Be Planning for the Future Before It Catches Up With You

[0] Ramsey Solutions.

[1] It's the Ramsey Show.

[2] We help people, build wealth, do work that they love, and create actual amazing relationships.

[3] I'm Dave Ramsey, your host.

[4] Thank you for joining us, America.

[5] Ken Coleman, number one, bestselling author of the book Paycheck to Purpose and host of the Ken Coleman Show.

[6] He talks about your professional growth, including where you work, how you work, and all about career stuff.

[7] He's going to be here to help me today, answer your questions.

[8] The phone number is AAA 825 -5 -2 -2 -25.

[9] You jump in and we'll talk.

[10] Joy starts Rapid City, South Dakota, off.

[11] Hi, Joy, how are you?

[12] I'm very well.

[13] Thank you.

[14] Good.

[15] How can I help?

[16] My husband and I are 69 and 70 years old.

[17] We retired two and three years ago, but we still work, what we call retirement jobs.

[18] We just don't have a very big.

[19] net worth at all and we don't mind keep working our retirement jobs but I guess I'm wondering what more can we do I'll tell you we have a traditional IRA we have two Roth IRAs and we have an annuity how much is in all of that if you totaled it up one about 140 and that's all 140 ,000 okay yes we do not own a home.

[20] We did our stupid a few years, 10 years ago.

[21] And yeah, so we do not have a home.

[22] And I don't know.

[23] I guess I'm just really wanting to see these figures move up.

[24] Okay.

[25] And obviously you've got Social Security coming in.

[26] We do live on Social Security.

[27] How much is that?

[28] A month?

[29] That's how much?

[30] Oh, okay.

[31] I bring in 1333, and my husband brings in only about 300 in Social Security because he has a foreign pension.

[32] And because of that.

[33] Okay, so $1 ,600 and how much is his foreign pension?

[34] Let me see.

[35] He brings in, I have it right here, to $3 ,300 a month, depending on the dollar, you know, retail, of course.

[36] What the conversion rate is, okay.

[37] Correct.

[38] So you got $5 ,000 a month to live on.

[39] What does it take you to live?

[40] We live on probably, yeah, 4 ,500, maybe just 4 ,000 sometimes.

[41] Well, you got that much coming in.

[42] You got 5 ,000 coming in?

[43] Yes.

[44] And then you're working on top of that?

[45] Yes.

[46] Okay.

[47] So, I mean, the good news.

[48] is as you have a sustainable situation, you're not going to be hungry or the lights aren't going to get cut off, right?

[49] That is correct.

[50] You're probably not going to spend summers in the Mediterranean, though.

[51] No. Okay.

[52] We are very carefully saved if we have to take a family trip or something like that.

[53] We saved.

[54] You don't have a lot of margin, but it's good news is you're not hungry.

[55] When you started this out, I was afraid you were hungry.

[56] Okay, good.

[57] So what is it you're trying to accomplish that you're not accomplishing now?

[58] Let me understand.

[59] I just know that $140 ,000 in retirement is not enough.

[60] Agreed.

[61] For one person, let alone, too.

[62] Agreed.

[63] I'd love for you to have a million 140 ,000.

[64] I know.

[65] But our ages, we're not going to get here.

[66] I got that.

[67] Yeah, that's what I'm saying.

[68] So I'd love for you to, but the reality is this is where we are.

[69] And so the work that you guys are doing is just adding to your $5 ,000 a month income.

[70] and gives you a little bit of lifestyle bump and the ability to do a few odds and ends without cashing in the nest egg to keep going, correct?

[71] That's right.

[72] That's right.

[73] I don't, you know, what is the 140 invested in?

[74] It's in a bunch of different things.

[75] It's Roth and traditional and annuity.

[76] And how much of its annuity?

[77] 6 ,800.

[78] 6 ,000 is all.

[79] Oh, good.

[80] Okay.

[81] All right.

[82] So most of this.

[83] 68 ,000.

[84] Oh, 68 ,000.

[85] Oh, crap.

[86] Okay.

[87] So, all right, here's what, the only thing I can tell you is that we might get to, you might reorganize and shuffle the deck on the 140 ,000 and get it invested in some good mutual funds and get it working a little bit harder.

[88] Okay.

[89] But let's say, let's say it's earning 10%, or let's say it could earn 10%.

[90] That's 14 ,000.

[91] And right now it's only earning five.

[92] That's $7 ,000 a year.

[93] So we're only talking about $500 a month difference, even if you get it working a lot harder.

[94] So it's not going to be like, it's not going to be a massive change in your life if we get the $140 ,000 invested perfectly as opposed to the way it is, because the $68 ,000 in the annuity probably sucks.

[95] It's probably doing poorly.

[96] I don't know exactly what you got, but most likely that's a bad product.

[97] Some stupid insurance person sold you that instead of a real investment person.

[98] so um the um because they can't sell real investments so they act like their investment people although they're actually insurance people and they're not they're not licensed and qualified to sell investments so they sell annuities under the heading of their life insurance license because they're not licensed to sell investments for those of you out there okay now i mean it's not just me calling them stupid although that does completely apply to that situation so um all right so here's what i want you do go to ramsysolutions dot com and click on our smart investor and sit down with them and can.

[99] That's going to help because at least then you'll know what you've got is just working as hard as it can.

[100] Yeah.

[101] And, you know, we sit in the situation, practically speaking, Joy, this is about stacking cash.

[102] You're just going to have to stack cash.

[103] The investment opportunity is just sure.

[104] Maybe their retirement jobs could be better.

[105] Maybe they can make more money at their retirement jobs?

[106] I think so.

[107] You know, here's where I go.

[108] My mind goes to, you know, are there Walmarts or, you know, that's what I call a retirement job.

[109] Instead, I would like to see them be.

[110] self -employed and go make like 50 ,000 bucks.

[111] Because I got to tell you, man, if I was broke, I'm entrepreneurial enough, I would just start something even if I'm 60.

[112] I was thinking that although I would say low risk.

[113] Let's do some low capital self -employed.

[114] We're not buying, we're not putting out to 140 to open a business.

[115] Yeah.

[116] But I mean, let's get, let's get some kind of something.

[117] Let's say he's got a trade skill, right?

[118] So if he has a trade skill at 70, and my father -in -law, I'll give you a real example, is 74.

[119] Very healthy, though.

[120] But he is a former custom home builder and he's retired and he is working more than he could possibly want to work but he's making such good money doing small renovations fixing a kitchen here doing a bathroom here in Williamson County where we've got where we've got plenty of money and people've got time and they can spend it and so if I had a trade skill at that age I would absolutely be doing that instead of working for a Walmart because to your point you're going to go premium rate for your time we're talking about an hourly rate.

[121] maximize what you can make and stack cash at this point.

[122] And don't just say, well, retirement job means awful.

[123] I agree.

[124] Yeah.

[125] Minimum wage.

[126] If you have a skill at this point, listen, in the economy or start something.

[127] That's what I mean by starting something off of a skill.

[128] So in my father -in -law's case, he started his own home renovation business and he's not doing full rebuilds, but he's doing a lot of stuff.

[129] And he's not swinging a hammer.

[130] He's, he's got a crew.

[131] He's subbing it.

[132] Yeah.

[133] Yeah, they've been still being a GC in that sense.

[134] That's exactly right.

[135] Exactly.

[136] That's the way you do it.

[137] So, Joy, let's two things.

[138] One is, what can we do to get your income up, better, quote, retirement jobs, unquote, and get with the SmartVistor Pro, and let's see how if they can help you get that 140 working a lot harder.

[139] Those two things together, and you've got to stay on a tight budget, and I think you're going to be okay.

[140] But I don't think there's going to be anything here that adds a million dollars to this issue.

[141] This is the Ramsey Shep.

[142] One of the questions I get all the time is, which life insurance company should I use for my term life policy?

[143] A valid question, since there are hundreds of companies out there with rates all over the place in riders and add -ons that are simply a waste of money.

[144] You need to get this done and make the right decision.

[145] That's why the only company I use and have recommended for over 25 years is Zander Insurance.

[146] Zander is a broker who shops the top term life companies.

[147] for you and finds the best rates available from the only plans I recommend.

[148] They also save you time, whether you want to work online, over the phone, or via text, their team will cater to your needs and help you make the right decision.

[149] This is an absolute necessity, and Zander has made the process easy and convenient.

[150] Call them at 800 -356 -42 -82, or visit zander .com for instant online questions.

[151] quotes.

[152] Ken Coleman Ramsey.

[153] Personality is my co -host today.

[154] Open phones at AAA 825 -5 -225.

[155] So those of you that are not as old as Ken and me, you're not old like us.

[156] You're youngsters and you're out there watching us on the YouTubes and all that kind of stuff, right?

[157] I want you to to go back and listen to that last call.

[158] So if you're 27 instead of 67, here's what I can tell you.

[159] If you save $100 a month from age 25 to age 65, in a series of decent growth stock mutual funds that perform as the market has performed for the past 100 plus years, if they have normal historic values from age 25 to age 65, $100 a month is $1 ,176 ,000 in your retirement.

[160] And that way, you're not in the same situation that sweet lady was in.

[161] Yeah, it's exactly right.

[162] And so you're not having to worry about your, in air quotes, retirement job.

[163] and um so i have another friend can who's way on the other end of the spectrum and his father -in -law is their age or a little bit older than them he's uh in the in approaching 80 and he was a um he became um he's probably legitimately a billionaire wow and uh starting from nothing he was a poor kid he grew up poor and his goal was to give it all away before he died to ministries around the world.

[164] And my friend is married into that family and sits on the board with the rest of the family as they're giving this money away.

[165] The old man is still alive.

[166] And he has just about succeeded giving it all the way.

[167] Wow.

[168] I need to get in touch with him pretty quick.

[169] How do you get on this list?

[170] I just came up with an idea for a ministry.

[171] It's a non -profit ministry, Ken. I know.

[172] I got a ministry.

[173] idea right now.

[174] Yeah.

[175] It's not your car.

[176] It's not the next car you want it.

[177] That's right.

[178] I mean, you know, that's beautiful.

[179] These are all ends of the spectrum here.

[180] Yeah, that's beautiful.

[181] $100 a month is a million dollars.

[182] Living on Social Security and a retirement job are trying your best before you die to give away a billion.

[183] Yeah.

[184] That's amazing.

[185] These are three ends of the spectrum.

[186] I mean, two, two ends of the spectrum.

[187] So these are the things if you're a youngster out there, You could be thinking about that, I'm saying.

[188] There's a lady out on the front row of the lobby that just is trying to, she's trying to wrap her brain around giving away a billion dollars.

[189] Man, that's a thousand.

[190] That's a lot of money, isn't it?

[191] It's a thousand million.

[192] Yeah.

[193] That means you could take a thousand different ministries and give them a million dollars.

[194] That's amazing.

[195] And they've done more than that because it's continued to grow through the years.

[196] Oh, I'm sure.

[197] It's not just been one time.

[198] It wasn't a one -time thing.

[199] They've been systematically for 30 years giving it away.

[200] You know, that puts a real shine on give like no one else.

[201] Yeah.

[202] Like you've been saying for a long time.

[203] That's pretty wild.

[204] And this guy was not a trust fund.

[205] I mean, he started from nothing.

[206] He started from nothing.

[207] Andrew is in Minneapolis.

[208] Hi, Andrew.

[209] Welcome to the Ramsey show.

[210] Hi, Dave.

[211] Thanks for taking a call.

[212] How can we help?

[213] Almost answered it, right?

[214] It's all good.

[215] It happens.

[216] It's like automatic of 30 years.

[217] He's only said it two billion times.

[218] You've got that experience.

[219] It's all good.

[220] Yeah.

[221] So my question is basically, if you were trying to start over I had a small business of mine wasn't technically legitimate but I tried when I was about 19 and it fell through and then a whole lot of life came apart for a few years and I'm getting myself back together I'm in a corporate job now as a mechanic and I wanted to open my own restoration shop and originally it was actually supposed to be a nonprofit as well so my question to you is kind of how It actually was, that's why it closed.

[222] Well, yeah, you're not wrong.

[223] So, yeah, my question of you is, what might restarting that look like, or how would you do it debt -free, starting at 28 years old?

[224] So fixing cars, just for everyday people?

[225] Ideally, no, I can, but any more, that's getting into just changing parts.

[226] So describe what you want to do?

[227] You want to do, frame -up restros on cool cars?

[228] frame -up restorations or customs where I'm actually changing things and turning them into something better than what they were Turn them into rods How much equipment would you need If you were going to start today Do you have the equipment Or could you rent it as a part of the job?

[229] Could you rent the rest?

[230] I have some of it Right Potentially so the biggest obstacle that I don't have Is a space to do it in All right Could you if I said that you had to define space in the next week to be able to do a restoration for Dave, could you find the space?

[231] If I made you answer it right now.

[232] You don't know.

[233] I bet you could find the space.

[234] Don't you think if you really had to.

[235] It's a freaking garage.

[236] Well, I have a small garage, but I've had a lot of obstacles come up with that.

[237] My landlord's not letting me upgrade any electrical land.

[238] I think you're missing the point.

[239] You're coming up with all the reasons why you can't find space.

[240] Say again How much do you make?

[241] I'm around 70 But I have a lot of debt on a I have a lot of just student debt Nothing else that I've been working on for a while now Okay And do you have anybody that might be your first customer in mind I've tried one or two Once I actually give them a proper cost They tend to step away But I haven't found the right people yet So the answer is no Yeah Okay Okay.

[242] We don't go rent a garage when we're renting a house and start this, but I think you've, how much debt do you have?

[243] I've cut it all the way from 100 grand down to about 30 in the course of three or four years.

[244] Way to go.

[245] All right.

[246] I think if you finish that up and you talk about renting a garage for four or five hundred bucks a month somewhere, because location does not matter other than they can't steal your tools every night.

[247] yeah but if you can lock it up that's all it matters right and so um you know so cheap and and and you know simultaneously while i'm trying to find that and i want to rent it an old gas station or something like that that well they don't even make those anymore um but the uh um in any kind of a thing that had a bay in it um the uh but before i actually start writing checks for that i actually want some customers doesn't he can yeah you got to get a started and I hear if I'm you okay this is how we answer these questions if I'm you I'm now starting to stick my nose back in the industry local guys that are doing cars here's what I know I know for a fact in just about every city in America where you want to get a car restored there's a long line and you got to get on you got to get on the list and the reason that is is because it's just not enough hands to do the work which tells me that there are several shops around you Andrew that if we looked hard enough if you and I got in the car today and drove around, I think I could get you a freelance job before the day was over.

[248] And so I'd start there.

[249] I'd start freelancing, just kind of, hey, you need me for 10, 15 hours a week.

[250] I got a day job.

[251] On the side.

[252] I got a day job.

[253] Nights and weekends.

[254] And that's going to help you pay this debt off.

[255] So we got two things.

[256] We got two birds with one stone here.

[257] Extra money to pay down the 30 grand quick.

[258] I really believe you could do that within a year if you really got hustling.

[259] All right?

[260] And then the second thing is I'm back in the industry.

[261] Or still, and I'm meeting people.

[262] I'm getting paid to get reconnected in the industry, and that's when I start finding out about more people.

[263] Well, I can't take this job, but we would never take this job because it's too small.

[264] But for you, a $10 ,000 job is great, and you'll jump on that and you do it on the side.

[265] So I would build the business up on the side, rent the equipment, do not pay cash for any equipment, rent anything you need as a part of the job itself.

[266] The big stuff.

[267] That's right, the big stuff.

[268] And I think I would just slowly start to stack cash.

[269] And then here's what I tell everybody.

[270] How do we go from day job to that side job being the dream job?

[271] In your case, if you're making $70 ,000, I want to have $70 ,000 in the bank.

[272] Ideally, I'd want 12 months.

[273] You could go as low as six months of that, which is $35, before I ever walked away from the day job.

[274] And that's just me playing it safe because this is why, Dave, I'd hate for somebody to have this massive pressure to feed themselves right away.

[275] I want some cushion there so that you can really focus on doing the job and growing the business.

[276] This is the Ramsey Show.

[277] This show is sponsored by BetterHelp.

[278] Hey good folks, the back -to -school madness is upon us.

[279] It's hitting us right now.

[280] We got travel and work and all these forms to fill out now and sports to travel to and on and on.

[281] My family's schedule is so packed and we haven't even begun talking about things like exercise and date nights and counseling and church and home projects.

[282] And those are the things that make our life even worth living.

[283] Here's what I've learned.

[284] When it comes to taking care of me, I have to put on my oxygen mask first.

[285] And that means that I have to do the things that keep me well and whole.

[286] And I know that you have to do those same things too.

[287] 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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[297] Well, I don't know when you happen to be listening to this, but we're going to do something we don't usually do, and let's tell you the date.

[298] The date of this particular broadcast that you are hearing is April the 15th.

[299] It's the day that my net worth goes to.

[300] because my government steals my money.

[301] You need to pay your fair share.

[302] Well, you should then and shut up.

[303] 49 % of Americans don't pay zero federal income tax.

[304] So don't talk to me about fair share, okay?

[305] I got your fair share.

[306] It's not very fair.

[307] Not fair at all.

[308] I can't breathe.

[309] Anyway, so I do a lot of whining and crying and cussing.

[310] and, you know, beat on people who it's not their fault just for the fun of it this time of year, just because I'm generally in a bad mood when I sign these returns.

[311] And did you see your good buddy, Mark Cuban, went public with his tax amount?

[312] I know you're not on the Twitter much anymore.

[313] No, I'm not on Twitter.

[314] It's not good for blood pressure, but how much did Mark pay?

[315] 288, $28 million, and he was putting it out there to say how much he paid in taxes.

[316] Yeah, then he revised it this morning and said, showed the note from his account, it was actually 278 and he was espousing the importance of paying your taxes as though we have an option.

[317] But it was a little political move, but nonetheless, that's not the point.

[318] He put it out there that that's what a tax burden is.

[319] He's saying he liked that.

[320] He said, I'm happy to pay my share.

[321] You know what?

[322] He could just send them some more.

[323] If you want to send them some more, you can since your dadgum happy, Mark.

[324] Yeah, communist.

[325] There you go.

[326] Oh, my gosh.

[327] I wanted your hot take on it, and boy, did you deliver.

[328] Thank you.

[329] I love you, Mark.

[330] I love you, Mark, but that was stupid.

[331] I got some friends that do stupid stuff.

[332] We've all done it.

[333] No one's immune.

[334] Yeah, really excited to tell us all how much he paid.

[335] Well, I, yeah.

[336] Okay, James.

[337] So you found somebody else that's crying, right?

[338] All right.

[339] So this is going around the Internet's.

[340] Where's on your money gone, buddy?

[341] Taxes, nine, ten, eleven.

[342] Playing monobolite.

[343] It's okay.

[344] It's part of the game.

[345] No, it's not fun.

[346] It's not fun to what?

[347] It's the worst part of the game.

[348] Oh, it's what?

[349] Taxes.

[350] I think the kids aren't.

[351] I couldn't agree more.

[352] I got a little reclimped in the middle of that.

[353] I'm thinking Monopoly's got, I got a tear in my eye watching Monopoly, too.

[354] It's just like, oh, man. Well, just to remind you guys, if you're getting a tax.

[355] refund, it is not time to celebrate because a tax refund simply means you paid in too much and they gave you your money back without any interest.

[356] That would not be something to celebrate.

[357] It's an interest -free savings account with a freaking federal government.

[358] So you didn't do something right if you got a tax refund.

[359] You did something wrong because you had too much taken out of your check and then they sent it back to you.

[360] Santa Claus is not in charge of the IRS.

[361] He did not send the money.

[362] I know him.

[363] He doesn't go anywhere near.

[364] Washington, D .C. Those people are all on the naughty list.

[365] So that's how this works, boys and girls.

[366] You don't get a refund unless you pay in too much.

[367] Let that sink in a second.

[368] All right.

[369] So now, if you haven't done your taxes, you've got to get them done right now, of course, because they're due by midnight.

[370] So there's two ways to do it at Ramsey.

[371] We've got Ramsey Smart Tax Software, which is very inexpensive.

[372] If you have a simple return, don't go to something like TurboTax or those guys, because really all they're doing is actually trying to sell you debt.

[373] They put you on the credit card list.

[374] They put you on their home equity loan list.

[375] They just start hammering your butt to put you in debt.

[376] And the add -on fees will get you.

[377] So Ramsey tax, smart tax is just very simple, very inexpensive way.

[378] Boom, you file it.

[379] Like if you've got a 1040 easy, you can do it in a few minutes with this.

[380] And it's very, very, very well done, very well built out.

[381] And if you've got a complicated return, go to Ramsey Solutions .com slash tax.

[382] And you can see our tax -endorsed local providers, and you can get a pro to do your return for you that we have done the due diligence on, and God knows it's complicated.

[383] So you've got to have somebody knows what they're doing if you have a complicated return.

[384] So you can get an ELP, and, you know, you're going to pay a professional to do that.

[385] And if you don't have a complicated return, just use the Ramsey SmartTex software.

[386] Both of them are real easy to do.

[387] Those people that are members of Ramsey Trusted, or I'm sorry, of Ramsey Plus, and they're in Financial Peace University and all that stuff, they get Ramsey Smart Tax free.

[388] And so for a quick, easy return.

[389] So that's just one of the benefits of being in that thing.

[390] Henry's in Fort Lauderdale.

[391] Hi, Henry.

[392] Welcome to the Ramsey Show.

[393] Hi, how are you doing, Dave?

[394] Better than I deserve.

[395] What's up?

[396] So my question is, I did something very stupid last year.

[397] I went ahead and got a Tesla at 13%.

[398] My payments are $903 a month.

[399] And I just, we, my wife and I, I didn't listen to my wife.

[400] I do whatever I wanted to do.

[401] So now I'm stuck in this math.

[402] Man, that's like four dumb things.

[403] Tesla, 13%, $900, didn't listen to my wife.

[404] That's four dumb things.

[405] Yeah.

[406] So my question is, we were thinking about getting a personal loan to pay the negative equity because I owe $43 ,000 on the car, but it's only worth about 19 to 20.

[407] When did you buy it?

[408] Last year, around March.

[409] I wasn't aware they were depreciating that bad.

[410] I make fun of them all the time, but that's a lot.

[411] Did you roll negative equity into the deal?

[412] About $5 ,000.

[413] Okay.

[414] Where are you getting your number on what it's worth now?

[415] That sounds very low.

[416] KB, Web's KB?

[417] Yeah.

[418] Private sale or trade -in?

[419] Trade in.

[420] And it's because I use my car for work, so I'm putting a lot of miles every single day.

[421] How many miles did you put on it in a year, honey?

[422] About 30 ,000.

[423] Okay.

[424] It's at 65 ,000 right now.

[425] Yeah, but trade -in is the lowest value you can get.

[426] Yeah, I mean, private sale, but still it's not going to be like five or six thousand higher probably.

[427] So you can get 25, 25, 26, for private sale, and you owe 48?

[428] 43 ,000.

[429] 43.

[430] Yeah.

[431] And we have some money saved up.

[432] How much?

[433] About 15 ,000.

[434] 15?

[435] Yes.

[436] Okay.

[437] Well, I'll cover it, won't it?

[438] Well, I'm down, what is it?

[439] 25 ,000 negative.

[440] That's if you try, no, you're 23.

[441] I'm not going with a 19.

[442] I'm going with like a 26, private sale, and you owe 43.

[443] That's not, that's, that's more than 15.

[444] It's 18.

[445] So, yeah, but you still got scra.

[446] What's your household income?

[447] 80 ,000.

[448] Okay.

[449] Yeah, I would use the majority of the savings.

[450] and I would sell it private sale, and I wouldn't panic, sell it for, I mean, you can find somebody loves those things, and, you know, get a private sale number for it, not a trade -in number, and then you may have to take out a small personal loan, $4 ,000 or $5 ,000, it sounds like, and then you've got to figure out, you also got to figure out how to get a hoopty that you can drive as your penalty.

[451] What were you driving before this?

[452] I was driving a Toyota Hatchback My wife told me to stay with it I didn't listen How old was it?

[453] What was it worth?

[454] It was about $25 ,000 Where did that go?

[455] I traded it in for the Tesla Did you owe money on it?

[456] And I rolled 5 ,000 negative equity on it That's right, you did say negative equity Okay, all right Yes Okay So have you had enough fun with these cars that you can't afford I mean buy something cheap dude and get your butt straightened out and then save up and become wealthy and then get you a nice car these things are wearing you out 5 ,000 here 10 -15 ,000 here let's start and turn on into some money that you're losing yes I agree I'm going to give you two words you should practice over the next I think year and say it a lot especially in light of this yes dear or you can substitute sweetheart if that works better yes dear I agree yeah it's all I got for him oh I got three don't save the planet or whatever that is yeah oh gosh 13 % on a battery you're killing me I wish George was here wish Rachel was here to make fun of cut this clip up They're both Tesla drivers, so we just love making fun of them just because it's fun.

[457] Oh, man, I'm so sorry you got yourself into this, but, yeah, you figured it out.

[458] There's four things you don't do, $900 car payments, 13%, Tesla's, and listen to your wife.

[459] These are four things you don't do.

[460] This is the Ramsey show.

[461] Buying your first home is a big deal and sets the stage for your financial success.

[462] So, work with a mortgage advisor you trust, not just some random website.

[463] Churchill Mortgage is Ramsey trusted because they help you avoid hidden traps and expertly guide you through every step.

[464] Learn more at Churchillmortgage .com.

[465] This is a paid advertisement, an MLS ID 1591, and MLS Consumer Access .org, Equal Housing Lender.

[466] 1749 Mallory Lane, Suite 100, Brentwood, Tennessee, 37027.

[467] Ken Coleman, Ramsey Personality is my co -host, a AAA 8255 -225.

[468] You know, we had a lot of fun at that last caller's expense.

[469] He was being kind to us, let us do that.

[470] But we also answered his question in the process.

[471] I think it's probably good for it.

[472] Take a second and just talk about for our audience, we were joking about listening to your wife, but talk about the principle that's involved here.

[473] So when I went broke 35 years ago and lost everything, we had owned, I was buying and selling real estate, was doing flip this house before chip and joanna were born and so um and i i've owned pieces of real estate that to this day we're driving around nashville and i'll tell sharon i say you know we owned that house she like never knew it i was doing deals and my wife had i wasn't hiding it from her i just didn't ask i was just running my business doing deals and she's with babies at home and we just didn't talk about i just doing it and uh she didn't ask about the structure of the business and I was doing whatever I wanted to do because I was a genius not and um after we went broke I started I was a baby Christian just just met God and um I started finding out that the Bible had principles of how to handle money and they all almost every one of them they're not really mystical they have they're all basically common sense things like borrowers slave to the lender so stay out of debt don't build a tower without first can in the cost so do a budget, live on less than you make, because a foolish man devours all he has.

[474] So there's scripture that says, live on less than you make, stay out of debt, save money.

[475] And the one of them I found is, well, I can't call.

[476] Anyway, who can find, it's proper, who can find a virtuous wife for her worth is far above rubies.

[477] the heart of her husband safely trusts her and he will have no lack of gain and I went wow okay there's a couple elements I like here one is no lack of gain I like that plan and I can safely trust my wife and she is virtuous now part of being virtuous is you don't take that particular Bible scripture and decide you're the Holy Spirit wives and so you know that you're you're not the Holy Spirit you're and so virtuous is I might be wrong virtuous is I've got an idea I've got an opinion in my wife's case she's from the hills of East Tennessee she gets a feeling and so it's a seven -cellable word and it's a failing and if she gets a feeling about something and I go against that it costs me a minimum of 10 grand every time I do it because her is never off.

[478] It's just, it's spooky.

[479] Now, she has a degree in child development, Homek, but she has insight into multimillion dollar business deals based on this failing.

[480] Yeah.

[481] And so, Proverbs 31.

[482] And so, um, you know, and, and those of us have been married, I've been married, I've been married a while we know that.

[483] And is she perfect?

[484] Oh, she's not perfect.

[485] And sometimes she's just straight up wrong.

[486] But, um, but, um, but, but, But she's virtuous about it.

[487] I mean, she very solemn as a butt about it.

[488] And so I learned from that to never again make major financial decisions without having not just her permission, but her alignment and agreement that there was no bad failing about it.

[489] And so consequently now, you know, we're, I mean, our net worth has returned hundreds of times over since then all those.

[490] years later.

[491] I mean, these buildings were sitting in are worth five or six hundred million dollars and they're paid for.

[492] So, I mean, you blame that on her, right?

[493] So the point is, is there's a high correlation between people who work together in their marriages and have a respect for each other's talents, insights, and abilities and make major decisions together, not in spite of each other.

[494] Larry Burkett used to say, you know, most people that get married are different.

[495] One's a spender.

[496] One's a saver.

[497] One's a nerd.

[498] One's a free spirit, right?

[499] And So opposites attract, and if one of you, you know, and, you know, otherwise one of is not necessary.

[500] If you marry somebody just like you, one of you is not necessary.

[501] So, you know, you need to be, it's good that you have different.

[502] And Sharon's wired completely different.

[503] Stacey's wired completely different from y 'all.

[504] And I've watched y 'all use the same principle.

[505] It's a financial principle.

[506] It's a marriage principle.

[507] It's a spiritual principle.

[508] No lack of gain to be on the same page on major problems.

[509] major deals with your money yeah well and this is also beyond just the spouse part the spouse represents someone who is giving you counsel the bible is clear many times on the wisdom of counsel in other words getting multiple pieces of feedback but i want to just back up sharon's feeling for a second okay so scientists uh not too long ago studied dave grand master chess players they put heart monitors on the world's greatest chess players and here's what they found.

[510] And every time that one of those grand master chess players made an incorrect move that ended up costing them deepling the match, the heart rate spiked.

[511] And all that means this, here was the direct takeaway, that the feeling, the gut feeling that he's talking about that Sharon has, it's not some spooky East Tennessee talent.

[512] What it is is that it's actually the brain sending a signal of the body.

[513] This is a bad decision.

[514] And so I say all that to say, if you've got a bad gut feeling what they determined from that study was had those chess players listen to their body they would have said something logical up here is saying don't do this and they overrided it and they overthought their way through it trust the feeling is the point yeah yeah and you know that slows you down you don't impulse that's it and and you know there's you should have peace that's right before you there ought to be a sense of peace in the air before you make a major move that's right not a sense of angst that's right and if there's If there's angst, it could be because it's a bad move or it could be because you haven't studied it hard enough.

[515] That's correct.

[516] And you don't understand.

[517] So, for instance, if you're doing an investment you've never done before, doesn't mean the investments is bad if your heart rate spiking.

[518] It means you don't know enough about it to do it yet.

[519] You need to get comfortable with your knowledge base to be able to buy that.

[520] Same thing with buying the next house, right?

[521] And here, I want you to come in on this day.

[522] How many times have we all done something?

[523] We go, I knew better.

[524] That's exactly right.

[525] You look back in the River, you know, hindsight, hindsight's 2020, baby.

[526] But here's what I want you to weigh in on, Dave.

[527] Let's say that your spouse doesn't feel good about it, but you've actually done your homework, and you know that it's actually not a silly decision, but they still don't feel that way.

[528] It's still important to hear them and then do a better job of casting vision or walking them through their fear.

[529] So there's a flip side of this, too, that it's relational too.

[530] Well, I mean, sometimes it's, I got to unpack and go, okay, here's the way this works.

[531] And she goes, it doesn't feel right.

[532] Well, that, okay, that doesn't necessarily mean that it's that thing, right?

[533] It could mean she doesn't understand it.

[534] That's right.

[535] Or same thing back at me. I mean, she says, I think we ought to do this because.

[536] And I go, okay, well, I need to hear the because because right now I don't want to do it.

[537] Right, right.

[538] And so I need to hear a really good because.

[539] You're going to have to bring it.

[540] And so, but there's a, what happens is you end up with a long marriage that is good.

[541] The data backs that up too.

[542] High quality marriage.

[543] Your health is improved.

[544] and your wealth is improved.

[545] That's what getting aligned.

[546] And so when we say stuff like, okay, you ought to be in one checking account, couples ought to combine their finances and not act like roommates.

[547] And then all you people go bananas because you were raised in a feminist world where everybody has to be independent.

[548] Listen, if you want to be independent, don't get married.

[549] It's a great point.

[550] Because it'll screw up that whole independence thing.

[551] I'm just saying.

[552] I don't even know what that is anymore.

[553] It's like, I mean, you need to.

[554] learn to work.

[555] If you can't play well with others, it's like, wow.

[556] So I need to be independent.

[557] Good.

[558] Just head your butt over there and do it somewhere else.

[559] If you want to be independent, the data says you will be not as healthy and not as wealthy.

[560] That's going to freak some TikTokers out, but go research it on the Google.

[561] It's not my opinion.

[562] It's good to mess with TikTok.

[563] You got to keep TikTok on its toes.

[564] So, yeah, that, but there's data and tons of research and spiritual counsel and wisdom from thousands of years behind this.

[565] concept and so we can all joke around go well you shouldn't listen to your wife but that's almost like you know he should be hen packed and do whatever is whatever the woman says because he's scared of his wife that's not what we're saying no we're saying a healthy relationship respects the other person's input we work our way through the differences and until we do we don't make the move and you wouldn't have bought a Tesla at 13 % interest oof rolling negative equity into it and ending up with a $900 car payment making $80 ,000 because there's no amount of logical analysis that's going to make that smart.

[566] This is The Ramsey Show.

[567] 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.

[568] Ken Coleman, Ramsey personality, number one best -selling author of the paycheck, The Purpose, host of the Ken Coleman Show.

[569] He's my co -host today.

[570] The phone number here is AAA 825 -2 -2 -25.

[571] Elizabeth is in El Paso, Texas.

[572] Hi, Elizabeth.

[573] How are you?

[574] Hello, good.

[575] How's everybody doing?

[576] Better than we deserve.

[577] What's up in your world?

[578] Good, good.

[579] My question is just wondering if I should go back to work.

[580] I'm currently at -home mom, and just to try to help with the financial burden with our household right now.

[581] What's your husband make?

[582] He makes about 73, 70 % of being commissioned, so it does fluctuate.

[583] What's he do?

[584] He works at T -Mobile.

[585] He's a sales wreck.

[586] Okay.

[587] How many kiddos you got?

[588] Two girls, two and four.

[589] Okay.

[590] And what would you be doing if you went back to work?

[591] I came from the corporate world.

[592] working in wireless.

[593] Before I left, I made about 110K.

[594] It is very demanding on your time.

[595] So I was thinking about doing something like a teaching job at a Christian school that would allow me to also have my daughters attend a Christian school and kind of like have my kids and eat it too, I guess.

[596] Well, that's where I was going to go is how much is your child care situation going to be if you run the numbers on what that would take?

[597] And I'm assuming that they have a preschool program where they could go free or heavily discounted.

[598] Is that the truth?

[599] Yeah, the child care here isn't too expensive.

[600] For two kids, it can run about $8 to $900 a month.

[601] And that's at that school?

[602] No, that's just like a little kind of daycare, but at the school, it would be discounted anywhere from 50 to 60 % off, and that would be about $500 a child.

[603] How much would you make?

[604] Hold on.

[605] Yeah, that's not.

[606] But you said $900 before, now you said $500 a child after the discount.

[607] No, no, no, it's $500 with no discount, but at a daycare, it would be $800.

[608] For both?

[609] Yes.

[610] Okay, so the daycare is cheaper than the school after the discount.

[611] Well, after the discount, the school will be cheaper.

[612] Oh, $500 total, not per kid.

[613] Right.

[614] Okay, I'm sorry.

[615] I was in the same boat.

[616] I got lost.

[617] Okay, anyway, so $500 or $900 ,000, and how much would you make teaching?

[618] You know, that's going to vary from $40 ,000 to $60 ,000.

[619] I don't have teaching experience.

[620] So you save $400 on daycare, but you are making $50 ,000 less.

[621] Then if I were to go back to something in my career.

[622] Yeah, so if you're going to go back to work, go back to work.

[623] I mean, I wouldn't trade $400 worth of daycare for $50 ,000.

[624] Right.

[625] What do you guys, what do you need more income for?

[626] Give us the big picture.

[627] Why are you feeling this need?

[628] is we moved to El Paso.

[629] We bought a house.

[630] Obviously, we bred off a little bit more than we can chew.

[631] My husband's car broke down.

[632] He ended up getting a car, so we had an additional $400 payment.

[633] I have a $300 payment, and then on top of that, our escrow was short $400 a month.

[634] So now we're short $400.

[635] So how much is your house payment?

[636] It was $2 ,200, and it went up to $2 ,500.

[637] Okay.

[638] We have $32K in savings.

[639] how much do you owe on your cars a total of 41k and 700 a month to both cars yes yeah yeah okay you did buy it off more than you can chew on the house so unless your income is going to go up you need to sell your house okay okay yeah either your income goes up or you need to sell it because you it's why you can't breathe you're quick to identify it i mean you can sell both cars sell the house and get you a couple of hoopties and a cheaper rent, and you'd have a great life.

[640] There's nothing wrong with that either, by the way.

[641] That's what you choose to do.

[642] But basically, to keep that house in those cars, you're going to put your kids in take care.

[643] That's your choice.

[644] And either one is a fine choice.

[645] It's just you need to make the choice that loud.

[646] You don't need to say that's what we did.

[647] Because you should be making $10 ,000 a month take home pay to take that house payment.

[648] Right.

[649] And you're not even close to that.

[650] Yeah, you're in deep.

[651] So I'm okay with the other possibility, of course, as your husband realigns his career and gets his income up 50K, I don't really care where it comes from, but your income's going to need to go up pretty dramatically or you're going to need to sell the house.

[652] And you're already feeling that.

[653] That's not me saying that.

[654] The math is saying that.

[655] Why'd you chuckle when Dave threw out of that as an option?

[656] Is that just such an emotional out of left field selling the house, so you can't even process it?

[657] Yep.

[658] That's what I thought.

[659] How long you've been in that house?

[660] It's been about six months.

[661] Yeah.

[662] See, the last time your life was good was before you bought the house.

[663] Pretty much.

[664] Yeah, and if you trace your steps back to the last time your life was good, then it tells you where you went, where you turned left, and you turned left.

[665] So, yeah.

[666] So I know plenty of people, including Dave and Sharon Ramsey, who, took on a lower lifestyle because it mattered to us that she was at home with the kids and it's what she wanted to do but it means a different car and a different house in order to do that until the income comes up to justify otherwise and so we stayed in a super conservative situation after our bankruptcy losing everything and until my income came up and we could afford to do that because she could have gone back to work right after the bankruptcy and it would have made sense actually but it was a choice that we made and we said okay the trade -off is a better house and better cars now eventually we'll get them anyway because my income will come up and his income will come up but but now I want to trade that for time at home with the babies she said I don't want to leave I don't want to leave I don't want I let's do anything where I don't have to leave on now if she had said I you know like if she said like Rachel Cruz I want to be in the marketplace Rachel's in you know in Phoenix doing a book signing so Rachel's out there professional lady speaking writing doing the show and has you know has folks help with her children as a result and so she chose that though and so you need to choose this because this is choosing you is the problem The stress chose you the last time because y 'all just thought there was no implication.

[667] I can just buy whatever house I want like you're in Congress or something.

[668] You spend whatever you want.

[669] And so you've got to go back now.

[670] So tonight y 'all need to sit down and talk about it, Elizabeth, and say, all right, do we keep the house or do I go back to work?

[671] Or what can we do to get your income to 120 from 70?

[672] And that probably means you're not working at a T -Mobile store.

[673] Probably means you're doing something else.

[674] So which of these three things are we going to do?

[675] Because sitting where we are is not going to work mathematically.

[676] The math is screaming at you.

[677] Not Dave and Ken, the math.

[678] This is The Ramsey Show.

[679] It's Financial Literacy Month nationally, and this month we're celebrating teachers.

[680] The teachers of America do such a good job.

[681] They work hard.

[682] We all know a teacher that made a big difference in our lives and probably more than one.

[683] It's weird that 40, 50 years later, I can remember them like it was yesterday.

[684] The good ones, the ones that really poured into the kids, you know, you can, everybody can name their teacher or six or seven of them.

[685] I can name that or made a huge difference.

[686] And here at Ramsey, we want to say thank you for all you do with our teacher appreciation giveaway, sponsored by Ramsey Education.

[687] One teacher will win $5 ,000 vacation plus two additional teachers are going to win a $3 ,000 vacation to wherever they choose.

[688] Completely free.

[689] No purchase is necessary.

[690] For more info.

[691] send teachers and teachers go to ramsysolutions .com slash teacher and enter today for your chance to win one of those vacations if you're a teacher up next is james and richmond virginia hi james welcome to the ramsay show hey dave how you guys doing better than i deserve what's up oh me and my wife okay jocelyn my wife uh with 40 from 45 she's 42 um we've been stock i guess and We were trying to figure out what's going on the, I've been in business owner for 18 years, not very good one.

[692] Apparently, for that I was in retail.

[693] She just retired medically from the Navy two and a half years ago.

[694] Before she retired and we were, I was in business, we were doing okay.

[695] We bought a house, you know, decent interest rate on it back when it was a few years ago with a VA loan and something we could afford.

[696] It was 1960 a month and we were making $85 to $10 ,000 a month.

[697] uh with my restoration company water damage and her and she got discharged and uh the job to pay down to like 2 000 a month and then work dries up and we've been stuck now for a year and a half and it seems like every time we start to build we were on step three for a while and then all of a sudden something big happens and crashes us and now we're seven months pregnant and do next month and can't figure out what we got to do congratulations thank you on the baby Yeah, not on the rest of the stupid.

[698] Yeah, yeah.

[699] So what was the nature of her medical discharge?

[700] Well, she had a lot of things.

[701] She got almost 90 % when they finished with her, with migraines, stress fractures, different tendinitis and some other things.

[702] They got her all on that.

[703] How's she doing with the baby then?

[704] She's doing great with the baby.

[705] It was unexpected.

[706] That was completely.

[707] unexpected and but a happy surprise to us last august or up to october i'm sorry when we found out but uh yes he's baby doing great you don't know what it is yet we're not going to find out so your crisis it sounds like more than anything is income yeah our crisis and and we don't know what we want to do i've applied for jobs recently i've never haven't done that in 15 years but we're applying for jobs yes and we're trying to get you know we're down to the point now where we can't even afford to buy our lead service to get more jobs to come in for where we're at and we're in $30 ,000 in credit card debt over the last two years trying to just make ends meet we're trying to get rid of them we had them snowballed and she had almost 20 ,000 and them paid off and then we just got to where food was and we couldn't even eat yeah we need to get some income fast.

[708] Real quick, give me a couple snapshots here.

[709] What's your combined income right now?

[710] Well, I think I might have made $40 ,000 total with us last year, and she made her $2 ,000 a month, $24 ,000.

[711] We might have made $66 ,000.

[712] We got an $18 ,000.

[713] All right, so let's reverse engineer this.

[714] Do you have a good grasp of your budget to know what's a number combined or you that would give us a lot of room or at least a decent amount of margin to start attacking this debt what's that number okay is it 80 ,000 is it 90 what is it no okay we have a house which I guess that's debt too so we owe 360 on it we bought it three years ago at 383 we have 360 on it it's worth 45 now sure we've got two vehicles that we pay for one One is a truck that we bought from my restoration company that we're not even affording me. All right, let me jump in here.

[715] Let me try to fast forward this.

[716] What is the number one skill you have?

[717] Water damage restoration, mold remediation.

[718] Great.

[719] And with that skill, you've got some other handy skills, my guess is as well, correct?

[720] Not just the knowledge of that function, but you've got some other skills around being handy, I'm wondering?

[721] Yes.

[722] I can't take a lot of that in Virginia because of licensing registration.

[723] regulations and all that kind of stuff.

[724] They'll have to be very particular.

[725] What I do take aside jobs.

[726] Okay.

[727] Tell me what you could do today.

[728] I know Virginia, well, what could you do if I hooked you up with a couple of builders and stuff like that?

[729] What could you do without the licensing stuff?

[730] Just real work.

[731] Water, water, mold, fire, smoke, crime scene, cleanup, disaster recovery.

[732] Okay.

[733] What else?

[734] Taring down buildings.

[735] I looked at a pressure washing job a few days ago for a large private school, you know, it's a $17 ,000 bid.

[736] We'll see if they go with it.

[737] We, so we, but we're, hold on a second.

[738] Can you swing a hammer?

[739] Can you do basic carpentry?

[740] Yes.

[741] Okay, let me just tell you this right now.

[742] I want to give you a snapshot.

[743] We have a shortage of carpenters in this country.

[744] A shortage of carpenters.

[745] It's all over the news.

[746] You can look it up if you think I'm just making this up.

[747] I'm not.

[748] And let me tell you something.

[749] You need to be out working, working, working.

[750] So the mold remediation, I got a friend of mine who owns a company in that space, the water remediation space, they're making money hand over fist.

[751] You know what he tells me?

[752] We should be, but I keep running out of money to do.

[753] No, listen to me. You don't need to buy leads.

[754] You need to go work for somebody.

[755] You need to buy leads.

[756] You don't need to buy leads.

[757] Stop buying leads.

[758] Good God.

[759] I, listen, I think right now you need to figure out how to run the business later.

[760] I think you need to go work for somebody who's crushing it.

[761] You need a good hourly rate.

[762] If you're making 25 to 30 bucks an hour, that would be a raise for you.

[763] A big race.

[764] Am I right?

[765] I just went to an interview last week with the MSCAT for the director of operations position.

[766] That was 100 -something.

[767] Yeah.

[768] Hello.

[769] Good job.

[770] Keep doing that.

[771] But my point is, let's not wait for it.

[772] I'm putting applications and I'm putting in every day.

[773] I know.

[774] But James, James, if you and I were hanging out in Richmond, Virginia right now, and I used to live there, I know where I'm talking about, and I know where I would get in a with you and say, James, come on, we're going to go and I'm going to be your agent.

[775] We're going to walk on job sites and we're going to introduce ourselves.

[776] This is a serious, serious, serious situation that you are in.

[777] You've got a baby on the way.

[778] You're upside down.

[779] You've got the waters right under your nose.

[780] You need to go out and work.

[781] And we're talking 25, 30 bucks an hour, anything I can get.

[782] I'm going to go work for somebody in remediation who needs an extra set of I'm not going to work for myself because I haven't figured out how to do that part well yet.

[783] I'm not knocking you, but I just want you to get some air back.

[784] I think you can go make 100 to 120 doing something in these areas.

[785] I do too.

[786] Running a crew for somebody that's crushing it right now.

[787] And there are people out there crushing it.

[788] Here's the thing.

[789] You're spending a lot of your time beating James up, and you need to let old James up.

[790] He's not that bad a guy.

[791] That's right.

[792] You need to let him up.

[793] You've been beating the crap out of him on this call, the whole thing.

[794] time you're you're because you're getting ready to be a dad and it's scary and you feel uh normal people feeling out i remember when we lost everything i felt like i was an idiot because i had done some idiotic things and i discovered there's a difference between doing some idiotic things and being an idiot and so uh you you know so you need to give my friend james a break he's a good guy he's getting ready to be a dad he's thrilled he's happy he knows how to do a lot of things and with a smile and a work ethic and I'll show up on time or early, leave late, not early.

[795] You hire me, you're going to get the best guy on the planet because I'm a guy with a brand new baby and I need to feed them and I'm going to take care of you because you're taking care of me. Man, I've got to tell you, in the world we live in today, that's a big plus.

[796] You're very marketable.

[797] So we're going to send you both of Ken's books, the Proximity Principle, and paycheck to purpose.

[798] And I want you to go to Ken Coleman .com right now and for free, start looking at all the different forms and processes Ken has on there about getting a position.

[799] And it's all about face -to -face contact.

[800] It's not about filling out applications on the Internet.

[801] That's useless.

[802] It's a complete waste of time.

[803] Nobody looks at that crap.

[804] You know, you get eyeball to eyeball with the dude making the decision.

[805] he'll hire you if you'll start liking you a little bit better this i like you y 'all too this is the ramsie show ken coleman ramsay personality is my co -host today in the lobby of ramsie solutions on the debt -free stage mason and chelsea are with us hey guys how are you good how are you better than we deserve where you're from we are from about an hour south of montgomery alabama Oh, okay.

[806] L .A. Lower Alabama.

[807] Exactly.

[808] Good for you.

[809] Welcome to Nashville.

[810] And how much debt have you guys paid off?

[811] We paid off 160 ,000 in about 36 months.

[812] Good for you.

[813] And your range of income during that time?

[814] We started out at about 110, and then we ended around 140.

[815] Excellent.

[816] What do you guys do for a living?

[817] I'm a math teacher.

[818] And I'm a manager over a water authority.

[819] Okay.

[820] Did you all sell some stuff?

[821] that's a lot in 36 months i sold my jeep and my wake boat during this time so what did those two things bring oh it wasn't too much probably about 15 between between both of them and we had a little money saved up from before that how much towards it probably about 30 40 probably yeah okay so of the 160 almost 60 of it went out the door that way yes then you knock off 100 about 35 000 a year for three years yes sir very good that that works good for y 'all y 'all y 'all been careful.

[822] You got fired up, didn't you?

[823] Yes, sir.

[824] So what kind of debt was the 160?

[825] It was our house.

[826] You paid off your house!

[827] You got rid of the cheap in the Wakeboard boat to pay off the house.

[828] How old are you two weirdos?

[829] I just turned 28.

[830] And I just turned 29.

[831] And you have paid for house?

[832] Yes.

[833] Y 'all are whacked.

[834] I love it.

[835] What's this house worth?

[836] Probably around 3 .3 ,30, something like that.

[837] I love it.

[838] And you're not even 30 years old and paid four house.

[839] How you doing on the nest egg?

[840] How's your savings going?

[841] We're getting, they were slowly but surely, but we're putting towards it.

[842] Good for you.

[843] Well done guys.

[844] Thank you.

[845] Congratulations.

[846] How long you all you've been married?

[847] We have been married.

[848] Next month will be seven years.

[849] Okay.

[850] So about halfway through the marriage, ding, ding, ding, something happened and you plug into this Ramsey stuff.

[851] Tell us the story.

[852] How did you find us and what happened?

[853] Well, when I was turned 18, I was working in the oil field offshore and that's the first time I was making money.

[854] And, and, And he was going out the door as fast as it was coming in.

[855] And I just did a Google search.

[856] And I found you guys.

[857] And we've been plugged in every since.

[858] And about three years ago, we built our house.

[859] And then we just followed the principals.

[860] And then we just wanted to pay it down as soon as we could.

[861] We had two little boys in the three years, too.

[862] So we had some, you know, some reasons to do it.

[863] Wow.

[864] Very cool.

[865] Good for y 'all.

[866] Well done.

[867] So two babies paid for house.

[868] And everything was paid for before that.

[869] You just got rid of some of it because you wanted the house paid off more than you more of the stuff.

[870] Yes, that's right.

[871] Okay, and the savings, too.

[872] So extra savings.

[873] Way to go, y 'all.

[874] Way to go.

[875] Yeah, I've got to ask, because there's an emotional connection to these baby steps.

[876] I mean, once you get to a place, you've heard Dave say you get sick and tired of being sick and tired, sometimes it's different emotion.

[877] But I got to know, what was the range of emotions you went through when you sold a Jeep and a wake boat, all for the purposes of paying the mortgage off?

[878] Well, I tell you, we saw, Chelsea set a hard goal.

[879] of the end of last year to be done with it.

[880] And I said it'd be the end of this year.

[881] And she said, well, we can get it done the end of last year.

[882] And we sold some things and we did some hard things to get it done.

[883] But when we set the hard goals and we got it done, you know.

[884] Yeah.

[885] So was it.

[886] Was it worth it?

[887] It absolutely was.

[888] How's it feel to be completely free?

[889] Awesome.

[890] It feels amazing.

[891] Wow.

[892] I like that.

[893] You just dropped it and said, no, we're doing it at the end of the, you, he wanted.

[894] 12 month extension and you said no sir yes and wow yep it was it was tough and he had to dial me back in a couple times well it's that's how it works it's a little bit of giving taste I love that and stay on page together that's the thing yes well done you two very well done y 'all are heroes and those little boys they have no idea how great their parents are appreciate it they're look at that oh they're beautiful they're set.

[895] We're looking at the picture on YouTube.

[896] I mean, wow, wow.

[897] They're set up.

[898] Their whole lives are different.

[899] They are.

[900] You ever know anybody that by 30 had a paid four house that was worth $350 ,000?

[901] I didn't when I was your age.

[902] I don't.

[903] Yeah.

[904] I don't.

[905] Very strange.

[906] It is weird.

[907] It is.

[908] It's a good kind of weird.

[909] What do you tell people the key to getting out of debt is?

[910] My thing is to don't let yourself see the money in the checking account to begin with.

[911] Go ahead and put that money in savings, go ahead and be paying stuff off because if you're anything like me when you see it in the checking account, you want to spend it.

[912] But if it's not there, then you don't have to worry about it.

[913] It's got to have a plan.

[914] Yes, exactly.

[915] Execute the plan.

[916] That's right.

[917] Okay.

[918] What about you, Mason?

[919] Anything to add to that?

[920] I'd say just, you know, set hard deadlines.

[921] When you want to get things done, your goals, you know, it's very important to me just to do that and then just keep on, you know, to keep on your plan, start one and then just stay with it.

[922] It's just, you know, that's the, that was the main thing for us.

[923] Yeah.

[924] From the very beginning, um, we, you know, started a budget.

[925] We lived off of his paychecks at the very beginning and mainly because I was still in college.

[926] And then whenever I got a job, it just made sense to just keep living off of his paycheck instead of spending mine too.

[927] So from the beginning, my checks were going either in savings or then once we got our house was going straight towards our house payment.

[928] So it just made sense to stick to that.

[929] And even though we got raises, we still lived as if we didn't.

[930] So who were your biggest cheerleaders?

[931] Probably off parents.

[932] They were behind us the whole time.

[933] We had some friends that were behind us.

[934] But we did it.

[935] So your parents, you grew up in a house that had common sense?

[936] Getting that way.

[937] Yes.

[938] They were at least cheering you on.

[939] They were.

[940] And that's what we talked about before.

[941] You know, if they had known what we knew, then they would have followed these steps, too.

[942] Like, they knew if they had known then, you know.

[943] Yeah.

[944] So they were definitely behind us cheering us on.

[945] Yeah, very good.

[946] Good for y 'all.

[947] Well, congratulations.

[948] Thank you.

[949] Very, very cool.

[950] Thank you for coming all the way to Nashville to share that story.

[951] It inspires people.

[952] So, Ken, this is what I'm always talking about.

[953] I'm constantly, I was on Fox business the other day, and they said, so what about this Gen Z generation?

[954] And I'm like, I love them.

[955] Yeah.

[956] I think they're awesome.

[957] What do you mean?

[958] a bunch of deadbeats.

[959] No, they're not.

[960] I mean, there's some of them are.

[961] But then I meet these like this here all the time.

[962] And there's good ones.

[963] There's hope for this country.

[964] People like that right there.

[965] These are heroes, man. They take control of their life.

[966] They looked in the mirror and said, you're the problem and you're going to fix it.

[967] And, man, they stepped on it.

[968] I'm so proud of y 'all.

[969] Way to go, guys.

[970] Thank you.

[971] Way to go.

[972] Very, very well done.

[973] We've got a couple of one year subscriptions to every dollar for you, one for you guys.

[974] You can give one away to one of your buddies and get them started on the every dollar budgeting app as well.

[975] So good stuff.

[976] Mason and Chelsea from Montgomery, Alabama, or just south of there, $160 ,000 paid off house and everything in 36 months, minus a wakeboard boat.

[977] Making 110 to 140.

[978] Count it down.

[979] Let's hear a debt -free scream.

[980] Three, two, one, we're debt -free.

[981] Yeah.

[982] Love it.

[983] Yeah, baby.

[984] This is how it's done, boys and girls.

[985] This is how it's done.

[986] Man, I'm telling you, if you're out there riding right this second, you're driving in your car and you're listening to this, that couple drove up here so you could hear that story.

[987] No question.

[988] And that means that you, I'm talking to you right now, you're supposed to be doing this.

[989] You're supposed to decide to get control of your freaking life Instead of living, thank God it's Friday, oh God, it's Monday And start putting this stuff down Get the every dollar upload, start laying out a plan, a budget Because nobody plans to be broke They only plan to not be broke.

[990] So lay you out a dadgum plan, baby, and get with it.

[991] You can do this stuff.

[992] Anybody can do it.

[993] Ken, we've seen people from every walk of life, every region and state in the country.

[994] That's right.

[995] Every race creed color and national origin.

[996] This stuff knows no boundaries.

[997] The only color that we're worried about here is green.

[998] Yeah.

[999] So get with it.

[1000] Get with it.

[1001] We're here to help you.

[1002] We're here to walk with you and show you, inspire you, inform you.

[1003] So you go do this stuff, and you can stand on this debt -free stage and scream, I'm debt -free.

[1004] Yeah, it's absolutely right.

[1005] And one of the things I just took away from this, too, is you get the sense that they are impacting the generation ahead of them with their parents.

[1006] Yeah.

[1007] That this is going to potentially change.

[1008] change.

[1009] They're young, so that means their parents are still young.

[1010] And I love this.

[1011] This begins to influence so many people around you when you live this way and you live like no one else and you give like no one else.

[1012] It becomes highly attractive.

[1013] And so think of this is not just financial freedom for you, but maybe your family, extended family.

[1014] And I'm really blown away by that.

[1015] It means you guys have done it well.

[1016] Yeah.

[1017] Classy and how you did it.

[1018] Very well done.

[1019] Even now you answer the question.

[1020] Yeah, that's right.

[1021] This is the Ramsey show.

[1022] Well, it's book launch week here at Ramsey Solutions, Rachel Cruz's new book for children.

[1023] I'm glad for where I am.

[1024] The second in the series comes out tomorrow on April the 16th.

[1025] Those of you that are pre -ordered, it'll ship.

[1026] And she's going to be around doing signings in several of your markets.

[1027] We'll be letting you know about those this week in Phoenix and Dallas and Los Angeles and Atlanta and so on.

[1028] So we'll let you know where she is and make sure that we get you out there for that.

[1029] Also, Ken Coleman's new book, The Get Clear Assessment, Find the Work You're Wired to Do.

[1030] We've been selling Ken's assessment that our team built with Ken here on the website for a while.

[1031] I've sold almost 100 ,000 of you have taken that assessment.

[1032] And we decided there would be a good idea to do a book explaining exactly how to interpret the assessment, right, Ken?

[1033] That's exactly right.

[1034] So the assessment answers the question, who am I?

[1035] We're talking about as a professional, meaning what are you good at and what do you love to do?

[1036] And then the book comes along, almost as a coach.

[1037] And we wrote this short, takes you about 45 minutes to read, but it only is effective if you've taken the assessment.

[1038] The good news is, Dave, you get an assessment with the hardback when you pre -order it.

[1039] And then you're going to get an e -book with another assessment code and the audio book with another assessment code all if you're pre -order.

[1040] So essentially three books, three codes, which means it's the gift that keeps on giving.

[1041] And again, as a professional, if you want to make more money, more money is all about your ability to grow as a person.

[1042] And I'd like to say it this way.

[1043] It'll help you get better so that you can get a bigger paycheck, right?

[1044] The bigger, the paycheck is always about how much better you are improving yourself.

[1045] We know this.

[1046] And so that assessment in the book is going to answer the big questions.

[1047] Who am I?

[1048] What do I want to do?

[1049] Where can I do it?

[1050] And the book comes along and helps you get there.

[1051] And that's a game changer.

[1052] you know, 96 % of millionaires loved their work.

[1053] And oh, by the way, they were good at it, too.

[1054] Yeah, well, it's hard to be good as something you hate, number one.

[1055] That's right.

[1056] Except for golf for me. Just depends on which holiday.

[1057] It's a separate problem.

[1058] But the thing is this, you don't have to necessarily change your whole career.

[1059] That's correct.

[1060] It could be you're just doing it in the wrong place in the wrong way.

[1061] It could be just some personal growth and landing in a different location.

[1062] It could be a complete change of direction.

[1063] Could be.

[1064] Either one's fine.

[1065] But sometimes people mistake and say, oh, well, what I need to do is just quit my job and go to school.

[1066] That's right.

[1067] No. You need to find out where you are and figure out if school is required to get where you want to go.

[1068] Yeah.

[1069] You know what the superpower is, Dave, for all successful men and women, self -awareness.

[1070] And we're talking about awareness in what they do really well.

[1071] What lights them up?

[1072] And they find a way to get in that spot.

[1073] And when they do, it's when greatness happens.

[1074] Megan is in Chicago.

[1075] Hi, Megan.

[1076] Hello, Megan, are you there?

[1077] Hi, Ben.

[1078] How can we help?

[1079] Yeah, I've been Danish now for a while, and I'm wondering, how do I pay off $79 ,000 in debt?

[1080] Well, it sounds like you know.

[1081] Stop being David.

[1082] Well, I mean, what you're saying is you're doing some of the things we teach, sort of.

[1083] I am.

[1084] So I'm a single mom of two kids, and I've off and on over the last several years, worked on my finances.

[1085] And I feel like every time I'm making progress, something happens, or there's something that I do wrong.

[1086] Can you give us one example?

[1087] Give us a recent example of you were going along great, something happened, and then you didn't make a great decision.

[1088] probably when probably a year ago I had a washer and dryer breakdown and I used a credit card to buy a new washer and dryer and then at the same time needed to replace the flooring because it had rotted where it leaked so rather than you know find some salvage washer and dryer or hand -me -downs I bought new with a credit card And then being Davish, what would we say a washer dryer going out?

[1089] What would we call that in our world?

[1090] An emergency, right?

[1091] Yes.

[1092] Because we've got to wash clothes.

[1093] Although they both went out the same day.

[1094] Well, the dryer had been on the fritz for a while, and the washer leaked all over the floor for several weeks.

[1095] And caused the damage.

[1096] Because I didn't have the funds.

[1097] Exactly.

[1098] I didn't have the funds to do anything about it.

[1099] as a single mom of two.

[1100] You know that thing right behind the washer where it has a faucet handle?

[1101] Yeah.

[1102] Yeah, that cuts the water off if it's leaking for several weeks.

[1103] You don't have to have funds to go lefty -righty.

[1104] To be smart, yeah.

[1105] Okay.

[1106] I'm just, okay, so I'm not picking on you.

[1107] I'm just saying that what you're, uh, what happens is, is that we get in these situations and you get, um, you get scared and you get, um, you get, um, you add drama to it.

[1108] I do this and you've done it.

[1109] I heard it.

[1110] You add drama to something and turn it into something a lot bigger than it is.

[1111] My point being, you could have just turned the water off the first.

[1112] you saw a leak and then said okay i'm going to go the coin laundry for a little while until i can save up some money and then you wouldn't have to rot the floor and the driver was already on the fritz so that was that wasn't new information so we took all of these things and we added them together and a catastrophe was created in your head and that that's what we all do but so but but but it's what it is is anytime there are problems the more we avoid them that they get worse they don't get better.

[1113] And the washing drives are almost a metaphor for that.

[1114] So how long have you, were you divorced or widowed or never married or what?

[1115] Never married.

[1116] I have two children, two separate fathers.

[1117] I do receive child support on one.

[1118] How old are the kiddos?

[1119] They are 13 and eight.

[1120] And what do you make a year?

[1121] I bring home, I mean, a monthly I bring home $2 ,500.

[1122] Okay.

[1123] All right.

[1124] What do you do?

[1125] I work from home in insurance.

[1126] Is it sales or customer service?

[1127] Authorizations.

[1128] Yeah.

[1129] So you're 40?

[1130] 37.

[1131] 37?

[1132] Okay.

[1133] All right.

[1134] I have a mortgage and a car payment.

[1135] How much is your car payment?

[1136] It is $4 .40 a month.

[1137] Okay.

[1138] all right so um what i think i'm hearing and if i'm wrong you just tell me okay but i think i'm hearing a lady that for a little over a decade life has happened to you you've not happened to life yes like you're you're not crying and you're not whining victim but you've also not been on the attack you've been on the defensive correct yeah And so let's flip that script a little bit and start saying, okay, your job sucks.

[1139] You don't make any money.

[1140] Yeah.

[1141] And so we got to work on that.

[1142] And we got to get Megan where she's proactive rather than reactive on everything, including money, including her kids, including her job, including everything else.

[1143] Because you fell backwards into this job.

[1144] You weren't out hunting going, gosh, I hope I can do phone work for an insurance company from home.

[1145] sure hope I can do that for $30 ,000 a year and starved a freaking death.

[1146] I hope I can do that.

[1147] That wasn't what you're doing.

[1148] You just took something because you were hungry.

[1149] Am I right?

[1150] I work in health care, so it was the best fit during COVID to work from home.

[1151] So it just works out that way.

[1152] Right.

[1153] But here's the point.

[1154] I'm going to give you.

[1155] No, it really wasn't.

[1156] Oh.

[1157] No, it really wasn't because you're hungry.

[1158] You're broke.

[1159] So that's not a best.

[1160] fit.

[1161] It's what you chose to do.

[1162] Yeah.

[1163] Okay.

[1164] Are you a nurse?

[1165] Are you a nurse?

[1166] No, no. When I, when I took this job, I increased my income because I was working as a medical scribe in a cancer center.

[1167] Okay, then that was a better fit.

[1168] It's a better fit than what you had, but the job before really sucked then because you're not making any money, girl.

[1169] Yeah.

[1170] So what's going on is, is that you have to do two things.

[1171] You've got to decide you're going to find a way around debt when something breaks next time because you'd find a way to feed those kiddos if that's all that you had to do.

[1172] And then secondly, hang on the line.

[1173] I do want to give you the get clear career assessment in the new book, find the work you're wired to do because you're worth double.

[1174] You're worth double.

[1175] You need to me make it twice as much you're making right now.

[1176] And that'll solve a lot of problems.

[1177] I didn't say you suck.

[1178] I said your job does.

[1179] That's why, because I don't think, because I don't think you do.

[1180] I think you're awesome.

[1181] You're a warrior princess.

[1182] Now it's time to go to fight instead of being beat on this is the ramsie show live from the headquarters of ramsie solutions it's the ramsie show where we help people build wealth do work that they love and create actual amazing relationships i'm dave ramsie your host ken coleman ramsie personality humble and bestselling author of the book paycheck to purpose and host of the ken coleman show he's my co -host today Open phones at AAA 825 -5 -2 -2 -25.

[1183] Mina is with us in Washington, D .C. Hi, Mina.

[1184] Welcome to The Ramsey Show.

[1185] Hi, Dave.

[1186] How are you doing today?

[1187] Better than I deserve.

[1188] What's up?

[1189] Good.

[1190] Yeah, so I recently got married, and we have a baby coming on the way.

[1191] And my husband, I personally don't have any debt.

[1192] I don't have any student loan debt.

[1193] but my husband has some from undergrad and his master's, and he's wanting to be a theology professor.

[1194] And so currently he's pursuing his PhD with a, you know, fully funded with a stipend and everything.

[1195] But we have about $86 ,000 or $87 ,000 in his student loan debt.

[1196] And, I mean, thankfully I have been like set up pretty well.

[1197] and so I'm kind of in a position where I could wipe it all away for him, but I didn't know, like, if there should be a different strategy because we have a baby coming in a month.

[1198] What do you mean set up really well?

[1199] What have you got and where did you get it?

[1200] So I worked for my dad basically since I graduated from school, and so he helped me a lot with my savings and investments and everything.

[1201] So I have money in, like, Marcus Goldman Sachs account and money in, like, invested.

[1202] How much?

[1203] So right now I have about 60 ,000 saved.

[1204] I mean, that's actually after we combined bank accounts.

[1205] So, like, that is me and my husband's combined savings.

[1206] And then we have about another 50 in.

[1207] my investments, including, and I include that in my Roth IRA.

[1208] So I've built up some of my Roth.

[1209] Okay.

[1210] How much is in your Roth?

[1211] $17 ,000.

[1212] Okay.

[1213] That's not accessible.

[1214] So you have 23 left, or 33 left other than that, right?

[1215] They did say it was accessible.

[1216] I think it can be.

[1217] No, it's not.

[1218] We're not messing with the Roth.

[1219] Okay.

[1220] we got 23 and 60, so you got 83 ,000 and you're 086 ,000.

[1221] Mm -hmm.

[1222] 33.

[1223] So I'm sorry, you have 90, so you have enough to pay it off and have $5 ,000 plus your Roth.

[1224] I don't want you doing that until a baby comes.

[1225] Don't do that until the baby comes?

[1226] Right.

[1227] Because I want mom and baby to have the comfort of a big old pile of money.

[1228] When baby comes and baby's okay and mom comes home, and we figure out what we're doing with life then, and we're living on a budget where we live on less than we have coming in, and we've got a game plan, then, yes, I do want to pay off his student loans.

[1229] Okay, yeah, I guess it's, what scares me is that the interest is accruing.

[1230] I mean, it's not accruing that much while a baby comes.

[1231] It's just a little bit.

[1232] Yeah.

[1233] I mean, it's, right now it's accrued about, about 2 ,200 as of today, like 2 ,200 in interest.

[1234] which, yeah, obviously, it moves it up to 87 ,000 about.

[1235] Yeah, you're going to get a little bit of interest, but in return, you're going to have a bunch of money, okay?

[1236] If you want to throw 30 or 40 at it, that's fine, but I don't, I want you to have a really fat nest egg until baby comes.

[1237] And then you can talk about coming down to $5 ,000 and clearing it out.

[1238] But the last thing I want you to do is have zero debt and zero money and have a baby come, and there's a bit of a hiccup.

[1239] And, you know, it throws things sideways by $10 ,000.

[1240] And now you've got to worry about a bill and a baby, and we don't need to be worried about that.

[1241] Mm -hmm.

[1242] So.

[1243] Yeah.

[1244] And you would suggest then putting $40 ,000, like at most, like $40 ,000 right now?

[1245] Yeah, that'd be fine.

[1246] 40 or 50 towards it out of the, you got about 90.

[1247] And so if you throw 40 or 50 towards it, you'll be fine.

[1248] And that at least lowers the interest that's occurring.

[1249] And you're still sitting on $40 or 50 at that point.

[1250] and then when baby comes, you just pay it off.

[1251] Pay it off completely.

[1252] Yes.

[1253] Like I should just have it appear.

[1254] Yes.

[1255] And he's not borrowing any money to finish the Ph .D. And are you going to be working or how you got your, you guys are living off the stipend or what?

[1256] Yeah.

[1257] So we're living off the stipend.

[1258] I'm working full time as a tennis coach.

[1259] But it's, I mean, it's, I don't plan on, like, ideally, I would like to be home.

[1260] with the baby but I just don't know like with I will I mean insurance will obviously be through the roof well the good it's not that bad you're young and healthy uh and and the good news about tennis coaching is you could do that with individuals and and set your hours and you know not be leaving the baby very much right I don't even know if I yeah want to want to do that I think I mean he himself has talked about how he'd rather like be working Okay.

[1261] As long as you guys can eat and you're not and you're not broke.

[1262] I just long as you can have enough income coming in between the two of you that you figured that out.

[1263] Yeah, yeah.

[1264] You know.

[1265] Our grocery bill is pretty high, though.

[1266] It's kind of like our, I mean, we're living in D .C. It's not where we want to be.

[1267] We want to be in like a more red state.

[1268] But, I mean, just our grocery bill.

[1269] I mean, we eat.

[1270] Is that where he's studying or something?

[1271] Yeah, yeah.

[1272] For the two of you, it's just the two of you, right?

[1273] It's just the two of us right now, yeah.

[1274] Let me tell you something, Mina, I've got three teenagers, two of which are boys.

[1275] Don't even talk to me about grocery bills.

[1276] It's crazy.

[1277] You guys can do better than that.

[1278] Yeah, you got a lot of other things to worry about than your grocery bills.

[1279] I was going to say.

[1280] So here's the thing.

[1281] I love her intensity, Dave, but I hope she grasped that you were giving her an insurance policy that means peace of mind until baby gets here, and then you can attack it.

[1282] But I just, that's such a, it's such a huge deal.

[1283] I hope a lot of people hear that.

[1284] That's really great advice.

[1285] Well, the first three baby steps, save $1 ,000 quickly with great intensity, pay off all your debts, except your home, smallest to largest in that order with great intensity.

[1286] Like, sell so much stuff the kids think they're next, put the dog on eBay, the cat on Craig's List.

[1287] I mean, everything's gone.

[1288] No life, scorched earth, beans and rice, no eating out, no vacations.

[1289] We're cleaning up the mess.

[1290] baby step three in that same intensity is finish the emergency fund now when you finish the emergency fund and you have no debt except your house then you move from intense to intentional but until then you're wide open now when there is when you're in the middle of a storm like you say uh the boss comes in and says in 60 days we're laying off 70 % of the people that work here well that's a storm yeah so you push pause on paying off the debt or building the emergency fund wherever you are in one through three baby steps until you get the other side of the storm in the case of a pregnancy obviously it's a blessed event it's not a storm but we're going to prepare as if it matters more than the getting out of debt because it does then we get the other side of it baby comes home mom and baby are okay we push play again which means we clean out everything down to a thousand dollars and pay off deaths until we're debt -free.

[1291] That's exactly what I was telling her to do.

[1292] This is The Ramsey Show.

[1293] Thanks for joining us, America.

[1294] I'm Dave Ramsey, your host.

[1295] Ken Coleman Ramsey personality is my co -host.

[1296] Today's question comes from Julian in Texas.

[1297] My responsibilities at my job have increased significantly.

[1298] I've received routine raises, but they're not reflective of the increased responsibilities I've been given.

[1299] I approached my boss with my concern and gave him a number that I think I'm worth based on similar roles.

[1300] My boss agreed that I deserve to raise.

[1301] and set a raise would show up on my next check.

[1302] The raise was 5 % less than half of the number I'd suggested.

[1303] Feeling frustrated, I applied for a couple jobs at other companies.

[1304] I received an offer for 2 % more than the amount I asked my current employer for, but the kicker is I didn't like the interview and I don't intend to take the job.

[1305] Is it inappropriate to use a job offer to leverage a raise at my current job?

[1306] My heart is telling me no, but I want some of that good old -fashioned Ken Coleman's sense.

[1307] knocked into me. Okay, wow, that puts the pressure on me. I got to cuff him upside the head, apparently.

[1308] Julian, here's the thing.

[1309] I think there's too much emotion in this, and I think at this point to take in the job offer that gets you 2 % more, so it looks like a 7 % bump from what you've just been offered.

[1310] I think here could get really manipulative, and I think the emotion I'm seeing in this, and I understand why you feel the way you feel based on what you've said.

[1311] But if your boss agreed that you deserve to raise, you told them a number and you gave them what you think was evidence.

[1312] Now, I don't know how good your evidence was here.

[1313] I don't have the luxury of talking to you back and forth.

[1314] But based on what you're saying, the boss heard you agreed, you told him the number you think you deserve, and they gave you half of it.

[1315] And you don't want the other gig anyway.

[1316] So this feels really manipulative.

[1317] Is it inappropriate?

[1318] No. Unless, well, Yes.

[1319] Well, let me finish what I mean by inappropriate.

[1320] I know what you're saying.

[1321] It's not, it's not unethical.

[1322] It's not, but it runs the risk of being very manipulative.

[1323] And so if you want to call that inappropriate, then certainly I get that.

[1324] And so I just wouldn't do this.

[1325] You've been given the raise.

[1326] They told you what they think the raise is.

[1327] And now you've got to be an adult.

[1328] And going back in and trying to waive another job offer in front of them that you do not want feels childish to me. And it wouldn't do it.

[1329] I don't think it'll serve you well.

[1330] at all.

[1331] It doesn't change the fact that, let's say that you went back in and waived this and they gave you a 10 % raise way through the roof.

[1332] Yeah.

[1333] All of the sudden, you're not going to be over all these other things.

[1334] That's exactly right.

[1335] You feel underappreciated, used, you feel like they didn't take care of you, and the only way that you get your right amount is to threaten them.

[1336] so when after you finish threatening them and they give you a big raise because of that even maybe even more you're still going to feel like they don't have your back like you're underappreciated like you know the only way I got what this company should give me is I had to be a jerk and you know and so you need to leave is what you need to do because you're done but you don't need to take this other job so you need keep looking get you another job and you need to leave yeah that's what you need to do yeah well here's what happens this will wear off Dave is right if you they gave you you the 10 % immediately, you would feel like you won something, but you'd still feel like, well, they're going to keep giving me more, keep giving me more.

[1337] And that's the point.

[1338] A raise doesn't fix this kind of damage here.

[1339] I'm not sure.

[1340] I'm not sure this company did anything wrong, but you think they did.

[1341] That's right.

[1342] And the fact that you think you've been mistreated by them, you're done.

[1343] You know, your language all through this email is, I'm done.

[1344] I'm done.

[1345] And so, You don't really want them to give you the money because then you'd be staying in a situation that you think is unfair, unjust.

[1346] They don't appreciate you.

[1347] They don't, they're not fair people.

[1348] They don't pay comp, right?

[1349] They don't, you know, whatever.

[1350] You just don't like these people anymore.

[1351] And so that's thing one.

[1352] Thing two is this.

[1353] Anytime you're facing a business ethics question or for that matter, most ethics questions, you don't have to take a class on business ethics.

[1354] all you got to do is switch shoes walk a mile in the other guy's moccasins all right now you're an employer you had a guy that came in and said he was worth x and you said yeah he's probably worth some more and you gave him some more he's pissed about that he works for you and then he comes back in and says um hey i got a even better job offer uh the whole way this goes down if you work for us we would say take it that's right we'd say take it so if you switch that if you switch it you see how scummy it is yeah and so just to wave something in front of their nose that you don't intend to take just to manipulate them ken's right that you know you wouldn't want somebody to do that to you so don't do it to somebody else treat other people like you'd want to treated.

[1355] It's a real business ethics lesson.

[1356] And so, you know, if somebody came in and started waving something in front of me like that, I'm going to be going, you know what?

[1357] I think, I think you should take it.

[1358] Yeah.

[1359] Because you don't work here anymore, so you're going to need a job.

[1360] You know, it's stuff like that, you know, I mean, I mean, we probably wouldn't be quite that snarky about it, but that's how it would, that's how it would be playing in my head.

[1361] Yeah.

[1362] And even if they didn't tell you to go right away, it would start to erode the relationship to where it's already gone.

[1363] beginning of the end anyway.

[1364] It's already gone.

[1365] That's right.

[1366] Yeah.

[1367] Don't ever put yourself on a corner, folks.

[1368] Here's the thing.

[1369] That's playing chess against yourself.

[1370] And that's not smart, because then you're forced out to take a job that you don't want.

[1371] I'd rather you leave on your own terms.

[1372] Jerry's in Raleigh, North Carolina.

[1373] Hey, Jerry, what's up?

[1374] Hey, how are you today?

[1375] Better than I deserve.

[1376] What's up?

[1377] So, about five years ago, I came to America with a full scholarship and a cell phone.

[1378] I work for a year now in public accounting, and because of a visual issue, I have to go back to school.

[1379] Now, throughout this year, obviously I started at zero.

[1380] I've saved about $30 ,000, and I'm going to have to pay for college, which for me is going to be about $45 ,000.

[1381] So I was wondering, as I won't be able to take out a regular student loan, and I'm going to have to take out a personal loan, would it be more beneficial for me to pay off most of college cash and take a small amount or just keep the 30K and finance a whole amount that I would go to college with and pay it off throughout the next few years as I go back to public accounting probably.

[1382] Explain really quick on the visa why you feel like you have to go to school.

[1383] Okay.

[1384] So I work for a big four firm and they decided to sponsor my visa.

[1385] right?

[1386] So that puts you into a lottery.

[1387] And in this lottery system, unfortunately, I was one of the unlucky few.

[1388] You have about a 20 % shot.

[1389] It used to be about 50, but in the last few years, it's a change about 20 % shot.

[1390] And now I have to go back to school.

[1391] And then after school, I should get another three years if I get a STEM -based degree, which is why it costs about 45K.

[1392] That would give me another three shots.

[1393] And the company I work for has already agreed to hire me back.

[1394] All right.

[1395] And then on the 45 ,000, what type of school are we talking about?

[1396] Well, it is harder for me to get in school since I am an international, so it's going to be a regular state school, it might be even a private school, but it'd be a good degree like business analytics or something like that, something I'll be able to use.

[1397] All right.

[1398] All I'm going to challenge you to do is get the absolute cheapest option possible.

[1399] You're not getting this degree, you're getting this degree to get another ticket in the raffle.

[1400] And I just think you can beat that price to where you don't have to pay anything out of pocket other than the 30 or way less.

[1401] I just do not rely on student loans.

[1402] for this to get a raffle ticket.

[1403] Or loans, private loans.

[1404] No loans at all.

[1405] This is a raffle ticket, and that's American language for it's a lottery.

[1406] It's exactly what you called it, but it's like, hey, and I just think there's so many other ways for you to get this degree that are much cheaper.

[1407] There's these thing called college hacks, and it sounds crazy.

[1408] It's not, but you can actually test.

[1409] It's like a good old -fashioned clep test is what it is, and you can actually get that degree for a fraction.

[1410] You're saying you're going to shift from a work.

[1411] visa to a student visa, right?

[1412] Yeah, yeah, so I didn't get my work visa, so I have to go back to school in person.

[1413] Well, which gives you a student visa.

[1414] That's the only way you get to stay, right?

[1415] So you don't have to get the degree.

[1416] So this is all a visa play.

[1417] You're moving from work visa to a student visa, and you're hoping to move back to a work visa after that, right?

[1418] Yes, sir.

[1419] Yeah.

[1420] So, again, you're buying a parking spot to change it from a raffle ticket, and so buy the cheapest parking spot.

[1421] Go to school somewhere for 30K or less.

[1422] Don't take out a loan.

[1423] Because it has nothing to do with getting the education other than you're going to benefit from that while you're doing it.

[1424] But pay cash for that.

[1425] And, yeah, that's what I would do.

[1426] Thanks for the call.

[1427] Ken Coleman -Ramsey Personality is my co -host today.

[1428] Open phones at AAA 825 -5 -225.

[1429] Jackie is with us in Canada.

[1430] Hi, Jackie.

[1431] How are you?

[1432] Hi, Dave.

[1433] Hi, Ken. I'm so glad to be connected with you today.

[1434] You too.

[1435] How can we help?

[1436] I just have a question.

[1437] So my husband and I, we followed your principles for probably the last 10 years, I'd say.

[1438] We took financial peace years ago.

[1439] And we are in a fortunate position to only have our mortgage.

[1440] And it's 70 ,000.

[1441] And the property that we live in, that's our primary property, worth about 570.

[1442] And just, we're just, we live in.

[1443] And it's our primary property is worth about 570.

[1444] And just, Recently, our mother -in -law, she had a fall, and she's going to be living a retirement home, which leaves the family farmhouse available for us to live in.

[1445] And we're just wondering, my husband's an owner on that property, we're just wondering, would we sell or would we rent our primary home at this stage?

[1446] So that's the question.

[1447] so you're going to move into his childhood home exactly and who are the other owners of the home just his mother and him okay um and uh her portion is turned over to him at death exactly yep that's exactly right is that via a will or a deed restriction or what um well they're both co -owners on the deed, they're just, you know.

[1448] Yeah, it doesn't matter.

[1449] Well, I don't know Canadian law, okay?

[1450] Okay, no, the will's the same.

[1451] The will is all written out.

[1452] It's his property.

[1453] So his sister, she's also a farmer.

[1454] She's already been given a farm as well, and she has her own farm.

[1455] I see.

[1456] So she has two properties nearby.

[1457] Okay.

[1458] So your mother -in -law has gone into a nursing home probably will not live in this house again.

[1459] No, I would not expect that.

[1460] Yeah, okay.

[1461] And so you're going to move into the farmhouse.

[1462] It needs a bit of work, so we could cash flow of the renovations.

[1463] Our income's about 180 ,000 between the two of us, plus we have two small rental properties, and they bring about 37 ,000 a year.

[1464] What's the, how much renovation?

[1465] I can't picture being, you know, you could spend a whole ton if you wanted.

[1466] To make it livable, I'd say, probably 20 ,000.

[1467] Well, it was habitable when she left.

[1468] Yeah, exactly.

[1469] Yeah, there's just, you know, water.

[1470] Yeah, yeah, there's no water.

[1471] Nope, there's water.

[1472] It would just need a treatment and as well, you know, because of the condition of the water, maybe some of the bathrooms and the plumbing would need upgraded.

[1473] I see.

[1474] Okay.

[1475] All right, so how much cash do you guys have?

[1476] Well, my husband might for keep a large emergency fund, so there's enough money there, $65 ,000 there, plus, you know, a few other accounts.

[1477] I'm sorry, how much money do you all have?

[1478] All told?

[1479] Yeah.

[1480] Liquid access?

[1481] Yes.

[1482] How much cash do you guys have?

[1483] Well, over $100 ,000.

[1484] And then we have about half a million in retirement.

[1485] And then we own the two rental properties and a lake house for ourselves.

[1486] Okay.

[1487] All right.

[1488] So the $100 ,000 includes your proper emergency fund of three to six months.

[1489] Exactly.

[1490] Exactly.

[1491] That's in there as well.

[1492] And you guys make $180.

[1493] So if we set $30 aside, you have $70 left.

[1494] And if you spend $20 ,000 on the farmhouse, that only leaves $50 to throw towards your mortgage.

[1495] Are the other two rental properties paid for?

[1496] Yes, yes.

[1497] Okay, are you going to rent your current home?

[1498] That's what we're thinking.

[1499] We're not sure.

[1500] Do we rent that or do we sell that?

[1501] Only if you plan to pay it off very quickly.

[1502] Yeah, two years is what we were hoping.

[1503] Oh, I think about one year.

[1504] Because I'm going to use all your cash.

[1505] Okay, okay.

[1506] $30 ,000 emergency fund.

[1507] Do the renovation.

[1508] That leaves $50 to throw at the $70.

[1509] You make $180.

[1510] You ought to pay off $20 in less than a year.

[1511] Okay, okay.

[1512] You follow the math?

[1513] Yeah, that's very doable, yeah.

[1514] Yeah, and so you end up with three rental properties and a paid -for farmhouse, and it's renovated a little bit.

[1515] You're probably going to renovate it some more as you go along, but you make $180 ,000 and you have zero debt.

[1516] At that point, you can renovate it a little more if you want to with cash, right?

[1517] Exactly, yeah, exactly.

[1518] How many acres?

[1519] 400 acres.

[1520] Wow.

[1521] Yeah, a beautiful piece of property.

[1522] legacy, you know, a couple generations I've lived there and free -living generations.

[1523] Jackie, that sounds really cool and romantic.

[1524] Is that where you want to live?

[1525] Oh, yeah, I do.

[1526] I love the property.

[1527] And we also have a lake home so we can enjoy, you know, time between both pieces.

[1528] Okay.

[1529] Yeah, absolutely.

[1530] Just making sure you weren't living his dream and not yours.

[1531] No, not at all.

[1532] Shared, very shared.

[1533] Sounds like a lot of fun.

[1534] I look a lot of fun.

[1535] It's a beautiful, 400 beautiful acres.

[1536] Wow, I'm a little jealous.

[1537] That's amazing.

[1538] And Jackie truly represents the most positive stereotype of Canadians that I've ever heard.

[1539] She is poster child, so kind and nice and pleasant, just an enjoyable person.

[1540] She represented her country well.

[1541] Well, you hear about the Canadians being the nicest people on the planet, and Jackie is Exhibit A. What a fine lady.

[1542] There you go.

[1543] Easy to get along with.

[1544] Yeah, so great.

[1545] We're moving to the farmhouse.

[1546] Yep.

[1547] She's like, of course I love it.

[1548] Dave.

[1549] Just got to have no, just got to have no more of that water.

[1550] That's all.

[1551] That's all I require.

[1552] That's low maintenance.

[1553] Very fun.

[1554] Open phones at AAA 8255 -225.

[1555] Hey, folks, our event season is in full swing.

[1556] We would love to have you be part of our events.

[1557] We have the total money makeover weekend coming up May 10th and 11th.

[1558] This is the best of the best.

[1559] Ken Coleman's going to be speaking.

[1560] on how to get your income up, Dr. John Deloney, how to bring peace and tranquility to your home, not as much anxiety and stress, Rachel Cruz, George Camel, Jade Warshall, Dave Ramsey, we're all going to speak.

[1561] It's Friday afternoon evening down all through Saturday here in Nashville on our campus.

[1562] You're going to come in maybe, maybe not knowing what to do, maybe no in part what to do, and you're going to leave with an exact plan dialed out to go from broke, in debt, stressed, relationship problems all the way to leaving with making more money than you've ever made in your life and your mind showing you how to do that and how to actually become wealthy and get out of debt.

[1563] So we're going to cover every bit of that.

[1564] Bring your reluctant spouse, bring your friend who's been making fun of you, pay for their ticket.

[1565] They will leave as crazy as you are at that point.

[1566] And we're going to show you everything to do, every process.

[1567] Every detail, it's a very intense weekend.

[1568] We're going to have a lot of question and answers, very experiential.

[1569] We're going to have a lot of fun, a lot of laughter, a lot of tears, and you're going to leave exhausted and completely changed.

[1570] The total money makeover weekend, May 10th and 11th.

[1571] To get tickets, go to ramsysolutions .com slash events, and you can learn more and get your tickets right now.

[1572] The VIP platinum is sold out.

[1573] The VIP is there, and there is some platinum there that are not combined.

[1574] There's a few other special sippies in there that you can get.

[1575] And, of course, general admission is there.

[1576] But this thing is on track for an early sellout.

[1577] If you want to come May 10th and 11th, that's just less than a month from now.

[1578] You can come and enjoy the Nashville environment.

[1579] We're going to have a lot of fun here on the Ramsey campus, and we invite you to be part of it.

[1580] It's going to be a blast, Ken. It really is.

[1581] It's an incredible environment when everybody shows up in the room because they want to get better.

[1582] They want their life to get better.

[1583] and that creates electricity.

[1584] I know our team, we're working hard, and it's going to be a lot of fun, a lot of fun.

[1585] It's going to be great.

[1586] We would love to have you.

[1587] Go to Ramsey Solutions .com slash events.

[1588] Also on the following week, about 11 days later, 10 days later, May 21st and 22nd, I'm going to be doing Dave Ramsey's Investing Essentials as a virtual event, a two -night virtual event.

[1589] George Campbell's going to hang out with me as well.

[1590] We're going to go through the basics of investing, but we're also going to get deep into investing and I'm going to open my personal playbook what I do including what I do with real estate and I actually own a lot of real estate this is not a theory for me so if you want to be part of that you can check tickets on that as well this is the Ramsey show our scripture today proverbs three six in all your ways acknowledge him and he shall direct your paths Thomas Sowell says Some of the biggest cases of mistaken identity are among intellectuals who have trouble remembering that they are not God Classic Classic passive -aggressive Just mic drop there by Thomas Soul Boom There he goes David is in Chicago Hi David, welcome to the Ramsey show Oh, thank you very much Thanks for having me Sure, how can I help?

[1591] My question is that I'm trying to do the baby steps I got myself in a little bit of a quagmire with my debt, mostly real estate investment, but nothing horrible.

[1592] So I'm trying to imply the baby steps, and I'd like to sell one of my rentals, but I just don't think my tenant is going to be able to relocate and or, it's somewhat of a moral quandary.

[1593] Anything.

[1594] Why can't your tenant, why can't your tenant relocate?

[1595] I just don't think that she'll be able to get another home, especially one as nice and large as this one, to house her and their kids.

[1596] So you're not charging her market rent?

[1597] Yeah, it's close.

[1598] I mean, I could probably charge her more.

[1599] So if she's getting close to market rent, why can she not take close to market rent and go rent something else?

[1600] I don't think she, I just don't think that it's really available.

[1601] I think it's really going to put her in her position.

[1602] And I think she's going to do.

[1603] Why is it not available?

[1604] You think you have the only house?

[1605] No, no, I don't.

[1606] I don't, but I think she's paying for her mom's rent, and I've tried to counsel her to, like, maybe they could live together, but I don't think that's a, I don't think it's available.

[1607] She's been late and behind, you know, you know how it is, the Reynolds, and I just, like I said, right.

[1608] Well, let me, Jay, David, let me ask a question.

[1609] I'm curious, did you feel this way?

[1610] did you have this concern for her before you talked to her about the possibility that you were going to do this?

[1611] No, yeah, yeah, I did.

[1612] Okay.

[1613] And what was her reaction when you told her that this was a possibility?

[1614] I broke it to her a little bit, but not, I really haven't come down.

[1615] You didn't answer my question.

[1616] What was her reaction?

[1617] I didn't really say it.

[1618] I didn't really say anything about selling it.

[1619] It really didn't come up yet.

[1620] Oh.

[1621] I know it's not going to go over well because I don't think she's going to find.

[1622] Well, but there's a lot of thinking.

[1623] You keep using the word think.

[1624] Listen, it is not your job to manage her house.

[1625] That's right.

[1626] You're her landlord, not her boss.

[1627] You're not her daddy.

[1628] And so she's paying almost market rent so she can pay this, take the almost market rent and go rent something else.

[1629] And if she wants to combine households with her mom, that's completely her business and her problem.

[1630] It is not your job to manage.

[1631] her life.

[1632] Yeah, you're right.

[1633] And you're not doing anything wrong.

[1634] No. To take an asset of yours and say, you know, I, you don't want to be mean or nasty about it.

[1635] And if you want to give a little bit more notice, there's nothing on fire here, you know, we're going to instead of giving you, I don't know, she on month to month.

[1636] She is now.

[1637] She didn't want to resign last summer.

[1638] Oh, she didn't want to resign last summer?

[1639] No. I get a fair amount of runners like that that don't want to resign.

[1640] But they're not committed to you.

[1641] You don't have to commit to them.

[1642] The point is you're not a bad guy.

[1643] I think if you said, okay, I'm legally bound by the lack of a lease to give you one month's notice.

[1644] I'm going to give you three months.

[1645] That's a good compromise.

[1646] And that gives you plenty of time to work your way through this.

[1647] I've appreciated you being our tenant except for those times that you didn't pay on time and you don't have to say that but you know you're acting like this is some kind of freaking stellar tenant they don't pay market rent and they don't pay on time so I missed where I'm excited about this tenant so um you know I and that's not being mean it's just like you got really one job when you're a tenant two don't tear up the house and pay the rent on time These are the two jobs you got.

[1648] So it's your job to make sure you're charged market rent.

[1649] So, no, you don't have a moral dilemma at all.

[1650] You can be kind and you could give more than adequate notice and say, you know, I'm sorry.

[1651] Gosh, if there's any way I can help you with this, I'll try to help you.

[1652] But if helping you means you're staying in the house past this 90 -day mark, that's not the type of help I'm talking about.

[1653] so um but if there's uh you know if we can assist you in any way i tell you about my friends that have properties uh help you find it you know something like that i appreciate that this but that's what we're going to we're going to give you three months notice listen she can process this in three months and if she's angry at her landlord who she refused to sign a lease with for giving her three months notice who's only required to give her one month notice uh that's her fault not yours that's her fault and so i think this is all about david he's such a nice guy that he's worried about a confrontational situation and understand that but this is nothing more than a difficult conversation and it's not his bag and i get it uh but she's gonna be fine just by virtue of only she don't want to sign a deal anyway she's got options she knows it could change in any time david you're a really good dude and you're just fretting over a difficult conversation And it's going to be over in about, yeah, 45, 50 seconds.

[1654] I mean, there's not a lot to it.

[1655] It's, hey, going to be selling the house.

[1656] I'm going to be sending you a note in the mail.

[1657] So we make it formal that, you know, July 1st, we're going to be done, August 1st, whatever it is.

[1658] And I'm giving you plenty of time.

[1659] You have 30 day, right.

[1660] But I'm going to give you 90 days just because you've been here a while and I want to be kind.

[1661] And thanks.

[1662] That's it.

[1663] I'm done.

[1664] It's really it.

[1665] It really don't have to have a big long thing here.

[1666] It's not a whole bunch of feelings.

[1667] It's, it's, um, I've had, I've had landlords in my life and none of them had any feelings for me, you know, that's right.

[1668] I just, none of them did.

[1669] I just, I never had one that did that.

[1670] And I mean, if you get a situation like we had one, one time that, uh, you know, a guy got a terminal cancer diagnosis, oh, you know, and he's got four months to live and he lost his job because he lost his health and his wife had three little kids at home and all this.

[1671] And so, you know, we just didn't charge them.

[1672] rent we live there and let her live there after he passed for a little while me we worked we worked with them but but that can't go on for eight years either no even that you know it's a is a period of time we can have some grace and mercy with somebody in that situation but just simply they're going to have to move that's you know this lady she really just got to move i mean this part that's why folks that's why you want to be an owner when you can be and um and not in a stupid way Don't go buy something you can't afford because I'm afraid my landlord's going to do that.

[1673] Oh, by the way, if you don't have to move, sign a lease.

[1674] Hello.

[1675] Then if he had a one -year contract, then he'd have to honor that morally, ethically, legally, everything at that point.

[1676] So there's the process.

[1677] And, you know, here's the other thing.

[1678] Those of you that are thinking of owning real estate, you need to have a policy of raising the rent.

[1679] every single year because I've been doing real estate for about 40 years and rents have gone up every single year and the people that I know that get stuck in situations like this they don't raise the rent for five years because it's a nice person and they pay on time and they cut the grass real in a little pattern and then we just love them and you don't raise the rent for five years and suddenly you've got a way below market situation and then you try to raise the rent and they have a fit like they think they're the owner so it's really good it just keeps the relationship accurately defined when we raise the rent even if it's a little bit what's the day of ramsie way on that do you look at the market and then we look at the market and we go if they've been with us a long time it's a little under market okay but not i mean i'll take it all the way the max plus some been there one year we just take it up to market if they've been there five years we we tell them when they come in too right next year rents are going to be higher and just expect go ahead and know good you know and that way they're not shocked like what you know what right i don't understand what i mean what rents are going up and so if you don't have that pattern you set these you set an entitlement expectation in place and it creates real serious problems later it's a real bad idea that puts this hour the ramsie show in the books we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus hey folks dave here you want to hear even more life -changing content from ramsie download the ramsie network app so you can catch all your favorite shows all in one place like the ramsie show smart money happy hour and the dr john deloney show you'll get real talk about life relationships money and your career plus the app lets you browse by topic like debt business or selling your home get the content you want whenever and wherever you want to listen download the ramsay network app today