And when they get ready to go to college, they could pull out enough to go to college and and If they had a major medical event, they could use that money. Some of the money in that trust for the major medical event. not to buy the Uncle Antonio House though right? Okay, it's not in their control. The Guardian is different than the trust. Excellent Rusty, so you. You mentioned two important things. I think it's important to touch on one is. If you're going to buy life insurance. Make sure you have a will to many people. Number will right and have a will always have both going direct that money and the second thing is. When anytime somebody gets separated. They get divorced and they. It creates a snapshot of the other person. And so right now, this other person's good with money right now. Other person's being a good dead. And we, we tend to not buy life insurance, but once and who knows what that picture is GonNa look like five months from now five years from now ten years from now and so I always want someone to think as though. I'm in control. Someone else's going to have to take care of your kid. Maybe something happened and you know you'd want enough life insurance to do the things we talked about a minute ago. Then and you know. We went even further, and said that will be invested in these types of mutual funds. We went even further and said you know upon successful graduation from college, a certain amount percentage. Percentage would be distributed to the kid, and then Eh, twenty five, another percentage and we didn't hold it over their head. Their whole lives moon be quote, Trust Fund Babies Right, but I got just got distributed all before they were thirty. That of course is all gone now because they're now the graduated college. They're not minors. They're not minor children anymore, so that doesn't that that item doesn't. Doesn't exist anymore. Gotcha now. The estate plan is our grown kids will take over the we manage certain amount of assets for God today, and they will take over that responsibility right to manage those assets for God. That's the new new new the next version of that but but in her case for today. You don't have to Freddie about it, but you know as things progress over the. The years. You'RE GONNA. Want to get some life insurance. You can do it now. Get a couple of hundred thousand now again turned fifty thousand bucks at thirty years of your healthy. If you're not overweight and don't smoke, it just doesn't cost anything. It's just very very inexpensive. ZANDERINSURANCE DOT, com, quick, easy quote. Their approve that to you. The good news is Christian that you're thinking about these things. Is? That's very intentional living and that means you're good, mom, also major good planner, and you're going to end up doing just fine financially because of that trait. That you have there. It's very very important. But you're obviously monitoring the other stuff, but I where there is a divorce like this I would never name. someone that I'm not willing to be married to as the trustee of my money. On behalf of my child, someone else would be the trustee now. Obviously, he's GonNa, qualify to be the guardians to that I'm not saying he's a bad guy or a bad, but he doesn't get to manage the money because it be highly, you're setting up a situation where the trustee then 'cause, they can move the money around. If they violate the terms of the trust, they can get sued for later. These kids grow up and go Michael Freakin rape the trust. You know so you. Can't you know you can't do that stuff, but than can. Precarious penalties for getting into that kind of stuff but I. Just don't set the thing up. We had a separate guardian and a separate trustee. Managing the money is distributing the money to the Guardian to take care of the kid I like. Good arm's length situation there. This is the Dave Ramsey show. Bird. Folks, I got another story for you about the online shopping tool honey. My team loves it because they love shopping smart with honey. You can stop overpaying on thousands of sites in fact Kristen on my marketing team was telling me she uses honey every time she shops online and it finds a deal. It usually saves her tin to thirty percent, so listen Papa Day of get honey for free at join honey dot, com slash Dave. That's join honey dot com slash Dave. I bike and Julia. Whether, it's in clear lake. Iowa says on my screen. You guys are debt free, congrats! Hey, thanks, thanks! How much you be paid off! One, hundred, sixty, four, thousand and fifty one months. Lou Fifty four months fifty one months fifty, one fifty one months I. Don't want to add anything to it here and your. Your income average during are your range during that time. sixty eight to eighty two. Good for you. What do you guys do for a living? I A manager ready mixed concrete plant manager. And I'm a Camp Doctor For a nonprofit organization. What kind of debt was the one hundred and sixty four thousand dollars? We had student loans. We had a couple of different vehicle loans. Credit Cards a house that we were not living in after we got married. What the House did you sell the house? Eventually we did get it sold. Yes, to sell for sixty. Okay, so you paid off another one hundred thousand in four years and three months tells the story what happened? Yes so well. We got married and that's really what started us on this journey together we paid cash for our wedding, which set up really well right off the bat, but of course all this debt that we came into the marriage with and remember when we were dating, coming to Mike One Night and I listened to your show actually and I think you would encourage you know before you get married. You needed to talk about that and things like that I remember going my campaign. I have almost sixty thousand dollars in student loan debt. You know and he was just very nonchalant, very like normal about the whole thing was like. Yeah, that's about what I. I want my house and so we I had to really learn a lot and what it started me I hadn't heard of you until we've been dating for about six months and my dad actually given me the total money makeover, and I read that and I started to learn how to budget and stuff on my own, and I kept saying to make like you've got to read this book. It's so like I've kind of started this going on this journey and he's like. Oh, I don't really read a lot of books. And I was like Oh okay great I was like well. There's this podcast rate and he's like I don't listen to podcasts and. Alpha got married. Right Out of My. From did you finally get connected to US Mike? So we finally We got married and right before we got married on the class That's the class small town about thirty minutes from us and I said Look, how about the class right like he's. He's like yeah, sure I can do that. But. We found the white again tomorrow, very. So. Two classes started budgeting together We started off. You know I've been doing this on my own with my own budget. Before we got married I was like the super nerd going into this right like I was trying to like pinch every penny possible out of our budget every month and Mike was not really on board at first, and he was on a kept breaking the budget, so we fought a fair about you know just initially in the first few months and stuff and it took some time before Mike agreed to like. Stop contributing to retirement things like that, and he finally did, but then shortly thereafter had lost his job. So. Lost his came at a time. It was right before summer camp was starting for me for my busy season was coming up. I was pregnant at the time. and so Mike was like you know what he's like. You're going to be really busy coming up I'm looking for a job right now. How about I do the budget in balance a checkbook? You know we've been doing it together, but he didn't really been doing the nitty gritty details, and so that in itself completely changed spending habits. Breaking the budget. Very diligently following it which. I wasn't not perfect, either by any means I'm not trying to give that impression, but though the huge change for us. and I mean honestly other than like. We just kept plugging away had a couple of babies along the way We went to a few live events of yours And in Minneapolis and that just kind of kept us, connected and motivated throughout the time, but Yeah, then what really kind of Just ironic in the whole thing, really close to being done right like this is a few months ago now and we're getting so close. We only got like maybe like like another month left, and Mike hit the deer with our primary vehicle. Come on. On. Brenda Iowa, where? Deer a month before you're done. Oh. My Gosh is gonNA. Put US bag like we were so close to being done. and we were like. Oh, by the end of the year. You know like we're gonNA. Get this and kind of thing Family so my. Looks around here's where he redeems himself right, so he finds a new vehicle for the family and We had up in we. We go, and we pick up a vehicle traded in a pickup truck that we had we weren't really using anymore got more the in on that plus the insurance money from the total vehicle and I was a little money left over. We're in the car on the way home. And I said Mike. We've got enough leftover that we can meet that free like this a minute. and. He looks he goes. Let's do. The new car on the way home was our our debt free moment. I'll. Hit submit on the button right there on the phone on the drive home. Redeemed Yourself. Baby touchdown well done well done well done. I'll man. That's fabulous. How does it feel now that you've gotten here? Oh, it's awesome. It's a big relief to know that it's done. Yeah, absolutely, it's almost thorough. You know having this journey for over four years like. It took so long, and it just became our way of life You know not going out and doing a lot of extravagant things like. Have you been able to Kinda? Breathe now that you're free. Absolutely really. Okay for the budget. The budget feels a little different. Now Yes, it does. I, mean we we both just come into each other I know I pay taxes that come in that. We weren't immediately sending right back out. Such a good feeling, yeah! How old are your kids? We've got quite a fan. Yes, we do. from a previous marriage. I've got a twenty year old and a thirteen year old and together. We've got a three year old daughter and an eight month old daughter wonderful. Wow good for you guys. That's awesome. Who is your biggest cheerleaders outside the two of you? I think you know we stay the kind of private throughout Bernie, but along the way we did find at friends of ours that we learned were also doing it, and so it was kind of neat along the way we like. We start to talk about it and we were. Together. One kind of thing like we'd get together. To each other like hey, how's your house? Your dirty going? You know kind of thing. To be able to talk, and just like briefly, encourage people and we did have support from family and extended family and actually a lot of that I think towards the end we made one of those like paper chains kind of drugs like hung it around the living room. every chain was like a hundred dollars right so like it was long, but it we're at the end, and so people would come over to our house and we talk about. It actually became this huge talking point where? Visual motivation was why we did it. was like what is that for like? What are you guys doing here? came across people that thought we were totally crazy, and this was not possible. Along the way, but it was neat to kind of find those cheerleaders the virus. Hanging out in the corner well-done, you guys. We've got a copy of Chris Hogan's book for you every day, millionaires. That's the next chapter in your story. When I got a feeling. Mike's GonNa Coach some guys that he leads along the way and say I've got. A younger dude I'm. GonNa put A. Put a knock. Knock on your Noggin here. If you don't get this going, you're gonNA. You'RE GONNA be able coach. Some guys up now. This is very cool plus or minus a deer, but yeah. Ways while you're driving. Mike Julia Clear Lake Iowa, hundred, sixty, four, thousand, paid off in fifty one months making sixty eight to ninety to count it down. Let's hear a debt free scream. Three two words. This is how it's done. Never gets old. This is the Dave Ramsey. Our scripture of the day, Psalm thirty, four, four I sought the Lord and he answered me and delivered me from all my fears. Eleanor Roosevelt said you gain strength, courage and confidence by every experience in which you really stop to look. Fear in the face. You must do the thing you think you cannot do. I like that it's good got to face it down. How many of you? Have had an oh crap moment sometime in twenty twenty year. Culture Wide Right? How many of you lost your job or or furloughed? Thought you were going to wondering how you're. GonNa keep food on the table. Pay The light bill. How many of you said never again? Never again? I'm going to be in this situation. Never again am I gonNA. Have that feeling in my stomach because my finances because stuff is going to happen, some people are still in a state of shock. And some help getting out of this mess. So for the first time ever were still ninety days now. We've been giving you a free trial. Of the financial piece membership for fourteen days, all nine lessons of Financial Peace University plus all of our digital content plus everydollar plus the baby steps tracker APP that you only get there. All fourteen days for free. You probably can't get through all of it in fourteen days, but you can get started. And you can get a taste for whether you want to keep going or not. Go to Daveramsey. Dot Com slash fpu. Sign up for a free fourteen day. Trial They Ramsey dot com slash fpu. Michelle's in California. Hi, machelle, welcome to the Dave Ramsey show. How can Dr John Bologna and help? You so much for taking my call. I really appreciate it, you guys. Yeah so here is my question I often find myself beating myself up for some of the stupid things I've done in the past and I. Know You talk about Your Rear View Mirror in your windshield? So how do I park that in my opinion, so it doesn't keep coming up. I want to do something that I learned from. David Kessler a you ready Michelle. I'm ready. Close Your eyes and I want you to picture a Purple Elephant. In your drive. You got it there. He's in your driveway. In your driveway. You got a purple elephant your driveway. You got it. All right, so you have just proven to all of America that you can control your thoughts. It's a choice in. It's a decision. And I know that sounds trite in. It sounds easy. and. It was a revelation to me a when I I realized that I get to decide the thoughts that I roommate on and I get to decide the thoughts that I. Dismiss. It was also a revelation to me when I found out. You can get addicted to stress hormones. And you can get addicted to the chemicals at rush through your body when you have shameful thoughts and self, hatred and self loathing that can be a chemical addiction that you've gotta work through. But at the end of the day you make a decision. I'm done beating myself up. I'm GONNA treat myself like I treat other people in my community. Do you often Michelle me? Ask you this. Do you often talked to yourself in a way that you would? Bob Somebody in the nose if you heard them talking to the lady at the cash, register. Oh, that's good way to look at it. Yeah, so here's what I want you to do. Starting today right now. I want you to start being nice to my new friend Michelle. 'cause she has courage, and she called into a couple of dudes. She's never met and said help, and she's got strength, and she's kind and she did some dumb stuff like we all did. And starting today, you're going to be nice to her. Be Nicer to her than you would let the cash register for goodness sakes. That's a good idea of that. Picture Most people talk to themselves in a way. They would never talk to anybody else. They're just mean to them so yeah. Yeah right on. It's true. Yeah, and it usually revolves never stuff we've done I mean. I made a brand out of my stupid stuff. Oh, man, starving! Might a career based on my stupid stuff I do. I've. Got Closet stapled shut because the skeletons are banging to get out right, so yeah, we're all near Michelle and I think it's when. You decide, I'm going to stop being addicted to the to the chemicals that that flush through my body. When I think about the dumb things I've done. I'm going to start treating myself with the same dignity and care that I treat everybody else, and then I'm going to start taking ownership of my thoughts and I wish it was harder than that is not sometimes. We need to go talk to somebody. Sometimes we need to have a friend or two or a group in our life that we can lean on him, and I'm really being mean to myself right now, and they'll just rattle your cage and say we'll stop it because I like Michelle Right, Decision moment I'm done being rude to myself. Then being ugly to myself I can't control my thoughts. And then you get connected with some folks that are gonna Campbell to that. Good word, good word. Maurice's with US Marissa's Georgia Maurice. Thanks for taking my call today our pleasure. I have a question for you about paying off my home. free other other than my home, and I have a money market account and that money market account. I have eighty dollars and I have old left on my home ninety thousand dollars. So should I take that money out and. The whole. Which? Seems like ten thousand dollars short where you're getting the ten grand. other grand. That's what I'm thinking of Just go ahead and just wait and pay it off when I get the other grand. Should I just do you have any other money saved? Eighty thousand and the half the the fifth. Fifty hundred dollars of course, my emergency phone. Well we need to reset your emergency fund. You don't have any other debt, right? have. Your emergency, fund should be more than fifteen hundred and needs to be three to six months of expenses. What's your take to operate your house for a month times three or six? Let's move some of the eighty thousand into the fifteen hundred account to get there the rest of the eighty thousand. I would put on the house. What's your household income? currently right now. Around sixty thousand dollars I get a VA disability claim from the military as well. You said fifty, thousand, five zero. Zero. Six sixty sixty thousand. I'm sorry all right so so I. If you said we'RE GONNA put fifteen thousand. into the emergency funds so now we've got sixteen five. Just made that number up that means you would have sixty five thousand to put towards the House and you would be twenty five short. How quickly can you pay off the other twenty five? New! Maybe. Nama stayed year. Be Two thousand, a month would be a year. Okay Yeah I. Think you can do that and that's what I would do. Yes I would go ahead and throw that sixty five at the house today. Because your interest rate on your home is higher than they're paying you on this money market plus a magical thing happens when you pay towards the mortgage. The mortgage goes down. And you can't get the money back out and go buy a bass boat with it accidentally shot. It forces you to finish the plan. If it's just kind of sitting there sparkling in that account, it's a little bit. Tempting a little bit scary people do stuff and I wouldn't go there, so yeah, then then let's go ahead and knock out that other two thousand a month in a year from today you'll have your home. Everything paid for Maurice. That's pretty incredible. Dude I'm Smilin' right now. Just because his whole life Maurice. Your whole life is about to be different. This is very cool. You got. Nothing mean not a house payment. When you don't have a house payment something you don't have any payments anywhere. Beholden to no one. It just changes the way you breathe. I mean it. Does it change the way you walk? It's it's amazing. It changes how you negotiate. It changes how you. Look at your work. Your relationships just changes everything me on slavery. Borrowers slave. To the lender, and that's a real thing. I mean in say when you're not a slave anymore because you're not a borrower anymore. It changes that so proud of you Mauricio done a really really great job working on this, and obviously you've been a saver piled up this money from somewhere, and you've done a really really nice job credit regulations. John Job Today Dr John Baloney. Thanks for letting me join again. Love sitting next to you at this table. Thanks for hanging out. We love having you here. That puts us our Dave Ramsey show in the books. Thanks to Zach Bennett filling in for James Childs this week and Kelly Daniel Associate producer and phone screener. I'm Dave Ramsey your host. 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. this is james childs producer of the Dave? Ramsey show on your smart speaker. You can add our skill by saying. Alexa opened the Ramsey networks. Still from there. You can listen to all our shows. Ask Dave money questions like. How do I invest my money? Or what is the debt snowball? Find out more at Daveramsey dot com slash smart speaker. If. You're looking for fun and practical ways to save money in your everyday life. You need to check out the Rachel cruze show a podcast from money expert and my daughter Rachel Cruze Guises Rachel Cruze and I'm so excited to tell you about hype podcast. A lot of people are checks paycheck their end debt. They don't even know where to begin, but they have this need want to get in control of their money that you you have. Have come to the right spot, so each episode and get a ton of inspiration and practical advice, not subscribe to the Rachel. Cruze show podcast. Make sure you do it today. Hear more from the Ramsey network including the Rachel cruze show wherever you listen to podcasts. Hey, it's james producer of the Dave Ramsey show. This episode is over, but check. The episode notes for links to products and services. You've heard about during this episode. Thanks for listening.
Should I Refinance My House at 78 Years Old? (Hour 3)
"From the headquarters of Ramsey solutions broadcasting from the dollar car rental studio. This is the Dave Ramsey show. It's where America's hanging out. And having a conversation about live money career relationships. Overall. Health purpose in your life. Were blessed to be a blessing and we're blessed to be with you I'm Ken Coleman of the Ken Coleman Show on the Ramsey network joined by Chris Hogan host of the Chris Hogan Show on the Ramsey network and we're sitting in with you this hour triple eight, eight to five, five, two, two, five, triple, eight, eight to five, five, two, two, five of course we're taking your money questions Chris Hogan here to help you with that but then we're going to take your job in career questions need. The day job you're one of the twenty plus million people out of work, and you just need to get that day job to help keep yourself afloat and get yourself going on those babysits or keep yourself going or you are just sick and tired of being miserable Monday morning, and you want to figure out what that work is that you were created to do. I'm here to help you walk through that as well. So let's get after it. Amber is up in Houston Texas amber. How can we help? Hi Chris Hi Ken thank you so much for taking my call. Sure. What's up? Yeah so At the end of this month my husband is supposed to be deploying out. And I'm a housewife and he's finally on board to getting rid of all of our debt because I've been reading of the total money makeover I've been looking at everything and well now he's ready to get the ball rolling. So that's why he actually volunteered for the deployment. So my question is because I'm a housewife I'm normally not working, but I started working for the government part time on a project and I was wondering since he's not coming back until about August should I continue to do some like retail workers something else online to get us more income to tackle our debt? Wall. Remember first of all I love that you guys are seeing the things you're seeing the pieces of the puzzle right how much debt do you all have? How much debt do we have? Okay. So let's see here. So for our credit cards, it's about I'm rounding up credit cards is about seventeen thousand. Our car loans, we have to car loans. That's about. Twenty seven. And he has his student loans that's about sixty six and he's continuing on with school. And with the GI bill, they should be able to pay all that off. So here's the answer to your question number one I I appreciate the surface of your your husband as well as you freedom is not free. So I appreciate the heroes, the men and women in our military But yeah, well, how you would continue on this as you all listing up these debts smallest the biggest and going, hey, this is how we're going to attack it using the snowball and so as income is coming in you're making minimum payments on everything except the smallest one you're throwing everything but the kitchen sink it and when it's gone, you move down and so on and so forth. Now here's my question which car you selling. Again. The. Footer. On this amber listen if your husband's deployed and it's just you there why on earth would we keep to car loans? Okay right and and I was thinking the exact same thing and that is also because I didn't know much about cars when we were getting vehicles. So I just kind of whatever he went for I kinda just went along with it. I didn't know that one of them had a salvage title. Okay. Right and been having problems with that, and that may not be the one to try to sell that. One's probably going to be a headache and heartache. So looking up the other one right or do you have any children? Did Not Okay Amer do you see kids and your future at any point in time? I was right at this moment. Future. Future. Okay I'm asking that's all the more reason for you to get intentional take on some type of job. Throw the extra money at the debt. Let's get it out of your life. Your husband is going to have hazard pay. He's to have extra money coming in you have an opportunity to really make some progress here towards the debt talk with him get on the same page and as you all communicating via phone call or e mail, you can update him on how things are going. You've got a great opportunity to get unified and solidified on the direction you're going yeah that's good. Yeah. They'll get there and I built that's going to be a massive a huge relief but but you know looking at this, we've got understand we tend to live in this and society we want this and that now I think it's more about or. You get to do this or you can continue to do that and I. Think it's about changing our mindset as well as our effort we can chase down some results. That's right. Colson is up next in Steubenville Ohio Colson how can we help? how you doing we're doing well, what's going on today? Well on in my job I worked construction. So I often have a layoffs throughout the year. Yeah, and I'm I'm just getting started on this program and I'm wondering if it is okay to have more than two thousand dollars Nyberg. Gotcha Colson. That's awesome. How'd you hear about the plan the? Financial Peace University. I actually heard from somebody talking on the radio. Really. That's fantastic. How much debt do you have my friend? I have about thirty Algan Kathleen. Twenty thousand student loans and content. You Know Camper Okay Gotcha and what's your income right now? Between I'd say on average fifty, eighty, thousand. Okay on you know they'll tell me this is we sit in September winner layoffs likely to happen for you. generally, it is wintertime. Okay. How I'm on a job currently that I should be all right through the winter. Okay. Okay and I'm asking that because at winner in Ohio I mean that that can start at November, you know and so you get in that solidified but here's the mindset around it my friend. People getting thousand dollars set aside that's just to break the habit of debt. Okay. Because people are used to credit cards and just not having anything. So if a car breaks down truck breaks down, they have nothing to reach for accept debt. So the mindset is get that thousand in place, but let's attack the debt with every other waking dollar that you have, and so that's the theory. Typically. What I tell you is, as you get out of debt as you attack this thirty thousand because you got a good income and I think you get an intentional, you could get some side hustles and do some stuff even in the winter. But once you attack this debt than I would tell you to focus on getting a six month emergency fund in place because of the seasonal work how much is at camper worth? Do you think? it's probably right around ten thousand I. I traveled for Work Before and. I actually just sold my truck when I heard you guys did you really forty seven? Forty seven, thousand dollars, Outta debt. Sacrifice back. Guy I'm proud of you Colson I know you're going to get this out of your life in less than a year. That's how confident I am Chris I'd sell the camper going there. Why not? To one other thing Colson. You need to be working in the off season. You make really good money, but you need to find a couple of jobs that equal or come close to what you make in your construction job in that off season that seasonal downtime and that way you're not going to miss a beat and Christmas right you're going to nail that debt pretty quickly and then just walk Dave's baby steps out they work in succession. There's a reason why they go one, two, three, four, five, six, and seven follow plan. This is the Dave Ramsey show. Hey business owners and anyone who has to talk with customers often listen up you are the backbone of this freaking economy and just by staying open to serve your community, your providing hope to your customers. That's why my friends at podium want to do something special for you. They're offering you the opportunity to text your customer base for free. So sign up at podium dot com now and join our crusade to communicate, connect and spread. HOPE THAT'S PODIUM DOT com. The Dave Ramsey show continues live from Nashville and I'm Ken Coleman. He is Chris Hogan and we are taking your questions triple eight, eight to five, five, two, two, five, it's triple eight, eight to five, five, two, two, five, you want to learn more about the Chris Hogan, show or the Ken Coleman show both shows on the Ramsey network big part. Of course, the Dave Ramsey show that you can check out Chris Hogan three, sixty, dot com or Ken Coleman Dot Com. And you can subscribe join in on those shows conversations as well. Also, I want to mention if we have learned one thing this year it's that we need each other people need people were hardwired for community, and if you've been struggling with money, you need cheerleaders in your life who were going to support you and motivate you on this journey. There's no better way to get that encouragement by joining a virtual financial peace university class you're GONNA learn Dave proven money plant, and go through every lesson with folks that are walking a very similar journey and it's all online financial peace university is a part. Of. Ramsey. Plus which means you get our number one money course plus the premium features of our budgeting APP, every dollar and our new baby steps tracker APP Today Chris Folks Concert The free trial everything in Ramsey plus including the financial peace university class. You don't have figure this out on your own folks get plugged into a virtual fpu class and get the support you need to join and start your free trial of Ramsey plus text join. That's the word join text joined three, three, seven, eight, nine. That's three three, seven, eight, nine. Yeah absolutely. Ken. I want to take it as further with Ramsey plus. Do you have the everydollar in the Financial Peace University. And the APPS and the trackers, but you also get access to a financial coach. So you'll have an opportunity to ask a question just like you would work with a personal trainer to me. This is huge. It's a great opportunity For that unique situation you'll be able to reach out and ask someone as a member inside of Ramsey plus so again, as Kim said text, the word joint at three, three, seven, eight, nine, make can happen today triple eight, eight to five, five, two, two five is the number to jump in on the conversation. Jennifer's up next in Mesa Arizona Jennifer how can we help? Ken. Hi Chris Thank you for taking my call. Sure So I'm Kinda give you the highlights I'm on disability by received money from long-term disability through working at the state of Arizona and then I, get e disability social security. I'm fifty six years old. I have an income of approximately three, thousand, seven, hundred per month. I have a health insurance, which is five hundred and fifty dollars a month, which is a huge part of my income goes towards that. Also, my house payment is pretty high for what I having income. It's one, thousand, four, hundred, forty, five. And so my question is How do I have any money to begin the baby steps? I recently read the total money makeover. And I want wants to save the one thousand. But I'm really struggling. And I don't I. Don't have anything to sell and I can't work. What else? What else do you owe on? I O about twenty, five, thousand and credit cards. five thousand feet long and thirty, five, hundred on my car. What were you making before? You were on disability what was your household income? Two. Thousand. and. So now you've had this reduction how long? What? What? What is the projection before you're able to get back to work? Have they ever giving you any kind of diagnosis or timeframe. No I'm not expected to be able to go back to work and I'll be on the. Insurance for long-term disability than telling sixty two and then I'll retire. How much do you have saved up for retirement? That's a good question. I'm not exactly sure. Okay. Well, the the situation is this I mean, obviously, you know the income that's coming in but we also know the habits that have gotten you to where you are right twenty, five, thousand in credit card debt that's living beyond means or looking to medicate in some way with stuff which you can't do is continue more of that. Okay. That's first and foremost but until income can go up you know you're you're going to be at a stalemate. I mean are you making minimum payments as of now on all of this? Unfortunately. All went to collections. Okay. Ever since you've been a long-term disability or here recently. Why is that? Because during the time I went from short-term building on long-term and. While the finance. Process. I had gaps of times where I did it have money coming in at? And unfortunately, I pulled from my short term or my What do you call it supplemental. Let me ask you this. Are you able to work at all? No so you can't work from home you can't do work from home. No I'm not allowed to If I had any thing showing us. Having. Taxes taken out, you know they. They would see that and then I would no longer receive. Okay Jennifer. Let let me let me try to cut through it here I understand on the insurance side for long-term disability you're only you're not allowed to work you can only get up to x amount we're asking you physically and you work No not up to the level working before. Okay. Now. Sorry. What level could you get to? I really can't. I can't function very well I can't. I can't. This is physically physically and mentally or both. Both physically. Okay. So how much is the Housework Jennifer? Actually we've had a lot of houses in the neighborhood and my equities gone up by one hundred thousand and how much is it worth if you were to put it on the market day? What would it be? Three hundred, twenty, thousand how much you owe on it Two hundred and five. Sorry. We're going to have to look at that Chris. Do you friends and family that you could live with I? mean. Are you alone in? Arizona or you've got a community around you? That knows your situation. My girls moved here to fill their in their thirties. On their own. Yes They have family husband and kids well but I think you have to start to look at your situation go I can get out of this that's really where this call started out like it out of this, we'll tell you what the first thing to do sell the house. You're going to have to let go somebody. Yeah, and here's the other thing with the debts that you have. That are in collections. If you can't pay, you can pay attention is what I tell people. I want you to call them communicate because what's GonNa happen is they're going to get sold to a collection company and they're gonNA start to call you with such a fury that you're going to feel like a hostage in. Your own home. So let's reach out communicate with them about your situation what's going on So they know what's happening they'll document the account and so know you're you're going to have to be proactive on your side. Now I'm going to also say something else Jennifer you're going to have to make a decision about what it is you want and you're going to have to make some sacrifices and I'm not saying this is. You but I've talked to some people that have been on long-term disability and they psychologically become unable to work because they know what money's coming in and you gotta you can and I'm not saying people that can't work I'm saying people that are choosing to do that and what I want you to do is kind of realize. Okay I. Understand what the diagnosis may have said at that point in time. But how are you? Feeling what can you push forward to because you and I both know you can bring in more than thirty, seven, hundred dollars a month working right that's pushing forward. So don't be comfortable where you are I want you to strive, and as Ken said selling the home may become the option that you have to clean up the mess I. Think it is I I think it pays off her debt. Now this is incumbent on her. I don't mind saying she's got any pride, but if you do Jennifer, it's ask, will you help me short term short term can live with you for this amount of time so that I can get out of this situation you show them the numbers. I just made one hundred twenty on my house I paid off the debt. Here's where I am got my disability coming in, but you reduce your cost and your debt I would really do everything you can to get the girls or somebody friends and family. Let you live with them sell this House get out of this thing and clear skies are ahead. They'll move folks more of your calls. This is the Dave Ramsey show. This is the Dave Ramsey show and said, he didn't with you. This hour can calm and Chris Hogan and Chris, and I are absolutely completely fired up to take your call triple eight, eight to five, five, two, two, five we've had a blast today triple eight, eight, five, five, two, two, five, number Chris take your money questions I'll take your career work questions. We'll both team. Up on those life and relationship questions we're having a blast and It's always fun to help people turn that light bulb on is to what it is they need to do next and that's what we're gonNA. We're GONNA equip and encourage you so come on triple eight eight to five five to let's go to Colorado Springs. Next Doug is there doug how can we help? Hey. I've got a question about should I refinance at the current rates or some other things right to ask you more generic question however, I bought a house about fifteen. Months ago three twenty, five feet it down to two seventy five to start Oh, about the to sixty eight on a currently interest rate four, seventy, five and I keep saying all these rates being publicized that to forty two for a fifteen year. What would you advise? Okay Doug. I appreciate your call in Buddy. What is your household income right now Seventy thousand. Okay and so right now you when you refinance that you did you get it on a fifteen or thirty year I got it on a thirty. Okay. You gotTA thirty and it's at four and three quarters. Yes. Okay. What other debt do you have outside of the home? Well, not really I did take a lease on a car back in January of this year. And You know I'm in pretty good shape between our retirements my income I still work actually time. And have rental income and some other stuff that and it keeps going plays out all that income port, the seventy or is that on top of Okay well, I think you could definitely refinance The key is going to be you know looking at this because there are rates now the two three and two four some of that's advertised a contract rates when you want to pay attention to APR, annual percentage rate that's all this stuff involved. But two and a half is realistic which again, you can increase your rate decrease rate by a percent of more. It's a smart move but I I'd say overall I want you to get plugged into Ramsey plus my friend To look at this I want you to realize that's not your friend. I understand. But I. Think you could definitely save yourself some money with that refinance with your rental property are do you owe on those or are they free and clear? Now they're free and clear good grabs thirty, six, thousand a year. Good. We have. Of course we've got social security fell into that. And I have residual income, which is part of that seventy. Credit card debt. Okay. I've got probably. Close to fifty thousand and three checking accounts and part of that as that doesn't make good sense. I. Know Part of that is because my wife was m memory care I suppose okay okay. Doug is your long term goal is your long term goal to hold onto this house. I figure I'm for probably five years maybe healthwise news. Wise. Just bigger. Then I need. I I'm in an area where I expect it will return will be nice on it. So I'm. Just thinking about my age and some other health that can't maybe I. Bush along that mortgage and get rid of it. You know I like the idea I. Think you reduce in that rate, which you can your intention to sell in about four to five years. It's going to put you in a better position. You'll recoup the closing costs, check into it by and appreciate your call it and Doug I want to encourage you go to Daveramsey DOT COM and click on smartvestor I. Want you to sit down with an investment professional to begin to look at. Your overall portfolio just just overall. So you're looking and you're able to bounce some ideas. You sound like sharp man but it's always good to get that second or third opinion just to find out I found small tweaks can lead to big gains and Doug you know we know you're going through a tough time with your wife and that I think you're really really smart with the with the the cash on hand that's really smart and as Chris and follow days baby steps because once. In a hopefully gets you know. And then you're going to move forward and decide what to do with some of that cash and I love the Refi Nations fifteen years. But we want to. We want to stress that. Yeah. Because that's a much better move. Let's go to Jordan next who is on the line in Houston, Texas, Jordan how can we help? I'm doing well, how are you? Yeah so my question is mainly regarding a car I made a couple of years ago when I was a little bit younger a lot more stupid. To. I purchased a new car for. Checking as young daughter. and. Seventy thousand dollar car shot Yeah Lot. Car. So far, but got about. Getting on at sixty eight, thousand suspect Jordan you're going in and out by try that one more time, you'll be favorite try to hold steeler. Okay. Try to get. Yeah can you hear me better now? How much? How much do you owe on the car? Probably around sixty eight quit. What is this? It's a platinum Ford expedition. Tell my wife every day that I made a mistake getting. But how much is the car worth? I just did it before calling about fifty two Oh, and what's the payment on this thing? What's the mortgage payment this? Really serious about. Twelve hundred so I got twelve hundred mortgage car. Oh, my goodness. Whole my goodness George. How much do you? What's your household income? I'm so in eighty five. Prior, to you guys had a friend on the work project that actually recommended me looking into. The financial tools and everything art well, here's a good news Chris knows exactly what you need to do but I want you to brace for a second. I want you to brace for what's about the come your way. Chris. Take it away. Listen Buddy year probably you say you own sixty, eight, right it's worth fifty shoe. My goodness you know you've called you've checked on the value I'd call and check in on the payoff. You've had this vehicle. How long? that a year and a half Okay Josh Okay I mean my buddy here's the deal you're going to have to try to sell that thing for as much as you can. I'd get the payoff quote from all the Thirty Day payoff from your your your loan holder but you're going to have to go check with a credit union or Bank for short term loan to bridge the gap between the two. and by short term, I mean something that's eighteen to twenty four months but you can't let you can't let this thing hanging around man this I I hope you've learned you know because. You remember how easy Jordan they made the process you to sign the papers were. Yeah. For just so easy and you go this is almost a hundred thousand dollar loan and they make it just three or four signatures. But now what you're going to put some time in buddy you're I mean I'm serious. You have to reach out to the bank and be extremely intentional. Don't let this thing hanging around because here's the issue with trucks and things like that. When as soon as they start to hit that two year mark, it's another kind of drastic drop in value. So if I'm you. I'm going to hustle over the next thirty days to get this thing out of your life. I just WanNa, throw a cautionary tale, and maybe a testimony at people real quick You're listening to Jordan story here and the Good News Jordan you can't get out of this and Chris gave you a wonderful plan on how you're going to do it but this is the enticing. Kid Coming. We need a really nice car for the kid and all these emotions are involved and I just want to point out that the Coleman five we're on our second suburban over two hundred thousand miles. And it's a nice suburban it looks really nice. You'd never you'd never know it had that many miles on it, but those suburbans will run and run and run and run I'm not endorsing the car I'm just simply saying if you take care of it, you're going to have some big expenditures to fix it every once in a while. But in the end, you don't need a brand new car that's causing as much as your house payment for one kid or five kids though they don't care they're going to rip it apart anyway and Cheerios and Friday. So fine all over the place. Wait until the kids are out of the House for I get. Telling you that right now. Hey, more the Dave Ramsey show is coming right up. Welcome back to the Dave. Ramsey show I'm Ken Coleman joined by Chris Hogan this our our scripture of the day is Deuteronomy Twenty, eight seven, the Lord will cause your enemies who rise against you to be defeated before you. They shall come out against you one way and flee before you. Seven ways are quote from the Great Maya Angelo you may encounter many defeats but you must. Not Be defeated. In fact, it may be necessary to encounter the defeats. So you can know who you are, what you can rise from and how you can still come out of it. Chris Hogan always fun to be with you. We're taking folks call triple, eight, eight, two, five, five, two, two, five. Let's go to Dominique, who joins US in San Diego California Dominique. How can we help? Hi So when I first got orders here I'm in the military and instead of renting out because rent here's extremely expensive me and my husband decided to buy a house well, now I have gotten orders back to the other side of the country to Virginia and we are wondering if it's smart for us to just cut our losses and sell the house or if we should try to rent it out in some way, my husband is unfortunately not gonna be able to me in Virginia. You're going to go back home in New York and his family has offered to sell the Property they have up there to him out of rate that we can do. We're just wondering if it's smart for us to use the house. Okay, right. All right, dominic, well, first and foremost. Thank you all for your service This House that that is in California. How much do you owe on it? We all about three, sixty on it. Still what's it worth? Probably four eighty. Okay. Here's the deal I. Don't like the idea of you guys being long distance landlords. Okay. So I would definitely sell the house that's in California. All right. The other side of this is looking the buying a home in new. York. Are you eventually going to go to New York? Eventually. But it how long? Well. It depends on my career and planning on staying in until I retire. So I have about another eight years learn. So it is your husband in the military as well. He was a for. See, I want you to slow down you guys are running out and your buy and buy and buy it. I won't shout a plan plan plan meaning. So the House in California I'm definitely selling that bad boy okay and so for you as you live your military's paying your housing, Right If you live on base. Okay. So get this mindset of okay. What else do you all on outside of this property? We I have a car, and then there's about ten thousand in credit cards. No student loan debt at all. No okay. So I definitely yeah. I would sell the house. Now this thing in New York is your husband going to be working in New York Yes. Okay. So what are the? What are they willing to sell him a home for? So they say They're willing to sell in the home for three hundred. And what do you think that home is worth? So the home that's currently on the property is definitely not worth three hundred. have to. Build the home. On there and we are hoping that the home would. Be valued at around six or seven. Okay. So there's just land. Not just a house on there at the moment bridge but you're gonNA knock that thing down. Yes. No No. First of all. Can I go back a second I saw dominique? I gotta dig into this a little bit So if I'm hearing you correctly, YOU'RE GONNA be Virginia for eight years and your husband's GonNa come down just every once in a while and see you and he's going to be working and living time in New York. Well so I don't know about eight years because it just the military. So it depends on where they send me or I choose after that. Going with it. Why can't he go with you? Because we have two kids and I grew up in the military I, don't want to move them around like that, and since we're eventually going to end up in New, York, I am willing to. Sacrifice than going to New York where we're eventually GONNA living because I'm about to go on deployment anyways Oh. Don't want him to be alone. Okay. Hey. That that makes more sense but I gotta tell you something You guys don't need to rush into buying a house and especially a house that is essentially. I don't want to call it. You're going to tear it down and build. You're not there financially what I love about what Chris is telling you is by selling the house and say, Diego. Guess what you get debt free. How much is that? Car Payment Excuse me how much do you owe on the car? About fifteen. Okay. So let's take the I. Think you said, it was one twenty. So you take commission on there. So let's say that you clear for round numbers. Let's say clear one hundred, thousand dominy. So you pay off the debt I think he said it's ten thousand credit cards is that right? Yes plus the car fifteen. There you go. So Twentieth. So let's just say you got seventy five well, that gets you and your kids and your husband started in New York they need to they need to rent. He's working or buy something really cheap there near the family don't go for the family plot. You're not there yet financially do that when you are ready to come back to New York and we're GONNA get settled that's the family homestead that would be my. That would that's that's what I think. You should do because now you're going to be in great financial situation and your husband and kids are GonNa get stable there in New York I just don't like the idea of you buying another house. Yeah I. Think you got slowing down a little bit and put that money aside and still saving to buy eventual lake but again, clearing up the mess going, hey, we're not going backwards with another car loan we're not going back. With the credit cards, cutting them up, shutting them down, and Dominic you starting to change your thinking, right you know by every place you go. But again, you you and your husband talking about this and I want to applaud you and I can understand you not wanting your kids to have that move around lifestyle that you had. But but also your deployment, you know make sure that they're seeing you and spending time with you because that's going to be tough are all. The way around. Yeah. Listen this is not such an easy situation though but no, but you know the mindset is again we WANNA make two year decisions everybody what I mean by that is you WanNa make a decision that you look back on in two years and you go poor that was tough and it was rough but I'm glad I made that decision. It puts you on a trajectory. Yeah. All right. Let's go to John in Sterling Colorado. John How can we help? Hey Yeah I just have a quick question for you. My employer puts in fifteen percent into like traditional 401k automatically. Realize just curious I was curious if so I maxed out my. 401k Roth that for the year whatever I didn't know if that was a good decision or if just that fifteen percent would be. John, what what type of company do you work for? I'm a lion out in Sterling Colorado and they put in fifteen percent in retirement for you every year. Yeah they you have to stay there for one year and then they start putting fifteen percents. Okay. Well, here's the deal buddy. I'M GONNA. Tell you something I still want you contributing fifteen percent Okay. Okay. Because here's the deal John that company could decide that they're going to stop doing the fifteen and if you're only banking on their fifteen, you're going to have a problem so I want you to look at this like a a dollar for dollar match literally up to fifteen percent, which is so rare. I've never heard of a company going this high. So you get in the habit of being doing fifteen percent. If the company is doing fifteen, listen to me, you're going to have a whole lot of money one day. Okay would you on my side? Would you do roth? I would definitely do the Roth. Here's the deal. The Roth is after tax dollars. So you're not you're going to have tax free growth. You're not going to have to deal with Uncle Sam anymore but what the employer is contributing and matching you quote unquote. is going to be pre-tax. So that's going to be like traditional. So they're part you're GONNA have to pay taxes on. When you start withdrawing that money at fifty nine and a half, this is unheard of Ken I. Again I've never heard of a company going fifteen percent. I've heard of matches of of of up to nine and ten, but never fifteen. That's huge it is. But people often you stand there is a limit to how much that you can that a company can put in your 401k. You get to certain points to nineteen thousand still is that correct? But you but you have the percentage that you get focused but you're right there is the dollar cap on what will get to but that's okay. Use The apple. You stay focused on that and I think it's at nineteen five they keep flipping. Stuff but the bottom line is you have an opportunity to put in two, thousand, twenty it's nineteen five, and if you're over fifty, then you have an opportunity to do some additional catch up as well. So save people and invest your money, it'll grow. That's why it's important to Chris said putting fifteen percent in anything that you get from your company that's bonus i. Love it hey own think my pal my colleague, my good friend, Chris. Hogan. Hanging out with me this hour WanNa think our producer, Zach Bennett WanNa, think our associate producer, Kelly Daniel and you America. Thank you so much for joining us. This is the Dave Ramsey show. Hey, it's Kelly, associate producer and phone screener for the Dave Ramsey show. If you would like to be your debt free, scream live on the show. Make sure you visit Daveramsey dot com slash show and register. We would love for you to come to Nashville until date your story. If you're looking for fun and practical ways to save money in your everyday life, you need to check out the Rachel cruze show a podcast from money expert and my daughter Rachel Cruze. Crews and I'm so excited to tell you about high podcast. A lot of people are living paycheck to paycheck end debt they don't even know where to begin but they have this need this want to get in control of their money and if you come to the right spot. So each episode during a ton of inspiration and practical advice if not subscribe to the Rachel Cruze Show podcast, do it today hear more from the Ramsey network including the Rachel cruze show wherever you listen to podcasts? Hey, it's james producer of the Dave Ramsey show this episode is over but check the episode notes for links to products and services you've heard about during this episode thanks for listening.
I'm Feeling a Lot of Pressure to Finish My Degree (Hour 1)
"Live from the headquarters of Ramsey solutions and broadcasting from the dollar car rental studio. This is the Dave Ramsey show. It's where America hangs out to have a conversation about life and money. I'm Ken Coleman Ramsey personality and host of the Ramsey solutions network show the Ken Coleman Show and I'm joined today with Chris Hogan Ramsey personality and host of the Chris Hogan Show on the Ramsey Network also number one bestselling author of two books retire inspired and everyday millionaire, and we are here with you today. To Take your calls to talk about your life, your money we'll talk about your job. Your income is directly connected to your work and that's what I focus on. Chris. Hogan will focus on your money, the baby steps and helping you win. We're both excited to be here Chris. Hogan. Always Fun to join you in Studio. Well, man I am excited I. Know if I'm on here with you, we're going to get into some stuff and I'm pretty sure you and I are going. To get combative at some point real in a kind way wild we'll just because we are going to try to dry for we're going to help people get on the same page because we care about futures. That's right and I know you do on the career side as you're battling on the show every day helping people get clear and I am as well. So I'm excited to be with you buddy. So I've just finished two hours in walked fifteen feet from my studio. And I'm warmed up I know you've stretched your voice sounds really good. So I think we're ready to go I. Think we are to here's how we do it ripple eight, eight to five, five, two, two, five that is the toll free number to jump into talk with Chris and Triple Eight, eight to five five, two, two, five we're going to start it off with Loudon who joins us in Portland Oregon louden you're on the Dave Ramsey show how can we help? Thank you for taking my call. So how you guys doing today? Well, we're living the dream what's going on with you So I'm pretty I'm pretty much during the same. So I'm the sixteen year old in Portland Oregon I basically dedicate my life school I'm going to school to get my associate's science right now at the local community college. And I have a part time job I just finished summer term, and now it's basically turning new full-time job for about the next month. And then I jump back in school. So I have college pretty figured out it's getting paid for, and then I think I'm probably going to be attending west point I'm applying there and Doing all that. So I was wondering, what do I do with all this excess income that I have that are not spending because I have my budget and almost six months as expensive and stuff. Wow. Congratulations. First of all, can we say this young man Chris has got it together Loudon you where did you learn about money? Did your parents teach you? well partially, but they actually have some bad habits So it's sort of just listen here and then on just talking to different people I'm sort of looking at a Roth IRA with some people but. I just don't like they're hungry to. percent, before Kristof said let me just ask you how much money we talk about excess and then order your big goals is as a sixteen year old guy who's thinking about this. But. Yeah. So I want to go to west point and then after I do that I, WanNa probably twenty seven at my pension and then I'm decided there's to pass I WANNA go up Congress I've always been very politically motivated and I kind of want to go that path or I might go up the economic side and be a financial adviser and my ultimate goal is to sail around the world. I I just think he needs to little higher other started with that loud and quickly and lazy okay. For now listen here Buddy I. Absolutely Love Your Energy I love your drive and I'm GonNa tell you without a shadow of a doubt I believe you can set your mind to I. Think the smartest thing you can do right now with money is the stave some and what I mean by that is boost up that savings you're working hard being very intentional and then begin to invest I want you to connect with a smartvestor pro like you said, you wanna find someone that's going to talk. With you about your dreams that help you on the financial side but I want you to Redo this for me. I want you to remain absolutely allergic to debt and what I mean is that way your income stays freed up to do the things you wanted to do I like the idea of you saving it up that way if you want a car, you can upgrade the car but begin to say begin to invest in be very intentional with your money but get connected to a smartvestor pro go to Daveramsey dot com I love that man what a great call to start hold on a second. You ever talked to a sixteen year old that focus now and knowing their path. No no I haven't either I was already impressed at West Point. Then he said, well, after that I I, want to run for Congress and Congress could probably use young man like this I completely agree we digress, and then he said I want to sail around the world. Sure why not he said that like me going to the grocery store. May WanNa around the world okay. Oh. I, love that what a great call thank you loud and what and by the way just a quick little thing for those of you that are in these older generations I get weary of hearing people my h Poo poo young people like they just don't have figured out. They tell you something their eagles in every generation loudon is one of them. I completely agree, Hey, Kelly. Let's do this I fill fill like Santa. Heroes Kim to the punch I WanNa, send loud and a copy of Kim's book proximity principle. Because this young man has a massive dreams, I want him to know how to get connected with the right people in the right places, and I'm going to double down to give them a copy of my book millionaires because I have no doubt that this young man is on the path. Yeah. Yeah. Absolutely. Love when Chris gets into that giving spirits going to be a good show today up next is kristen and she's in joining us in Hartford Connecticut Kristen how can we help? Thanks for taking my call pleasure to speak with you. Sure. So I'm twenty one years old I just finished my third year of Community College. I paid my way through it working part time I'm trying to figure out. So the plan was to finish my last year a the university over here. I was GONNA pay cash for it about ten grand But I I've been having trouble trouble. I'm struggling with the idea of paying that not knowing really if that's what I WANNA. Do my degree's in finance. I. Don't know if I should be done with school. If I really need the degree, want it my goal was to be financial coach. I've been taking the financial coach Master Training I just been doing a lot of pressure all around to finish school, get my degree and she's a lot of money to where's that pressure to about is that self-induced? Where's that coming from peers or family members? I I. Really just past year it's been a struggle for me kind of push through it to enroll another semester get it done but it really hasn't been on my heart to finish it definitely from the parents have been feeling pressure to get it done and do. For it and just get it the way kristen I want to set you free here and I feel for you as a lot of people in your situation because here's what's going on. Kristen have tremendous love and respect for your parents the easily the two most influential people in your life and when they want you to do something even when you don't feel it's right. It creates confusion and you're feeling some confusion Yes or no? For. Sure. Yes. So let me tell you something. You do not need a degree in finance to be a successful financial coach. You do not number one a gotTa remember what I'm saying you're be. You don't have the ten thousand you don't want say the ten thousand, you're taking financial coach master training, which is the degree. It is the training to get you ready from Ranji solution. So yeah, you're gonNA have to tell mom and Dad Mom and dad I love you I respect you. I do disagree with you but I want you understand why I disagree. Here's my plan. Here's my path and you've got to be okay with them not agreeing and being disappointed in you. If not the very people you're trying to please kristen, you will end up resenting. So you gotTa do what is right I'll tell you what else is right to stay with. Chris Hogan. I more. Dave Ramsey show right around the corner. You know what angers me as folks are going through some really hard times, identity thieves or using every opportunity to prey on us the scams are endless. You need to be prepared Zander's ID. Theft protection is the only plan I have ever recommended and I've looked at the mall they just do everything in a smarter more affordable way. Look most of these plans are just a bunch of hype. Not Zander that's why I recommend them to you call eight, hundred, three, five, six, forty, two, eighty, two or visit. ZANDER DOT COM. Welcome back to the Dave Ramsey show I'm Ken Coleman Ramsey personality and host of the Ken. Coleman show on the Ramsey network joined in studio. My Co host is Chris Hogan Number, one bestselling author of retire inspired and everyday millionaire and the host of the Chris Hogan show. Also part of the Ramsey network you can learn everything you need to learn about. Chris. He's got incredible resources Chris Hogan three sixty dot com is where you get to all of the goodies like the everyday millionaire investing guide. Chris's step-by-step playbook for building wealth is a thirty page guide. So this has got some to it, but it's not gonNA. Keep you up all night. All right. So download it at Chris Hogan three, sixty, dot com slash start. Now that's Chrishogan three sixty, dot com slash start now and again you can learn where to listen his podcast how to get connected as Youtube show winner Siriusxm show Siriusxm show is going on all of the things about Chris Hogan at Chris Hogan three sixty, DOT COM. That's cool. All right. Ken. Listen it's time for the BLINDS DOT COM question. Now here's the reality blinds dot com offers one hundred percents satisfaction guaranteed. So that means even if you miss measure or picked the wrong color, they're going to help you make things right for free by the way that means they're Ken Coleman proof because I'm the example there and as well and Hogan proof. Yes. Anything beyond a flat head screwdriver or Phillips. Pass, my great you get free samples, free shipping, and with the new promos they run every month you're going to save even more a lot of people are spending more time at home. So what you can do is use the Promo Code of Ramsey to get the best deal rules and restrictions apply today's question Chris. Comes from Chanel in Pennsylvania went to Daveramsey DOT COM and said. I'm thirty year old stay at home. Mom with two little ones. I'm currently a senior taking online college and will graduate with a BA in accounting. In March twenty twenty, one, this point I will have sixty thousand dollars in student loan debt. When I graduate the problem is I don't have an idea of what type of course I want to pursue. I'm afraid my employment gap new degree. We'll give me a low paying entry level job, but I need to make enough to pay off debt. What do I do well? Boy I wish I could have had chanel call into my show long before this but I think the first thing I look at is, can you shut down this semester? How much can we? How can we save if you are able to press pause this late in the game? So why in the world would she do that because? She's accruing more debt. So she's saying she's going to be at sixty thousand. So I'd be curious how much more debt she's going to accrue that gets to the sixty. So if you can pause you pause if you can't well now she's committed. All right. So she's gotTa Finish, but this is the big issue. You have got to figure out what's going to allow you to be financially stable. Before you start figuring out the career. Because you've got two little ones. This debt is the debt. Now, we gotta get rid of it. It's there. This degree hopefully will help you down the line but see all this is done. So now this is focused on stability first. And then we'RE GONNA get clarity second as you don't even know what you WanNa do. So finish. And be looking for work that will give you the financial stability. But I, want you to go to Ken Coleman, dot, com, and download free career clarity guide. It's a worksheet that's going to walk you through the three indicators. That will allow you to figure out what it is. You Really WanNa do the three indicators are talent passion and mission talent is what you do. Best are your hard skills and soft skills. Passion is the work you love to do. You just love work itself and then all work produces results. So what are the results of your work that would make your heart absolutely full they matter deeply to you. So you use what you do best to do work, you love to produce results that matter. That's the purpose sentence you've gotta walk through that, and that career clarity guide will get you started. I'd also tell you to call the show after you've gone through it, call the Ken Coleman Show, and we'll get you that clarity. We see this a lot Chris People get committed to college a really deal. One of the things she says in who Kim though is that the people aren't caring about the degree, but they're worrying about the income. Employment gap. Is there a way for her to explain that I mean she was a stay at home mom right? Isn't that something? You just come right out and? Say Yeah Yeah people don't care as much about the gap if they've already found out about you, and so this is why I don't move even applying cold. Okay. Is Worth without a relationship. So if I go apply for a job at XYZ INC DOT COM, whatever my resume and I and I've not looked to see anybody that I know that works there. Do I know anybody who is a client of yours on anything or they can say, Hey, I've got an in their find out who that hiring manager is and I'm GonNa. Give you not just a recommendation but I'm going to make sure that. I put your resume in front of these people and say, here's how I can and I think Kim is is worth and interview Gotcha that's the process. and. So. If. You're just this cold anonymous resume then that gap does create questions. So when you got situations like that, where you have to do you to fortify that, that's that irrelevant and it is irrelevant by the way if they find out, you're solid person that's. Just decided to be a hero and stay at home for a little while though big deal. All right triple eight, eight to five, five, two, two five is the number to jump in triple eight, eight to five five, two, two, five. Let's go to Springfield Massachusetts and that's where Michelle joins US Michelle. How can we hope? Hi Ken and Chris You so much for taking my call. Sure. Okay so this is really more job related, but kind of encompasses everything So I'm in an industry that is suffering right now it's the hospitality industry I've been in it for years I'm successful in it I, know my staff but unfortunately, a lot of us do and we're all running into situations right now the the situation with me was that back in March I was. Laid off, slash furloughed with the intensive coming back. I was brought back in June and then now. I'm being laid off again. Which is fine. Titan at the end of the day the with the first off I really decided that I wanted to pursue my passion, which is still in this industry Whether or not that's a good thing or a bad thing to be wanting to pursue is questionable but basically, I have a of training I have an expertise in what are you for a living and I really want to. Pursue that and start my own business and kind of go from there. We are on step three and three be in baby steps. We that frayed, which is fantastic. Said sixty thousand dollars. A year for draw. It's it's motivating narrow. I see a totally different picture than I would have three years ago in front of me I we have two little kids. My husband does work fulltime and we can survive on his income I am collecting unemployment. I don't really have the ability to kind of get job. So Michelle. What is what is your question? How can we help today? The question is How do all right now position myself to go back out in a suffering industry and make knowing that it's going to take some time to ramp up which is fine. I'm totally okay. but how you go out in an industry that is suffering now to start flourishing in it when it starts coming back I got it. So you know what the answer is patiently how you go out in an industry that's struggling with their laying people off and they may not hire a consultant like you or somebody like you to come in and and help them you got to be patient so you're thinking. Of this right now is I'm laying the groundwork because covert is going to dissipate the economy is going to thaw, and as it does trust me people want to go back to hotels they WANNA travel, they WANNA get out, and at that point, this industry is going to see a tremendous tremendous response. It's going to go straight up because consumers are ready to get back. Now let me tell you how I know this. Chris Housing. Sales record housing sales retail sales last month up. Yup. Over the previous year. That's a good thing. Consumer confidence is there are we still experiencing pockets of the country that are economically of course in this situation Michelle just needs to go out and say, Hey, I'm opening up my own deal because you got it lady listen you got the experience you got the expertise you got the desire you don't need the income right now says no pressure. So what you're doing is hey, when things get back to normal. Allies then read. Here's what I can do for you. Here's why you need it. Here's how you get in touch ads. Exactly. Right. PROCHELL keeps keep your focus young lady you got this love it speaking of people who've got it Chris Looking at a sharp young couple out Malagasy solutions coming up next Oh, you don't WanNa miss it debt free screen through in the Dave Ramsey show continues dome. was coming to you live from Ramsey studios in Nashville. This is the Dave Ramsey show. I'm Ken Coleman Ramsey personality and host hosted the Ken Coleman Show on the Ramsey network joined. By my colleague Ramsey personality Chris Hogan host of the Chris Hogan Show on the Ramsey Network and Chris this is fun because in the lobby Ramsey solution, we have a fabulous young couple drew and Laurie from Houston Texas here to do their debt free scream. So drew and Laurie Welcome. Revenues congratulations. So excited you're here to share the story so. I need to know how much did you pay off and how long did it take off? One hundred, forty, one, thousand, seventy, nine dollars in twenty one and a half months. Wow. Twenty one and a half. Precise. How long ago was the? November of two, thousand and eighteen finished. As. Amazing. All right. Are you nervous right now I Don't be yeah. You are here to celebrate something. Right? You guys were very intentional over time. Tell me of this one, hundred and forty-one thousand and seventy nine dollars a month get that seventy, nine and people. Did, you pay off what was this? One? Hundred Eighteen, thousand with student loan debt fourteen thousand was a personal owning credit card debt, and then the remaining nine thousand was autos. Wow. Who student loan was this a Combo as a combo. For what degree? What what degree and I have a bachelors and masters in nutrition? Dietetic Master. In it. For a living. Dietitian. All right. So you're using. Do for a living, I haven't heard this one before, but I'm an analyst at a bank Sex yes absolutely a former. Im analysts are are very important in helping with strategy and and and all the information that happens inside of their That's good. So you guys have been married how long three years today three year old we're happy anniversary. True. Please tell me this is not her gift. Plan the next five. Anniversary. Something else. By. The way I want further congratulate drew for completely out married himself I. think that's pretty obvious. Yeah, good free by the way I did as well. Also, there's no shame to go good jobs. So tell them tell us who started this journey of getting out of debt whose idea was it? was a combined idea. Aso. When we got married, we started talking more about money. We're starting to plan for our future still no kids yet but I was afraid that we're still going to be paying off my student loan by the time our kids want to call it. And here we are we being off before you had kids. that. Is absolutely amazing. Drew. What are some of the things you sacrificed? We sacrificed going out to eat we sacrificed my wife's been cutting my hair now for eighteen months. Or so sacrificed haircuts. By the way it's a fresh cut. You got a long. Long ago she force you to tipper. Tipper with money in, the budget. Erica. Lori for you. What were some of the biggest sacrifices you made and I think that for for me and my family lives out of state so I used to love to travel a lot. So cutting back on trips and using more face time virtual visiting things, and also you know going out with friends and shopping and all that. How long did it take for this discipline? All the sacrifices to take hold? Did you guys just say all right? We're pulling the coordinator or did you kind of have to discipline your way into it? Think we went head I just went for a good for. Financial Peace. University through our church and that really got US going on it. It was right about the time when we started talking about wanting to tackle some of our debt that they advertise the classes with a perfect fit. And helped us so much that we actually started coordinating at our church. We've done two classes so far and we. Thank you for doing this. Not only do you were you doing it now you've decided to reach back to help others. What would you tell other young couples out there? Is it possible to off debt? Yes. It is possible in need discipline need a plan to stick to the plan and I like you're saying focused not finished. Yes. Sir Without a doubt. You Guys I. Mean You have no idea the pay the pathway you just pay for yourself. You know and here's the thing I want you to know stupid lurks around every corner and so what you have to do is don't let your guard down right. Stay super focused but I like how you guys worked as a team. You know you pull it off and knocking out one, hundred, forty, one, thousand and seventy nine dollars in under two years. That is not an accident my friend that's intentionally. So Great John. Here's what I want. Here's what I want you to share with other young couples that are listening on they're watching and they're gonNA look at this couple did this this is a serious amount of money in twenty one and a half months. How has your perspective change on the other side of the sacrifice on the other side and discipline now that you're actually free How has your entire perspective on your future together changed. Anything's possible I mean if we can do this, we can do anything now it's absolutely true I we have Dreams of doing the house the right way making sure we have a good down payment try to pay it off early. You know saving for Kids College and all that just knowing that it's possible and we don't have to take any more debt to do these things. How did you handle people shaking their head at? You may be judging you. was there was there some shaming going on or was it just so difficult at times you look each other and you're going, why are we doing this? What did you really struggle with maybe together or individually in this journey? With a couple meltdowns but overall was pretty cleaned. We'd a lot of supporters out there and my friends. Family I wanNA I WANNA. Know people want to know what the meltdown Gimme at least one meltdown that we can't just go over let me give you a little marriage tip. You'll be better off talking about your meltdown. Uncover your voice down. Let's talk about our own. There's one time that we were at a grocery store and I wasn't paying attention and there was coconut water. On the actual registered I grabbed it and I put it in there as four dollars and twenty five cents Oh. We went all the way home my wife found it. None of us drink coconut water by the way. So I drive all the way back to the grocery store return it no way. Sir. Very, tight, grocery budget. Owners. Info. Intrigue by how the Coconut Water Got I don't know. What it is he learned. Real quick. What was your meltdown? I had? I had quite a few most of mine happened towards the end of the month you know and the budget starting around slim and here just remind me you know why we're doing this. You know it just keeps things in perspective. So it's great to have someone on the same page with you to hold you accountable. Yes it is and I want to tell you guys proud of you proud of the teamwork proud of the focus and you all stay this path. This journey has many dividends. It gives you many options as you start to grow your family and think about your future just remember what you walk through. It wasn't an accident. Well, this is exciting. This is this is this a big moment you've reached the finish line you've run the race really really well, we're so proud of inspired. So many people here we go drew and Laurie from Houston Texas they paid off a hundred and forty one thousand dollars excuse me and seventy nine dollars in twenty one and a half months count it down. Let's hear your debt free scream three, two one. Look at look at the relief. I love it so good. Well, you guys are on your way, and so they're going to get a copy of your number one bestselling book. Day Millionaires yes. Because they're on their everyday millionaire journey. This is not an accident and I assure you this couple has rehearsed that screen. Probably hundred forty, two times. Okay. At least but you nailed it and you got it right and more importantly I again I want to. Congratulate you on blazing a trail for other young people out there that are standing facing student loan debt credit card debt, and they think maybe I can't. But they think you know what Laurie Andrew Laurie Andrew did it together maybe I can't and so I just want to congratulate you guys. You'RE GONNA motivate some other people to come join that stage great job absolutely have and you know I wanna point out something that was really instrumental in their journey, and this is true of all of us when we get in community. Financial Peace University class. There's that accountability, but there's also the juice. Yes. Are In the same journey they understand and you're seeing other people cut up cards. You've seen other people make progress. Sudden. You're even more motivated to put up your own scoreboard. So I think what they did. There was so great and then they went on and became instructors in financial diversity. So they're on the front lines one, a fantastic couple Drouin, Laurie you or why Ramsey solutions is here love this. All right. That was fun Chris. I've gotTA hydrate. Don't move more gave Ramsey show coming right up. The The Dave. Ramsey show continues to roll along giving you hope. Through just practical. Wisdom. Just, like we heard from that fabulous young couple drew and Laurie Just a wonderful wonderful journey to hear their debt free scream I'm Ken Coleman Ramsey personality host of the Ken Coleman Show on the Ramsey joined today my co host is Chris Hogan who is no stranger to any of you here who listen to the Dave Ramsey show is a Ramsey personality my colleague host of the wildly popular Chris Hogan show a two-time number one bestselling author of retire inspired and every day millionaires, and we are taking your calls triple eight eight to five, five, two, two, five one of the things that we love hearing from that young couples that not only did they take financial peace university they decided to lead we need help if you want to lead, it's easier than you think and here's why we need you more than sixteen million Americans are unemployed. And that means they are at risk of eviction from their homes and I want you to just think about all the people you know who have been affected negatively in their finances. This year they need a plan they need hope they need someone to guide them through a plan that will work if you've been impacted by what we teach. We need you to step up, raise your hand and lead a financial peace university class fpu coordinator. You'll help people learn to budget don't debt say for emergencies and give generously. Now here's the deal. Lied a virtual fpu class from home and reach people across the country and with a free coordinator guide, you'll have everything you need to lead with confidence. You can do it. I've done it multiple times. Believe me if I can do it you can do it, and so we want you to start making a difference in your community as a financial peace university coordinator will help you through the whole process. Here's how you get started text lead. FPU that's all one phrase. Lead FPU text that phrase two, three, three, seven, eight, nine, that's three, three, seven, eight, nine, lead fpu texts that two, three, three, seven, eight, nine, which is listen incredible opportunity. Now, people will say, well, Chris it. Through the baby steps in order to lead Fpu no, you can be right smack DAB in the middle of working your own plan and walking through it and you still have an opportunity to be able to help others. So there is no prerequisite you're GONNA have information in there. That's taught by Dave Rachel and myself and you've got an opportunity just to coordinate at means facilitate have the conversations, help people engage we're GonNa do the teaching so you can help people from right where you are good stuff. How do you turn that down how? It's one thing for me to talk about when you people start sitting up straight. Voice I know I'm just trying to whisper very triple eight, eight to five, five, two, two, five, triple, eight, eight to five, five, two, two, five is the number bill is up next in Roanoke Virginia Bill. How can we help? Hey I'm retired military I'm a small business owner I ju- We just had a child and I would like to start a college fund for her and a possible I are a and I'm trying to figure out where I could go. How much money would I suggest put it in because I walk her to be pretty much. they'll have to pay for college because they'll will all be paid for through college. And when she hits fifty. Will never have to worry about money again where she could retire and not be like her data has to work at least sixty five. Bill to release it. He's there visit well bill. How long did you serve in the military? Twenty Years Brody thank you. Thank you ask what branch were you with. Army Army. Well, thank you for your service, my friend and a you can hear the intensity in your voice. How old is your daughter? She was just four. Oh congratulations. He's already trying to figure out how she. Absolutely, and I'M GONNA. Tell you something bill. You have that heart in that mindset. That's the first step with college savings. You've got a couple of options There's a thing called an ESA, an educational savings account, and you also have what's called a five twenty nine. Now, I'M GONNA end to encourage you to get connected to a smartvestor pro because what you WanNa do is sit down and you really want to lay out a full on game plan I really liked the ESA educational savings account and be able to walk through and talk through but you have other plans and as far as the investing side of what you're wanting to set aside for her. So you've got a great job, your babies brand new, but I'm GonNa tell you this buddy. A bright future ahead of her because he's got a dad that's intentional and you guys are GonNa make that happen. So had that conversation and that way you can also get your own stuff reviewed bill about where you are and what's going on and just begin to lay out this plan. But can I see a lot when people have a kid? It wakes up this thing inside of us that says this paternal instincts to not only protect, but we want to provide. Yeah. Papa bear is fired up no question. Yeah without a doubt. There's also not getting much sleep. No. Okay. Oh, he's young this baby babies and puppies we'll take away your sleep. Say That is the truth I do have some puppy advice that you can't do for a baby. The puppy you just have to let the puppy cry young still going to break your heart but the day it's not a human. Let it cry until it gets so tired. Hey, they're talking about now days throughout this covert thing about covert puppy. A. Did you acquire another dog throughout this okay. No I'm our dog out to doodles. Okay. Do doodles enough. That's enough. Yeah. We're probably one extra doodle, but we love both Ellison Reagan's. Cool names you like gold names. All right. Let's go to Dave who joins us in San Jose California Dave. How can we help? Hey guys thanks so much for taking my call. Really appreciate it I. One of the people that before I found the Ramsey program bought a or it was sold a whole life insurance policy and after listening to you gentlemen over the years I realized that that was a mistake and I'm just trying to figure out what I do. Now, how do I get out of it? I've got cash or surrender value about thirty, thousand, six, hundred, forty, seven dollars in that account and I don't know what my options are. I don't know how to how to proceed if I continue with it if I'm this far down the road or if I make a change and and can cancel it and what I do with that money. Okay. Great. Question Dave. How are you sir? I am forty seven years old. Okay. Forty seven years old are you familiar with the baby steps? I. Am. Yeah. You are I. So I am paying off or paying down the mortgage I and I am at that point where I put away you know fifteen percent a minute have money set aside for my two kids call it okay and have no. Three. Okay. Month mortgage. Okay. Everything mortgage. Okay. So you're there. Yeah. So here's the deal. You've already done some of the lake work because you know what your surrender fee is What I want you to do is a reach out to one of our really our our insurance LP's to review that policy, and here's a couple of things that'll happen understanding the surrender policy but based on the policy you need to know what are the stipulations and requirements to get out of it. Now before you do that I'm gonNA also encourage you to go ahead and apply for term life insurance you want to do ten to twelve times your annual income. So how much are you making a year right now? I make about three, hundred and fifty thousand. Okay. So you're looking at this so you're going to have three and a half. Million in term just so you have this coverage and I want you to have that policy. Hear Me Day with this phrase full and in effect which means your term is there full in effect at minimum before you cancel anything. Okay. And that way, the reason why is if something comes back and there's a health issue and you don't qualify for term, you can't get a policy I at least want you to have something. Does that make sense? Okay. So what I do is reach out get in touch with that insurance yelp review your policy walk through the process but here's the deal insurance is supposed to protect you right and oftentimes what happens with whole life is it's trying to be an investment it trying to be a savings account as well as being insurance. So we can be a lot more expensive term can be cheaper and zanderinsurance. Once you go over and click on that we'll. Be Able to help you go to. Daveramsey DOT COM the the insurance. LP. You'll be able to walk you through it review your policy and God you on the steps. Good stuff. Chris Hogan. Fantastic. I've got nothing to add there. That was so stellar nothing. Absolutely. You just read that man scrape Zanderinsurance can take care of him and Wow great income about ready to pay the house off. He's focused man like it. I. Like to hear. Every day millionaires? Yes. In the right direction makes my heart. Happy. All right we wanNA, thank our producers, Zach Bennett, our associate producer, Kelly Daniel Chrysogome, always fun to be with. You mostly want to thank you. America thank you so much for listening. This is the Dave Ramsey show. Hey. It's Kelly associate producer and phone screener for the Dave Ramsey show. This episode is over but if you heard about an event product or service and didn't have a chance to write it down, don't worry. We list everything you've heard about during this episode in the podcast section or head Daveramsey dot com and Click Dave recommends thanks for listening. If. You're looking for fun and practical ways to save money in your everyday life. You need to check out the Rachel Cruze show podcast from money expert and my daughter Rachel. Cruze guys it's Rachel Cruze and I'm so excited to tell you about hype podcast. A lot of people are living paycheck to paycheck. They're end debt. They don't even know where to begin but they have this need this want to get in control of their money and if you have come to the right spot. So each episode during get a ton of inspiration and practical advice if not subscribe to the Rachel Cruze Show podcast. Tonight's hear more from the Ramsey network including the Rachel cruze show wherever you listen to podcasts. Hey, it's james producer of the Dave. Ramsey. Show this episode is over but check the episode notes for links to products and services you've heard about during this episode. Thanks for listening.
Pursue Your Dream, but Don't Create a Nightmare (Hour 1)
"From the headquarters of Ramsey solutions broadcasting from the car rental studio, this is the Dave. Ramsey show where America hangs out. Have a conversation about your life and your money I'm Chris Hogan joining me as a CO host this hour's Mr Anthony. O'Neill and we are excited to be with you and we are ready. Why awake to take your questions that you have so? I want you to call us. US We're here sitting ready for you? That number to call is eight, eight, eight, two, five, five, two, two five again. That's triple eight eight to five, five, two, two five. Anthony I'm excited to be here. Are you ready to roll? Man? I'm ready Chris every time. I jump on here with Humana. I'm excited because to to strong brothers over here by the help out a lot of people. Got One young, one old one. That's all work. Wait wait. I'm the old one. Okay just to make sure. Twisted. But I'll tell you what I get excited about work out here in the lobby, and we got some good looking folks out here, It's good to see people it is it is. It's good to see people and they're hopefully they're. They're happy to see us We'll come out there and take some photos so by the way if you are near Nashville come, see us We are rings Fleming. Boulevard. You can come down. We've got Baker. Street Cafe Melissa. Wilson will take care of you over there. You can get coffee and cookies and all the stuff that Anthony have baked for you. That is ally. Not Bake We we grill is what we do, but yet it's over there. We'd love to have you come. Visit US and see the new office and we keep calling it new because it's new to us, but Anthony here in just a matter of weeks. It's coming up on a year. Yeah! A year, yeah, does it seem like a you know Sarah doesn't I think? When sent that emails that man I thought we just got here like three or four months ago. Like wait a bit. You know, but it's A. It's just a great opportunity. Man, just be in this building seeing our second building go up and we celebrate that and then just everything that God is doing here in the city of Franklin, so we would love for you ought to come by. Especially, if you're young like me like these young guys out here, drinking his good milk out here, oh, people y'all can stay with Hogan and just stay away, but young people please come check us after okay. We're snapper Listen if you're out there and you've gotta question, call us that number to call is eight, five, five, two, two five. We're going to the phone and I up. We've got a Lisa on the line here in Tennessee Lisa. How can I help you? yeah, so I had a have a decision to make about school, i. was recently attending an art school in Nashville. and it got bought out by Belmont. University in so I have the opportunity to finish at Belmont at a cheaper rate. They said they were GONNA. Keep our art school rate the same, even the like you'll be cheaper than Belmont anyway, but I am familiar with Dave Ramsey's advice, and so I've looked at state schools for my degree vowed like to pursue, and they just don't have it and so I don't really have any money for school, but I just don't know what to do so I was just wanting to get some advice on. How are YOU LISA? I'm twenty one twenty one years old. All right, and what does DEBATE ABOUT SCHOOL? What would it cost you? I believe it would be like twenty five thousand a year twenty five Yeah and I have like a two and a half years left. Two and a half years left, and you don't have money to pay for school, so I'm suing. You already have some form of student. Loans are ready. Yes I have one student loan. That is six thousand dollars. Okay, so you have six K., and are you working right now? I am Yes. How much are you making a year? I believe it's like twenty three thousand a year twenty three K.. What's degree? You're going in for again? I'm sorry. You're. GonNa, creative industry, entertainment, creative industry entertainment, and what will you be able to do with that degree? I'll be able to do a lot of different things mainly just be able to work like with the designing things or just anything having to do in the creative field. Okay and what's your potential income? That's my last question for you. I don't know. Okay okay, so here's going to be my suggestion at least an Hogan I want you to Chime in into You're young. You're already with six thousand dollars in debt to fifty thousand dollars next two years is a lot of. Money! And so I don't WanNa. Push you away from your dreams, but what I do want to do is help you avoid nightmare. Okay, and so my suggestion is going to be that. We need to find somewhere else to go at least for right now to one you get your income up. You can get scholarships to may be transferred back into this program at Belmont okay, but right now I want you to step back. You're in the summer months right now. A lot of programs offering some amazing online. Online a process where you can get this degree for probably at about a quarter of the price about five to eight thousand dollars online a year, but you've got to be willing to sit back and do the research and asking me my very first suggestion to you is less avoided nightmare. Okay, let's go back to twenty thousand dollars a year. Let's jump online and do the research now. I'm not telling you not to go after your dream because I wanted to go after what you're passionate about. But I do not want you to go after that and it's costing you grant you. Graduate with about about sixty five in debt. Now you're struggling. Lisa Rail Right now with the two years that you are in. Have you knocked out all the prerequisites so far? Ohio yes, okay so now it's time for you to do things inside of your major correct. Okay. Here's the thing the crazy thing and I like Anthony Statement, wanting you to pursue your dream, but don't create a nightmare. See A lot of people go on remote control, and you have it, and they would have taken on that twenty five thousand without even thinking of it. Yeah, and the next thing you know you graduate, and you've got a payment of five hundred five hundred fifty dollars waiting on you over the next twenty years. So what I suggest agree with Anthony I'M GONNA. GonNa Pause here. I'm going to start to look and think what can I do? How what field can I get in and start working inside of this design and creative that you're wanting to do and start to get some experience as you work right and then saving up money to go back to be able to pay cash for school now it may take you another year or two longer to graduate, but I promise you this young lady when you graduate and you don't have. Have that that memoir that souvenir called a student loan hung around your neck. You're going to be very very happy, so it's okay if it takes a little bit longer but I want you to be clear on what you won't but be crystal. Clear on what you don't want Anthony, it is right now. This student loan and I know you've dug into this, but we've got one point. Seven trillion dollars in student loans in America today, affecting almost forty six million Americans and on. On top of that, we have four million college graduates who graduate this year going into the workforce, and they're a little nervous. You know their little nervous, because they understand are ready before this pandemic the average student graduate about thirty five thousand dollars in student loan debt, but then here's this dive deeper Hogan a these young people were graduate with about one hundred and fifty to two hundred thousand dollars loan debt, so the graduating with a mortgage payment, but don't have real estate. This is why I wrote the Book Debt Free Degree in America. If you do not have it I, want you to get that book. Go website. Anthony DOT COM and check that out well, and the crazy thing is is not only the graduating that payment. They don't have steady income yet. Come moment so parents, no more allowing people to walk inside of Financial Aid Office to sign documents. They don't understand for payments. They can't afford. It's time for us to step out and let's help these young people out. This is the Dave Ramsey show. Well. We all have enough on our plates right. The last thing we need is to not get a good night's sleep. Think about how effective you're going to be during the day. If you can't even think clearly because you didn't really rest, that's one of the reasons I've been recommending TUFT and needle. My family has their mattresses, and they start as low as three hundred and fifty dollars, plus you can try it out. One hundred nights risk free go to T. N. DOT COM to pick yours out. They ship it to your door for free. That's T in Dot Com. L. O. Everyone. This is the Dave Ramsey, show I'm Chris. Hogan joined us with host. Anthea Neil for this hour. We're exciting to take your questions about life and money and our last call. We were talking to a young lady who try to give her some guidance a Lisa about direction ago, especially in dealing with the student loan, situation and Anthony let her. Know about his book that he's got out. Destroyer student loan that he's got that book out you. You need to know about it. You need to check it out. Go to Anthea Neil Dot, com and it's going to give you some serious guidance This was a major financial situation and at the, and I actually work hand in hand because he's trying to have young people avoid the student loan debt and I'm trying to help. Young people in all people build wealth for the future, and so it's just A. It's good to be a one two punch. To be able to hit this, you're also very involved on Youtube. Guess. What were you doing on their May know? We're having a conversation and every time I say this I'm glad you're here. I'm glad you said. We're partnering together because I get a lot of people, say well, you know I'm not in that twenties and thirties, euro bracket but I'm really a created a show to where I'm teaching people how to avoid debt. I'm how to pay off debt if they have debt and how to start the process of building wealth why we introduce them to you and your brand and so. So many it's been amazing, but alas. I say by three months we've grown by close eighty thousand new family members Aka subscribers I mean the the the the show is just going viral, because I'm specifically attacking that eighteen to thirty eight thirty nine road individual, and we're just having real relevant and relatable conversations around money around relationships around what we should be doing during this young for seasonable knife, not Senate you older people not young full, but I'm just really trying to specific okay I'm just trying to be specific and make sure that the twenties and thirties speaking correct, because here's the thing Hogan. You know there's a lot of things you have a lot of people who go after that odor bracket. We have a lot of people who focus on teenage bracket, but we tend to forget that middle age bracket, and that's where I made a lot of mistakes in my young twenties, and so I said you know I'm going to attack those people and really helped them make better decisions where they can start businesses early to where they can pay off debt. Build homes are at early age so. I wouldn't suggest to anyone and everyone listening right now. join me on youtubecom. Four Stash Anthony O'Neill. it. It's a different type of show but America's loving gate. I mean we're getting hundreds of thousands of views, hundred thousand subscribers and Just thank you for the Opportunity Shaimaa. No, no, that's good and I. Really appreciate you letting me know that I'm not youthful anymore. I, I was tending to forget that Mr Anthony. I hope you don't have Mike problems later on in this show, or you don't fall out of that chair at some point because I may help you. Listen to me and Christmas whether they But if you're out there and you got a question, call us the number triple, eight eight to five, five, two, two five. That's Eight, eight, eight, eight, five, five, two, two five. Don't forget. We're on social You know people say there's a Lotta negatives on social media will listen. You need to follow us. We've got positive messages you can find. Find Anthony at Anthony. O'Neill on all the social media platforms. You can find me at Chris Hogan three sixty as well as long as what the worst of the game with Christie and Rachel and Ken. We were all on. They're trying to be proactive and productive all right. We're going to get back to the phone. We got wes on the line in California West, how can anthea help you? Hello Hello guys really appreciate taking the call sure. I'll see I. I've got a question. I am going to be attending medical school you in the late summer fall this year and I have a family wife and A. Son. I afford certainly house received a full tuition and fees scholarship to the school for all for years. Fantastic I'm very. Very grateful for that the thing that we're wondering about is is taking care of the other items as far as living expenses. You know taking care of our house. Maybe do own a home. I do house, so you know emergency fund saved up. We also have a retirement account that has about thirty thousand right now and so we're just wondering like you know My wife is staying with start at this point I'll be in school pretty much. Lockdown full-time wondering you know there's obviously the availability to take on loans. For living expenses I'm trying to figure out what the best plan of action would be to drain our emergency fund drain our retirement account. You know I'm I'm not sure what? That strategy would hold on a second west and I'm curious here and just bear with me because I'm going to play a little bit of devil's advocate, obviously, when you make a decision to go to med school, you know this is a commitment So, what were you all thinking? The plan was going to be before you applied. For I applied well I applied to yeah. I applied to schools specifically with more scholarships that had opportunities for the entire class to get A. Four year scholarship for their education. He's my. My plan was to apply to a school. I guess scholarship at and then to to you know. If I needed to launch, you take had to I. I do I. Do feel a calling to go to medical school. Instructions okay, and so I am committed to. That's no no, no. My point was. Is that your intention and plan? All along was student loans. If the sculpture did not work out. Okay, but you got a scholarship, but it only takes care of the tuition, right? It doesn't take care of the board and all that you've still got a mortgage and bills to pay. Correct okay. Are you able to work while going to medical school I, know the answer to this, but I know. People are out there listening and I know there. That's going to be their initial thing, but are you able to work while you're in medical school? No I'm not I mean I probably could do something? Maybe like Uber on Day Week. but the only other thing is is very challenging. Your medical school to stay up with all the studies and if I if I do poorly I lose the scholarship understand and I quote a million dollars right? How many years in are you right now? Have you started? HAVE NOT I'll be thirty my. First Year. I got a couple more questions I'm. GonNa turn over to Anthony. How much is your? How much is your? Is Your mortgage right now? I'm seventeen hundred. Okay, and how much is the homework? Would you say? Saddam sue so around to ninety. Okay, and how much do you owe on it? To seventy, okay, so it's not a lot of in there and so you know talking about this and looking at it. This is a you've got how many YEARS OF COMMITMENT IN MED school? For years. Okay, see, this is not a season or one year thing. This is going to be several year thing. And so you guys are GonNa really have to look. If you're going, avoid student loans, which I'm encouraging you to you know. If you had a lot of equity, we can talk about selling the home. There's not a lot there, and even if you sell the home instead of mortgage, you're going to have rent, so you guys from a lifestyle standpoint you know push come to shove. I wish you were better prepared. At least you do have an emergency fund. But. You know I'm not going to advise that. You take on the student loan now. If you end up going that route because you're not able to work job, one is going to have to be as you come out of med school and begin residency job. One is as you gotta hold lifestyle, tight and attack that debt. Anthony. What's your thought? You know West many. You're not really gonNA. Like my thought, you know and here's why. Because I. I teach this for a living so here Mohawk! Clearly you. You're too young to take on student loan debt. and. There's no reason I feel. I feel you when you say this is your calling, but this is not something that you have to do right now, am I? Knew I was called into Ministry I. Knew I was called into helping people, but I had to do within a right season at the right time. So that way it really impacts my life, and so what I'm GonNa, tell you to do is I'm GonNa say maybe Paul's alluded bit. Stack up some more cash and do this for me. I forgot the states. I want you to go out there and Google. There are some states out there right now that if you transferred to their state because they're low on in the medical field, they were Ashley. Help pay for your medical experience so before you jump on in California. Go Out and do the research and if you're willing to move if if being a medical in being the medical finishes truly your. Your passion, you're calling. Look at all of the do all the research before you make decision, but I'm GONNA. Tell you do not go to school and do not borrow a dime. Wait until you can pay cash for yeah, I mean because this is one of those things. Anthony like you mentioned. You know there's a good time. There's a better time in a best time. Yes, and right now just having a newborn. In your wife to be able to stay at home to take care of the kid you got make some decisions, and so you know it's going to require you guys go low and slow and think this through. This is the Dave Ramsey show. Can you buy for fifty cents anymore? Not much but year after year, my friends at simplisafe home security have provided the best twenty four seven protection, and it's just fifty cents a day. This is the award winning security US News and world reports calls best overall home security and twenty twenty. There's no contract to lock you in, and it's just fifty cents a day visit simplisafe direct dot Com now and you'll get a free security camera. Hello America, you're listening to the Dave Ramsey show on token joined it with by Co host and the O'Neill in. We are excited to take your calls listen. During this time of all this hectic pandemic in all the things going on I wanNA. Make sure that we're not letting some things slip and I'm talking about from an insurance perspective. Our country is going through some hard times right now. A lot of y'all have lost some jobs this year, which means a lot of you are no longer covered by your employer's health insurance, and that's a scary thought, because in this climate of fear. We've got a lot of things going on, but folks listen up no matter what don't lose hope. Hope there are health care options out there. That will still cover you the option. You'll probably encounter I is Cobra and with Cobra you can stay on your previous employers health coverage for at least eighteen months. The downside is that you have to pay the full premium which can be very expensive especially if you don't have the income because cobras probably GonNa Drain Your Emergency Fund, I recommend that you get private insurance with a high deductible getting insurance with a high deductible. Really benefit with would really benefit you right now because. Because your monthly premiums will be low. It makes even more sense if you have an HSA which is a health savings account. You'll save more money on taxes at that time. So folks here me out never again. Should you go without health insurance? If you're feeling scared right now? Connect with an insurance endorsed local provider. They're experts at this stuff, and they can point you in the right direction. Go to Daveramsey dot com slash L. P. again. That's Daveramsey DOT com slash L.. P. And Click on health insurance to get started. started. It's really important that you make sure that you're not only protecting yourself, but you're also protecting your family all right. We're going to go back to the phones. If you're out there, we want you to give us a call. The number to call is eight, eight, eight, five, five, two, two five again. That's triple eight eight to five five two two five matter of fact, go ahead and put us as a contact in your phone right. Just slap it in there that way you could just hit the button and call. And and just get right in and Kelly his. They're ready to help you all right we got. Maria is on the line. We are going to Florida Ao Maria. How can and I help you? Hi Chris Hi. Anthony Thank. You so much for taking. My call woke. View. So my situation is I, am currently months pregnant I'm not married I. Have No savings. Thank the Lord I do have a job, but I am eighteen thousand dollars in debt I give in November and I probably won't work for the first six months. a friend recommended I filed for bankruptcy but I'm not sure that's the right thing to do. What what advice can you give me in this situation because I'm I'm feeling very overwhelmed. Can Imagine. Tell me the eighteen thousand debt that you have. What kind of debt is it? so eleven thousand dollars is from my car. I'm I have about almost six thousand dollars in credit card debt. And I have personal I own my boss, and my dad's some money in the total about is around fourteen hundred dollars to you. Oh Your boss and your dad, so you bought some money from them. Yes. Okay, all right, and what? What Line of work are you in? Young, lady? I worked for farm here. In Florida, I'm just kind of do a little bit of everything. Really everyone plays different roles in the form. All right do or do you have family near you? Yes? I'm currently living with my parents. You all right, so you do have some support of the parents you know I'm GonNa, tell you you know you're having a baby. A November I'm GonNa Absolutely. Tell you are not in a position that you need to file bankruptcy. Okay, Your Fran. Whoever told you that their hearts? That's what we say here. In the South They didn't know what to talk about and and. And the reality is in. Let me just make it clear. Maria because I. Don't want that idea to keep percolating in your head to file for bankruptcy. You not only have to qualify based on state regulations, but it also costs money. Okay, so it can be fifteen hundred and up to be able to do that. A lot of people aren't aware, so you're not in that position what you are in a position of having understanding. Understanding your timeframe of what you'd like to do right versus what you now understand what you need to do, and so if I'm you, these credit cards that you have been charging and doing things, the worst thing you could do is keep using those to add to okay. Babies are small. They don't care what they come home in Trust me their little. There's a small, but we magnified, and we think we gotta have a five. Five hundred dollar stroller and a six hundred dollar car carrier on all these things and you don't okay. Babies need love and they need you, and so what I would do is get serious about a budget. Get serious about a plan figure out ways to bring in some extra income. This car that you have right I would look at selling it because what's the car payment? How much is it on this eleven thousand dollar car? so my car got two years ago. The car payment is to fifty, and I paid one sixty for insurance. Okay, and so you look at it eleven thousand of this eighteen thousand can be fixed. What selling it and then you get a different car, so you got some things you can do. It's not gonNA be comfortable, but it's going to be worthwhile. Yeah, emory, let me tell you this, too congrats on your baby You're bringing in human life Would you? Ladies can do is his. Amazing and I just want to congratulate you. Congratulate you on that and then here be my vice to is I will pause right now are waiting. Pause on paying off stuff, and and policies pay your minimum and everything, and just really like Hogan's said get on clear budget today eighty start piling cash because I think your stress is I'm hurting a little bit now on my own, and then now by the bring it another life and I, and and that's the scary, and that's a fair feeling to have what I want. Want you to do is to pause, and then stack up as much cash as you possibly can right now then once you have the baby then I'm like I'm like Hogan here. I want you to start looking at southern that car. Get you a cash car. Free up some of your your stuff, there but bankruptcy. You're too young to bright you too smart to be going down that road. You can sit there and get a good and pay off. I Agree Maria. How do you get along? How's your relationship with your parents? It's great. My parents have been married for thirty years. The example I have is amazing. I'm I. I am with my boyfriend. We are together so know that he's going to be around for the baby and he's going to be. You know supporting but. Good conversation you all need to have is what time you going down to the justice of the peace. That's what you do right there. That's that's one imprint drive. That's not far and just have that conversation then. Yeah, then y'all can start to plan stuff and do stuff together right now. You're talking about it, and so you can be about it by just getting that little piece of paper moving forward. That's what I'd suggest. You do but be intentional. Here have the conversation with your family but I'm gonNA. I'm. I'M GONNA. Be Serious with you with a credit card. That's the worst thing you could do. Keep adding to that. That is not going to help you. It's not GonNa, put you in the right footing at all. If anything, it's going to add more stress to you and your life right now, debt is not your friend and ao I've told people that's that's like the frenemy. Friend of me is and now. Not. Too. Young for that I know right. Listen to me young. I'm a little bit here. A friend to me is somebody you think is your friend, but they turn out to be your enemy. Think about it. That's all right. My generation. We call a hate him. A hater. Ahead of me you know what that is. I've listened crush I went first frenemy. So that's exactly what a credit card is. Back, when you were young and you got that credit card, yes, you thought you had found a best friend. Yes, and in reality. What you realize is that wait a minute. He hates. This thing just takes all it does is take. It doesn't give you anything, and that's exactly how I want people to see it. Don't think that they're giving you status or clout or anything in life. No, it just takes because in the middle of this pandemic. When we had all this stuff going on in life, we had shutdowns lockdowns. lockdowns and jobs were wrong that the statement stopped showing up in your mailbox. No, did they call you and try to act like they cared probably not see. You got to see it for what it is. It's not your friend. It's one sided so let's deal with these debts. We teach the debt snowball here listed. That's out smallest to biggest and listen to me. Don't you tell me about interest rate? Care about it. Get now to debts, not about math by friends. It's about momentum. This is the Dave Ramsey show. Hello everyone, this is the Dave Ramsey show I tell you they limit how much they let a and I do this together because we get rowdy and we have fun but we appreciate the call so far. We've pets. Amazing calls people being real and upfront about where they are and what they need, so we're here for you. We're going to get back to the phone we've got a manda is on line three Amanda. How can Anthony I help you? Can Talk to you guys today? So my husband and I have just recently received a thirty six thousand dollar inheritance and with the question that it has is, we have paid off our except for a mortgage and we have about ninety one thousand dollars left to pay on the morning. And wondering if we should take all of the inheritance, and that towards the mortgage, or if we should put signs and retirement if we could and our daughter's College Fund you know what what you guys would advise to do with that. Matt appreciate you calling in and trusting us with your question cannot may I ask? Where did this money come from? it was from my husband's grandfather parts. Okay, a right, and so you know whenever you dealing with an inheritance, which you have is a situation where someone thought of of you all. They intentionally left it to you, and so you know it. It's important to really be clear with that. Those Funds Act because you know. It was a blessing for it to be left to you and so you do want to do some things that allow you to make some progress. And believe it or not, and I'm to turn over Anthony. I WanNa, hear his thoughts, but typically in that type of situation. What I would do is wants the money comes in Park. Those funds in a money market account. Let it sit for a couple of months, and that way you can be clear on what it is you WanNa do you set something that I absolutely agree with, and that's what I advise people. If they have debt, then you WANNA definitely use it at toward debt, but you mentioned you've got the mortgage. You've got some college and you also were talking about retirement. And believe it or not, I, literally as I would coach. High Net worth people are pro athletes entertainers musicians whenever they would get bonus money in or things like that. I would actually operate from Pie graph approach meaning I'm going to look at this dollar amount and I'm actually going to split it up like a Pie, so I'm making some progress in multiple areas. Does that make sense? Amanda And see that's what you were literally speaking as you were talking, and so if it's thirty six thousand dollars, you've got an opportunity to decide okay. How much are we going to send toward the mortgage? How much are we sending toward college? How much toward retirement? But there's another category I'm actually going to tell you as well and this is GonNa Shock Amanda, but it's also something to enjoy and that light looked like you all taking a trip, or something and really taken some time to really think back and remember the grandfather an honor them, but but that's a viable option as well once you out of debt, and you guys are so that's something you can totally do, yeah. I WanNa commend you you know, are believed people perish for lack of knowledge and gaining of wisdom, and the fact that you are calling onto the show a to get some knowledge and wisdom on what to do, and be how to be a good steward of this inheritance I. WanNa commend you of that I. Really Do and I I want to echo everything. THAT HOGAN SAYS I won't repeat that but specifically when you get it park in. In here's. Why say parking as well so this way you can just sit. Think process and see what comes up. You know and just stick to. The baby says that's one thing I love about baby steps four seven, specifically specifically for through sakes you can do. All three of those four does at the same time, and so do the Pie Chart. Invest up I'm a huge fan of investing into your son daughter's College Fund. A baby steps five. A huge fan of making sure that you'd be a good steward investing into your future, because that's why you have inheritance because they wanted to invest in to you and to your futures, Amanda to you and your husband tend to think the same about money. Okay. Where's what I would do because you're the one that called in with this? I sit down and have a conversation with him Whatever it comes into when when you're dealing with inheritance you know I always like to defer a little bit to the side of the family came but then gain agreement on the direction to go, so I'd have a conversation about this pie graph, approach and begin to let him. Excuse me, he working. He's working. He told me just call and see what they would say. Okay well. You can replay for him later. But. Yes and I like how you guys are working together, but just wait till you're in agreement and that's fun. Category is totally acceptable now. A Oh, I'm sure. The Youtube Channel over you probably got some people turpin getting riled up there like Hogan. What do you mean they can have some fun with? It isn't too many people. Okay, there added. They're Outta debt that got the mortgage. Okay, so they're paying some toward it. They didn't. They had credit card debt. We're having a different conversation if that Carlin's. Carlin's a different conversation, but they're at just having their mortgage, so they're on baby. Step number six wanting to know what to do with some extra money. So that's why. I suggested the Pie graph approach of sending some money in multiple areas, or they may decide that they wanted all in another area again. Once you get yourself out of debt. You give yourself some options Hogan Youtube. China's asking well. Why not pay off a mortgage? So there's still some form of debt. Well. It okay so they. They have their getting thirty six thousand coming in they. Oh, ninety, one thousand, so they could decide to make a big chunk toward the mortgage if they were getting in one hundred twenty thousand, and they could have wiped out the mortgage then. That's where I would have encouraged them to go that route but they can decide to make chuck I'm just saying you give yourself some freedom. See People often think that we say that people. We don't let people to have fun what they think we. We don't want people to take a vacation. We don't want people to have a nice car. See that's not true I remember. Little Lady rolled up on me at an event and she had flipflops on, and not get here. Come at AO, she attitude. It was like pop up up up up and she goes Mr Chris. You and Dave don't want people to have no stuff and I just looked at it and laugh. I said no ma'am. That's not true. We don't want stuff to have you. And when it's attached the debt, that's exactly what ends up happening I. Want you to have nice stuff. I just want you to have it with cash. Right and do it the right way. Okay, so you didn't got you out all also I do WANNA call out to all the listeners out there since Anthony has called me old, and he's young, he did at one point in his answer say I agree with everything that Hogan's set so wisdom prevails. Hush your mouth going to the phones all right next up. We got Hamad Online. How can we help you sir? Hey how you doing. Focus out finish my friend what's on your mind. Yeah so I guess recently graduated college. And, just started my full time job and I just had a couple of questions about like investing ideas so basically with my job. I get like some benefits which include target. One hundred seventy five thousand dollars in stock dusted over four years so twenty five percent every single year. And as well as like a four one K. and employee purchase plan. For more additional stock. Now I was wondering in terms of the RS issue, which is the seventy, five, hundred, seventy, five thousand. Do you think I, said keep that or trying like move that towards like real estate, investment for some other investment idea. Through, the what do you? mean. You know here's my I ain't. What are your long term? Goals Man Right now. Well right now is I want to end up just starting to own some real estate that way that like I could start having a additional money outside of my work so and just start saving from there. Do you have the basis covered? Though, do you have your 401k's in you? Roth IRA's already invested into. So I just started working, so it was my first job I haven't really set up a four one K. or Roth IRA okay. Go so before you even do anything. I. Want you to start there. Okay, because that's the foundation that's GonNa really set you up for success now. Would you just starting your job right now? You may not be able to go into into 401k program right now. Go ahead and talk to HR NC eligible to do that, but right now you can open up a Roth IRA invest into that. That's very first thing that I'm. I'm going to do. Could you sound like you? A young sharp man I loved what you thinking and I love how you want to get into real estate and I wanted to get real estate but I. Want you to start with a solid foundation I. which is Max Out Your 401k and your Roth? IRA's yeah, yeah, absolutely muhammed. I think that Roth. IRA is the way to go. Typically with the 401K. You've got to be there nine months maybe a year before they can do that, so just get started on the Roth. IRA, give me a favorite go over to Chris Hogan three six dot. COM Click on the Dream Team Button. You can find a smartvestor pro in your area that you can sit down and begin to talk to and walk through on these things the key is you want to get some guidance all right? Listen this hour blue by fast a OH. Yes, had a blast listen, I WANNA! Thank Kelly Daniel Associate Producer Zach Bennett filling in for change. Child is our producer and all of you. America for tuning in this has been the Dave Ramsey show. Hey guys George Campbell host of the Dave Ramsey show video channel. You can now listen to the show on your smart speaker. Just tell your Alexa or google device to play the Dave Ramsey show or find out all the ways you can benefit at Daveramsey. Dot Com slash smart speak. Money isn't the only thing we talk about around here. Get life changing advice on your career for my good friend and career expert. Ken Coleman all my Ken Coleman. Show according to a recent Gallup poll. Nearly seventy percent of Americans are disengaged at work. If you dread going into work every Monday morning, and you're just trying to make it to the weekend the Ken Coleman. Show is for you. Everyone has a sweet. Sweet spot, your sweet spot is at the intersection of your greatest talent in greatest passion. We will help you discover what it is. You were born to do, and then we'll help you create a plan to make your dream job a reality you madder and you have what it takes. Join the conversation on the Ken Coleman. Show hear more from the Ramsey networking pleading the Ken Coleman. Show wherever you listen to podcasts. Hey. It's James Producer of the Dave Ramsey show. This episode is over, but check. The episode notes for links to products and services. You've heard about during this episode. Thanks for listening.
Perspective Gives You Awareness (Hour 1)
"Live from the headquarters of Ramsey solutions broadcasting the dollar car rental studio. This is the Dave Ramsey show where America hangs out to have a conversation about your life and your money I'm Chris Hogan Co host with me this hour. Dr John Baloney and I'm GONNA. Tell you we are excited to be with you. We cannot wait to talk to you about the things that are on your mind. Dr Baloney is skilled in artful at times in the ways of dealing with feelings and emotions I don't even know what artful means don't either, but we're going with and excited. He seriously has dug in and has spent many years. Helping people walk through feelings, emotions and difficult situations, and I have spent many years helping people walk through and deal with money situations and decisions in an artful way. At times I'M GONNA say you're an artful man, very direct way. And so together. We are going to be with you and we're excited to talk with you about your questions, so here's what I wanted to do. Call us. Kelly is ready to take your call and talk with you. The number to call is triple eight eight to five, five, two, two five again. That's Eight, eight, eight, eight, two, five, five, two, two five, and always you can find us on social media at Ramsey show you. You can find me at Chris Hogan Three Sixty, and you can find John at John Baloney and so with that we are ready to dive in and take some questions now I. Always Talk About Social Media questions and always tell you all to send him in, and so I wanNA. Make sure we're GONNA. Start the show off with a social media. Question into this was directed at Dr Delauney here and this one's real. A lot of people that are out there finding themselves in this situation and not knowing what to do or how to cope, so here's a question John. Maria on instagram. She says my only child is going away to college. I'm sad worried excited excetera. I'm going to miss my girl. How do I make this transition the best I? Can I love this question because she captures it all sad worried excited, and what's so many of us? Do we default to one of those? And we let one of those emotions just take over and May and Maria is wise enough and loves her daughter enough to feel mall at the same time, which is what happens when you drop your kid off at college for the first time so I've had this conversation with thousands of parents over the years. I'm going to recommend that Maria plan for the next few months a weekly time for just them. To talk what's going through your mind? Are you excited? What are you nervous about and show her daughter? Here's what I'm feeling. I'm GonNa Miss. You I actually like you hanging out at our house. I am so excited for the next step in your life, and I'm going to have to do some new things because you're going to be leaving me right and it teaches the child that my mom's a person to and she's got a heart to, and she's got feelings to all those things that parents often try to hide from their kids I love this. This. Spend intentional time with your daughter. Maria needs to get some friends that she can hang out with and not dump on her daughter. All of the stuff right and I'm going to super recommend that she start considering painting a picture of what life is GonNa look like her. You mentioned that we can feel all these emotions, but we sit on one. How do you begin to try to sit on the most positive one I don't even know that the most positive was always the the right one. Okay. I think that we tend to take on an identity. I'm kind of a sad guy. Excited guy and so I like when get have a moment like this where I'm feeling a lot of emotions, I go to my drawer of emotions and I put on my glasses that are said because that's just how I'm just. That's just me I'm an er guy or I'm the Super Optimistic Kinda guy and so I. I love to encourage people to write them down, 'cause it gets them out of your head, and you get to actually see I'm in. I'm way more excited about my baby will even. Then I am worried. But I'm also really sad, and I should be sad, because I love my daughter and she's lived with me for eighteen years, and now she's going off to. Meet Zone Hairy, legged, idiot, and all the things in between so I I think writing them down getting out of your head, and then deciding choosing wisely which one you should take on that moment. That's good and I think it's important to remind ourselves of feeling what you feel. Don't try to muffle it. You know to experience that and to look at it, but at the same time I think looking at it through the lens of for your daughter, where you can be more excited and encouraged for her than yourself and I like what you said about finding friends that you can. You can talk to I. Think men are more apt to isolate mentoring. Idiot sometimes. Fear, yes, through the feelings I don't have any feelings. Fix The boat. Guell told me why have three I'm either happy, mad or about to be made? Those are my three, and so I have obviously had a chance to speak to some people that have enlightened me that there are more but now allegedly the isolation thing I. think is dangerous. and especially I've got a few friends whose whose daughter's going off to college, and they've actually opened up and like dude I'm I'm I'm worried or amiss and I said man. I appreciate you telling me that you know just so it's real and they know that they can talk about what they feel so you're you got Your your boys are all in the mind. Put yourself in in that position. Your low enough the suburban to. Sit Sin when your boys off and they're going off to Washington somewhere. which is on the other side of the country from where we are Nashville? Put Wrap your head around that for me. Would? That feel like dude all the I mean. All the things like Maria, said sad. worried excited for them that they're kicking off life because I remember that nervous. Are People going to treat them, you know. Are they going to have friends? Are they going to get connected? Is that the right place for them? Do they feel involved? Are they going to the fringe? They're gonNA make for life. You know those kinds of things. Would all be swirling around in my head in not one of those things is something that Chris Hogan can deal with can control right. That's right Oh scary. I used to laugh, so I spent years like. Working in in housing universities, and before I had my own kids I would hug these DADS while they're dropping their kids off in these big Ole Macho dudes who tried to out sweat their feelings. They're just carrying refrigerators upstairs, trying to snuff into a slim Jim and not feel anything, and I would hug them in the hallway when they finally broke down, that'd be rolling my eyes. And then I had hank my first son. And my only son in my first kid, and I'll never forget dropping him off, and he's like nine months old at like a Tuesday Thursday school at some local church for like an hour, and I sat in the parking lot and my wife's wrath, four ball in my eyes out, as though shipping them off to war, and I had this total reorientation to. To what feelings we're like what true love looks like all of it. Man So Maria God. Bless Ya be open with your daughter. Get Your own community. You can connect with and intentional about feeling all of these feelings that you're gonNA experience because they're all real. They're all valid, and you're GONNA. You'RE GONNA love this transition time and you're going to be said. Said with the to know, that's such a good point. Perspective gives you awareness list him right. Yeah, and you know it's an opportunity for us to be able to grow forward and be able to push forward, but I think you're absolutely right. It's not meant life is not meant to be done alone. isolation as dangerous and regardless, and during this pandemic right I. I think a lot of people have felt isolated. A lot of people have felt disconnected, and so we need to use technology. Use facetime skype all those things we don't have to be in proximity to have connection right. It's about having relationship and being open and honest. Do what we do whatever you have to do right now even if it's to take second rate. connection. Do, do it. Break down the barriers, people. Life's not meant to be done alone. This is the Dave Ramsey show. No matter what time of year it is focusing on your family's financial plan is always a smart move. I get questions all the time about where to start and what to do I. Getting Term Life Insurance needs to be a top priority I recommend ten to twelve times your income and lock in rates for fifteen or twenty years. This gives you plenty of time to get out of DEBT AND BILL WEALTH I've been recommending Zander insurance for over twenty years. They understand and live this strategy and we'll take the time to help you find the most affordable term. Life rates go to ZANDER DOT COM, or call eight, hundred, three, five, six, forty, two, eighty two. Hello everyone you are listening to the Dave Ramsey show you have Chris, Hogan and John Baloney. We are co hosting. The show this hour and excited to talk with you as always. We told you to call in and you have done so and so we're going to go to the phone. We've got Jordan out and Colorado Jordan. How are you? Today, good well. It's good to hear your voice. How can we help you? Okay so I have followed the baby steps I. You know we every dollar. Jet I have Vero, debt I have my thousand Dollar Emergency Fund. You know six months. Pay! I have eleven thousand dollars in my savings account. And yes, and I'm putting five hundred a month. into savings and I've been doing that regularly for the past year, but now I'm like well since I have all of those little safety net I'm like. Maybe I should start putting all of that five hundred into a low cost index fund or some type of investment strategy rather than just into a plane savings account. So you have how much in savings right now? Eleven thousand. Okay, and that is your six month. Emergency Fund! No that's my thousand dollar Emergency Fund and then six months pay okay. All right I had more in okay. Yes, I make two thousand a month so okay thousand yeah! So, you're wanting to know. What are you saving up for a house? What is your goal? yeah, eventually I want to buy a house, but I'm just thirty two on parliament with. My Boyfriend I'm not looking to buy a house right now. I'm not looking to start a family I'm just looking. To get as much money as palpable okay, is your income steady and everything throughout this whole Cova situation? Okay I work in healthcare. Okay, good all right well. So what's your question? My Fortune. Five hundred dollars right now. I paid five hundred dollars in my sake. And should I instead of putting that into my savings because I might really good in my savings are now. Maybe I should put that five hundred tours investment okay, are you doing any investing through your job through four zero three b? Far along. You have a four one K.. Are you doing fifteen percent there? Doing seven percent. Okay, so what you would do is you need to get to fifteen percent. Is the key 'cause. That's what we tell people you get out of debt. You build up the fully-funded Emergency Fund, then you WANNA be investing fifteen percent of your income for the future, and so that that would be that mindset now. The other side of that is as you're doing this. You said you're not looking to buy a home right now, but you need to think about. If that's something you're going to be doing. Then you look in your income, and then you could start to save money that would be baby step three B or for you at some point saving a home down payment. You would just put that inside of your Emergency Fund so you know you said you're. You're living with your boyfriend. You guys need to get married and do it official. Do it the right way, and then you guys can kind of combined income and start to look at what you're doing and having some plans for yourself, otherwise all you're doing just wasting time, and you know creating heartache and headache potentially for yourself down the road. So that's what I would do. If I'm in your shoes, get up to fifteen percent there. Start to save for a home down payment, and then now as you all are starting to move forward, you know, have city, don't have kids. You don't have any desire for family yet. Then then you could start to look at potentially investing more. Bottom line So that's the deal that's where you go with that. And that mindset is again. It helps us to be clear and John I talked to people all the time. They'll tell me that they're. They're doing the baby steps that I talk with them and find out they're not. They're doing their version Yeah, don't Jack with the recipe. That man dad works I am guy that's always got a scheme on the other end of plan. Right like You know back in high school coach coaches say run the route. It's fifteen yards. Break it off comeback three, and then I'd get out there and think runs twelve right in or earned eleven strong play man. When I was first paying off debt, and getting out of debt with baby steps I know Dave says to do it in this order, not that he's smarter than me or can do math better than me but I. Think I need to do it this with a follow it. Yeah, it does I other things to worry about? Don't you can tweak a recipe from your grandmother if you? You want to and add more all spicer some whatever, but but when it comes to this follow, these baby steps, it's helped over seven million people around the country changed their family tree in their in their whole outlook on money, so it has an opportunity to have an impact for you as well all right. Let's go to Sarah. Sarah's calling us from Minnesota Sarah. How are you? I'm good. How are you? We are focused and not finish. How can we help you today? All Right? My husband and I are twenty seven years old, and we're a baby step two. We are introduced to Financial Peace University after my dad took the course in two thousand, sixteen, my dad and here kit the family far his dad by assuming all the debt, and he had to quit the farming last year and sell some land after years of a farm just wasn't enough to clean up the mess that was dealt for him. My. Dad is also receiving counseling medication for depression in the last year, and while he's doing better, and he and my mom are not on figuring out. What's next I'm going with this guilt, but my husband. And I heard y'all on a path to be well off while they parents have worked hard for their lifetime, and are now having to figure out what they have left to show for it so I'm just wondering if you're doctor John, have any advice on. I'm feeling guilty like like other people deserve this more than what we do. That's a great question. Where does where do you think to guilt comes from? Why aren't you were a great success? I. Feel like after years that they put in like they deserve more. Tell me. How would you define the word deserve? Like that, they've they've worked hard and they've. They've done what they were supposed to do, and it just didn't didn't panel for them So. I think you're tapping into something that I. How old are you? Twenty seven. Yeah, you're tapping into something that I think is running rampant through. Folks, my age and younger. Maybe, my age to about eighteen, which is if I, just do a B. C and D. E F and G will happen. And I. Think all of us have been caught off guard by the pandemic. By the stock market fallen in half, or will all the things that happened? Just not how life works and what I? Here's the deal you've got choices era. You can live in that and I have felt that I work a job right now. that my granddad could never have imagined. that someone in his family lineage would would be would be working. so I can think man. He really busted it. He was a world war. Two Vet. He did all this stuff. And then my dad was a detective, and then he was a. you can live like that, and it will bury you, and it will cripple you, and it won't solve any of your parents, problems or you can flip. And every day you wake up start today with a gratitude that says I'm so grateful. That I've got parents that taught me how to grind, and what ever? They was thrown their way. They got up and they did it again, and they did it again, and they did it again and I know that sounds simplistic and simple, but it really comes down to a choice. You want to carry around that brick of. But we've got this path now, and they don't. In that kind of weighs me down or you WanNa put that breakdown and just cheer them on for who they are sounds like your dad's still figuring it out, which is incredible good for him, man I know guys just lay down for a guy. His Age to go said Hey I'm struggling with depression. Huge win a guy saying we've got to sell part of the farm huge win. All of these things are telling me that your dad is a go getter and so the guy at the end of the story. Wins isn't somebody that had everything go right for him. Somebody who kept getting up and kept getting kept getting up. You know and looking at that too for her. You can hear her love and care. Oh My. Yeah! But but at the same time I agree it. It is a mindset of understanding what we have in front of us and how we apply. That's right and there were deserve. We've got to reclaim that a definition of deserve, which is you deserve love? You deserve relationships. He don't deserve air conditioning a roof. All these other things that we think a great car with leather and here we don't deserve any of that stuff you can work really hard, and if things lay out for you, great man, that's awesome. Go We! We get the choice to continue to push. You can't drive and when you get knocked down, you get back up dust yourself off and you understand that. Hey, this is where I'm going I'm moving forward right and as I. Tell people all the time. They asked me how I'm doing. I say I'm focused and not finished. This is the Dave Ramsey show. People all over the country are discovering a faith-based and budget friendly way of meeting healthcare cost through Christian healthcare ministries, Christian, healthcare, ministries, or C. H. is a nonprofit organization that helps members carry one another's birds with healthcare expenses, and they have successfully shared each other's medical bills for nearly forty years. CFC H AB is right for you by visiting C. H. Ministries Dot Org C. H. up on sponsor of Dave Ramsey live events. Welcome back everyone This is the Dave Ramsey show I'm Chris Hogan Co hosting with me this hour's Dr John Baloney To Take your calls and we're going to get to the phones got Stephanie is on the line. in Springfield Missouri Stephanie. How are you? Guys, thanks so much your time. You're welcome. How can we help you today? So, there's a disagreement between my husband and I were trying to see for herself. Yes, we did the. You do you feel? Do we get the final verdict, Stephanie? You do. You He's a social worker. I'm on I'm on team Stephanie Go. You can't do. It could be your fault Stephanie definitely. Tell us what's what's going on. So background we've been together for eleven years with the married for six hundred of those years we four years in tournament which he opened up and told me I may the student I didn't know. How bad is My parents were fine and paper I first year. Ahead, scholarships and then I worked for the rest of the way so I graduate new debt. Bill that he thought was fifty thousand dollars. He had been pain on. And I would. He told me about it two years ago and turned into more than sixty five thousand dollar mess. So it's it was pretty insane for. Months we've been blast. Month old baby that we've had a love of our lives, and we paid off fifty thousand five hundred Thatcher NBC's past nineteen months. I. Think you. We've been really focused. Yes some gear and we're sets the out of debt completely by September. And then we'll planning on getting up that fifteen thousand either -mergency savings fund. Planning on having that done with work well by January next year. So we're having family come. And once been collision and asking them to visit, and there were saying where from three weeks to a month at a time. And our house is thousand, six, hundred zero. and. It's a lot when he has. people come Jay with US furnish warrant. And really wanted to up in house, and he is warning tries to pay off her house. Have It's worth about one hundred sixty five south, and we have paid off. It's down to about ninety thousand and so We could knock this out and probably your head off. But I'm really waiting for us to go ahead and was in the next year in summer fest. So I just wanted to get your advice, so you could talos disagreement between us. So when you talk about moving up in house, what is your idea kind of square footage Stephanie? So I would like something that's about two thousand, five, hundred, three thousand square feet I would like three or four children. So and have the same idea and a dream cows and we're thinking seventy, two three fifty. But he is embarrassed how long it take difference you get out of it and the bill, and so he has all the. And, he just wants to get a really solid situation and we both want that I. Would just trying to figure out what's best. Dodge Ram and are you both working outside of the home? I guess there. I'm the Director of a nonprofit and I also have a small job, though ideal side with him, and then he's again. He's a social worker. What Israel's household income. So, it's increased. Paying off debt and everything about thousand, and now it's up to your ninety to ninety five for the this year's. Day dodger. Let! Let me go back to something before we get into this, you said family comes to visit for three weeks to a month at a time. Why did they move in like? Why are there that long? we invite them. They're in a different state, and so we really want to be here for them to be over signed and and my parents teachers. Summer. And my mother-in-law, fetch retire and September. Dogs my husband would are making can do. You, laugh or Including and she said. Okay. Your phone's going in and out so you like them to be able to come stay and so is this. Are you wanting this home because of the people coming to visit or you and your family? For me and my family, my job mainly right now is working for. That's transition to that, and that might be a permanent thing. I worked here my dining room table. Oh, good good, so we got the facts and details all right John. What's your vote? Stephanie right out of the gate so I'm going to back away from my original declaration of team, Stephanie. I'M GONNA go. I'M GONNA SPLIT SPLIT The. Middle Switzerland style. Here's a couple of things that I would say. Think through so and do you say it's a mouse that I? Don't want to gloss over Stephanie so if you got a minute, let's park on this call I want you to to to not miss the what I would call an easy math problem here. You would be better off financially. Forget your dreams of a huge house in your forever house and having a Home Office and all that stuff. If you just think about renting an AIRBNB for a month in Springfield? You're going to pay five hundred bucks a month, seven hundred and fifty bucks. A month to take a small apartment take a small Condo for that kind of money. It's if you think about that once a year or let's say it's a thousand bucks and you spring for the whole. Thing yourself. You invite your family and you pay for it all. That's going to be significantly cheaper than selling your home and upgrading so I take the motion part out, and this is just for me. Chris is GONNA. Actually do them the money part here, but that's just an want to get back to a math problem also live by this rule to. Live in the house for the life live most of the time, and so if you're gonNA, move because you need you work from home, and you're GonNa need a Home Office. That's one thing if you like Chris said. If you're moving because your family comes over and stays along time, that's not a reason to literally double your debt. Load right to take on this giant forever House that, of course you guys want and all that. But. Live in the House that you live in most of the time, and then you make arrangements if someone comes, spins a couple of weeks with a two or three weeks with you I want to go back to something. You mentioned earlier. Your husband sat on this deception for four years. Tell me about that. Yeah! He was embarrassed about it, so I don't I don't care about him. Being embarrassed I I'm asking you. He lied to you for four years. He didn't lie to me. He just didn't realize that. It has gotten the big because they had looked at it. and. So that was. There's a difference. He's a really honorable good man. in well Christians he? He didn't lie to me. There wasn't any deception. It just wasn't comfortable talking about it and I used to work at a radio station. That actually have the Dave. Ramsey show so I've always been a big Dave and fan, and I would have stood out, you know. When he told me I did. It so. I'M GONNA suggest. I. That's hard for me Chris. It's hard for me Stephanie. It's hard for me that you. He knows how you think about debt. So I'll give you this. He didn't out and out lie to. You didn't say you only money on loans and say no. No, no, no and he didn't buried that in the backyard. But there is something to be said for. Had No. My wife hates debt and she will flip out if she finds out about this. I'm just GONNA. Keep putting this envelope in the drawer. Yeah! Here, here's my thought with this Stephanie at first of all I applaud you all for your intensity and paying off fifty nine thousand five hundred debt. It tells me what you all can do. which is phenomenal, you also alluded to that. You want to grow your family and you guys right now are in around sixteen hundred square feet. I'm believe it or not. I'm actually going. On this okay! Excellent over here Baloney, I'm actually going to have a spine and give you a decision. I think you all could upgrade in House I. Think you? All getting focused finishing off the student loan debt. You said this home. You owe around ninety to ninety five. How much do you think it's worth? It's worth the hundred and sixty, five, hundred, hundred thirty nine. I think. You guys looking starting to talk about it. I think this is something you could do again once you have this debt paid off. You are looking to do it, but I don't want you to do it and I'm not giving you my approval just because families coming to visit I'm looking at your overall financial picture. Go and you know what you could do this now. You and your husband are going to have to talk. You guys going to have to get on the same page to look at what this looks like. And here's the reality. He still stinging about the student loan debt he's got to. Move on this right thing and he still hurt. He's embarrassed. He feels like he pulled the family down and set you back so now what you all have to do is talk and clear the air be opening real about what it is. You're doing and I want you to make your decisions. You make a decision today that you look back on in two years and you glad you made it and I think you all do that. where the hatchet being open and honest, you can get this house and you can play that bad way off. This is the Dave Ramsey show. then. All right everyone your back listening to the Dave Ramsey show. I'm Chris Hogan and Co Sing along with this hour as Dr John, Bologna. Rather blast taking your calls warning you all to reach out. Let us know what's on your mind. You know in the midst of all of this pandemic, and all the things that are going on financial questions are real, but so are questions about life and what I don't want you to do is feel isolated, and it's real easy to isolate ourselves. especially US men who won't reach out and talk about the things that are on your brain, and on your heart, and so I want to encourage you to break down that barrier. Take that step reach out. Have a conversation with some about someone about the things that are on your mind. Life happens, but you don't have to life alone, so we're taking your calls and we want to hear from you. That number to call is eight, eight, eight, eight, two, five, five, two, two five again. That's triple. Eight, eight, five, five, two, two, five Kellyanne in buying would love to be able to hear you so right. We're getting to the phone lines. We've got Tonja on the line. Hello, this is Chris. Hi How's it going? Oh, we're doing fantastic. How can we help you today? So I'm in a bit of a dilemma, so I just got a divorce and my ex. Husband has a truck that we are both on in the decree. We made it to our. He's one hundred percent responsible for the vehicle and I know there's no way for me to get out from under it unless he refinances for the problem as he wants to repossess the truck back to the Dank. Oh so. That's been kind of screw me on everything else. And earlier when we first separated, he had mentioned filing for bankruptcy. So, do you have I'm? Okay you have the divorce decree that says he's responsible for the truck correct. Okay so what I want you to do is to take that and I want you to read go reach out to wherever it was financed at. Get on the phone with them. Provide them a copy of that, so they can make the notation on the account, okay? So I, know you're. Earlier today I, I actually did I, called that bank earlier today and I told them, and the girl told me that basically they can still come after me if anything he doesn't. Want to thank her for her customer service Standard Response. Now what we're going to do is ramped as bad boy. Okay I'm from a former banker, so we're not gonNA make a phone. Call would probably go into the bank to sit down with the branch manager okay. And if that doesn't get through then you're gonNA. Get to the district manager or the reason vice president The deal is is a on the loan in itself. You guys are both on it, but helping them to understand the liability side through the divorce legal process. He is responsible for this loan, so they can note it, and they can actually even put it to where it doesn't report negatively to you all right and so to prevent you from having to deal with the emotional roller coaster of your. Your acts who knows you're on there? This is a way to get to you again. You said I. Want you to remove your emotional buttons. I wouldn't communicate about the truck to him whatsoever I'll I'm going to save my energy. I'm going to communicate with the Bank GonNa, send them a certified letter with delivery confirmation Once you have this conversation. I'm GONNA take notes as I'm talking about the name of the person I'm talking about and then I. Want you to follow up on it to see what happens. Okay, and it's irritating I. I'm telling you but in this situation unfortunately if we're their credit cards, you all had jointly together as well. Oh? Yeah, there's too so there's credit cards we have together. Who was responsible for those deaths based on the talking with Dave, Ramsey yes, I've been listened to Daveramsey for over a year. So I've been trying to you know I've been working on the baby shops and every time I would move onto David. Step number to start paying down credit card. She would just mack the back out again, yeah! How much is owed in credit card debt? On My side or his side total right now in total. I honestly couldn't even tell you so many credit cards. He kept me in the dark about all. The financial stuff is so I'm just now having to learn everything myself, and that's why I've frustrating because I've been dealing with the banks down with you know X, Y, and Z phone calls trying to figure out all this. Information that I was kept dark about and listen to me. It's going to be a part time job for you. you need to pull your credit report? You Need Tri. Merge out of the credit repositories out there there are three of them. There's experience transgene as well as Equifax you need to pull the tri. Merge copy of your credit report, so you can see exactly what's on there and what's owed? And based on the divorce decree. Who's responsible for what inside of those debts That's GONNA be important I'll tell you what I'm GonNa, do I'm GonNa? Get you connected. Kelly's going to get your information. We're going to get you connected with one of our financial coaches, and they I train them walking through situations like this, so they'll be able to sit with you and help you navigate this. It's irritating and frustrating, but it's going to be an necessity that you make this a priority and remember. Remember what I said about. These emotional buttons based on the divorce decree. Whoever's responsible for what that's? What has to happen But you know. I think you know in this situation. Tornado for utilize right now is irritating and frustrating, but you're going to get through this and you're going to be able to move forward now faster through these baby steps because you don't have that anchor around you the person that's trying to go in reverse when you're trying to go forward, you get a chance to pursue. Your terms so I want to encourage in. Doctor wants you to speak to us. We got to let go of the victim thinking gay. What's done in the past is in the past I tell people to rear view mirrors smaller than the windshield baby, and you can glance back in the rear view mirror but I want you to focus forward. 'cause what's ahead of you is better than what's behind you. I as a general rule of life. Talk too much. But, that's the best answer I've ever heard, so I'm not even to say anything. Christopher that was part banker, part, marriage and family therapist part attorney Joe all of it well play or not normally so concise in Weiser. But you're exactly right that the thing that. You said she needs to hear is. In that short phone call. She mentioned things at her. Ex did several times. Yeah, that's gotTa stop because she can't carry that stuff. It is what it is now. She can decide to move forward and it sucks man. It's heavy and it's annoying and she's GonNa put credit report. Dude and that's going to be. s going to be devastated. She sees all that nonsense. We noticed. Is Awful and then she's GonNa get with a with a coach. She's GonNa. Get a game plan, and then she's going to go forward. Let all that nonsense. Go and I know that sounds trite and easy, but Christopher. You keep working at this. You'RE GONNA. Get this radio thing. Down friend well, I got the radio, so I think we all right. But but no, you're right. I like what you said about. Put it down and that's amazing. Because each day we decide what we're going to pick up in. How much crap I wake up every morning I just start picking it up grabbing frightening. Get out of bed. It's exactly right. Do you ever watch the movie frozen Oh? Yeah, all right I got a four year old daughter. My youngest son, I saw it so many times in the song go and I'll never forget. I was watching it the seventy second time I watched it so much. I was hoping it I'll man one of my buddies. Who Played Football at Alabama? He goes dude. Are you humming frozen without blinking US do. Did you recognize him? Right first and foremost, but but here's the deal. These these Disney movies have adult themes. Let it. Go, and there's so much that I feel like we hold onto regret. Bad mistakes thing you didn't do ninety eight doing whatever and X. Y. and Z. that we get to make a decision to let some of that stuff. Go down down and grabbed the things that matter for you. Put it down if we would open our eyes every morning and just give a quick prayer that we're on the wakeup list again. Do a quick run through the things we're grateful for, and then before our feet touch the floor. We just thought. What stuff I'm not going to carry today. Noggin carry the fact that you know did this in high school that me and my wife had a fight two weeks ago that I didn't talk to my son in a way that I thought I should have talked to him last night. I'M GONNA. Get up today I'M GONNA. Be Whole I'm GonNa go get today. Let it go I like that speaking of letting. Letting it go. I want you to let go of the fear. You have about talking to someone about your financial future. You have fear. You think they're going to judge me on what I didn't do I. Should have done more I'm hesitant. I, want you to get real for a minute. You know a lot of you are close to baby. Step forward. You're freaking out because you're not. You know the fifteen. Fifteen percents you need there or maybe you haven't done enough. It's okay to have questions I just want you to start investing. The trick is to work with an investment professional like a smartvestor pro. They can answer all your questions in plain. English not some industry jargon. Where like they're talking at you and to you because when it comes to investing, you need to know where you're investing in investing in and. And the SMARTVESTOR PRO can help you go to Daveramsey. Dot Com slash smartvestor and start building wealth today. Listen this hours in the books and want to think producer Zach, Bennett standing in on a thank Kelly, Daniel and one of all of you, America for tuning in to the show. It's Dr D. You did a great job today and you to get out with your. This is the Dave Ramsey show. Hey, it's Kelly associate producer and phone screener for the Dave Ramsey show, this episode is over, but if you've heard about an event product or service and didn't have a chance to write it down. Don't worry. We list everything you've heard about. During this episode in the podcast showed or had to Daveramsey dot com thanks for listening. Hey if you've got questions about retirement, investing or becoming in every day, millionaire go bigger and broader with my man. Chris Hogan on the Chris Hogan Show 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 an every day. Millionaire subscribe the Chris Hogan Show wherever you listen to podcasts. Hey, James producer of the Dave Ramsey show this episode is over, but check. The episode notes for links to products and services. You've heard about during this episode. Thanks for listening.
When Should I Talk to My Girlfriend About Money? (Hour 1)
"Live from the headquarters of Ramsey solutions broadcasting from the dollar car rental studio. This is the Dave Ramsey show where America hangs out to have a conversation about your life and your money. I'm Chris Hogan, Ramsey personality, and got my co host with me, Dr John Bologna also Ramsey personality and newly minted personality. He's the freshest one of the group so far that that's just in newness. Okay I'm I'm the cleanest one. In the group but we are excited to be with you and we are ready to take your calls. Now Dr d you You handle all kinds of stuff you're not scared of the emotions, the feelings relationship issue of them bring a Rodman you're ready. That's right. Okay. You're properly caffeinate listen ever since you and I started doing this show you have transitioned from three feelings to almost six now hey, hey, I'm pushing that. Person In we to on you're right. That's my goal America people laugh I used to tell them I had three emotions. It was happy mad or about to be mad that's all ahead people. But you I've heard you expressed disappointment of navy. Some said sadness maybe some anger shame. Guilt it's come and Videos Ladies and gentlemen if you if Chris Chris Christopher Hogan can change, you can change. That's what we're doing today. Hey, listen to me. We are here for you. So I know you're out there you've gotTA money question I want you to call i WanNa talk to you about it. But if you've got something dealing with relationships, you've got something dealing with people or anxiety want you to call Dr Deal be able to help you now here's the. Deal we don't have a show if you don't call so I want you to pick up the phone call triple eight, eight to five, five, two, five. That's eight to five, five, two, two five or find us on social media. You can find John at John Baloney you can find me at Chris Hogan three sixty people we're ready to go. We hope you are too. So we got first I we got brandon calling us from Memphis Brandon. How are you my friend? Hey how's it going guys, I sure. Appreciate you taking my call buddy. What can we do for you today? Okay. So I have kind of a double sided question. So I'm twenty, four on my life is twenty two. She's just graduated and start working in our combined income. This year, we'll do one, hundred and twenty take home. And then Mexico about a hundred and fifty take home and. She's from Ecuador and we have thought about the idea of buying a in the future buying A. Beach Property that we don't pay cash for after we've had our house off which would be paid off in seventeen months and so we were just wondering is it of statement idea to have a property over a internationally the you know lonely at for the idea with the habit of potential retirement last vacation home and so but we also WANNA have rental who I'm kind of wondering what the best way to go about saving up for real estate. and you know potentially looking at a property and Ecuador. Okay. All Right Brandon. First of all, you said you're twenty, four, twenty, two years old you guys getting ready to be making a hundred and fifty what what do you do? I'm a lawn and turf lawn and pest control specialist and medical interpreter. Okay. Fantastic. So You all are on the ball. So right now, the only debt you all have as your mortgage. Correct I'm proud of you how much you own a home. A hundred and twenty hundred twenty. What's your pay? How much do you pay on it a month? Graham okay. ooh eight grand you you all are serious about knocking this thing out. Yes. Sir I, hate that House with the Pasha. Like you. Might be related branded. Here's situation buddy hold on a minute you're talking about have you been to Ecuador Yep? Yes, are several times several times. Did you like it over there? Okay, well I. Okay. Now, here's when people start bringing up international and investing. My Hair, the one I have on my head starts twitching and here's the situation because you are are are subject to the laws and all the things that happened over there. I had a friend that invested in property out of the country and Lo and behold the hump the country took it. They went in and it was almost like an imminent domain type situation that we have here where they can take farmland to make a road brandon it makes me nervous my friend. Yeah, I, would say this I like the idea of you guys investing in real estate but I like the fact that you said the one thing that wanted me to give you a fist-bump which was after you pay off your home. Okay. So that's going to be job one I'm GonNa tell you s a person that invest in real estate I. I'm a firm believer that you need to be mere the property that you own. You need to be able to go lay eyes on it I don't even like people owning properties out of state right? Unless you're using a a a property management company. So Brandon, here's what I do buddy. I think it's fine for you guys to dream hd I talk about that in my book retire inspired for your have that vision and I think you can even save up money that maybe one day if you all decide to go move there right that you could do that or if she has family there I, think there's a way that you walk through but I would tell you wait till you pay off your home save up pay cash right for any investment property that you're going to do and I think you need to be close to it to keep in Chris Brennan mentioned something that I want to make sure everybody didn't people don't Miss He said I want to know the dollar amount I'm going to be spending for the few times a year. I might go there versus what if we just went on an incredible vacation a couple times a year that's where how often are we actually gonNA use this property? Is it worth the money right and you could actually not own it not own the headaches deal with the drama deal with the this shifting laws that happened in other countries all the time. And then have awesome vacations for half the price record of the PR- listen I told her friend. Go go go for a month. Like go over there and stay for a month get a place in rented out Yep you know. But that doesn't mean that you have to go all in and. Try to own it, and now what are you gonNa do if something breaks there's an issue it's an Ecuador right. Dr Area that you you. You're you're the problem. So I I'm with you made if somebody calls me from Ecuador and says, Hey, I, need some help fix them a house. I'll say got one million dollars adding what are you GONNA do? The plumbers are going to talk to each other in the roofers. Don't don't like it. So here here's the tip everyone investing in real estate is fine but I want you to do it with cash. Remember you WanNa be allergic to debt. We're not don't try to call me rationalizing taken on any debt outside of a fifteen year fixed rate mortgage. Now it's just the bottom line, but you can do it and S. It's going to take time and John People. Tell me Hogan you don't understand you know how long it'll take to save up two hundred thousand it depends on how serious you are because I know people that have taken on two three jobs to be able to achieve the goal that they're serious about well, and Brandon and his wife cranking out eight grand. A month they're living on on gravy and backyard grass clippings man, but they're going to get this thing done. Hey, listen it's not that bad John Twenty four and twenty two listen whenever people tell me millennials aren't focused I. Really just want WanNa to put them in a for him. You know I really do because we I know a lot of everyday. Better intentional that are hyper focused, and so if you're out there I, want you to hear this. This young couple is cranking right being intentional. What can happen if you have a dream what can happen if you decide to have a plan and stick to it, I'll tell you what can happen anything you dare to train. This is the Dave Ramsey show. We're always looking for ways to save money, and that's why I made a huge fan of honey. Honey is a free online shopping tool that automatically finds the best promo codes and applies them to your car. It's so easy. It's saving more than eighteen million people over two billion dollars shopping online at honey on your browser today for free. Make sure they know you're part of the Ramsey tribe by going to join honey dot com slash Ramsey. Hello everyone you are listening to the Dave. Ramsey show I. Tell you. I. Always Love when we have live folks out in the lobby Hanson. Fiercely just good people smiling at you. I mean look at him out there they just. You all make sure you go eat some of the stuff. John, and I baked for you. We. Bake some things over there in the Baker, Street cafe That's not true. So here's the deal Melissa. They are not here to see us. They're here to get the cookies and coffee. That's right. Getting Dave and they got us. It's like a consolation prize. They tell them hey, would you? Can you imagine you take a vacation? You go all across the. Dave Ramsey show up and he's on vacation at us to knuckle. No what here's the deal we're going to do. The best we can We love seeing y'all we appreciate them out there in the lobby and by the way if you are ever in the Nashville area, make sure you come. See Us You can come in watch the show live right in our lobby and you can also visit the Bookstore Baker Street. As well as get some coffee and baked goods that we provide their complementary for you and we'd love to see you. All right. We're getting back to the phones because that's what we do. The number to call is triple eight eight to five, five to five. Again, that's Eight, eight, eight, eight, two, five, five, two, two, five. All right. We Got William on the line calling for Newark William how can John and help you? Hi Yeah. I was calling because I've I've been with girlfriend for about six months. Now she's thirty six, I'm forty one and we're starting to get a little bit serious and start talking about finances and how we plan to move forward in the future and so I have I more than she does and I get the feeling that you know she knows how much I make an income. So you know. I get the feeling that she thinks that I have a lot of disposable income but my financial goals are a little bit different compared to what I believe she. She thinks I'm spending my money. So, basically, I'm like I I got my car payment to pay and I got my school loans to pay. But when we go out, she's she thinks that I make this much money I have. A lot more disposable income I should pay for everything and that doesn't make me feel comfortable. I'm this I'm just looking for advice on how I can kind of you know broach this subject with her and can kind of get to some sort of middle ground because you know my goals are to get rid of debt. But. You know I also feel like I'm not accomplishing that. Will you let me ask you this you send you think Miss Lady for about six months. What's your longest relationship prior to this? I'm divorced I was married for nine years. Up in Boston for years, you've been single for your dating. This young lady is she the One? We. Did you hear me I said is she the one you got off a quiet dude you scare. Yeah No, no know. The one I. Think if we if we sort out finances I think generally speaking. Yes. Here's the deal. It's as a magic formula and you're lucky that you call in the show today because I'm going to like Penn and teller. I'm going to pull the curtain back and let you see how this actually works. All right. So do you have a pen and paper because I want you to write this down? He get back now I'm just messing with you. Okay well. Go back on Youtube and watch it. Here's what I want you to do. Okay. If you have some goals, some financial goals for yourself, you pay your debts off, you want to become financially secure. And you think that the person that you might want to spend the rest of your life with the back half, right? Has Different goals in new. So Drum Roll I want you to sit down and tell her. That's the magic. I want you to sit down and say, Hey, I, want to talk about our financial goals. Here's the debts I have. Let's talk about the debts you have. Let's talk about the financial goals that we have Let's talk about the disposable income that we have. If you're going to spend the rest of your lifeless person if you've been dating them for six months and eight months and nine months a year and you don't like the fact that she expects you to pay for everything every time you go out, then you need to tell her. This makes me uncomfortable in this is going to be a broader conversation that you y'all tuned have about how you communicate with one another. I don't like couples didn't for six months that have this deep like I just makes me uncomfortable fill in the blink on anything I don't like the way they drive i. don't like the way they always gets me on the forehead. I don't like the way the whatever the thing is. I want you to feel so secure in this relationship that you're willing to get married, you're willing to invest the rest of your life in the you feel comfortable enough having those deep conversations. Yeah. Listen William. You have lived life before how long were you married? Nine years, nine years they struggle with communication in that relationship. Yes definitely God, this is your chance brother Oh. Chance you got to improve the situation. Now here's the deal you has aren't going to combine finances until you say we do and you get married. Okay first and foremost. So, there's no should be no discussion of that. You need to talk about your goals you need to find out if she has some if she didn't have some financial goals to me, that might be a red flag. And and so you want to be able to talk about it. But that's what dating is about is be able to communicate but I want you to get serious I. Liked you said You WanNa, pay off your car when pay off your school payment. Now tell me this how much do you make a year? I make one, fifty, five. Okay and how much does she make? Ready for okay. Now, listen if you're dating and you ask her to dinner who should pay for Dinner William. I I. Think I should pay for it based because I'm making more than he should pay because you asked her to go. Yeah. Okay. That's called chivalry assess how it is nowadays. Now, you guys might decide to cook some stuff at home and I'm not saying everything needs to be expensive, but it goes back to budgeting body and I really and truly I want you to get plugged in, sit down how that conversation and let be real and be upfront. I want you to communicate more than you ever have before because I don't want you to have anymore surprises I'm sure whatever. The relationship was prior there was some situations you wish you would have spoke up on sooner and now you have an opportunity to go into this one being a little bit more assertive about you and hearing, but I want you to also listen to her right. I want you to hear what she's saying not saying and don't pretend that everything's GonNa be okay. Let's just talk it through and get real and William. G to hear me directly when I tell you. Your goals and your dreams have value to you're allowed to have those goals you don't have to apologize fills Goldie especially don't have to hide those goals. They're worth put out on the table Yup and you're worth being loved and you're worth compromising and an an fill in the blanks you're worth a relationship man and so here's here's an easy entrance into this conversation. Tell them that you call the Dave Ramsey show day was gone a couple of his junior varsity guys were on the air and they suggested crazy. As they are that you and your girlfriend have a conversation about financial goals together and you can be like is going to be weird. But these two idiots on the radio told me and then that's going to be your entrance into that conversation will take the blame if it goes sideways and if it goes real bad call Chris Hogan three, sixty, DOT COM and Right I don't think you can go wrong not talking about what you're driving and here's the deal not only should you talk about it is about your goals in what you want you get married now to we that's right. That's right and so it doesn't mean. So you've got to have the conversation I. Think you hit the Nail on the head asking William about did struggle with communication before and he said, yes why does that? Why do why do people struggled to speak up what they're thinking and Chris those those patterns are often set when we're kids on Shut. Your mouth like all. Ask You later, right. These patterns and they just play themselves over and over and over how do we break it? How do we break the pattern dislike moments like this you call people that you trust you get people in your corner and then you get nervous in your heart races and you sit down and you say I wanNA talk about our shared values about money and you just do it and then you fall on your face and it doesn't go well then maybe he finds out she's not the right person. That's right. You find out now instead of four years into marriage and you know frustrations down the road or more than likely she's going to. exhale maybe get a tyranny, Ryan? have been waiting to finally meet William Let's talk and then all the sudden you get to meet in a vulnerable. Honest for space, a brave space, and then menu relationship goes to different heights while let them the garden get real some real advice. All right you're listening to. The Dave Ramsey show we're coming right back. Don't you go anywhere? Hello everyone you are listening to the Dave Ramsey show now co hosting along with me. This hour is John Baloney and I need to tell you something. He has his own show now. Okay. He's got new episodes, every Monday Wednesday Friday on Youtube and anywhere that you listen to podcasts. He's going to do he's GonNa get real and talk to you about life relationships, mental health challenges but he's also going to cut through the crap and give you tools to be able to deal with the chaos of anxiety depression and even disconnection. He's also has an anxiety relief checklists on John Baloney Dot com go over there, check it out but here's the deal with the show I want to give you some information because not only can you email him and his email is is creatively asked John at Ramsey solutions dot com. But there's a phone number that you can call and leave a voicemail and talk about what's on your mind and I wanna give you that number. It's eight, four, four, six, nine, three, three, two, nine, one again that's eight, four, four, six, nine, three, three, two, nine, one John. This time of of of that we're in right now is a time of tension. Anxiety and dealing with the unknown people are stressed out and they need some clarity. So I know you're helping a lot of those people on your show. I'm loving it and yeah when you think twenty twenty couldn't get any crazier than I. GotTa. Show. A. Guy. Didn't know how to work podcast six months ago. Now we're on one but Yeah, it's been. It's it has really been humbling to hear the cars people are hurting and more than anything Chris I was talking to our friend Ken Coleman about this morning. People think they're alone they think they're the only one who've realizes that their marriage is a mess or that thinks they are completely flunking parenting or that they think that they are the only woman, the boss that is is spinning out of control, and so it's just been humbling to walk somebody through something and then get the feedback on the show to think Oh. Gosh, I thought I was the only one that thought I was a crappy parent or or or and so man it's been fun. We're. Having a good time Kelly in James have been just rockstars and Zach putting the show together and help us behind the scenes. It's been fun man. Well, I'm excited for you. I know people want the the knowledge but also the encouragement and I just want to encourage all the listeners life is not meant to be done alone. You cannot do it alone. You can't and I know American culture. We all tend to have a little John Wayne and you're too young I'll explain to you who the was. Man He was he was a cowboy back in the day and you you just pulled yourself about the bootstraps. You did what you needed to do and you didn't show emotion. You just got stuff done and you know what? That's fine and TV and in movies it's not real life not real. It's just not no and you know I want to encourage people out there. If you are feeling things, I, don't want you to feel alone and that's the most important thing is to reach out I'm a master isolated I can give. On what not to do, and that's important to let your guard down and talk to people about the things on your head and on your heart, and you will. You'll start to get some some insight and wisdom which can recharge you allow you to run forward and deal whatever comes your way. So we want to encourage you reach out check out John Show He would love to have you tune in. All right next up. We've got LEO calling from Atlanta. Leo, how can we help you? All we're focused on finish my friend what's on your mind? little situation with my parents and I won't see. God in the right direction Currently players are living so they're renting a property that was supposed to get it to them and. To long displaying it but they're looking for somewhere to stay and I have were literally a mile away from each other and I have a parcel my land is already has tad on like a little outbuilding out there. And want to get its own. So they can build their house and retire do not but I'm having a little family issues that. I WANNA get to them but I kinda wanted to come back to me when they're long gone away just because you know. Me Pain and guessing the land but my family you know doesn't agree with you know they're putting their money into then you know coming back to me and I just WanNa see what's the best situation for what we have going on right now okay. So hold on I it's your land that you bought and you're you're thinking about either gifting or selling it to the parents what does your other family members? What do they have to do with the situation? He wants it back money to to build a and I kind of wanted fall bad for my son but I don't want. You not just because I wanted to kind of fall for what I worked hard for you know. So at Leo, this is this is one of those situations it's complex, but but relatively easy. If you sell it or you give it away to there's. If you give something with strings it's not a gift it's a manipulation. and. So if you want to offer them some land living your cabin great if you sell it to him, it's theirs. And if they put a million dollar house on it and your brothers and sisters and cousins are going to think they've got access to that money because that's part of the state, it's going to get all separate. So at the end of the day, you need to ask yourself that question if you WanNa hang onto this land for your kid for your. Son Great, it's your laying. You can do with what you want with it, but I can't sell it and then say, but part of the agreement is you're going to give it back to me whenever it's done and I'm going to get their land improvements that they have put their money on on it just going to turn into a family mass there. Leo have they approached you about this at all? Day they're the ones that really want my mom really fell in love with the land the you know the current layout with it, and like I said I'm really want to give it to all my heart and I want him. There is just more may also Bahama Back I love my family too. But I, you know when they're long gone was going to happen. You know I know their their steaks and this but it's been a benefit me or I'm going to be happy with outcome would be and I don't know if I should just. Sell to them, and then let it be their problem or something. I don't WANNA I don't want to sell it to him because I want to use the money to build a house on. Do they have the money to build? They do have the money to build, but they won't have the money. If I sell it to them they won't have enough understand how much would you sell this land for? Oh Probably were. Not Prime, real estate? Up? Probably. Worth. I will say anywhere thirty to fifty thousand dollars Okay and who are your parents still working or are they retired? Close to retirement among been a housewife. My does all I works got keep pretty much. Hang it up right and are you married or you single? with somebody we lived together. Okay and the reason I say that have you talked to your significant other about it? She, she's all on board You know the the biggest thing is My Dad you know still works hard and you know he's kind of scared. You know if he passes away, he kinda lost my malware or either versus you know. So they can be around somebody take care whatever the need Libya's you this are you familiar with the baby steps? Yes, I am because actually debt free I'm twenty nine and I was able. Let's just by listen to your shirl that really read the book but. I got on board about two years ago and I've paid off about one hundred, thousand dollars. For you. Say. So where are you now on baby steps four, five and six? Oh Yeah. He'll basically look into I. Put money at this point. Okay. Gotcha. Gotcha well, I, agree with John I, think you have to come to a conclusion there's a couple of routes you could gift it you could sell it. You could land lease with them You know you could set it up but you've talked about if they if they buy it the land from you, they don't have the. Money to build right and so I think it's just a matter of figuring out what do you? How do you want to approach it long term but I, agree you can't really gift it and then have this string and expectation. So I would say whatever you decide to do utilize an attorney with legal forms. So it's not a handshake and it's because people can amnesia. Like John Forgot he borrowed five dollars from me the other day that's why he now owes me twenty right. So that's called Hogan at math on display and I was playing fifty. That's right. Here's the deal get make sure you use an attorney you want all the things that writing all the feelings in writing and you have clarity I. This is a struggle you can hear it in his voice that's right in. Because, he's thinking short term I've got a responsibility I have to be able to give like nobody else what my mom and dad to be comfortable and happy but I don't want the hard work I. Put in two years of getting all this stuff paid off I want my son to be able to benefit from that, and so you mentioned it getting it in writing I, think it's less Amnesia for mom and dad and more about the cousins and. They'll come out of the woodwork when they mom and dad pass away Korean so getting it in writing, understanding what your options, you could lease the land, you could gift it or you can sell it and whatever decision you make. Let that be the decision put a period within a sense you're done has not a common superior stay tuned people this the Dave Ramsey show. A Mellow everyone you are listening to the Dave Ramsey show I've Chris Hogan Ramsey personality and hosting along with me is another Ramsey personality Dr John Loney, and we are very excited to be here with you. TODAY BLINDS DOT COM one, hundred percent satisfaction guaranteed means even if you miss measure or pick the wrong color, they're going to remake your blinds for free. You'll get free samples, free shipping, and with the new promos they run every month you'll save even more use. Promo Code Ramsey to get the best deal rules and restrictions apply all right John. What's our question today? Today's question comes from Sandy in my home state of Texas she visits Daveramsey Dot Com to ask my grown daughters going through a divorce for the second time and is now living with me. She has two daughters from her first marriage and a baby from the second. The second divorce has required a divorce attorney and the criminal attorney she was not working before the divorce, but a since begun working at a she held previously. I've gone through approximately twenty, five, thousand dollars in legal fees in Mayo more. This does not include the expense for providing the necessities for my grandchildren. My daughter is thirty eight and his basically starting her life over again at my expense I feel obligated to help my daughter, but she's not doing her part to help me. Health who who you know what saying he's asking for what're permission go do what have a boundary? Yes. A permission to treat her daughter she's almost forty. Permission to. Have her daughter feel the weight of her consequences. Yeah. Effort choices. I'm sorry. The consequences of her choices, right Joe. Yeah Sandy. You know what I'm going to say and Chris I love to get your wisdom. But yeah, it's time to sit down with your daughter. And say you are the mother of these three young kids. These are your marriage is. It's time for you daughter to work really hard towards getting the job. Towards getting out on your own here's six months. I'm. Not GonNa pay her legal fees anymore or I will continue to help, and here's the outline of my help and here's I'm going to require of you. For help but daughter's got to start feeling the obligation that she's in control that she's in charge. She's a almost a forty year old woman and she's gotTa take responsibility for these three kids and get to it. Man I agree I mean you got three kids and and you can hear the exhaustion and sandy's voice. Sandy I appreciate you reaching out I. Know this has had to weigh on you for a long time and I I agree with John. Happened that boundary in place is going to be imperative but also having a grown folk conversation and what that means is you sit down the kids get to bed you and your daughter sit down I want you to have a heart to heart i. want you to talk about what you've felt right and you've been hearing her story and hearing her but she needs to hear how you're feeling and more. Importantly I agree John There needs to be a plan of action and daughter's going to probably respond with hold on hold on you. Know, what I've been through my fault. In here's the deal if there's a criminal attorney involved, maybe this second husband was a bad dude maybe a total jerk. Gotcha we are about to do some role play John. All right been won't do this a long time. I'm going to be the daughter. Excellent. You Are Sandy. All right. You were telling me that the laws go going down your drawn boundary and I'm GonNa hit you with this phrase. Are you ready bring you ain't ready I'm GonNa tell you theater in college you don't love me anymore. So, I got two choices. I can curl up and say, all right you can stay. But but I'm really GonNa want you to get a job or I can say. I do love you and I love those grandbabies. I love you and those grandbabies more than life itself. And so the most. The most important thing I can do for you right now, the best record that I love you. is to tell you got four months You got four months. I'm paying this last legal fee bill that I said I would do when I thought. This was going to be a two thousand dollar deal. I said I would help and now it's almost twenty, nine, twenty, five, thirty. He got four months you're going to get a job. And you're welcome come over here on Sundays for lunch I'm always GonNa make lunch for you mowing love you I'm GonNa help you get a budget. I'M GONNA pay for of FPU for you. We'll be a cheerleader for you. You can drop the kids off on Sundays so that you can get some rex rest you can breathe but the best thing I can do for you just to put you out of the nest you got fly. You gotta fly. At strong and that's exists I. Agree. And I was saying that because you know that manipulation coming right up manipulation is gonNA come at some point and sandy needs. She needs a couple of women in her community there in Texas that she can go run and cry to after she has hard conversations because it's going to be hard. Yeah and she feel like she's abandoning her daughter and her grandkids she gonNa feel like she's breaking up with her family and his nope she is she is for the first time saying. Young Woman you've made three children. You. Have made a life. You've got to go live at I. Agree. Wow. So once again, coming back to the whole mindset of have some people around you too can be real with. Yep. Right has he's GonNa hurt. Sandy. Going to be uncomfortable. It's an uncomfortable conversation. Yeah. But it's necessary and Sandy I think you will be better off in the end and here's the deal you're doing this not to your daughter. You're doing this for those grandbabies and that's a whole different mindset there. Thank you so much for reaching out and trusting US with with your with your question. Okay. Let's get to a caller number four on line four we got Cheyenne on the line and how can we help you? John Thank you for taking my call. To you for calling this how can we help? So I'm twenty one years old and my husband and I are debt free and we're investing in our emergency fund right now. I have a little brother who will turn four and October. Am I allowed his sister to begin a five twenty nine savings plan for him and then turn ownership of it over to my parents wants I put my own investment portion into it. Are you a saint. They don't make people like you very often shan. Why are you willing to do this Ryan? So I'm the oldest out of five kids now. My parents didn't save up for our college and I'm in college right now for Cyber Security and I'm casually my way through that and it can it can be a little tough but I don't want that for my little baby brother I want him to be able to go to college that free and I wanNA help my parents out. By just getting started because. You know they have so much stuff going on in their own lives and I feel like if I can just get it started for them. It'll be so much easier for them to keep it going once they know that it's just there for them to start putting money into it. Well I I love your heart I agree with John I love the heart, the passion but I want to tell you this. You said right now you're in the process of saving up Your. Emergency Fund. and your cash flowing your way through college. Correct. Walk. Okay. So how much more do you have of college to go? Have about two to three years left. I would say the best gift you could give your younger brother is for you to continue to cash flow your way through college, and then build up an emergency fund. Okay. down the road. Yes. You can open up a five, twenty, nine You won't have the ink, the restrictions that you would have with a an ESL, an educational savings account and you can open it up for your brother. Here's what I would say to do you open it up for your brother when you get ready and you could also. Have your parents helped them to open one up, and then you are doing what you do. Right and your parents are doing what they do so that they're gonNA focus in, you know you're going to have some money to be able to help your little brother at some point. There's no reason to try to combine those right bill or turn it over to them. You can make sure that you're in control of that money and it will go to your younger brother for his education when the time comes however, you're not there yet. See following the baby steps you're going to make sure that you would either a get yourself out of debt build up an emergency fund. Then you would start to invest fifteen percent and then save for College. So you I love your heart and your passion I. think that's amazing. But what I want you to do is keep stepping and that means get through the baby steps put yourself in a position to be able to help down the road. So Chris my first impulse was this number one. I yet. Again, a hope the country's hearing the all is not lost every twenty, one year old and twenty, five, thirty year old isn't playing video games mom's basement. There's a group of about they're kicking butt working hard trying to change this country for the better. Chris, my first impulse was. Shying could best help her little brother if she pays off everything. She has no debt and she pays off a house and then when little brother decided, he was GonNa do if she's in a moment, she never own kids. She decides she grabbed a big fat check that she can cash flow. That's what opposite as well but. Right but she sounds like she's motivated I just wanted her to get through the steps for she starts trying to help someone else and so she's got options there Charlotte Char in love your heart and your passion listen I WanNa Thank Producers Zach Bennett. I want her to think associate producer Kelly Daniel. I WanNa take all of you for tuning in and listening in and I'll even think this Guy Dr d for hanging out with me. This has been the Dave Ramsey show. Hey it's Kelly associate producer and phone screener for the Dave Ramsey show. This episode is over but if you heard about an event product or service and didn't have a chance to write it down, don't worry. We list everything you've heard about during this episode in the podcast Jonas Section or head over to Daveramsey DOT COM and Click Dave recommends thanks for listening. Hey. If you've got questions about retirement investing or becoming an everyday millionaire, go bigger and broader with my man Chris Hogan on the Chris. Hogan show I am excited to be able to talk to you all weekend and week out. We're going to focus on your calls and it's going to focus on building wealth investing and how to become an everyday millionaire subscribe to the Chris Hogan Show wherever you listen to podcasts. Hey, it's james producer of the Dave Ramsey show this episode is over but check the episode notes for links to products and services you've heard about during this episode. Thanks for listening.