Should We Wait for Interest Rates To Come Back Down To Buy a House?

[Music] live from the headquarters of Ramsey Solutions broadcasting from the pots Moving and Storage Studios it's the Ramsay show where we help people build wealth do work that they love and create actual amazing relationships thanks for being with us America we're so glad you're here Ken Coleman Ramsey personality number one best-selling author of the book paycheck to purpose and host of the Ken Coleman show where he talks about your job your career how you make money every day just got off the air a few minutes ago doing that as a matter of fact and he's here to help you this uh today as part of this show as my co-host so thanks for joining us triple eight eight two five five two two five Macy is in Boise Idaho hi Macy how are you good how are you better than I deserve what's up um so I am kind of new to everything going on my husband and I he started school about a year ago for a grad program and I was in agreeance with him until I listened to the show of just waiting to pay off student debt until he was done because you've heard through my full people when we researches that you can get it paid for by your employer once you get hired but now since I've listened to you I've kind of been questioning if we should just pay it off now it would be forty five thousand dollars total with everything when it's said and done um what is this field of study it's psych NP okay so who's um paying off psychology students debt well so I we're both nurses right now and we work with a ton of nurse practitioners um uh doctors and everything like that and they're the ones who advise us we've spoken to actually several that have gotten it all paid off in nurses and doctors in order to get recruited correct own the business we're able to pay for all their nurse practitioners schooling and so they advise to wait as well but he's not studying to be a nurse practitioner yeah it's a segment oh a psychiatric nurse practice I misunderstood okay I'm sorry okay well I mean if if you can find uh the ability when's he going to graduate so graduate um or yeah I mean if you can get the first job and the first job comes along and says yeah we'll pay this as a signing bonus to get you on board then that's okay I don't have any problem with that what I don't want you to do is engage in something that takes six years or ten years for you to maybe get out of debt in the meantime you've got golden handcuffs to that organization okay so some of these I'll pay your student loans off ERS have pretty serious commitments to them golden handcuffs and so you don't you don't want to get trapped in a toxic environment for 45 Grand yeah that's what we thought but do you know of any like grad scholarships is that a thing I've been trying to yeah they're more much more rare than undergrad but they're there um and particularly in the if you've got an industry that's willing to pay um pay you to hire you pay off student loans in order to get you hired you probably have an industry that's willing to pay into this now as a scholarship don't you think I think it's possible I would not expect it and and I heard your question you were saying oh where do I find it where does your husband go to school it's an online program in Missouri or Graceland it's called Graceland University I'd start there I'd start with their advisor Department they're going to probably have a lot better handle on what is available to him in that grad program I'd start there if they don't have a lot of great information then you just get out there and dig and I would go to who your husband thinks might be his future employer that might be willing to pay off student loans and instead maybe they would instead of doing that maybe that employer right he would go ahead and agree to start there after graduation and they would cover his uh you know his schooling now um see I've I've talked to their advisor from the school and they said they don't offer any grad school and they sent me a list of scholarships and said that it wasn't for grad school so then I went to where we both graduated with our bachelor's nursing and they said since they're not a grad school program they don't offer any either so I'm kind of well you're frustrating trying to watch YouTube videos sure so keep digging it paid off if you want somebody give you forty five thousand dollars they usually don't just line up at the front door and beg you to do that you got to go find them yeah so yeah you're going to have to scratch and Claw and dig around in the nursing world the psychiatric nursing world you're gonna have to scratch and Claw and dig okay who are the potential employers who are the drug companies that would like to have you uh love them because you gave them they gave you a scholarship and you know who are the industry players that might have scholarship programs that's the first place I would start looking um but you know so it does make logical sense that if there is a XYZ potential employer that pays forty five thousand dollars of student loans off to hire you that they probably would consider some kind of scholarship program especially if it was tied to an inter internship or as you were going to your residency there or any whatever else you've got to do to finish up this process uh and because they want you to come to work there but you said it earlier Dave I can guarantee you Dave is right there will be a term of commitment for lack of a better phrase I'm making that phrase up but they will require you to work for them for a certain amount of time yeah and just don't overdo that and here's the thing that it's not free money there'll be some cost a pound of Flesh that goes with it and you know what you want to measure is this isn't worth it the the thing you do not want to engage in is a long-term uh solution for a short-term problem and so you've got a long-term commitment to the company you've got this program takes six years to unfold no thank you it's forty five thousand dollars shut up and pay it off okay but if you can get hired and they say okay we're going to hire you for 100 and a quarter and uh and we're going to pay off forty five thousand dollars for the student loans as a signing bonus to get you to come over here because we've got a shortage of pediatric uh nurses and and we need you uh if you find that I yeah I would take that yes um unless they say you have to work there 10 years you know I mean that kind of thing so yeah I'm gonna investigate all of that but but what you don't want to get into is sitting around based on three law or three doctors and two nurses having a discussion and and all of a sudden you have a new life uh philosophy that I'm going to screw around with the Student Loan program for the rest of my life no no we're going to go ahead and knock it out as fast as possible if we don't get something arranged as a scholarship or even as a signing bonus coming in you do not want to play with this long term by the way I want to make sure Macy knows and anybody listening and watching right now that are dealing with student loans and the reality that October is coming 40 million people are going to be facing payments starting in October and we've got an amazing live stream coming up Tuesday September 12th Dave 7 P.M you Rachel Cruz Jade warshaw headlining that event to talk about how we got here as a nation what do we do about it that's you individually uh you can do it it's by the way it's free ramseysolutions.com student loans it's free September 12 7 PM Central Dave Ramsey Rachel is Jade Warsaw ramseysolutions.com student loans you don't want to miss that yeah if you've got student loans bearing down on you don't miss this September 12th get signed up it's a free live stream go ahead and go to ramsaysolutions.com student loans thanks again this is the Ramsey Show [Music] thank you me well you've all played the telephone game the first person Whispers a message to the second person who Whispers it to the third and so on around the table until the original message has completely changed multiply that confusion by a hundred if you run a business with different software systems that don't talk to each other that's why there's netsuite by Oracle in the early days of Ramsay we were using different systems for all of our business units we needed one single source for accurate data netsuite was the software we used to optimize and take us to the next level netsuite gave us the visibility into all of our numbers so that we could communicate across departments and plan ahead better and as we grew it scaled with us next week worked for Ramsey and it will make a difference for your business too join the more than thirty four thousand customers who trust netsuite to help make them smarter and make better decisions and level up their operations to learn more get a free product tour at netsuite.com Ramsay that's netsuite.com Ramsay foreign [Music] Coleman Ramsay personality is my co-host today thank you for joining us open phones at triple eight eight two five five two two five is with us in Virginia hi Stephanie how are you I'm good how are you better than I deserve how can I help so my father-in-law um he's in his uh he's like 77-78. um he was worried that they have a his father's house up in the mountains where we are and he was nervous about trying to keep it in the family so instead of doing what you said you know you do put it put it in a trust trust and do it that way or um even in a will he decided to quit claim it to my husband which is fine but then he got my seven-year-old on the D2 so I don't know anything about repercussions for my seven-year-old or how to even get him off it since he is now on it um and we do have family members in there renting it too so this has just kind of made a big mess while we're trying because we're Sterling baby step two while we're trying to do all of this well it doesn't affect you because you're not having to write any checks regarding it right no no it was and all the sisters him their rights to it yeah yeah I'm just more worried about my seven-year-old no you're not you're just pissed at your father-in-law because he throws his weight around I'm completely inappropriate and what he did was completely inappropriate without talking to the people and getting approval this guy just thinks he can do whatever he wants to do what we thought he was going to do was just put my husband on it which we agreed to and then all of a sudden he put my son on it too and we had no idea yeah it's completely inappropriate I mean anybody call The Old Man and go you're not supposed to do this crap we told him that this was a shock to us and that this is not really what we wanted and it's not okay we just kind of it's not okay it's kind of in his way so yeah so I don't know that it matters I don't know that it affects the kid uh the only way I can see it affecting the kid is if a renderer fell and broke their face and sued the owner yeah and your kid ends up with a half million dollar judgment on him yeah because you're drunk relative fell off the porch and broke their face you know yeah I mean that's why I was worried about repercussions of my family all right it's also the repercussions of your husband same thing yeah you guys now have a property in your name and by the way when the taxes come due who's paying the taxes so this happened in like uh like October last year my father-in-law helped us pay the taxes because again we still get attention you pay the taxes yeah he did he pays the taxes so he all comes out of his account what happens the rent goes into a checking account keys on and so the taxes come out of that account and it's called makeup crap don't they do in all Financial steps this is like it threw us for a loop because like I said we're still on baby step two we're getting out of debt and this just it gave us a headache yeah it does it doesn't cost you anything but it until somebody sues you yeah or until the property tax until the property taxes go unpaid and the the state of Virginia decides to come after the owner yeah yeah and because we didn't know if we needed a lawyer and trying to save up for that right now while we're paying off debt is not really the most ideal thing to help get my son off of it we didn't know if that's what we were supposed to do or what um I yeah eventually I don't know that there's anything big hurry I mean the only thing I can think of is just the liability it's just it's just such a toxic family that I don't I don't really know how to guard against this level of stupidity um yeah because the right the right thing to do would have been a trust like what you talked about would have been doing it as a trust yeah maybe I'm not sure any of that needs to happen but um I mean you got you got broke people in debt we give them a house which is a liability instead of a blessing and so I don't understand it doesn't and you don't even ask people but I just kind of tell them whatever you're going to do and then you do it and so oh my gosh it's just wrong so uh yeah if it was my kid I would get an attorney a real estate attorney and probably on uh you're you're the parent you are the guardian you can sign on behalf of a seven-year-old and sign a quit claim deed back to your husband for the seven-year-old's interests so they get it out of his name yeah who are the owners of this deal well is it all of them essentially no apparently her husband your husband's the only owner right and your kid yeah so as of right now yes because my father-in-law was the only owner uh it was the only owner because his and a quit claim data is not even a good deed I mean that's not all you're doing is I can give you a quick claim date on that on that same property because all the quick claim deed says is I quit claiming whatever interest I have and so you don't you don't even have a good transferable deed uh you're probably going to have trouble when you sell try to sell it someday so but yeah I'd get I'd get the kid's name off of it it could just be a a simple um you know your kid does a quit claim to his father now so now all of the whole thing is in your husband's name at that point but I just think you guys got other problems that are Way Beyond the issue you're and I was wondering if they should sell the house if it had enough equity in it to help their their situation well they got a relative yeah I mean that'd be interesting if you're gonna this family's all about power moves so if it's if he owns it if her husband owns it I was wondering hey sell it take the profits and put it towards me baby step two solve the whole problem yes or no I I'm not sure you can get I mean I'm not sure his titles clean that's what you're okay this is this is it's a weird deal yeah this is Hillbilly estate planning right here I mean that's what this is it's just really really bad okay so oh gosh I just I've seen this my whole life uh everybody around me if he does stuff like this and it's they just make up stuff right and think that that because in their head this is the way it works right it's actually the way it works and then then don't don't talk to anybody about it just go do whatever the heck you want to do until your seven-year-old grandson without talking to his parents oh my God it's just you know geez so I don't know I I guess yeah I guess I would the first thing you want to do is get a kid's name off of it then the second thing you want to do is you want to decide how much you want to stay in it and whether you want to undo all this or not uh because I'm not sure this it was meant to be a blessing at least in the old man's head it's a blessing but I'm not sure it's a blessing all right Andrews in uh California hi Andrew what's up I'm drinking should I cancel the credit warranty and service contract on my car to get a partial refund to use towards other debts yes it doesn't matter what the vehicle is it doesn't matter doesn't matter extended warranty statistically are 12 of the cost covers the actual probability of the breakdown the other 88 percent are marketing fees and commissions and profit to the Extended Warranty company so you have almost no coverage with extended warranties or complete screw job even if it's from the actual manufacturer doesn't change the numbers okay and the service contract as well doesn't change the numbers got it yeah you you what you're actually getting for what you're paying is about a dime on the dollar and so uh you know in other words on average the things it covers were you to cover them yourself with your emergency fund you would spend 12 cents out of every dollar to do that so if on average uh if the extended warranty is a thousand dollars then a hundred and twenty dollars will cover than what it covers on average now on average means some things are high some Vehicles might have higher some might have lower your vehicle might have be the one that breaks down and mine might be the one that gets zero or vice versa and but the average is going to be a hundred and twenty dollars per thousand twelve percent that's the coverages and that's what all the data coming from the Auto industry is so boys and girls when you're buying a car the number one profit Center on the car lot is the 12 by 12 room where the finance manager lives they make more money on putting you into debt and selling the debt contract back to Ford Motor credit or back to your local bank and putting you into one of these stupid butt extended warranties than they do on the sale of the vehicle the number two profit Center is the garage way down the list on the car lot of where they actually make money is the selling of the car the actual profit on the car not much it's the way they get you into finances and into extended warranties and into the garage where they make all their money this is the Ramsey Show [Music] it's a competitive home buying Market but there's a way you can get an edge Churchill Mortgage works with you to understand your budget and your goals and the Churchill Mortgage home buyer Edge offers you fast pre-approval and a secured interest rate plus Churchill has bumped up their seller guarantee to ten thousand dollars giving your offer the best chance of being accepted and helping you win in today's market go to churchillmortgage.com today to learn more [Music] thank you [Music] thanks for joining us America we're glad you're here Ken Coleman Ramsey personality is my co-host today Mark is with us Mark is in Atlanta Georgia hey Mark how are you hey good afternoon uh for for me here uh great to talk to you and Ken I'm 56 years old I have a 47 year old wife three boys just got laid off unexpectedly from a 250k per year job but I'd have it for at least a couple more years uh he had net worth over 3 million of that 1.5 million and now in an IRA half a million in funds in stocks and a one million dollar paid for house no debt whatsoever my question is is well for one does that seem like enough to retire on if need be but I'm also thinking about pursuing teaching um so I'm not going to be able to get any cash I have 100 you know 150 000 in cash and I can't tap my IRA until I'm 59 and a half so two and a half million in investment's not an IRA I do okay and uh I could thank you but I don't really I don't really want to use that though I mean my I had a financial advisor you know recommend you know to happen my mortgage temporarily because it'd be cheaper than you know than tapping the IRA oh you're a financial I know dumb butt you're kidding me he's telling you to go into debt and you have a three million dollar net worth with a half a million dollar Investment Portfolio this non-retirement just use your money man why you want to just sell sell stocks pay taxes and yeah yeah yeah yeah yeah okay well let's not forget Martin you told us briefly you wanted to teach so you're not teaching for free so based on your financial situation how much money do you need to make to where you wouldn't even have to tap any of that money or very little yeah I mean that's that's what I'm wondering I mean I think we'll need you know I got three boys you know soon to be College most of that's going to be handled already but um you know but you know the teaching is going to take a little while to get certified and that's probably a 56 000 a year job that's correct that's more you know almost you know more like a little volunteer work why are you so would you have wanted to transition to teaching uh it's interesting you said I was hoping to do that for a couple more years had you already begun to think I'm going to keep my quarter of a million dollar job uh for two three more years then going to teaching was that already the plan before the layoff yeah absolutely just uh you know I want to give back I'm an army veteran what were you doing you made my job yeah it was institutional Capital markets here's a question I have I just wonder why you aren't looking to get back in the game making about the same maybe even more uh and and and get back on track with the plan you already had it just feels like you've accepted this idea that well I got laid off two or three years earlier than my ideal timeline and so now all I can do is draw some retirement here and I just wonder why not get back in the game yeah it's either that or you know start getting into teaching which will take a year or two to get certified teaching certificate yeah don't go make a half million dollars while you're getting your teaching certification 250 a year it'll take you know it'll take a half a year or so to get a job and how do you know if I can find one because I've been looking around a little bit yeah um when did you get laid off uh a month ago yeah okay when you say look it around what does that mean and I mean specifically what do you what are you doing actively talking to people that are in the industry I mean basically what I did was a very unique Capital markets job and it's not easily replaceable all right um it's something that um you know it basically is some of it's going to be automated in some of it's you know just managed uh managed away okay so so hold on a second so I can hear it all over you you feel like I was so Niche I can't do anything else and that's not true you have skills and experience that were related to a very specific job that are transferable in a similar industry yes or no uh yes then again I oh yeah I mean listen let me acknowledge something mark the the data says that losing a job being laid off has the same psychological and emotional impact on us as losing a loved one so that was a month ago and so I want to make sure that it doesn't feel like I'm pushing you too hard here I think this has rocked your world it's throwing your timeline off and it's understandable and so you've got a process and heal from this but I think part of the residue that's on you from this real loss is that you think that you are extremely limited and if you hear nothing else from me and Dave you're not limited you've you're 56 you're not 96. you got a lot of skills a lot of experience and dare I say you have a lot of connections too yes or no absolutely mark I I I I want you to feel a hug through the phone here you got to get back in there man you got a lot to offer and I think this plan you have and by the way thank you for serving our country you're a great American yes you're a great American and you've got a lot to give still I Dave that's what I'm feeling it's okay let's say that I'm called immediately to teach can I hear what you're doing that sounds good you're not you're escaping to it that's you waving a white flag because you're hurting well if you were called immediately to teach you would have quit and gone got your teaching certificate you got laid off and then decided and then you're going to try to tell me you're called I'm not buying it yeah I hear you okay but but here's the deal Mark even if you don't want to go the route of get back on the path to a two to three year plan what Dave and I are saying is go get gainfully employed make as much money as possible don't just fall back on that retirement reserved million but we're not borrowing on a HELOC absolutely we probably need a new financial advisor um the um okay so let me ask you this I'm curious okay um what is it that you're wanting to teach and why [Music] ultimately I want to teach a high school business and finance because I have so much to give and so much knowledge that's going to waste if I don't give it back what would be wrong at the college level uh I'm not interested you know it's it it's uh it's definitely harder more you know it would be more more uh strenuous on me I don't want to go into that type of environment I like kids that are still molded you know that are in their you know in their teens you know as an old army Sergeant you know I feel like uh you know I can be a you know a stake in the ground as far as right and wrong to a lot of these kids one of my favorite Finance professors teaching real estate syndication in my senior year was teaching a graduate level class that I jumped over and took even though I wasn't doing grad work was a practitioner like you he hadn't he was not a PhD he was not a certified Professor he stepped over and taught uh three different high-end Finance classes to college seniors when I was in college and to this day I remember that guy and we I actually he actually had a cookout for the class at his house we went to his house I can drive to his house right now and that was 43 years ago I bet he doesn't live there anymore but uh but I mean I I think you might be that guy and oh by the way that pays a lot more 56 000 a year yeah that's for sure um and uh honestly the stuff that you know uh High School seniors can't comprehend uh the stuff you've been doing uh it's it's graduate level and uh senior Finance level stuff you can go do this if you want to um I'm just challenging the overarching thing that this is what giving back necessarily means so um if you want to teach basic financial literacy um hey we'll give you Financial Peace uh uh we'll give you the foundations and personal finance the high school curriculum that's been taught in 48 of the high schools and you can go teach it for your high school once you get certified to be a math teacher but it seems a little crazy to me that a guy that is as qualified as you has to go get certified to teach math to seniors in high school because you can do math in your sleep yeah well we want you to hear Mark is you've got options and you felt like a guy you present like a guy who doesn't have many options and one option you don't have is a HELOC that is absolutely unnecessary and uh heal from this get your head up shoulders back and look at some options to get back on that two to three year plan I think things are going to develop as you begin to look for them this is the Ramsay show [Music] thank you [Music] if you're like most people your home is your most valuable asset and when you want to make improvements it can feel like everything costs too much or takes too long but something as simple as custom window coverings from blinds.com can completely change your space and add value to your home we've recommended blinds.com for over a decade so you know you can trust them from blinds drapes and shutters to motorized Shades they make it easy and affordable to upgrade your entire home and their team is ready to help with everything from design consultation to measuring and installation plus there are never any misleading quotes or hidden fees ever three things backed by their 100 percent satisfaction guarantee and shipping is always free see whyblinds.com is the number one online retailer of custom window coverings go to blinds.com now and save 45 off selected products visit blinds.com today for more info [Music] foreign [Music] Ken Coleman Ramsay personality is my co-host today thank you for being with us America we're glad you were here open phones at triple eight eight two five five two two five William is with us in Columbus Ohio hi William how are you I'm doing good buddy how are you doing today better than we deserve sir how can we help yes sir so um I'm 30 years old my wife and I together we make about 135 000 a year um I paid off my student loans last year my why I've now inherited my wife's student loans which is a shy of twenty one thousand dollars um the only debt that I have is my car payment and I got about ninety four thousand dollars in our bank um just looking for some advice do we pay off our student loans um and you know with the cash that we have and then invest the rest of them or do we or do we you know make the payments on it and and try to try to pay it off within the next couple years when did you get married or cash uh we got married in 2020 . so how come it took two years for you to inherit your wife's student loans three years we kind of we kind of sat around during the pause and um wasn't really too smart you're missing my point I'm messing with you I'm sorry so you you inherited your wife's student loans the day you got married okay that's what I'm trying to tell you so you've had those all along they didn't just show up that's what I was trying to figure out now how much are they what's the balance on the student loan um I think it's uh twenty thousand six hundred okay and the balance on your stupid car uh 33 000. I I'm making double payments on my payments right now to um offset the interest at the end of the by a loan all right well William uh what we have done here for 30 plus years is try to figure out and help folks like you figure out what the shortest distance between where you are right now and uh having a million dollar net worth and being wealthy okay yes sir and what we've determined is over the years that the most powerful wealth building tool that anyone has or most anyone has is their income and when you give your income to car companies and student loan companies instead of putting it into your 401k and in mutual funds you slow down and you limit the speed by which you become wealthy does that make sense it does absolutely so that has led us to be the get out of debt people although really what we are is the get rich people and the fastest way to do that's get you out of debt okay um and so that's the Paradigm through which or the decision making framework through which we answer your question so knowing what I know now uh having gone broke and lost everything in my 20s and then you got the opportunity after becoming a millionaire from nothing and then becoming a millionaire now a multi-millionaire again uh and having coached more people into million dollar net worths and probably anybody out there what would I do knowing all of that if I woke up in your shoes that's the way we answer questions is that okay yes sir based on that I would pay off your car and pay off your student loan as soon as you get off the phone okay you have ninety four thousand you only owe uh what 43 53 000. you still got 40 000 bucks now what we teach the process we teach is called the baby steps and the first baby step is save a thousand dollars well you've obviously done that one the second baby step is to become debt free everything but your house you're gonna do that when you get off the phone and you're gonna have 40 000 bucks left over does that sound about right yes sir okay and we're also looking to become first-time home buyers as well that's wonderful and then the third step baby step three is to have an emergency fund of three to six months of expenses for you guys that's probably around 20 25 Grand okay so of the 40 we're gonna set aside 20 and that's going to leave you 20 in your down payment fund now you have no payments except your rent and your budget and you're gonna start living on a detailed budget so you can squeeze as much out of it and add to that fifteen thousand dollar down payment fund as fast as you can next spring you should be able to put down a really nice down payment on a home next spring yes my wife and I are actually able to put back in our savings account uh because I actually just got a nice uh bump in my pay um we're putting it back about 2800 a month and that's after me contributing plus a car payment I think we used to have plus a student loan payment that you used to have yes we just got rid of those so you're gonna be able to save 3 500 to 4 000 a month and adding that to fifteen thousand dollar down payment fund leaving a twenty thousand dollar emergency fund alone and you're debt free uh puts you into a really nice down payment next spring and awesome then be putting 15 so this is how this plan works it just Smooths everything out a lot of Peace involved a lot of stability involved no stress uh but leaning in and doing this so I think you're actually going to do this it sounds good I want to I'm going to send you a copy of the book The Total Money Makeover 12 million people have read it and uh or more told me people bought it I don't know if all of them read it but some people read more some books got read by more than one person so I think we're good you've heard a lot of stories of how they bought it or it was given to someone who bought it and turned into a really nice coaster and then shows up miraculously at the right time when they're ready sitting on the coffee table for four years until you know anyway all that aside we're going to give you a copy of it and uh you enjoy it it'll give you the details on how to work exactly why I said what I said and where where we tell you to go step by step by step by step and dude you really ought to be uh have your first million dollar net worth within about uh probably five to six years from right now if you'll follow the stuff that we teach because you had a really good start you're a great saver you had 94 000 bucks that's somebody was a great saver you were the wife or both of you I mean that he's got the discipline and to your point any teachable you know when we tell people sometimes to liquidate and I shouldn't say liquidate but to take a large chunk of money they've been saving to actually kill debt it freaks him out he didn't feel that way to me he was like he didn't Flinch okay all right he's what's known as William is coachable yes coachable is a good thing uh coachable will get you hired at Ramsey and keep you hired at Ramsey being uncomfortable will cause neither of those things to happen and by the way that's usually out in the real world too you know hello for real open phones at triple eight eight two five five two two five Nicole is in Indianapolis hi Nicole how are you hi Dave I'm doing well how are you better than I deserve what's up I am calling because my husband and I are working on paying off our debts um and he had wondered if it would be a good idea to stop contributing to our 401k to pay off until the debt is paid off how much debt do you have uh we have 50 000 in consumer and then our mortgage no just your mortgage I mean just your consumer okay and what's your household income um he makes about a hundred thousand a year I'm a stay-at-home mom and how much debt have you paid off so far we just recently started tackling it hardcore um after we had our daughter so in the last four weeks we've paid off about a thousand okay all right so if you pay off uh 25 000 a year that's two thousand a month okay which you should be able to do on a hundred thousand income uh that takes you two years to be debt free does that make sense yes okay obviously if you pay more you'll be out of debt faster and we tighten this Budget on down and do get after it I like it I like it so let's do it you know so uh now we do teach even though it's mathematically incorrect on the surface it's actually not mathematically incurred but on the surface it seems to be to stop all investing temporarily because we have found the power of focus completely focusing all pointing all of your guns at one aim point and let's get out of debt the power of focusing to get you out of debt actually mathematically supersedes what you will have gained on those investments in that two-year period of time it wouldn't for 20 years but it will for two years so I want you guys to be on beans and rice rice and beans no vacations no eating out no nothing do you get this debt clean so that you can start investing again as quick as possible if you're going to do all that yes I temporarily would stop investing for two years I want you to get out that faster than two years but if you can't do it in two years you're pretty lame right okay okay in other words if you lived on 50K you worked extra and you did nothing and you sold a couple things you could be out of debt in just over a year you see what I'm doing so I mean the deeper you sacrifice but so that power that Focus the power of that sacrifice is what gets you out and keeps you out and that's what I would tell you to do so good question honored to have you as a new listener Nicole hope that helps you get going this is the Ramsay show [Applause] [Music] oh [Music] hey folks Ken Coleman here did you know the Ramsay show is one of the most popular podcasts in the world it's your daily dose of advice on life and money check out all of our shows from the Ramsay Network wherever you listen to podcasts [Music] foreign [Music] [Music] [Applause] from the headquarters of Ramsey Solutions broadcasting from the PODS moving and storage Studios it's the Ramsay show where we help people build wealth do work that they love and create actual amazing relationships Ken Coleman Ramsey personality hosts the Ken Coleman show and author of the number one best-selling book from paycheck to purpose career and jobs expert is my co-host today you've got questions about careers and jobs this be your day to jump in phone number is triple eight eight two five five two two five Kelly is with us in Atlantic City New Jersey hi Kelly how are you I'm doing great I'm so excited to talk to you you too what's up okay so I'm 53 years old I'm a kindergarten teacher and um I got remarried my second marriage five years ago and when I did that I moved into my husband's home and uh I was very very attached to my family home that I had raised my children so I kept it and I rented it and um my first four years I had a military family they were fantastic I loved them they were wonderful and they got transferred so they left and I took a new family who stopped saying me they stopped paying you yeah these thoughts and they did not pay June rent and then they didn't pay July and now they're not paying all this why um because they're scumbags why are you tolerating this well that's why I'm calling you so what happened so what I've done so far is I um I went back with my realtor and um I started the process I sent them the nudists um with the full balance owed you know gave a little weeks of Hyatt and then if not the notifying them that I was beginning the eviction process um they're guiding me along I just know that you are the expert on it so that's why I called you um when does the eviction notice go out the pay or the eviction process starts okay so a week from today the eviction process starts tell you this really quick because it's very important to me um I told you I had that was my family home where I raised my children and when I was 39 years old I had been married for 18 years and my husband came home and he had a girlfriend and he walked out the door like that and when our divorce was finalized I was upside down on that house fifty thousand dollars I had not a dime and he paid their monthly amount which he paid Faithfully and from that I now have a hundred and sixty thousand dollars in mutual funds I have a pension I have a job I have um my house is worth 300 I owe 200. so I really turned it around yeah you did that's impressive yeah I did good for you good yes and so this is very emotional for me um my ex-husband um and I became good friends we were set out we raised our children three years ago he had a heart attack and died he left my daughter's money they are they're young 24 25 years old and my daughter wants to buy that house she wasn't ready yet she was finishing college she I didn't want to rush her she's you know she felt young and to take care of her at home so that was the reason I rented it um so you know the attention is that she'll buy it she's got the funds to do that um so when you know we're not ready to do that yet okay um so just evict the scumbagers show so I just well it works different in every state and I don't know the laws in New Jersey I'm going to be I'm going to make an assumption that they're more difficult to evict in New Jersey than they are in Tennessee in Tennessee uh everything's pretty easy uh people don't pay we put them out it's pretty simple uh you you may have to go through a whole different rigm row there than I don't know I don't know what the what you're a lot do you do you have a written lease with these scummy people yeah okay yes I do okay I went through a realtor and I have movies ask your realtor who they you what attorney they use for evictions and call that attorney when you get as soon as you get the name and send them a copy of the lease and tell them to start the process uh and tell them what you've done and as long as you have followed what the law says on proper notice and everything in your area then just proceed with the eviction and don't stop the process for anything except these people leaving your home okay unless the law requires you to okay so the meaning if they were to pay me some money don't stop nope nope don't don't accept money they they need to move they need to move they have broken trust and we don't want them there anymore under any circumstances even if they bring you 100 current they need to leave yes I feel the same I don't trust them at all um and my just one final question um you know I'm paying um sorry I got myself together now I am you know I'm paying my uh bills on that home I I use my emergency fund thank the good Lord that I have one and I'm continuing to use that I'm trying to prepare just mentally um for how long I might think I mean this can't go on for more than a year can it I have no idea in New Jersey you need to talk to an attorney and they'll tell you exactly I can get them out in 21 days in Tennessee but on Jersey I don't have any idea okay and so I my guess is it's probably a three month to a six-month program there but I really don't know some states require ridiculous notice and they require six different kinds of notices and they require you to do it certified mail and you have to be able to do all this stuff so you may have to start over on the demand letter that you did because you may may have done it without good legal advice um and so but you need to find out exactly what the process is and don't miss a day on the process tighten up that calendar because what people do is is they they go oh well you've got 30 days and then they wait 40 days to do the next thing now do it at 31 30 days and 10 minutes okay and then yeah right on the wire on everything and move them out as fast as you possibly can and um because here's your other problem every day they stay there disrespecting you there is a day they're more likely to tear up your house agreed in addition to this and you're not going to get any money out of your deadbeats probably all you're going to get from this isn't is a PhD in evictions you're going to get a degree a new certificate on how to do evictions you're going to know how to do it now in your state so find out what the law is in Jersey follow the law exactly and start immediately and don't miss a deadline hit every every every Milestone every marker exactly on the head and move them and push them and move them and push them and move them and push them this is the Ramsey Show [Music] thank you hey if you're in over your head with student loans and tired of getting calls from collection agencies if private student loan debt is taking away your financial piece and you don't see any way out you need why refi they're not a debt settlement company and they're not connected to a bank why refi refinances defaulted private student loans that other places won't touch and gives you a custom loan built for you based on your ability to pay so when you refinance your private student loan debt with why refi you'll have a payment you can afford with a low fixed interest rate you couldn't get anywhere else to help you stick to your budget and work the debt snowball and you can save thousands of dollars to learn more about this custom refinancing option and a lump sum payoff option you could qualify for after 24 months call 8442 Ramsey or go to yrefi.com Ramsay [Music] [Applause] Ken Coleman Ramsey personality is my co-host today Kay is with us in Amsterdam hi Kay how are you [Music] well we're here to help how can we do it today well here's my question um I've been listening to you for a while and I know how you feel about taking money out of retirement to buy a home my situation is that I'm currently living in the Netherlands and I will be returning to the U.S within a year and I would like to be able to buy a home all I have is what's invested in stocks bonds savings however I am one of your statistics I am an elementary school teacher with a net worth of a million but it sounds better than it really is because I have no social security I have no 401ks excuse me I do have 401k but I have no Roth I don't have any of those tax advantages so that million is pretty much all I have what is that millionaire um it's all invested in stocks [Music] we are I'm recently married two years um we do have a fifty thousand dollar cash set aside for the move back to the U.S we have a fifteen thousand dollar emergency fund okay so you got no taxes on this except possibly some gains if you use some of it to buy a home right I don't know well I mean if you just got to invest invest stocks and bonds and it's not in a retirement not in a 401k not in a retirement fund of any kind in your mind it was a mistake for retirement but in terms of Taxation it's only going to have taxes on the gains of it if it's going up in value you'll have some taxes on that when you sell it I do have I do have 149 000 in a 401k from the time that I worked in the U.S I do not have enough um quarters earned for Social Security or anything so yes that was my retirement and estate can I pull it out to buy a house or part of it I don't need to pull that out I would pull some of the other out that is not in a retirement account okay and use that to purchase a home yes how much how much would you recommend that I could pull out like I'm looking at prices of homes and they're about 350 000 upward okay so if you take 350 000 of your million and buy a house that means you have 650 000 in Investments and you have a paid for house things are there well it depends on where you're moving and how big a house you're going to buy all these things come into play right I mean if you if you stick with what you just said if you bought a home for 350 000 and you have a million then when after you do that you're going to have 650 000 left in Investments did I do that right okay so then it's okay to go ahead and pull money out yes I would absolutely do that because of the large portion of your money is not in a in an account that's going to be penalized if all of this was sitting in a 401k we'd have to have a different discussion we'd think about how we're doing this okay no it's just all in stock it's just all in stocks and so you're going to move some you know you've been saving money or your whole life and now you're going to use some of it to buy you a house and that house is going to go up in value too so it's going to be a wonderful thing and uh are you going to be working when you move to the US um hopefully at the moment I'm a stay-at-home mom um our household income here currently is 60 000. I have no idea what the job Market's going to be like there when you're getting married you said right um no recently married two years yeah okay two years married okay so and our current household income is 60 000. so is he American or what no Dutch Dutch okay so he's going to move to the U.S obviously with you and um hopefully move through marriage towards dual citizenship and be employed here correct correct okay but that's also we're starting that whole job market thing there too what does he do the biggest thing dog groomer okay well there's no no shortage of dogs to groom in the U.S you're gonna have no trouble getting that if that's what he does for a living I don't think you really got to apply you just get you some clippers and go at it I mean that's how it works it is true the amount of money folks you need to look this up I don't have it right on top of my head but I saw it recently it's staggering the amount of money spent by Americans on pets is mind-boggling the amount of money that Dave and Sharon spend on a pet well you're part of that big news is mind-boggling yeah yeah it's disgusting but um there you go I think I sent my kids to college cheaper but yeah yeah it's unbelievable but yeah these things these things are they well anyway I love them we love them we love our puppies and so there you go and yeah you're gonna yep you're gonna do just fine he'll be fine you know what he needs to do is is uh pay cash for a nice little van trick it out and do the mobile grooming because that's the game changer if you can go to somebody's house and take care of the pet there yeah you sound like a customer I am it's a game changer well no I say that Dave that's not fair you know I have nothing to do that's all Stacy but she she Raves about it yeah and the fact that she's happy and the dogs are happy Ken's happy Megan is in Jacksonville Florida Hi Megan what's up then we deserve how can we help great um so I have a question for you about renting out the house that we are in my husband's in the Navy um we have about 96 000 is our take-home pay and we are on baby step two right now we've paid off almost 28 000 so far this year I've got another 44 000 to go and we were like gazelle intense really um should have this paid off before we're scheduled to move um our the interest rate on our house is only 2.4 percent wow and looking at the rental market we can weigh over like for rent in this area we can charge between 23 and 2500 a month and our mortgage right now is 2 000. thank you for your service to the country do not keep the house when you move okay thank you for your support now do not keep the house here's why okay we've worked with the military for years and this comes up all the time one of two things number one I can rent it and I I think I'm making money or number two the market is slow and I can't sell it so I'm going to rent it uh and I think I'm making money and if you're not careful in the military you'll end up with rental properties dotted as a breadcrumbs behind you for everywhere you've had a stop this is not how you build a rental portfolio that's profitable you're becoming an accidental landlord because if you're living in where do you think you'll be stationed next do you have any idea we know we'll be in Virginia but it's going to be a quick it's only two years okay if you were living in Virginia and you had a pile of money in the middle of your table and you said would I go buy a house in Jacksonville Florida as a rental even I could get a two percent mortgage the answer would be no you don't buy houses in Jacksonville Florida when you live in Virginia as rental properties set you up for a problem okay long distance landlording will get you bit make your life clean make your life simple just take the money and go to the next stop and if you're not going to be in Virginia but two years then you need to rent yeah yeah that's what we're going to do anyway yeah so you don't get stuck with it in the next move but yeah and again thanks thanks so much Virginia would be one of the big stops for the Navy right yeah Norfolk Virginia is the largest naval base in the world so you also have Air Force there as well a lot of military transient in that area yeah and so there's a lot of housing turnover because of that big time yeah so that market can get you stung yeah on that and uh Jacksonville is pretty solid you should be able to sell that house that you're in and be in really really good shape when you're done but way to go Megan congratulations I'm happy on your baby step two progress that's very very cool stuff so yeah folks wanting to own rental real estate is like one of the biggest things in America right now everybody wants to own some but let me just tell you it is not a good idea unless you just pay cash for it and it's in your immediate area and even then you really have to have the [Music] uh Constitution the uh intestinal fortitude personality to deal with these things called renters maybe the sweet lady on the phone crying a few minutes ago from New Jersey who had renters that um she can't get out that won't pay and so yeah there's a process here anybody that calls rental real estate passive income has never done it this is the Ramsay show [Music] thank you [Music] hey Dr John deloney here I'm a huge fan of both meditation and prayer and good mental health includes slowing down gaining control of your thoughts and plugging into something bigger than you and Halo makes it easy to start a daily practice of meditation prayer and finding peace hallow is the number one Bible app in the world and you can tailor content towards your faith tradition from scripture readings and prayers to meditation and journaling hallow makes it easy to practice prayer meditate and build a deeper more meaningful spiritual life and ReDiscover true peace go to hollow.com Ramsay today to get three months of hallow for free that's hallow.com Ramsay [Music] foreign [Music] Ken Coleman Ramsey personalities my co-host today opened phones at triple eight eight two five five two two five thank you for joining us we're glad you're here hey if you like the show we can use some help from you please help us you can help by subscribing hit the Subscribe button hit the follow button click the like button click the share button and share the show share the link share where you're listening where you're watching Youtube podcast Radio TV and whatever it is thank you and just let people know we know that you are doing this because we're seeing our rankings in every one of the formats go up right now so thank you thank you for sharing and we appreciate you putting the word out there it's a big deal to us thank you thank you thank you for doing that Christopher is in New York hi Christopher welcome to the Ramsay show hey how you doing better than we deserve what's up um so I was just kind of wondering what exactly I should do with my car loan um I owe the payoff would be twenty four thousand dollars and I oh it's like a 1.8 APR now just you know I'm I'm a new listener to you and I was just kind of wondering you know uh should I trade that in and get what I pretty much owe on it and you know I'm not upside down on the loan at all so I'd get back what I owe and should I take out like a ten thousand dollar loan and get something obviously you know less but I could pay off much quicker um so I was just kind of wondering what to do with that you have any money um I make about 45k a year and I have I'd say roughly about 3 000 in my savings okay all right well there's a couple things number one we're always at you know you like you said you're new to this Ramsay stuff so we're always moving people out of debt because your most powerful wealth building tool is your income so keeping a car payment around your whole life is a good way to ensure that you never have any money uh and the second thing is with cars or anything for that matter those Motors Wheels they all go down in value and so having too much invested in things going down in value obviously is going to keep you from being wealthy too so the rule of thumb that I started using years ago and we use around Ramsey is don't have any all the things with wheels and Motors added together in your life should not equal more than half your annual income and yours does right so on that basis alone I would sell the car the second thing I decide on selling a car I decide is um can I pay it off in two years or less if it is less than half my annual income now yours is sold we got to sell it because it's too much based on your annual income you got too much invested in things going down in value but if you could pay it off in two years would we keep it and I I think you'd struggle to pay this off in two years don't you yeah yeah I would the payoff day is July of 2027. yeah but that's if you just pay the record but even you paid extra and leaned in and say I'm going to pay double payments you still won't get there in two years so this thing is it's become too big a part of your life as a ratio does that make sense yes sir yeah and so getting if you had no car payment right now think about how much you could save how much you could invest and so you know and then when you took overtime or you took an extra job you know it all be going in your pocket and you could use it for generosity you could use it for helping others you could use it for building you know building up a good 401k plan start to really become wealthy and that that's what I'd look like you know so or what I'd look towards so yeah in your case I think you're already had come to the right conclusion Christopher sometimes we're just here to confirm I think it's a lot of times I think people know what they should do and they just need someone to nudge them and we're happy to do that and I would say just generally speaking with a lot of new people Christopher illustrates this uh Dave this is just something I lived in my own life the car thing is so overblown in America the car has become a status symbol and I got to tell you the status wears off pretty quick and is replaced by stress and if it were me I'd always try to move the car if it could help me get ahead and I could drive something that's a whole lot cheaper gets me from A to B then it motivates me to do everything I want to do to have a nicer car and that's what Stacy and I did for years and I got to tell you it it worked out for me and we're seeing it today I mean we had our conversation with our son the other night uh and he's telling me about this kid in his class that got a BMW and I made a comment you mean I went hey he didn't get it his parents did not guarantee it's got a giant payment so he came home had a smile on his face he went Hey Dad I found out you were right I said oh yeah about what I didn't know because I don't hear that very often in my house something out of here yeah what pray tell was I right I was I write about let me write this stuff we make a note here in my journal but he looked at me he said I asked my buddy how much the payment was 900 bucks for a 16 year old to drive a brand new 2023 BMW 900 a month and this is the mindset of most Americans and it is tragic because here you got a kid starting out he didn't earn that he didn't have any money kids broke his parents probably can't hardly afford it parents didn't earn it either 900 a month payment on a brand new BMW that's losing value rapidly he may run it on a kid that the way things look the status is more important than the actual facts behind the scenes that's correct behind the scenes we've got broke people buying a 16 year old these people are brain damaged who I mean that's just dumber than a rock no man when I when I was 16 every I mean you every kid I've had when they're 16. tears a car up a hundred percent some of them tear it up royally some of them just tear it up a little bit of Destruction it's just a little bit Yeah but the the number of number of teenage cars that made it with a completely unblemished I mean come on and so what we're going to do is we're going to teach this kid that status is more important than the fact that we are stupid and borrow out borrow that kind of money number two we're gonna teach this kid that you know he gets uh by the way the parents are doing it for their status I know because they get to say look I bought my kid this car and you didn't buy it you loaned the car oh God that's what I want people to understand and they're gonna tear it up oh a new BM Oh then Brandon is such a nice 16 year old kid oh God it's just I I am a car guy and tearing up a really nice car is just a dumb butt thing to do I mean why don't you just give it to an orangutan and give him the keys oh it's the same thing oh my gosh I mean God oh yeah I by the time I the car my first car by the time I got rid of it it had been hit on every side or I had hit it on every side I guess I should say oh yeah and if I the thing had so much Bondo in it it was double the weight oh the car my dad gave me when I was 16 Was A Turd with wheels it was even that color I named it the brown Hornet because of my love of the Fat Albert cartoon series but it was a way of making a joke and how ugly this was the paint was it was bronze at one point but it had probably 275 000 miles on it it was a stick shift his child to be safe yeah then we should save them from you yeah oh my gosh well oh man oh that's painful but the object lesson was there he got it you know and honestly when my kids were your kids age and they're all grown adults right with their own kids but it was the same neighborhood and the same stupid stuff going on yeah I mean you know we I was in one of the videos I used to say you know we live in a neighborhood where these stupid people buy a 16 year old a new brand new BMW and then you just actually did experience that that's just mind-blowing oh God because I had to explain to my son uh these kids that are driving this their parents aren't paying cash well the customer parents are stupid right so he had he had to find out I said I'll tell you what fine I forgot that I told him go ask him and sure enough he had the guts to do it and the kid told him because the kid's Clueless yeah kid doesn't have any appreciation for 900 bucks a month that's a lot of money wow so that's the point is America don't get hung up on the status of your car that kid that that's the way to live his life it'll take him two decades to recover from this negative lesson you know it's just the the that your that regardless of the dollar amount Prestige is all that matters oh you're killing me this is the Ramsay show [Music] s hey guys being free to make your own medical decisions is a big deal these days Christian Healthcare Ministries gives members the freedom to choose the doctors and providers they want without the frustration of worrying about networks and with no waiting period to join it's a membership-based non-profit Ministry where hundreds of thousands of Christians share funds to pay for and pray for each other's medical bills for over 40 years chm has helped families living across all 50 states so cfchm could be right for your family check out more today at chministries.org budget foreign [Music] [Applause] [Music] Coleman Ramsey personality is my co-host open phones at triple eight eight two five five two two five Angela is in Midland Texas hi Angela welcome to the Ramsey Show hi all how are you better than I deserve how can we help my husband and I are new to baby step seven and we called the our financial advisor to see what to do with extra money and he suggested a life insurance retirement plan and it kind of raised a red flag because it has life insurance in it it would raise a red flag it would shoot all fireworks yeah fireworks that would cause me to change financial planners I don't think you get a financial planner they give an insurance agent yeah um no uh I mean who who uh is this guy of a company that he works for yes it's one of the national places one of the National Insurance places no it's a financial advisor National Police okay wow I don't know if I can say it on there okay you can say whatever you want to but I'm just trying to figure out who I want to trash um the uh um so here's the thing very few people recommend that in the financial World unless they're in the insurance business very few and uh so he he's if he's working for a traditional uh brokerage house type thing and he recommending this he's an unusual bird um uh how old is this guy oh he seems to me about late 30s early 40s man that's unusual too then all right Edwards okay all right it's unusual for Edward Jones we don't work with Edward Jones but it's unusual for them uh because they're typically a typical brokerage house and they don't they're not usually peddling this crap so I don't know where those kids do why are those kids go doing this thing but yeah that scares me and no I'm not doing that absolutely not no I do you have a recommendation what to do with extra money at baby step seven yes sir yes um I personally have been doing that for 30 years or so um and I buy mutual funds that I have a low turnover ratio or I buy real estate that I pay cash for and so what I have ended up doing honestly is I've ended up throwing money into an S P 500 no load fund until it gets enough in there to buy a piece of real estate and then I pull it out and do that so here here's the why you do here let me explain what that means low turnover ratio means okay inside of a mutual fund the percentage of the stocks inside the mutual fund there's 90 to 200 stocks in the typical mutual fund the percentage of them that are sold every year is called the turnover ratio the profits on those sales are all taxable so if a mutual fund say had a hundred percent turnover 100 percent of the profits from that mutual fund that year will be taxable follow me right if you don't sell a stock and it goes up in value you do not pay taxes on the capital gain until you sell it you understand that right okay so if a stock goes from fifty dollars to seventy dollars and you don't sell it until you sell it you don't pay taxes on that twenty dollar gain per share mutual funds are the same way so if you get a low turnover ratio like a an S P 500 will usually have a three to a five percent turnover ratio meaning ninety five percent of the profits are not taxable until you sell the mutual fund and when you do sell the mutual fund out uh you're going to pay taxes at a capital gains rate if you've held it for more than one year and that rate would be 15 a lot less than your ordinary income rate so it's a great way to save money so uh you know capital gains growth of any kind is not taxable until you sell it so if you buy a house for a hundred thousand dollars it goes to 150 000 as a rental you do not pay taxes on that capital gains growth until you sell the house if you buy a low turnover mutual funds you don't pay taxes on it so it's basically tax deferred growth does that make sense yes sir so a low turnover mutual fund and um click online and go to uh smartvester ramseysolutions.com and find the broker that we're and or Brokers that we're recommending in your area they will not give you this type of advice uh they will they will teach you the stuff that I'm teaching you right now and they can help you find some low turnover mutual funds and you'll get a um an investment advisor that you can trust but um it's nothing against Edward Jones but that kid's given bad advice uh there and that's that's honestly it's unusual for every Jones I'm shocked but um usually they would be more traditional than that I half expected her to give me a life insurance company's name I thought I thought the national one was coming and I wonder if this young man's getting a commission a little Kickback oh definitely more commissions on these things are are 10x what it is on a mutual fund yep yeah so it's it's a big commission item but even then the brokerage houses have abandoned it are these people um you know like a Raymond James or a uh you know an A.G Edwards or a uh you know whoever I mean Merrill Lynch they've abandoned selling this stuff long ago because everyone outside the life insurance business has figured out that you know these whole life and universal life products are absolute trash they're horrible chunked full of fees overpriced insurance they get upside down and run backwards before you know it I mean it's a disastrous to industry it's an Antiquated industry and so the only people that say whole life life insurance is good are people that sell it that's the only one I mean so but this kid's only bringing it up because yeah some somebody brought it into some sales meeting pitched this guy and he's young and he just bit because he could say he got dollar signs in his eyes off the commission so that's exactly what happened because again I I would wager to say again we don't do any business no smart no Edward Jones or smart Mr President okay so I'm but I'm not mad at them they're a traditional good company there's nothing wrong with the company in general and so I do think this is unusual yeah uh if you told me you're doing uh something like Northwestern Mutual well then I would have said run yeah well that's their that's way different right instead I'm just saying you should reconsider who's giving you an admission yeah that's a little different yeah yeah oh my gosh but yeah that that's what you're facing so uh wow yeah um whole life life insurance and leasing a car are two signs that you are 100 percent intent on remaining in the middle class right these are these are the payday lenders of the middle class and uh you know the lower class uh generally they get ripped off by like I mean lower socioeconomic ladder I don't mean class but I'm talking about class in terms of financial inputs um you know they get ripped off by Tote The Note lot rent to own uh pawn shops uh that's who's in there into town uh payday lenders are the worst of the worst this is gummies to the scum so the whole life life insurance agent the car leasing is the payday lender of the middle class that's what it amounts to and uh you know that's who rips them up see you don't see these things in the rich end of town no you don't you know that's the other thing I want to ask you know why because rich people don't do that stuff that's how they got rich what's the ratio of people in baby step seven really needing Insurance you know you become self-insured she was just looking for a retirement she was looking for an investment oh I know but I just wanted to bring this up for new listeners because this idea of insurance in general my life insurance you I don't know I mean it's based on you know net worth if you die is there enough money to take care of everybody that's left right that's the formula right and if you know if you're sitting on 10 million dollars and you you know the kids are grown and gone and you die you don't need life insurance I don't have life insurance right I'm I don't but I don't my kids are grown and gone they're they're independent um and there's you know hundreds of millions of dollars assets left to Miss Sharon should be fine you know so I think she can struggle through what do you think you know so I don't think she needs freaking life insurance so yeah where you become self-insured by getting the kids grown and gone getting rid of the debts and building a balance in your retirement and your Investments right so you got a couple million dollars in your retirement you got I paid for a house kids are grown and gone your need for life insurance is gone that's right and so then the only time they would bring it up to somebody like Angela in her case is uh is trying to sell it as an investment program which is a bunch of crap yeah keep those in two separate buckets one of those little little emojis turds with eyes on it that's what this thing is that's exactly what it is we need that little pile of turd Emoji James we need that maybe we'll pop that up at will here with a sound effect man I don't know well just put it right there on the old whole life life insurance right there boom right there boom boom right there yeah boom this is the Ramsay show foreign [Music] if you love the show and want a deeper dive on your money Journey we have a Weekly Newsletter that gives you trending and helpful articles and tips on following the Ramsay win go to ramseysolutions.com today to sign up for our newsletter again that's ramsesolutions.com to sign up for our Weekly Newsletter [Music] [Music] live from the headquarters of Ramsay Solutions broadcasting from the PODS moving and storage Studios it's the Ramsay show where we help people build wealth do work that they love and create actual amazing relationships I'm Dave Ramsey your host Ken Coleman Ramsey personality host of the king Coleman show where he helps people with jobs and careers he's my co-host today he also wrote a number one bestseller from paycheck to purpose so thanks for hanging out with us the phone number is 888-825-5225 Chris is in Boston hi Chris how are you hey Dave how you doing better than I deserve what's up yeah I wanted some advice here um it's been kind of a interesting summer um I was um laid off a couple of months ago had a really good position as a vpa a transformation company came into the company and took it over it was by uh it was pretty surprising very bad wheat packages two weeks and at the end of the month um popped on COBRA unfortunately two months later after that my wife was diagnosed with breast cancer so what I'm trying to do is the most important thing is taking care of her you know I'm 54 years old and and um you know I have no debt which is great my house is paid for you know I have a pretty solid IRA and I have um some money um you know for the situation but you know you get concerned you know I have really good insurance through the Cobra I'm paying 2100 a month of course you know how cold brew it goes um I would prefer to not work right now but you know with other bills coming in so you have to just I don't know what type of bill is going to come in based on this because she'll be doing chemo every week for the next three months and then chemo every three weeks for the next three months in surgery should I continue to look for a job you know I think a lot of companies are kind of scared because I was a VP and a GM in my age but I'm I'm kind of at that stage in my life where it's more project you know um just looking for some good advice from somebody you know and kind of get an understanding what your thoughts are what do you mean when you say project do you mean you feel like you're more of a freelancer project by project type guy now is that what you mean honestly I could I could you know manage a large team or I'm to the point you give me a project I can just you know from an innovation standpoint of from a strategic standpoint even managing your piano I can go do that you know I don't need to manage you know a large team you know um I don't want to of course you know when you have those conversations because they say oh you're overqualified and you say well I could do this or that you know how companies are they don't think you want to work you know I think in my situation might be helpful you know for a company for me to come in with my experience I think so too I think by the way if you ever run into that right now yeah let me just say this real quick on the if you ever run into this you're over qualified let me tell you what that's code for okay that's code for they think that uh you're not gonna stay that you're not gonna stay or they also think that they can't afford you and I think what you have to say is is you have to tell them your situation and go hey I'm I'm flexible make me an offer uh and a lot of times we hear that people look at someone's resume and they go why would you be downshifting it starts to come up with red flags yellow flags so that's all about communication just want to address that if you're very clear in the interview process tell them who you are what you're about how flexible you are that's a whole different ball game look I've made the big salary and the other thing is you don't want to play that down because when you have that conversation I I don't know if it causes a red flag too you know what I'm saying I don't need to make that you know 250 money that's what you were making last time yeah I was making uh 250 plus 35 bonus with the bonus was coming in you know so and that's probably in the range from my last couple of jobs well again don't play anything down I'm not telling you to play it down I'm telling you to be open and communicate clearly and once people have all of their questions answered it's not sketchy there's nothing sketchy about you especially where you're at so I think the big issue comes down to uh how much you want to stay at home right now and and where you stand on that I think that's driving this next decision yeah yeah well that's I mean it sounds it sounds like it sounds like you got two solid months of of uh caretaking three just the every week process you know of her going through the chemo um you know I've never collected unemployment before I'm collecting unemployment now you know and Boston's pretty good but you know a lot of that unemployment's eating the Cobra you know and I have I have you know I have a checking I have two savings and then I have a high a high yield interest and how much is that um my high yield interest the 4.5 about 180k okay and what do you burn in a month um let's see I'm getting from unemployment 3 400. um I'm just thinking I'm probably going over a thousand of that over the you know so I'm going in a thousand of my savings but outside I'm not touching that I could go in 2000 that's 25 000 a year you know you got several years in that one account yeah and then I have just uh I have another in my other two so my checking I got 15 and 13 and then I got some of my checking so I have enough how did you say you are 54. how old is your wife she's uh 55. how long you all been married 31 years okay I'll show you what I'm doing yeah I'm not I'm not going back to work right now okay you got 180 000. just pull two grand a month out of there that's 25 000 in the next year spend the next year taking care of your wife sir okay she needs you okay she needs you definitely and you're still going to be just as employable at the end of it you've got plenty of money you've got plenty of margin you're going to be just fine twenty five thousand dollars does not change your life yep yep totally and you spend a year with your wife while she's going through this does change your life oh 100 you know I just want like I said it's important to hear from Good People yeah you know you guys do such a really good job and you know I try to follow everything with you guys you can keep the Cobra going at least that long yeah I have the Cobra for 18 months so it's a good thing it goes through December 2024. yep so you know six months before that Cobra runs out I'm gonna get real serious about Landing the job yep before that the next the next 12 months I'm gonna ride with I'm Rob with her next nine months whatever it is let's get her the other side of this and uh because this is beatable it's just gonna be a a year of hell to beat it yeah that's exactly and like you said the most important thing is you know to be by our side and we have God on our side too which is amen you know um and Chris you know and one encouragement when you get back in this thing No One's Gonna worry about that Gap because you've got an incredible Story You're an absolute hero you know I got laid off and uh some you know it runs simultaneous with my wife getting breast cancer we've been married 31 years I had plenty of money in savings and so I opted to take 10 months and take care of her if you don't like that Gap I don't want to work here I want to hire that person I want to go to battle with Chris I'm not I'm not that that's that doesn't affect you at all and by the way my people of character and kudos to you Chris and your wife you're the poster children for financial peace to be able to ride through this storm right now because they've been disciplined they got choices you got options because they've done a great job with their money and um and they got a great value system so yeah I just want to tell you don't worry about career for 10 months at least this is the Ramsey Show [Music] [Music] foreign thanks for joining us America Dr John deloney has a brand new book coming out called building a non-anxious life if you pre-order it today you'll get 75 dollars worth of free bonus items including instant access to his newest talk smoke fire and freedom it breaks down all the mythology around anxiety the things we believe and it'll help you reclaim your life you're also going to get the e-book and the audiobook when it all comes out the actual Pub date is October 3rd that's when we'll ship them to you but for 20 bucks you can get all of this stuff if you buy it early and buy it now it also helps John helps us with the marketing so thank you for doing that you are going to actually learn how to identify effective techniques to respond to anxiety and prepare for anxiety-inducing events hello you know it's real there's a real set of tools to do this and it's this is this book is incredible building a non-anxious life pre-order it right now ramsesolutions.com today's question of the day is brought to you by neighborly your hub for Home Services when something in your home breaks neighborly is the name to remember and with the neighborly Done Right promise you'll know you get great service from their network of local home service providers so go to neighborly.com today today's question comes from Diane in New Mexico I'm 61. I am recently divorced I have no retirement or health insurance and I want to work in child care should I choose to work for a big retail company instead just to make sure I have retirement and health insurance uh you know this is where I wish that this was on the phone and we could go back and forth dig a little bit more but at 61 uh if you can't get a decent health insurance plan with the retirement 401K options in child care meaning working for child care companies that have you know multiple places around your Locale and certainly larger Regional or national Child Care change if you will then I would be looking for a larger company to get some stability coming out of divorce I hate this for you your life has been shaken tremendously you got a lot of unknowns and that's a scary place so getting stable right now is the best move uh financially so you've got the health insurance benefits so can build that retirement as you can it I I agree um unless she can make a lot more money working for an individual Being Mary Poppins well that's a very good and if you make enough more to pick up her own retirement and her own health insurance and has a better environment but it would have to be you can't make the same money with no benefits you'd have to say okay yeah it says benefits or money that's all that's correct yeah if you don't you know if they're paying minimum wage and you can get forty dollars an hour working for an individual as a nanny yep uh and you pick up your own health insurance and your own and you come out ahead that's exactly right and I think you got to compare the the yeah but if it's Apples to Apples if it's the same hourly rate then you would take the one for sure with the corporate retail yes yes but to your point and again if you are like let's let's where she's at New Mexico she lives in an area where there's wealthy people in most areas have a Lo have a wealthy uh contingency to them they're looking for someone they can trust a grandmother very dependable comes in the home does laundry injury helps with meal preparation not just child care she can offer that now all of a sudden she's charging a premium because that's you're saving people a lot of time meal planning well and let me just tell you she's not a 22 year old doing this that's going to get married to have a baby and you've got to go get another one that's correct you know and so value there it's uh she she actually has a is a very appealing Prospect for that as far as I'm concerned so that's a very good point but you'd have to make a lot more to be able to buy your own stuff what do you think you have an idea what a self-insurance would cost a 61 year old I mean you know I bet you you can make double doing that which you can make at a retail I'm I'm I don't know you probably know a lot more you do know a lot more about it than I do but in my uh vision of working at a retail daycare without question you're not going to pay much you're correct and then and she could make like lawyer money working for a family without question oh certainly a wealthy family is multiple kids just looking for a living or or somebody there four days a week and and but you're right because I mean what a 61 year old brings to the table for that family is excellent oh man peace of mind now Stacy and I did this several years ago when Stacy was working remember all three of our kids were in middle school or younger and we hired a lady who was about this age she can't we call her Miss Pam and Miss Pam came in she was there when the kids got home from school made sure they did their homework she started laundry light cleaning duties nothing major yeah yeah and we our peace of mind was off the chart well and let me just tell you the kids didn't mess with Miss Pam no because they knew Miss Pam was going to tell us everything you're bringing in Mary Poppins with a parrot head umbrella I'm just saying yeah I love that I'm thinking that I I'm thinking this is a premium Miss Diane um and you know but assuming you can't don't get a premium assuming you get the same pricing yeah then you would obviously take the one with the other stuff but you can set up your own IRA and go buy you some health insurance from Blue Cross Blue Shield or somebody and be in fine shape as a self-employed independent Nanny you know you can just decide who is and there you is yeah that's a beaut this is America I love it Connor's in Kalamazoo hey Connor how are you doing well how are you Dave better than I deserve what's up um well I guess so my wife and I were 26 years old we just had a baby in April and I graduated from pharmacy school in May I'm contemplating two job offers right now uh one is kind of my dream job at a hospital and um I guess with that job it pays less and it's further away from family how much less it's four hours away from my family and then the other job at the university is about one hour away but how much less money I don't even want to consider this to be honest with you because it's four hours there is no way it's nuts you don't have a family when you're working four hours away yeah you're not in the military that's a nightmare not a dream my friend well well so the the reason I mean you move if you take that job well so I guess my family the reason I can't apply near them is they live near a big uh who's my family your mother these are my friends family yeah my immediate family you can move away from them are you are you married yes that's married you can't move away from her no no no definitely not that's what we thought was her up and moved to the hospital that's fine okay I got it how much less money is the hospital job going to pay you that's offer one for this discussion then offer two how much what's the difference in salary so the salary is only six thousand less so it's a hundred and nine thousand at the hospital and the university is 115. um but the benefits at the uh at the University are like way better they have a 10 401K match okay you have all your weekends and holidays off okay but you said that the Universe excuse me you said that the hospital job is your dream job so you're going to turn down the dream job for six thousand dollars in benefits when I'm guessing there's a ladder at the dream job meaning you have an opportunity to grow is that true that's true but the downside is you know going through school I always thought that I you know Hospital Pharmacy was for me but then once I had my baby you know money talks a lot and my priorities changed so I'm wondering if it would be better for me to take the university job for the money at this point I I it's not that much money it's not that big of a deal what makes the hospital pharmacy the dream versus normal Pharmacy and I'm asking this completely clueless because I don't understand that what would be what would make it a dream versus why is that just a good job so for me I guess it's the patient population that I would be working with um you know in school I always liked working with the people who are the a lot sicker and I just found that more rewarding to me to be able to help those in need I get that okay so if you take the hospital job you would you would move your family near the hospital right correct okay but is and it's just it's it's basically the same money yeah go go do go do the same money and do the one you want to do and move your family yeah yeah and you know make sure you've got some upward trajectory in whatever you take that you're not stuck you're not you know but you ought to be able to do a lot of stuff with a pharmacy degree dude this is the Ramsey Show [Music] [Music] foreign [Music] [Music] [Music] thanks for joining us America Ken Coleman Ramsey personality is my co-host today Dylan is with us in Salt Lake City hi Dylan how are you good how are you Dave thank you for taking my call my pleasure what's up so my wife and I have been married for three years ago or for three years now we've been going to school going to college she graduated this past May with an engineering degree and I graduated this upcoming day with an engineering degree we're 100 debt free we made it through college with no student loans then we've been able to save about sixty thousand dollars that we've earmarked for a home um and we're curious as to whether or not now is the time to buy with interest rate so high and with with just everything going on in the market uncertainty um yeah so what's your what's your advice for me or other questions you have you're gonna you know you're gonna stay in that area yes we are okay so you get um I mean you get out of school and you're gonna take a job and that's not gonna change the real estate decision yes okay all right I mean I can believe that I just wanted to double check and you have zero debt of any kind of 60 grand for a down payment zero debt of any kind 60 grand for a down payment and about 30 000 in retirement accounts and two years funded HSA account good for you okay well done well done okay uh I would buy now uh regardless of interest rates uh here's what I don't know uh 12 to 24 months from now I don't know what interest rates will be I do know house prices will have gone up seven to eight percent a year during those that time okay house prices are continuing to go up and pre and and uh regardless of interest rates because there continues to be a shortage of housing versus the number of buyers looking now so the the in other words the strategy is we can predict that the cost is going to go up so we might as well get in now we don't know if rates are going to go down or not so waiting on them to come down they might not yeah there's no guarantee they're going to come down yeah um and uh they they sat at six for a decade before and then in 2008 they were artificially driven down because of the housing crisis and the government just straight up manipulated the market and drove the rates all the way down to about one percent there for a minute and then up to two then up to three and then back down to two and a half and then up to three and it sat there for a while and and then jumped up just recently you know to six and seven again and uh everybody's freaking out like that's a high interest rate but over the scope of History it's not really a high interest rate so what I would say is this we know house prices are going to go up so let's buy if interest rates go down which we don't know you can always refinance you're not stuck but you are stuck with house prices yep so bye now okay another question for you is in that case say we have we buy in the next six months how much house can we afford our income last year was about 80 80k we have a baby on the way doing due early next year so my wife won't be working as much um but when the baby comes in I'll be working full time so that's kind of the projected income is about 80k a year yeah a fourth of your take-home pay on a 15-year fixed rate mortgage is our suggestion and that's going to mean you're probably going to buy less house than you thought you were going to buy before this call but that's okay it's your first house you're in your early 20s you got time you're both Engineers you're both working someday you can easily move up in house later so again I would get into the game uh the only thing that's now making me hesitate is I don't know if I'm going to move a pregnant woman or third trimester that sounds like a hell on Earth to me I don't think I want to do that yeah but um but you know you might I don't know uh the further along in the pregnancy she is the less likely I am to buy until after the baby so just because it's you know it's hard on her I mean really she's got y'all got enough on your play without dealing with the hanging curtains for God's sakes so um yeah it's okay to not buy there's no sin that says you have to buy immediately but you know we were discussing interest rates and prices a minute ago now we're talking about your life so I might wait till after the baby comes on my way to here uh just just for just for comfort you know uh there's nothing that says you have to do it now and you have plenty of time and you'll both have great careers you'll both make great incomes you're going to be debt-free millionaires in your 30s no matter which of these you do whether you buy before or after the baby but a 15-year fixed where the fourth of your take-home pay is going to the payment and you'll be right on track get that house paid off or move up later on when everybody's back working and all that kind of stuff and the other thing too is I think he's short changing himself as to what their income could be I know his wife's going to back off a little bit he'll be coming out into the market I think it's very possible if they wait a year that they might find that their income is is higher yeah that's very possible might put you into a different house if interest rates stay the same and house prices went up seven percent during that year which is probably what's going to happen um you know the only thing that's really going to push interest rates down that I can see today is the fact that we're going into a presidential election year and generally the sitting party will try to drive rates down to say look what I did that's correct um and they you know and and we all know that why weren't you doing that two years ago man you know I mean it's that there's always that but um I I don't I wouldn't hold your breath because uh Jerome Powell's gone on record as saying if when we've got this uh inflation rate where it is and it's still a little higher than they expected when when July report came in and so unemployment's still very very low I was expecting to raise it a couple more times they're just screwing with it just to prove that it's not they're uh it's a whole other discussion they're trying to trying to use a hammer on a Phillips head screwdriver but they just because they don't know what the heck they're doing but the it's a disaster but anyway all of that to say I don't know that you're going to see interest rates come down so you you just decide in the scope of your life with a baby on the way when we're gonna buy Ted is in Saint Paul Minnesota hi Ted how are you great how are you guys doing better than we deserve what's up I got a career question for you guys uh so I hope I picked the right crowd today but um I'm in a role that I really like um I'm a marketing analyst and I make good money my wife and I are in a good financial position um I feel like I can continue to grow I just want to know and bounce some ideas off both y'all of how I can best a girl in my career um so if you're good with it I have the get clear assessment I can read you my career statement if that's good with you guys sure yeah all right so I was created to use my talents of connection compassion imagination to perform my passions of promoting advocating protecting to accomplish my mission of service by producing assistance and protection and so for me that's just you know my Christian faith I really want to you know serve others and uh impact lives to you know help people live their best lives too um and so I feel like I get to do that a little bit right now and I want to continue to grow in doing that as well in my career so do you have a specific idea of advice well let me say this your assessment results scream people so there's really four types of work in the world people work idea work process work and then objects or things okay and your results scream people screams people and so the question becomes for you to be very fulfilled you're going to want to find work that allows you to use the people skills because you have a lot of people talents here and then you very much love working with people and your motivational driver that missional result of service means I want to see the results of my work come through in the vein of serving people so you got to figure out the people you want to help the problem that they've got and the solution to that problem that's high level and and so that's what you're looking for but I would not be in any kind of rush to leave a job you like because I want you to figure out what is that path what's the steps along that path to get to that work but I would guess you have a good idea what it is and uh so uh one of the things I want to do is I'd love we're running out of time uh Austin I'd love to get him on the show on the Ken Coleman show and let me work through that with him in great detail as to what his ideas are because Dave I know this when somebody calls with that type of question there's something in them that's burning and itching and they're looking for confidence absolutely to step forward in that direction yeah he he thinks he knows but he's not sure yeah this is the Ramsay show [Music] thank you [Music] [Music] our scripture of the day Proverbs 16 3 commit to the Lord whatever you do and He will establish your plans Stephen Covey said live out of your imagination not your history that was good Sharon's in Greenville South Carolina hi Sharon welcome to the Ramsey Show what's up five years old a recent Widow and we have some lakefront land for sale in South Carolina and I was recently offered a full price six hundred thousand dollars in physical gold and I am having a heck of a time finding any good advice as to the advantages and disadvantages of accepting physical gold and payment for the land and I've listened to you for years and it occurred to me I need to call Dave and see what he would recommend um okay number one if this is real you don't know you laid eyes on a big giant chest full of gold bullion that's what I got in my head yeah no no I I know but I can clarify I know the person who is offering the deal very well and he is a wealthy person who owns a large company that does work in four Southeastern companies so he's legit uh you know not a difficult person to check out and why doesn't he just pay you what do you mean why doesn't he just close the land I mean sell the gold and pay you in cash well I don't I would ask him that question that's a good question to ask he told me he has been blind gold he's a great believer in the gold standard for the U.S and since he started this company at 18 and he's 80 now he has accumulated all this physical gold so sell some of it and since it's so wonderful and give me my money give me my money okay listen here let's turn it back let's turn it and let's be a little bit nicer okay here's how I would handle it if I were you okay okay I'm going to play the uh I I always play the uh uh you know for instance in business I'll go oh we're just a small business we're not real sophisticated you got to help us out okay okay so in your case it would sound like this I'm a 75 year old Widow I don't even know how to begin thinking about doing this you're the guy that has all the money and you're Mr sophisticated so I need you to help me out I I don't I can't do this because I don't know how so what you what I need you to do is just show enough of it and give me my money that I can do I because I don't know what to do with it man and you're the you're the big gold guy you're you're you have all the connections you know how to turn it into money I don't know how to turn it into money so you got to help me out here uh okay well one thing that he's told me and I also confirmed this was that there are no tax consequences there's not doing what yeah there's not so that's awfully attractive when you're looking at a six hundred thousand no there's there's no tax no no no no no no no no no no no there's no tax consequences to it being gold there is text consequences to you selling the land yes but like but whether you take cash or take gold doesn't matter right there's no taxation because because it's gold it doesn't make it have tax consequences okay but but there's no way I'm doing this there's no way you should do this knowing knowing how much that you work in real estate I thought maybe you'd run across that before or you just you wouldn't recommend it for anything I can probably get the gold liquidated but I wouldn't take it right because I don't I don't need to fool with it they need to fool with it that's there is there the god the goal is their issue not my issue I don't I'm not getting in the gold business and I don't want to be in the gold business for 10 seconds just liquidate the crap and put it in my account but the money in my account will have a closing okay great it's really it's really there's no advantage to you and there's huge potential disadvantages the disadvantages is you the gold goes down three days after you get a hold of it exactly and you know or worse than that this guy is not who you think he is and it's a fraud the fact that he's presenting this is very weird and that alone raises a flag for me but you're you're vouching for the guy I was getting ready to give you a 25 chance this is fraud but you've you've narrowed that down to a five percent chance now because you're vouching for him but uh but I'm I'm still not doing it there's no way somebody comes up offering me weird crap you know what you know why stuff seems weird because it's whiz you know the reason this feels strange is because it's strange you know and that that sometimes you just kind of got to go with that Valerie is in Detroit hey Valerie welcome to the Ramsay show hi guys thanks so I am 23 years old I just got my Master's Degree and moved home I took out eleven thousand dollars in student loans in hopes that they would be forgiven of course they're not um my dad says he'll pay them from our education savings account but he only wants to pay the minimum payment since they're at a 2.75 interest and my younger brother still has to go to college so the money will basically keep growing in those accounts how old are you I'm 23. okay the educational savings account is no longer your father's it's now yours right he's no longer the custodian he doesn't get to choose you choose take the money out and pay it off okay you think I'm positive even though you can transfer that money to my younger brother you can't transfer the money to your younger brother you have a debt what'd you get your Masters in biostatistics have you gotten a new job yes big girl Master's job yes well I'm living at home and I'm making 80 000. why are you living at home because I got the job right before I graduated so I don't know I'm not sure where I want to live yet you're not what she's not sure where she wants to live oh yeah but you're sure you want to move out soon yes but you have the job probably within the next six months to a year yeah I'm sorry wait a minute you know where you work right yes so why do you have to wait to move out because you know where you work okay um yeah all right I I would solve that and I would I it's time for you to be out on your own it's time for you to pay off the student loan okay okay as fast as you possibly can if your dad's not going to give you access to this your parents are exercising an awful lot of control over you for a 21 year old that makes eighty thousand dollars a year and should be standing on her own okay you you're you're you know it's time for you to move out and be adulting as they say and uh so yeah I would get my own place and I would pay off the student loan and I would do all of that in the next 90 days if I woke up in your shoes if you were my daughter that's what I would tell you to do I love you and I would love to have you stay here but it's not good for you so you get to move out and I'm sure I'm kicking you out because you get to fly and be free Eagles to stay in the nest too long are known as turkeys so you're you're not a turkey at all Valerie you're not a bad person you're a wonderful sweet kind young lady um but I I want you to have some courage and throw your throw those shoulders back and walk into the wind kiddo and uh fly eagle fly you know she's very sweet everybody could hear how sweet she is however one thing I want to mention Valerie is that if you go along with this plan this money that was supposed to be used for your education and all of a sudden I'm just gonna donate it to my brother I would be concerned about resentment that could creep in and grow and I just don't think that's healthy and so this is another boundary issue that Dave's brought up with you leaving I think there needs to be a boundary on this if that money was dedicated to your education use it yeah yeah and your dad should just release it it's eleven thousand dollars and you should pay it off this is really by Friday is what you should do I don't think you're going to do that because I don't think you're going to stand up to your dad so um but but I wish you would I wish it would I think it'd be good for him and I think it'd be good for you and um uh it they're the hardest folks that heart for her to her dad the hardest part of parenting is when you no longer get to tell them what to do and now you can't use your dad voice anymore you have to use the older Uncle persuasive voice because it's the only one you got they took your other one away when they left and sorry Dad but you can't stop it from happening Time Marches On time for Valerie to go that puts this hour the Ramsey 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 [Music] Dave here you can find all of our shows with the Ramsay Network app on your smartphone it's the only place to listen to the entire back catalog of episodes download the Ramsay Network app in your favorite app store today foreign [Music]

Channel: The Ramsey Show

Views: 92,024

Keywords: dave ramsay live, dave ramsey, dave ramsey channel, dave ramsey live, dave ramsey live show, dave ramsey live stream, dave ramsey podcast, dave ramsey radio show, dave ramsey show, dave ramsey show full show, dave ramsey show live, ramsey, ramsey solutions, the dave ramsey show, the dave ramsey show live, the ramsey show full episodes, the ramsey show

Id: hun4oz_UNJQ

Length: 124min 45sec (7485 seconds)

Published: Wed Aug 16 2023