The Ramsey Show XX
[0] Live from the headquarters of Ramsey Solutions, it's the Ramsey show where we help people build wealth, do work that they love, and create actual amazing relationships.
[1] Ken Coleman Ramsey personality, number one bestselling author of the book Paycheck to Purpose, and he is our guy that helps you develop in your whole area of your work where you can be a better person and make more money.
[2] He's here helping us today, so you've got questions.
[3] about jobs, careers, all that kind of junk.
[4] Well, hey, we're ready.
[5] And we'll even talk to you about whatever it is you want to talk about.
[6] That's what we're here for.
[7] The phone number is AAA 825 -5 -2 -2 -25.
[8] Mindy is in beautiful Portland, Maine to start off this hour.
[9] Love your city, Mindy.
[10] How are you?
[11] How are you?
[12] Better than I deserve.
[13] Sirius, just walk down to the dock and get some fresh lobster anytime you dad -gum want.
[14] It's amazing, yep.
[15] How can we help today?
[16] So my husband is a firefighter and kind of young, but will be, but is actually, can retire at this time.
[17] He's not going to be 50 until this summer, but he has put his time in.
[18] So they are starting a program at the fire station where it's a retire, rehire.
[19] So he will start to, so he'll stay basically.
[20] doing his job, but he'll start to get his pension plus his salary.
[21] In talking to him, we've been working the baby steps for the last, oh gosh, almost 10 years, I guess, and we are deaf -free.
[22] And he's saying he wants to put his pension straight into retirement, but we still have $112 ,000 on the house, so we still have a mortgage.
[23] And so I'm kind of wanted to talk to you about, is that really the right place?
[24] And the other background, I just think that's important to know.
[25] I have a chronic heart condition, so I'm in my mid -40s.
[26] I was born with it, and it's something that I probably won't be able to, you know, really work for a long, long time.
[27] I'm not eligible for term life insurance because of it.
[28] And about a year ago, year and a half ago, I had a big medical event, and it really made me weigh my life of I want to do more before I can't.
[29] So I'm hoping in the next, you know, five years, maybe 10, that our mortgage will be gone and I'll be able to go down in hours of my job.
[30] I do love my job.
[31] So that's not it.
[32] It's just...
[33] No, it's just a matter of the strain, yeah.
[34] Well, good question.
[35] So you sound like you've been listening a little bit, and you know some of the things we talk about, but not the whole thing.
[36] based on what you're saying.
[37] Well, I think I do, but I think he's off on this one.
[38] Well, he's off because you know the answer, then.
[39] You're setting him up for a fall because you know the answer.
[40] The answer is we're going to tell you to work the baby steps, and it sounds like you're debt -free with an emergency fund not counting your house, right?
[41] That is correct, yeah.
[42] And which puts you at baby steps four, five, and six, and you're putting 15 % away for retirement already of your household income?
[43] Yes, we are both of us.
[44] Okay, if your income goes up because of retire, rehire, then you would raise the 15 % up.
[45] to be 15 % of your new income, but you would not put his entire new retirement into, back into retirement, we would continue with baby steps four, five, six.
[46] Kids grown and gone, do you need to save anything for kids college?
[47] No, we have an 11 -year -old, so we are working.
[48] Okay, so kids college needs to be addressed.
[49] And beyond that, we pay on the house, which is your goal.
[50] So you already knew you won the argument with us.
[51] Yeah, but you know what?
[52] I didn't actually think of it as a new income, because I was just kind of thinking it very stepless.
[53] So this is actually really helpful.
[54] No, he got a raise.
[55] Yeah.
[56] That's all it is.
[57] I mean, he goes out on retirement.
[58] He starts getting his retirement, and he goes back to work for the same pay because they need help.
[59] That's why they're doing this.
[60] They don't want him to leave.
[61] They're short of help, right?
[62] That's correct.
[63] Yeah, it's really hard to.
[64] And they're afraid he's just going to retire and not come back.
[65] They need him.
[66] So they're allowing him to retire and then come back, and that's a very cool thing.
[67] for y 'all because that gum that's probably a sweet income so what were your household income be after retire rehire um so he also does some side hustles because he's a fire veteran doesn't work you know he works but that's boy ain't scared of work is he yeah good no not at all not at all probably works too much um i would say we would probably be in the high 200's low 300 and you And your mortgage is how much?
[68] 112 right now.
[69] Okay, so you guys just need to sit down and say, what would it look like to pay off the mortgage in 14 months or 12 months?
[70] Yep.
[71] It's $10 ,000 a month.
[72] You can do that.
[73] Totally can do that.
[74] And then we'll call and scream with you.
[75] Yeah, exactly.
[76] And you can scream and then you can take less hours and, you know, enjoy.
[77] It's only your only 12 months from your goal of being able to chill a little bit with your condition, right?
[78] yeah if you frame it up that way maybe he's a little because after that you're at baby step seven and then all you've got left to do is enjoy life be generous and invest and so he can go to investing a whole bunch of stuff after you knock this mortgage out but he's only 12 months from that goal and i'm curious what's his pension in relation to your take home so um i actually What do you do?
[79] I'm a nurse program manager.
[80] I help with heart attack patients in the state of Maine.
[81] Oh, wow.
[82] So again, the question still remains the same.
[83] I just wonder you to run these numbers out.
[84] What's your take home compared to his pension?
[85] Yeah, how much of a raise is he going to get to offset the fact you don't work as much?
[86] So his pension will probably be about, I don't know exactly, but let's say $50 ,000 and I make about $100 ,000.
[87] Okay.
[88] So if you quit cold and he got a 50 raise, the household's only down 50 and you do that after the mortgage is gone, that's a very doable thing is what Ken's asking.
[89] That's right.
[90] That's where you were going, right?
[91] Yeah, because I want you to get to that place of enjoyment because you now can.
[92] And I want you to be able to cast that vision to him.
[93] Hey, we're still going to be great on retirement.
[94] We're still fine with our baby steps.
[95] We've completed them.
[96] I've got a paid for a house and I've got a better health situation.
[97] Or Mindy, the weird thing happens when you don't.
[98] have to work anymore.
[99] It's easier to work.
[100] Yeah, that's right.
[101] And so, you know, maybe you're putting in 60 hours and you can go to actually 40 or 35 or 30 and make a really nice living.
[102] And you don't have to be there.
[103] So all of a sudden it changes how you walk in the building.
[104] And the stress, you know, the stress, because what's your, she said she had a hard thing.
[105] And she works in a hard area.
[106] It's very missional, isn't it?
[107] Yeah.
[108] There you go.
[109] So, I mean, but it's stressful.
[110] Yeah.
[111] And so, yeah.
[112] Now, I'm going to guess and say you probably won't want to quit cold.
[113] You'll probably, you probably enjoy enough of your work to do some of it.
[114] And the fact that they probably need you like they need him.
[115] You guys have picked two great careers.
[116] You're going to be multimillionaires.
[117] And, you know, you will have enjoyed your life through the process and served your community, both of you, firefighter and nurse.
[118] These are acts of service, both of them.
[119] I love that retire, rehire, man. Stacks of cash.
[120] Strong, strong, strong.
[121] I love it, love it.
[122] For you guys, this is The Ramsey Show.
[123] This show is sponsored by BetterHelp.
[124] Hey good folks, the back -to -school madness is upon us.
[125] It's hitting us right now.
[126] We got travel and work and all these forms to fill out now and sports to travel to and on and on.
[127] My family's schedule is so packed and we haven't even begun talking about things like exercise.
[128] and date nights and counseling and church and home projects.
[129] And those are the things that make our life even worth living.
[130] Here's what I've learned.
[131] When it comes to taking care of me, I have to put on my oxygen mask first.
[132] And that means that I have to do the things that keep me well and whole.
[133] And I know that you have to do those same things too.
[134] So don't skip the things that matter to you, including regular exercise, hanging out with your friends and regular therapy appointments.
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[140] Never skip therapy day.
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[144] Well, a big week around Ramsey publishing over here.
[145] Two books going on pre -sale.
[146] Rachel launched a number one best -selling children's book in the fall.
[147] I'm glad for what I have.
[148] The follow -up book, she's going to do a series of these apparently.
[149] Now I'm learning this, but there you go, is I'm glad for where I am.
[150] You can be content with home.
[151] And the other one's content with what you have.
[152] Only this one's about gratitude.
[153] The other one's about contentment.
[154] And fabulous illustrations, award -winning illustrator, just really great.
[155] I read these to my grandkids this weekend.
[156] I had different ones at different times for Easter.
[157] And the oldest ones, of course, don't let me read them but the little one just Papa Dave give me a book so there you go Papa Dave will read to you because I tell you what makes you smart when people read to you when you're little so I read all the time I get anytime I can so there you go and increasing the intelligence of that next generation so they never live in my basement and that's what we're trying to do but yeah there you go that one's coming out the 16th of the month of April and it's on pre -sale now I'm glad for where I am and Ken Coleman's got a new one coming out.
[158] This is a different kind of book.
[159] Find the work you're wired to do.
[160] Now, he's done two number one bestsellers before.
[161] This one is more of a how to take the assessment book.
[162] That's right.
[163] Or how to interpret the assessment.
[164] That's right.
[165] The assessment and this short book together.
[166] The get clear assessment.
[167] That's right.
[168] So essentially you get the assessment and then this book picks you up with your results.
[169] So here's what it does in short, four short questions.
[170] Teachers you to speak.
[171] I can't speak, but I can write.
[172] No, it's answering who you are, why you are wired that way, what you want to do professionally, and then how you get there.
[173] So that's what this is going to deliver for you.
[174] There's awareness, so you walk away with great clarity on direction, confidence that you can actually do it, and then how do I tactically get there?
[175] And so it's a combination of the assessment and this short book is me essentially guiding you.
[176] you, coaching you with your results.
[177] And there's nothing like it in the marketplace because it's not a personality profile, as you know.
[178] No, it's not.
[179] There's enough of those out there.
[180] This is, how am I wired?
[181] What do I do well?
[182] What do I enjoy doing?
[183] And then what motivates me?
[184] And this is the key, by the way, to winning professionally so that you win financially.
[185] Ninety -six percent of millionaires, according to the largest study on millionaires ever done by Ramsey Solutions, 96 % said they enjoyed their work.
[186] And that's essentially, if you want to boil it down to a money audience, that's what this product does.
[187] Well, I mean, what's the work that I would enjoy?
[188] You very seldom prosper at something long term.
[189] It's not sustainable if you hate your job.
[190] That's right.
[191] And so if you hate your job or you hate the place you work and you're confused, I want to do something different.
[192] I don't know what to do.
[193] I got to get out of here is all I know.
[194] That's right.
[195] Whatever here is.
[196] It could be a whole new career path.
[197] It could be a whole new job.
[198] It could just be doing the same thing you do, but not with toxic jerks.
[199] It could be, all of that can be revealed when you take the get clear assessment.
[200] That's exactly right.
[201] And this new book, Find the Work Your Wire to Do, will help you analyze the findings of the Get Clear assessment.
[202] I took it.
[203] It was very interesting when it was in beta.
[204] That's right.
[205] When we were doing it, just to see if it exposed who Dave really is.
[206] And it did.
[207] Yeah.
[208] It did.
[209] And I like these kinds of things.
[210] I like, you know, know thyself.
[211] Yeah.
[212] This is, let me tell you what this is.
[213] In a day and age where people want results fast, this gives it to you.
[214] And it really does answer those questions.
[215] Who am I?
[216] And we're talking about the world of work.
[217] What makes you really good?
[218] By the way, if you know what makes you really good at what you do, it's going to help you convince other people who are going to hire you.
[219] And by the way, pay you really well.
[220] So building wealth, the secret to wealth is in the professional side of it is knowing your unique role.
[221] Where do I fit?
[222] So the deal is the get clear assessment has been available on our website for quite a while.
[223] almost 100 ,000 people have taken it already.
[224] We've sold it to that many folks already, and you can buy it today, or you can buy this book in pre -sale.
[225] It comes with the get -clear assessment in pre -sale.
[226] You also get the audio book and the e -book of this as well with the pre -sell.
[227] So you get those two assets.
[228] Yeah, when you do pre -sale on all our stuff, that's what we do.
[229] And so that book actually comes out the 7th of May. We'll ship it to you, the street date on it.
[230] It'll be in Amazon and Target and all those places.
[231] during that time, starting then, and Rachel's book is 416, so just a couple of weeks away.
[232] Two new books coming out by Ramsey, publishing.
[233] Hey, I do want to say this really fast.
[234] If you're looking for a graduation gift for the high school grad or the college grad, I would just point out, this is something really practical that the high school grad and college grad in about 15 minutes of the assessment and no more than an hour and a half reading that book.
[235] That's how quick it is.
[236] It's a short read.
[237] There it is.
[238] I want to hold it upside down.
[239] There we go.
[240] Dave is auditioning to be the new van of white.
[241] Yeah, and he's flunking horribly.
[242] Yeah, on so many fronts.
[243] But, yeah, there we go.
[244] Open phones here at AAA -8 -25 -5 -2 -2 -25.
[245] Melissa is in Ann Arbor.
[246] Hi, Melissa.
[247] How are you?
[248] Hi, Dave.
[249] I'm good.
[250] How are you?
[251] Thank you for taking my call.
[252] Sure.
[253] How can we help?
[254] I'm calling because kind of a long story of how we got here, but the long and short of it is we have some debt, part of its student loan, part of its consumer debt.
[255] But our rent has gone up, you know, like 18 % in the last two years.
[256] And we got offered to, my folks have a basement apartment.
[257] And in order to mutually help us and help them to try to better prepare for future save up stuff, help them pay stuff down, they offered to let us move in and, you know, split bills with them.
[258] And I'm just kind of trying to, we're going to talk it out together, obviously, but kind of trying to see what your take is on that.
[259] How old are you?
[260] My husband and I are 36.
[261] I mean children?
[262] No children.
[263] Okay.
[264] What do y 'all do for a living?
[265] We have multiple jobs, actually.
[266] My primary job is a medical coder.
[267] I also have a small business.
[268] I have a contracted job through our church.
[269] And my husband is a warehouse supply clerk and also has a small business.
[270] Okay.
[271] All right.
[272] I am not opposed to families jumping in together, and that includes a grown child, quote, moving back home, which would be you.
[273] What I don't want you to do, and I don't want them to do, is I don't want you to use that move to mask the real problems.
[274] Okay.
[275] And so I'll just be, can I be real straight with you for a minute?
[276] Absolutely.
[277] Your real problem is not 18 % increase in rent.
[278] It revealed the fact that you both have weak careers.
[279] Am I wrong?
[280] Not necessarily.
[281] I have a degree in a certification in my field, and it's taken me about 12 years to work my way up in the hospital to get where I am.
[282] So what's your household income?
[283] So I pulled the after taxes.
[284] and insurance is about around 70 ,000.
[285] And that's working four jobs, two each.
[286] Well, yeah, five, I guess, if you count the church.
[287] Yeah.
[288] So that's what I'm worried about, okay?
[289] You guys are working.
[290] Y 'all are like a hamster in a wheel, man. Y 'all go.
[291] You ain't afraid of work.
[292] Y 'all work hard and a lot.
[293] How much debt do you have?
[294] Right now, I originally have been about $79 ,000.
[295] on the phone, but I forgot about there's about 3 ,900 that we're paying to a relative for a vehicle at zero interest.
[296] Yeah.
[297] So what are you, 83 ,000?
[298] Is that what I'm hearing?
[299] Yeah, they're about.
[300] Yeah.
[301] That's a part of the problem, too.
[302] So if you go home, make it a plan to pass through there on the way to prosperity.
[303] not land there because the world is mean and rent went up and I can't make it out there and Dave I'm also concerned about the boundary that's a safety net not a hammock and don't get guilted into helping them with their bills because I heard that too so there needs to be a boundary there you guys aren't doing them a favor right um well that was what they had said was that, you know, this would be primarily to, because I'm an only child, so I want to live near them anyway because, you know, as they age.
[304] So we only live like 10 minutes away from them as it is.
[305] That's good.
[306] I want you to help them.
[307] I want you to be a good daughter.
[308] And I don't mind you going through there on your way to prosperity, but make sure you're addressing your core issues.
[309] And I don't think you are because you didn't like what I said.
[310] I might be wrong, but you ought to look at that.
[311] This is the Ramsey show.
[312] Buying your first home is a big deal and sets the stage for your financial success.
[313] So, work with a mortgage advisor you trust not just some random website.
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