Are You Navigating Your Life Towards Freedom or Bondage?

[Music] foreign ERS 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 and amazing relationships Jade warshaw Ramsey personality is my co-host today as we take your questions about your life and your money it is a free call and some say the advice is worth exactly what you pay for it the phone number is 888-825-5225 that's triple eight eight two five five two two five Britney is starting off this hour in Green Bay Wisconsin hi Brittany welcome to the Ramsay show hi Dave thank you for having me sure what's up I am calling and originally inquiring because my husband and I are about nine hundred thousand dollars in debt we're both 29 years old um and we have a large logging business which consumes the majority of our debt um we're just trying to figure out what we can do to minimize this if not get rid of it completely and get on track to not continually adding debt but getting rid of it yeah so what is um give me a little breakdown on this apparently you've got a bunch of heavy equipment in the logging world right yes absolutely so we have two pieces of equipment right now one is valued at around eight hundred thousand dollars and the other is valued around five hundred thousand dollars so those two big pieces and what is what is owed on those so we have the smaller machine paid off so that there's nothing on that that's full equity and then we owe around 640 on the larger piece of equipment right now gotcha okay and um so that's 640 out of 900. correct yep and so what is the other 250 so we have our running vehicles personal personal yes yes okay um that will be changing I'm not sure yeah yeah it's definitely going to be changing so what what's next um we have only well around seven thousand dollars in credit cards right now so um what else then we have 90 000 in a mortgage um okay so there's no other business down no that's still you're still 200 000 short or a hundred thousand dollars short where's the rest of it SBA loan when covet hit so that's the remainder what a hundred thousand two hundred thousand two hundred thousand okay all right what's the net profit of your logging business in a year taxable taxable income taxable income yep around 300. okay good news all right okay and um you said you're going to be doing something to clear these vehicles which is good because they're out of control um and so really you have the the bulk of this by far is one piece of equipment correct sir yep okay so there's two two ways to attack this number one it's a little bit complicated but uh just follow me through here what we teach folks in entree leadership when they have a business that has debt is you need to bring home the minimum you can operate your house with let's just call that a hundred for discussion purposes okay okay and you bring 100 home you clear off a bunch of these vehicles you use the 100 to get rid of the credit card debt and the the mortgage you're just going to pay your mortgage until we get to baby step seven right but we're going to clear these vehicles by selling them and or reducing them with your hundred that leaves us 200 000 to address 800 000 worth of debt at the business okay and so if you say I'm going to put uh of that 200 I'm going to put one 75 towards debt every year and 25 in retained earnings every year I'm gonna put 25 000 in retained earnings to buy new equipment and to fix the old equipment and for emergencies and that kind of thing and then I'm clearing this SBA loan and I'm clearing this piece of equipment and of course the other thing you could consider is that this piece of equipment was a mistake then it needs to be sold to pay off the debt that was my question is it a nest a completely necessary piece of equipment or is it something that you can do without so it is a necessary piece of equipment in order to maintain the the business now could we get a less expensive option absolutely that would be you know used no warranty all of those things on that yeah um but it is an option to get a cheaper machine I mean you want to ask yourself here's the thing you want to look at when you're buying things for business anything you buy for business is an investment okay and Investments aren't toys so an investment for business is what is the minimum thing the minimum purchase that will do the job do the job requires that it has that it is uh especially we're dealing with Fleet and you're dealing with equipment do the job means it has to start it has to operate can't break down all the time right so it can't be a piece of crap that's not doing the job but the other thing is we don't have to have the fanciest one with the GPS on it and the microwave oven in the cab yeah absolutely if you were to sell this piece of equipment and get a used piece what's the price difference there probably around two hundred thousand the purchase a used one oh no that would be the difference okay so you buy are you interested in a four instead of 650 you'd pay for you know 450 in debt yeah yeah absolutely yeah yeah well here's the thing if I'm looking at this what I'm going to do to answer your question is we teach people take your net profit after you've taken a living wage out and put a percentage of all your net dollars towards growing retained earnings and everything else on the debt and no more purchases with debt until we have this debt cleared right and then we pay cash for all future purchases so you got to make this piece of equipment last if you're going to sweat to pay it off because it's going to take you like four years to clear this yes yes absolutely but it's doable I mean it's doable that doesn't mean it was a smart thing it doesn't mean it's what I would do it's not that means the way I would go at it if you had it to do over I would have purchased the 200 000 or cheaper one and I would have saved up and paid cash for it because that's how I do stuff here I mean I've got tens of millions of dollars of hard Assets in this building um and this one room has about five miles of wire running through it right where we do studio in right and so we've got cameras sitting here they cost a bazillion dollars we've got everything else all this stuff we have sitting around here but you know it's it's we don't buy the we buy what we call uh MF minimal functional minimum functional what what how can it function at a minimum and because you know the thing is you gotta if it's Electronics yeah and if it for that matter if it's a piece of equipment it's got a shelf life before it's just not worth anything that's right yeah you imagine if we're still trying to operate with non-hd cameras in this HD world yeah I'd be that's that just tells me I'm old right I mean I used to be on the air with non-hd cameras you know so uh before HD well I was on Fox Business when it was HD and fox wasn't wow yeah when they first came out it was uh so there's a day you know but all of a sudden those cameras poof instantaneously worth zero just like that this is the Ramsay show [Music] [Applause] [Music] [Applause] foreign [Applause] [Music] y'all there's a lot you can't control when it comes to health care but there is something you should check out that can help Christian Healthcare Ministries chm is not Insurance it is budget friendly biblically based Health cost sharing that means a community of members helping share the burden of each other's health care costs they help people just like you in all 50 states so see if chm could be right for your family learn more today at chministries.org budget [Music] thank you [Music] [Applause] [Music] Jade wash all Ramsey personality is my co-host today thank you for joining us America it's a free call at triple eight eight two five five two two five if you like this show we would appreciate some help we don't spend 300 million dollars on marketing and don't have our own football stadium like subway uh but excuse me allergies are bad this time here but the uh um yeah you know we just um we just help people millions of people and so thank you if you spread the word you can do that by clicking share on your YouTube or podcast and share it with share the link with a friend you can share where you listen to the show on a talk radio station near you or watching it on TBN you can leave us a five star review one Stars aren't helpful move on if you don't like it and um of course you can um subscribe click the follow the Subscribe button on the uh YouTube or on podcast wherever you're listening any of those things help the old internet algorithm do its thing and push the show out to the front in front of people and uh we're able to help more people because you did those three things subscribe share and five stars that's the three things do them right now Ready set go all right now Sheena Is With Us sheena's in Salt Lake City Utah hi Sheena how are you hi Dave good thank you sure what's up um so my question is my husband and I have two rental properties the first one has 50 of its value mortgaged and we rent it on Airbnb and made pretty good money for the last three years the second one we built with cash on our shop and right now we're paying three thousand dollars on our personal house monthly to pay it off within the next five years my husband would like to get a third rental in the next three years but we're bumping heads on how to do this um I just want to pay off both houses and then get a third one until in 10 years he wants to pay off our house and then Finance the third rental is there an alternative to our ideas to get a compromise between the two of us you don't have a um a problem on what to do you have a problem on what your beliefs are correct you have not agreed on your beliefs and that's more important than the actual answer to your question do you guys really need to argue you need you need to really argue through because here's the deal debt 100 of the time equals risk more debt equals more risk less debt equals less risk and no debt equals next to no risk risk okay so if you borrow nothing down real estate crap from some idiot on Tic Tac and you go buy a whole 10 or 15 houses with nothing down your payment your rents aren't even going to cover your payments because you're fully leveraged and you're going to lose everything and go bankrupt because you took so much debt that you took on the ultimate risk and it will come home and kick your butt okay you're not suggesting doing that but your husband is more in that camp and you're more in the Dave and Jade Camp which is we don't borrow money at all yeah he always looks for a deal he likes to get the houses I get a deal too I own 150 million dollars in real estate and I always get a deal yeah and I pay cash for it I do it now pay cash for it I just don't buy it if I can't pay for it and there's been times in my life that I've seen stuff come in front of me that I had to walk away from because the only way I could get it would have been to borrow money to buy it and I'm not going to take the extra risk I'll wait yeah Sheena I think you know what we would tell you to do and I have a feeling that you agree with it the question is getting your husband on board with that that idea right your your husband does not perceive debt as risk with houses correct period and you know and a hundred percent of the time he's wrong on that do you have even people that love debt I mean my friend Robert Kiyosaki believes you ought to borrow up to your eyeballs on real estate he loves it he loves that and he thinks I'm crazy and we're friends it's okay I like him but he thinks I'm wrong and I think he's wrong and so uh but he loves that but even he will tell you more debt equals more risk because the margins are tighter the cash flow is not there and you get bit in the butt every time there's a little hiccup in the economy and your renter decides to go sideways on you whether it's commercial renter or a residential renter doesn't matter they go sideways you can't pay your dadgum payment because the only way you could do it would they pay theirs that's rich yeah and I like our second one because it's paid for with cash exactly would you be interested in selling off the first one to pay off your personal mortgage so the first move into as our retirement house it's smaller than our current house and we're nowhere near retirement yeah how old are you uh I'm 39. girl in 70 years we're going to move into that little house absolutely we're going to have houses in the sky I'm not gonna be living in that house yeah we don't even know what's going to be here in 70 years that's just bull crap so I go back to that first question we want to move into something like that or smaller when we get to retirement but believe me you're not even going to own that house when you get to return right right right that's what I would do if you if it can pull enough money to pay off your personal mortgage I'd sell off it now of course you're gonna have to get the husband on board but I'd sell off that first one buy you know pay off your personal mortgage and how quickly could you then save up to buy another house in cash here's the thing I you've just got to make the debt decision you and your husband and you're uncomfortable with it and he's comfortable with it and you're uncomfortable with the fact that he's not being wise enough to actually say out loud this equals extra risk I can handle the risk but it does equal extra risk if he would at least say that out loud we would all be better off with him even though he's going to go a different direction but right now it just sounds like he acts like that risk isn't there and it's just there it's there it's 100 there just I mean and people who say let me tell you here here's how you Jade here's how you know a person who has not been a landlord for very long or just wants to be a landlord 100 percent they are an inexperienced landlord the renters will pay my payments this is someone who has not managed much rental property the famous last words yeah that's just absolute horse crap because the renters are going to do what the renters are going to do period passive income and uh yeah it's passive I got your passive try collecting rent there ain't nothing passive about it so uh that's just ridiculous yes no it's not that that's an inexperienced landlord so that's true guys here's the deal the borrower the rituals over the poor and the borrower is slave to the lender he who is impulsive exalts folly Folly is an old word but it basically is a fool in action a fool while moving is folly you get to watch the a person's Folly you're watching a fool make make his life horrible right he who is impulsive is a fool in action the rituals over the poor the borrower is slave to the lender now what does slavery mean well it does not mean literal slavery well whatever controls you you're a slave to yeah there you go but I mean it's not it's not literal it's not like the sex slave trade or something like that right but but uh but it is a thing where you don't you have to keep working that job because you got to pay that bill yep you got to collect that rent and you have to be mean to somebody you didn't want to be mean to yeah because you got to pay that bill doesn't matter if your tenant has stage three breast cancer and can't work and she's a single mom you've still got to pay the bill or she's going to get evicted when they foreclose on you so you've got to force her you cannot be generous to her because you were a slave to freaking Citibank that's right and so this is you don't you don't have the margin to be kind and strong and courageous when you're a slave slaves don't think about generosity slaves think about tomorrow they don't think about five years from now slaves think about avoiding pain and hope the master is nice and no one's thinking like that Dave I'm just thinking I get this house the renter pays every month I got this margin they're only thinking about the best possible scenario they're not thinking about the real world situation that you just described that I'm sure is happening every day on yeah you know 100 so we love real estate like I said I've got a bunch of it and I pay cash for it the interesting thing is it cash flows like a bandit when you get it paid for and so you can buy your next one pretty quick with a rinse off of that one because you don't need the money oh you got time to get a good tenant in there you're not and it's pure rent yeah it's pure money you're not you're not siphoning all three quarters of your wrench and going back to some stupid mortgage company so you can save up and pay cash for the next one pretty quick this is the Ramsey Center [Music] yeah foreign 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 things back there why their wash and guarantee and hands-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 foreign [Music] Ty is my co-host today thank you for joining us America we're so glad you're here hey if you listen to the show long enough you can piece together what we teach and you can make some progress with your money you can jump around and try to get all the puzzle pieces and maybe you can fit some of them together on YouTube most of our stuff is there um and all over the place for that matter on the internet oh and by the way before it was our stuff it was called common sense so it's all been around but right now what we have figured out is that it's hard to get to the level you should as fast and easy as you should without the proven system in detail brick upon brick upon brick upon brick and people walking with you now imagine if the person that was walking with you was like Jade warshaw but Ramsay personality like Rachel Cruz or Dr John deloney or Ken Coleman or Eddie Cullen or wow even George Campbell yep I mean there you go these people walking beside you they're actually going to be Financial Peace University coordinators yep online you can join a virtual class and they are going to coordinate the group and the others be there once a week to have a discussion with you hold you accountable get things going and you just did one of these this is your second one it's my second one we started last night Dave um and just for anybody listening you literally have until tomorrow to sign up for my class you can still sign up we'll send you the video for the one you missed and then get started in person on lesson two and I'm telling you man we had a blast last night we had a good time yeah well the the first class is you're nice well and then later on you you get means it is I actually had to tell it like it was a couple of times last night even already a little bit because you know the girl wanted to go to birthday parties instead of payoff debt and stuff like that so I had to tell her the girl the girl there's always one Chantelle she knows who she is listening and so is your whole group yeah that's right we have a good time well we have accountability because we love you and uh and we have encouragement if you're struggling and you're scared uh all of that goes with the deal so all the meanness Society it's not really mean it's just us telling you the truth and in a world where everyone lies and doesn't tell the truth telling the truth sounds really harsh it sounds hurtful but it's actually the best medicine that's right so hey George or Rachel or Jade or John or Ken or Eddie would love to work with you and be your coordinator and all the personalities are leading Financial Peace University Rachel and Jade started yesterday but you can still get in to sign up for a class go to fpu.com fpu.com or go to ramsaysolutions.com and just find the FPU and you'll find the personality page take FPU with a personality it's a fun idea we've never done this before in all the years of doing this Financial Peace University and it's quite popular very very big deal Brandon is with us in Huntsville hi Brandon how are you I'm good how about you Dave better than I deserve what's up okay I wanted to get your advice on my retirement investing so my employer offers a rough 401K great if I put in seven percent then they will match five percent correct so my question is should I put in seven percent into my raw 401 and put eight percent into a Roth IRA or should I just put all of my uh 15 into the Roth 401. I'd put 15 into the Roth 401 because it is a Roth version and there's the match there and then if for some reason uh your 15 maxes out your Roth 401k then you can move over to a Roth IRA yeah it's amazing that they offer that benefit that's a great benefit great that's a great deal now two things one is that's assuming that the uh mutual funds in your 401k are good ones okay you got good track record mutual funds in there if you do then Jade's exactly right now if your 401k is weak I'd still take the match because 100 ready to return before we start helps even week one go okay so um or not 100 but close five five on seven right so um and then you would go over to Roth and get really good juicy mutual funds if yours aren't juicy there so but I suspect yours are probably fine and so I'd probably do just exactly what Jade said if you're comfortable with the quality of the mutual funds in the 401K now you know the match portion is not Roth It's not allowed to be okay the match portion will be traditional now at the uh our once you're in baby step seven you can roll your traditional match per per portion into a Roth but you'll have to pay the taxes on that amount of money when you do that I would not do that until you're in baby step seven I do that every year I'm on the company so oddly enough I match myself how whacked is that and um then I roll it over into a Roth and pay the taxes on the match portion every year because the companies are required to match with traditional 401K dollars so but you got a sweet deal but it sure does that's a great deal it's a good match and the fact that they've got the Roth that tells me their mutual funds are probably high quality so you're probably just fine Austin is with us in Chicago hey Austin Town hey Dave how's it going good man what's up well I've been um struggling for a year here since I made the um New college graduate stupid decision and bought a car you're right that's stereotypical man let's love it what'd you buy man a 2018 Jeep Compass wow yeah time all right how much did you owe on how much do you owe on this piece of crap 21 000. no yeah yep it's been hurting and um what do you make about 63 Grand right now should be bumping up to 75 come January 1st good good okay and that's working 40 hours yes yep how can we help you sir I just want to know because I've been teeter-tottering on this because I owe 21 the trade-in value is like 10-5 wherever I go give or take a thousand yeah and like I'm like okay I want this thing out of my life create a car with negative equity in on this thing no no I went from a 2005 Toyota Corolla zero uh to 100 with this 2018 Jeep Compass so you how in the world do you lose ten thousand dollars in value in one year car sucks Dave I know it sucks and I think they overcharged him for a sucky card everybody I talked to said that they were stunned by the sticker price what I paid for it and then on top of that and you said you're how old I'm 25. oh that's awesome hey this is great news because you have the whole rest of your life to never make that mistake again that's true oh Lord I won't because you by God have thoroughly learned this lesson I'm so sorry what a horrible thing to go through so you're ten thousand dollars upside down you owe 21 what other debt have you got I got a uh 85 000 in student loan and uh seven in credit cards okay all right um well you're stuck so here's what you're gonna do you're going to work like a maniac you need two more jobs I've been thinking about that too yeah I want you you know you're not going to see the inside of a restaurant vacation and certainly not bar hopping on the weekends and Shot Town definitely got a few of those so we're gonna uh we're gonna work all the time and because here's let's just pretend that you made 90 and you're single and you don't you can't spend any money because all you do is work right you'd have a big old pile of money out of 90 to knock out what amounts to about a hundred thousand dollars worth of debt what's your living situation uh right now um my fiance and I are actually renting okay when you're getting married uh not till 2025. why uh give us some time to clean up this mess and uh as a married couple that people do it all time it's fair enough does she have death I don't know exactly the mess is is that if you guys work together as a married couple you're gonna do this a whole lot faster a whole lot more efficiently [Music] um and so that's what I would recommend I wouldn't recommend waiting until everything's perfect to get married because you've already decided to get married and figure it out neither one of you is perfect so um yeah hang on I'm going to give you a Financial Peace University I want you to go through that and I really do I want you to Gear Up get about six jobs I want you to tear into the step like your life depends on it because dude it does [Music] thank you foreign [Music] personality is my co-host today thanks for being with us America open phones at triple eight eight two five five two two five bills in Hartford Connecticut hey Bill how are you hi Dave and Kate thank you very much for taking my call sure what's up um so I have a question um so I own a condo with my wife and um I was wondering is it possible to rent instead of owning a condo to save up to buy a house why what is your opinion why oh I owned uh so I live in an apartment condo and house and me personally I like the house better I like the house is the best okay but I mean you want to buy a house I got that but why don't you just uh does a condo have equity um I don't I mean uh well here's the thing um I bought it for 160 000 and it could probably sell now for 185 000 because um that's what my neighbor sold his for okay so you're not gotten much Equity by the time you by the time you pay expenses you're just going to get out you think so yeah yeah yeah twenty thousand dollars you're gonna spend you're probably going to spend most of that on commissions and expenses to sell the property I mean not maybe not quite that much but yeah very well could so um yeah you're not going to come out with a big pile of money or anything when you sell it um and then you're gonna go rent something and save up a down payment well what do you think what you said is that what you said yep yeah what are you paying now every month um so the mortgage um this is including the condo fees is 12.32 a month do you think that you would be able to rent for cheaper than that well um I looked online and the rent ranges from 1200 to 1500 to 1300 in Connecticut yeah yeah so a one or two bedroom so you're not going to do any better okay so here's the situation so stuff like say for example the furnace went out I had to pay you know four thousand dollars to replace it yeah because you own it yep um I mean would it uh benefit me to live in a place where I don't have to pay for um to fix things up I wouldn't do it I would stay where you're at if it was some drastic you know if you had a bunch of equity in there that you could get your hands on that would be one thing if you found that it was going to be a drastic change you know between renting and what you're paying now in ownership I you know you could consider it but for you there's no real difference I mean you got to put your emergency fund aside you know for things that pop up and yes home ownership or condo ownership in your case does come with things that you know you're on the hook to repair but in your case I think there's no reason that you can't start saving for a home now how much do you earn every month um 5300 after taxes yeah okay so here's the thing three years from today between now and three years if that's what it took or four years or five years if that's what it took to buy the next house to save up to us by the next house during that three four or five year period of time rent is going to go up every year okay and the value of your condo is going to go up every year but your payment is not so I would stay in the condo and keep my expenses low even though you just had this horrible thing of having to buy a furnace and that's kind of made you go kilter on it sideways but Jade's exactly right I would sit right there until I can save up my down payment and or the condo grows more in value and will help provide you with a down payment for the next move yeah I don't disagree with you that a home is a better standard of living for most folks especially in the early stages of your life moving towards marriage kids that kind of stuff so I think you're I think your direction is a good direction but what I would do is sit tight and let's have this fixed low payment and deal with whatever repairs but also get the benefit of increased value and while you're trying to save up and buy something that's exactly it and I want to make sure that if he has debt he pays that off first absolutely clear your debts and and be working on your income during that time too which will affect what you can buy Dave is in Philadelphia hi Dave welcome the Ramsey Show all right thanks for taking my call sure how can we help um so my I'm expecting my income to increase pretty dramatically in two years but in the meantime I'm having trouble paying costs including two kids in daycare so my question is is it okay to go into debt take out a loan or is it better to become extremely preferable and cut costs as much as possible uh C work more none of the above so what what is this guaranteed income increase this dramatic in two years explain to me what's going on my wife is doing a medical residency so in two years she'll be done with that and get a job as a doctor yeah I will increase things pretty dramatically that's great and how much debt will you guys have um right now we have um we own a house and aside from the house we have about twenty five thousand dollars in student loan debt and is she borrowing to finish medical school no she has no med school debt wow the student bed is mine okay so that she'll graduate debt free in two years The Residency right now but I mean she'll finish she'll finish and pass her boards after residency and become an MD that's correct okay excellent and no more so what's she making in residency about seventy thousand and what are you making about a hundred and ten thousand can you explain to me why you can't get bound 180 not right dollars a hundred and eighty thousand dollars and you're gonna explain that with child care costs hold on how much are you paying a month in child care uh it's about 80 000 a year why you bought them in college the the base tuition for the child daycare we use is 25 000 per kid then we pay extra for early care and Aftercare and it doesn't go during the summer so during the summer we need a nanny uh there's there's cheaper route I know that there won't be as nice as I can Dave you guys have lost your minds there's cheaper routes oh you think there's cheaper routes that's all I can say because you got them in some kind of dad gum I mean are they going to Harvard what the crap it is a pretty fancy you don't think you can downgrade yeah I think they're not even even you're already paying 25 000 ahead come on dude that's just dumber and crap seriously downgrade it's time to uh it's time to to take the the kids off filet mignon I don't care how much money you make there's not enough money in the world it doesn't make that stupid gosh find you a free summer camp anything during the summer time we're gonna borrow money now we're going to take out student loans for the four-year-old because that's what we're coming down to don't do it no you make 180 000 yeah I think you need to become Frugal if that's what the definition of living on 180 Grand is yeah you're killing me daycare is exp Day Care can be expensive but it doesn't have to be that expensive let's just 25 000 a kid yeah I think not unbelievable I think not I think not no uh yeah I think I think you can just I'm having trouble here I think he can get I think he can get it for half that half that yeah yeah in Pennsylvania I gotta believe that yeah yeah if not we're open to the daycare tomorrow I know right Dave's daycare Philly Dave's kids heading off to Philly they'll load up the truck and head to Beverly oh my gosh there's golden nose daycare Hills this is like George's Doggy Daycare people man the things we now call Necessities in this culture so no sweet guy you're a nice man I'm sorry to make fun of you but that's crazy and you all need to cut that out that's not a good investment your children are precious and yes they're worth whatever but you don't need to be nuts about it yeah and and this is crazy especially when you tell me you're talking about borrowing money to cover this expense among others because you got what two kids or three kids at 25k a piece 2 is 50k for daycare for two kids that's too much I think we can universally agree among all the listener base yeah nope then then guess what you've solved your problem you don't have to borrow money David seriously if you say out loud in America today I can't make it on 180 000 so I need to borrow money just the fact that you enunciated that is a problem this is the Ramsay show [Music] hey what's up guys it's Jade 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 way just go to ramsesolutions.com today to sign up for our newsletter again that's ramsesolutions.com to sign up for our Weekly Newsletter [Music] foreign [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 open phones at triple eight eight two five five two two five Jade wash all Ramsey personality is my co-host today Greg is in Sacramento hey Greg welcome to the Ramsay show hi Dave uh thank you sure my adult son terstone which is heart stopped and he had little to no blood flow for 15 to 30 minutes or so yeah and as a result he suffered a brain injury and um was in the hospital for uh six months wow and they but the amazing thing is he survived and he's actually doing remarkably well uh even though they didn't expect him to survive um he's still in recovery but he's hoping to be able to work and live on his own again and hopefully within a year or so but he did incur a lot of medical debt uh given that he's not working yet and he he had some debt before that yeah um fortunately the hospital itself forgave 2.5 million dollars for which we're extremely grateful so he had no insurance uh no that was with insurance I mean the insurance covered uh whatever they covered and then the the Hospital said the total bill was 2.5 million yeah yeah but and then they forgave them they forgave the rest that's very nice okay right yeah we're grateful for that but he does still have about 45k in medical debt and that's to about 30 different providers um additionally he had I think about 15km personal left prior to that most of that's all in collections right now and I'm just trying to I'd like to know how I can best help him deal with the debt um so how's he doing with the brain injury what is what what is he back is he 70 back 89 back how how's he doing well it's hard to tell in some areas he's probably 100 but in other areas he's got difficulties um he's he's taking a course at a junior college right now and it's he's actually doing really well in the course but it's hard for it's uh take some he says it takes me a lot longer and it's very draining physically on him but how it is but anyway he's doing well he's actually 39. wow how old are you so she's starting over kind of now I'm 67. okay what is your wealth transition look like um we're in pretty good shape we've got uh we've got some did you ask about my positions yes sir what's your name what's your net worth oh uh if I count the house probably two 200 250 and then 401K about 250e okay and so half million a million dollars okay all right good something like that and actually we started following you uh in 2014 because my daughter introduced this to to your show and uh she actually used to groom your dog oh wow okay and that's how she met she met you guys and then pulled told us you should follow this and so we it changed it changed things for us okay so can you help him financially um well we have been in that he's living with us and we did cover everything uh everything for him and all of this uh like medical copays and things up until he just started getting SSDI a little bit ago and now he's paying for for most of that um um okay so how can we help you well I'd like to know how best to deal with uh his debt that's gone into collections he has a he has some money saved up from since he's been getting SSDI he's hoping to get out of us on um about 15 000. okay you can settle 45 for 15. on bad medical debt so now I if if he has the emotional strength if he doesn't then you help him with that yeah he really doesn't okay he can sign over the rights for you to discuss this account and here's how this goes you call the collector that a thousand dollars is owed to and you say we do he does not have but 25 percent of what is owed so we are offering you 25 of what is owed and if you do not take that you're going to get nothing so it's up to you do you want to do this or not wait wait wait wait wait wait no we're gonna give you 25 cents on the dollar or you're going to get nothing what do you want to do no we're going to give you you're going to have to repeat it because these people are dumb okay over you're going to just stand there and just over and over and over and over if they want to get nasty say no we're not going to have nasty conversations you're going to get to talk to a dial tone I'm going to push that little end button on my phone if you just get nasty but we're going to do 25 cents on the dollar and if you don't want to do that I'll call you next month and see if you've changed your mind and until you want to do that you're not getting anything oh and by the way you're not having an electronic two things under no circumstances do you give them money until you have the agreed amount in writing right and under no circumstances do they have electronic access to accounts so they cannot have give me your checking account number we'll just draft it absolutely not they will clean him out they lie yeah you're gonna have to call a couple of times to get this locked in yeah you can tell a collector is lying if their mouth is moving yeah I'm I'm usually not the person that the yeah you're not going to be you're not going to be comfortable finding out that this level of humanity exists in our culture is the underbelly of what's going on out there but you just got to be really tough and really firm you can have a little fun with it and be sarcastic and mean back if you want or you can just be really tough and really firm and go look we're through talking now I'll call you next month okay you're gone next hey we have 25 cents on the dollar you want to take that give it to me in writing I will give you I I will send it to you uh certified mail return receipt requested cashiers checked uh or we'll get a prepaid debit card for that amount whatever we can find some way where they can't access his account and clean out the 15K or clean out 100 cents on the dollar after they agreed to 25 cents on the dollar and you got how many of these creditors you got to deal with Greg about 30. yeah it's going to be fun not I know not and I heard that once you do then they all start hounding you again pounding my son again right no no no no no no no once it's once it's settled in full and you have it in writing he's done just keep that forever though keep it enough you're settling this on his behalf he's giving you he's going to give you a sheet that says in writing that you have permission to settle this account for him because he's meant he's disabled he's got a brain injury right and so you could get nothing people but we're trying to give you what he does have so you're being honorable because all you're going to give them everything he's got you're being honorable and settling it so um you know and just keep just keep talking to them and talking to them but you're dealing with people that couldn't get a job shoveling out of septic tank and so they're sitting on the phone being a collector instead this that's honorable by the way that's not this is the Ramsey Show [Music] buying a home is one of the biggest decisions of your life you need a partner like Churchill Mortgage Churchill is one of the highest rated lenders in the country and their Ramsay trusted because they do what's right for you Churchill works with you to build a mortgage the Ramsay way one that doesn't bust your budget sets you up for financial success and helps you get out of debt faster go to churchillmortgage.com today and get started [Music] thank you foreign [Music] brought to you by neighborly your hub for Home Services with 19 service Brands Nationwide neighborly's network of providers have trusted local service professionals to handle more than a thousand different services in and around your home go to neighborly.com and find a schedule and service today all right today's question comes from Jim in Arizona he says we pay extra on our mortgage each month so that we can get rid of it more quickly very good we're wondering if refinancing while still paying extra will put more towards the principal and help us pay it off faster even though the interest rate would be slightly higher so here's the details our current mortgage is a 15-year at 2.75 percent the balance is a hundred and three thousand our current monthly payment is 1700 a month and we are paying 2500 a month very good right now we would pay it off in four years and the house is worth over 600k if we refinance our monthly payment would be 760 dollars a month and from what I've read the interest does not apply to the overage amount paid and is directly applied to the principal interest-free is this true Dave have you ever read something and it makes so little sense that it makes you question your own yeah level of intelligence everything on the internet is not true Abraham Lincoln said that so yeah there you go yeah no I wouldn't refinance number one you have 2.75 why would you go up to a six plus you know person interest rate for this you've got because he thinks that the interest was all charged on the front end and he's not and that he's he doesn't understand how this really works that's why yeah okay so here's how it really works the interest is calculated on a mortgage just like a simple interest loan now how does that what does that mean means you take your annual interest rate in this case 2.75 you divide that by 12. when you do that you're going to get 0.22 so about a quarter of a percent per month okay and so whatever balance is outstanding that month one quarter of one percent or 0.22 percent is going to be multiplied by that and that is the interest that is owed that month now let's say that's a hundred thousand dollars okay and so if you paid that that tiny little bit of interest and you paid five thousand dollars more towards your mortgage the next month the amount of Interest would be 95 000 times 0.223 okay and if you pay down one thousand dollars the next month it's going to be the interest is ninety four thousand dollars times point two two three and so the only way a mortgage gets paid off faster due to a refinance is if you get a lower interest rate not a higher interest rate it's mathematically impossible for your mortgage to be paid off faster with a higher interest rate there is no scenario in which that works so whatever you read confused you or was just wrong and the most of what you read these days about Finance on the Internet is just wrong because it's just really basic math the amount outstanding that month the balance the principal balance that month times the monthly portion of the interest your annual rate divided by 12. okay that tells you how much of your payment is going to interest everything else is going to reduce principle so let's do some quick dirty math okay a hundred thousand bucks at two and three quarters that's twenty seven hundred and fifty dollars per hundred thousand yes per year okay okay if you pay twenty five hundred a month which is what he's doing now that's thirty thousand dollars a year thirty thousand times three is ninety okay during that time we've had around three thousand dollars in interest build up per year so he should be debt free in three and a half years if he just pays twenty thirty thousand dollars a year in three years we would have paid off 90 plus a little interest okay or so our minus a little interest so call it 85 right all right which will leave him about 15 more thousand so in about three and a half years he's debt free with a two and three quarter percent mortgage that ain't bad if you just keep doing what you're doing dude yeah if you add more to it of course it's going to go away even faster right and if you add a lump sum to it today it'll go away the next month you're not going to pay interest on anything except what is left that's how simple interest is calculated and that's how a mortgage is calculated uh with any standard mortgage that's out there now there are some ripoff Finance Company mortgages that use the rule of 78 which has a prepayment penalty built into it and you do not get credit for the interest by prepaying principal on those but that's if you've got an 18 interest rate and you went to the storefront like beneficial which is not um or something like that right you're going one of these rip-off it's right next to the pawn shop oh you know gracious little personal you know you get a 38 interest rate on a personal loan of 5 000 bucks in there those kinds of places right yeah so you can go in there but and get a different mortgage but all FHA VA Fannie Mae home equity loans whether Traditional Bank or credit union they're all run on simple interest with no prepayment penalty and so you do not pre-pay the interest the reason that your payment is X and most of it goes to interest and when you have a 30-year mortgage on your first payment is because your balance is so stinking High still and when it's multiplied by your interest rate divided by 12 right it takes up most of your monthly payment that's right that's why it starts out but if you look towards the end of paying it off almost all of it is almost all your payment then if you're just pay in your regular payment is going towards principal why because your back balance is infinitely small at that point you've got five grand left on your balance and you're you know you're paying a thousand dollars a month so of course most of the Thousand is not going to be interest because there's not a lot of interest on five grand that's right well Dave this is this is why you've got the goat status I think that was a great job of explaining that wonderful I mean it's just it's yeah and so Jim thank you for coming to us because the problem with this kind of stuff is it causes people to do stupid butt stuff it does and here's the thing here's what's scary there's people in the mortgage business that don't know what I just said I guarantee it and they will sell you a six percent mortgage as a method of getting out of debt when you have a two and three quarter percent mortgage well they're also going to get paid off of that so well there's that some of them but some of them do it out of ignorance not not Melody I mean I just don't know people this is really basic stuff but you know the other let's just take it one step further just be real nerdy okay you and Sam ever get your amortization schedule yes yes we got The Columns of the interest in the principle it's if you go to take your calculator and do what I just said to do it's exactly what you're going to find that's how that's developed that's the spreadsheet formula that I just gave you that you plug in the spreadsheet formula and it creates those M tables those amortization tables all right because that shows you the Porsche you know I got a payment of a thousand this much as principal the this tiny little bits principle it's the first the whole big thing's interest and then it goes to the bottom and right to the bottom that's why it's exciting to look at because you start seeing and show more of your money go take your am schedule and you say okay I'm currently oh two hundred thousand dollars on my am schedule and you find that place on your M schedule and you say what would happen if I paid fifty thousand dollars in principal next month will you slide down to where you find a hundred and fifty thousand dollar balance and you'll see how much of your payment is going to go to interest and how much is going to go to principal yeah because so we're literally doing is you're sliding forward in the M schedule by prepaying principal to the next level or to the next place at that principal amount equals that that's how it works and that's but it's all based on the idea of the interest that is charged only on the outstanding balance monthly it's not bi-weekly right once a month so you could pay four times during the month doesn't change a thing doesn't change a thing because they only they only reset once a month and so at the end at the beginning of the month whatever's outstanding times your monthly interest rate is going to give you your interest charged and so that's how this process works that's a good question it was and a great explanation and I'm glad Jim that you uh sent it in here uh we're not making fun of you for not knowing because most people don't know this and a lot of people think that because the interest is so large on the front end that they're paying all the interest up front and you're not you're only paying the interest that you owe each month that's all this is the Ramsay show [Music] we've been doing business at Ramsey for more than 30 years by now we're a well-oiled machine but it wasn't always that way yes we've always had a vision always had determination and a drive to help people but what we didn't have was one central place to access all our numbers so that we could get further ahead or quickly see when we needed to Pivot we were always jumping back and forth between different systems and spreadsheets so when netsuite by Oracle helped us Wrangle our Revenue inventory expenses and more into one place it was a game changer and netsuite's number one Cloud Financial system can help your business gain the same visibility because businesses thrive on timely data and netsuite's real-time analytics can help your business have immediate access to your numbers daily so you always know where you stand and you can move quickly so go to netsuite.com Ramsey today okay and set up a free product tour that's netsuite.com Ramsey [Music] Jade warshaw Ramsey personality is my co-host today thank you for joining us America the phone number is triple eight eight two five five two two five this is common sense for your dollars and cents Gwen's with us in Tampa hi Gwen welcome to the Ramsay show hi thank you so much for taking my call um my issue is my husband and I restored a 1966 Airstream and um used it unfortunately he passed away and it's time to Let It Go um so my question is my niece and this question has been expressed and interested in it a long time ago and said hey if you're ever interested in selling it or that's the way they put it you know let us know so I had written him a letter my question is we're supposed to talk tomorrow and I thought you know I don't know how this is supposed to go what's what's fair I do have another niece and another nephew and we have a trust as well but bottom line is I thought you know I just want to be fair I don't know Slow Down slow down how long ago did your husband pass how long ago did your husband pass away he passed away four years ago I'm so sorry and you guys rebuilt this camper together oh you had it restored okay so what is it worth if you were just to sell it on the open market I actually um um it was valued at surprisingly and shockingly it's a valued at thirty three thousand dollars why is that shocking is it shockingly low or high uh well it is high for me and it's it's 1966 but my um people that we have at service regularly Carl said oh my gosh these are really into me it's kind of a it's kind of a uh it's kind of a cool it's a family right now yeah it's a fad that's a cool thing yeah all right so you have a 33 000 camper and one of your family members wants to buy it four years ago I said hey uh if you're ever interested in selling it please let us know okay I'm letting you know it's thirty three thousand dollars I'm letting you know I'm getting ready to put the camper up for sale for thirty three thousand dollars in two weeks would you like it before I put it up for sale did you already do that Gwen we're going to talk I asked them if they were interested I'd like to give them first crack at it and they said can we give you a call tomorrow and I said absolutely let's talk tomorrow and I thought I I don't know how to I don't want to spend noon but I also don't want to be if they're offended by you selling your camper for what it's worth and that's their problem okay do you think they're expecting some sort of a deal because it's family is that what you're worried about I would guess that I would guess why I I don't I'm not very good uh thinking on my feet I get a little flustered and I thought well you don't have to think on your feet yeah you don't think on your feet you're going to sell your camper for thirty three thousand dollars or if you want to give them a deal just because you as an act of love and you've got a pile of money and you don't need any money do you need money money we're establishing a scholarship for my husband in his hot in my husband's name at the high school and then they're helping with that if they buy the camper and you can tell them that yeah I'm gonna sell the camper and whatever I get out of it is going to go into his scholarship fund over at the school and so and the guys at the at the camper place tell me it's worth 33 000. so I'm gonna put it up for sale for 33 000. if you want to sell it to them for 30 and just say that that's fine but you don't have to think on your feet this is not a negotiation this is you just putting a price on something and what it's worth there's nothing to be flustered about it's just I am or is it making you feel some type of way is that what it is because you feel like you're it sounds like this is just ringing you out right now well I thought that's an assistant for it to just sit um but so it feels like you're selling a little bit of what was your husband's in your dream mm-hmm we loved it yeah it's going to be it's going to be kind of emotional the day it leaves yeah well I I have to tell you it's uh it's Beyoncé it's beyond me and I mean and he was loved he would love it to go to them if Andy that's the thing okay but I don't think he meant for you to give it to them for free do you oh no I think he was expecting you to give this camper away for free I don't either yeah you're not it's not an act of you're not being mean when you sell something to anyone for what it is worth now if it's worth 33 and you sold it to them for 43 that's being immoral right okay but you're when you sell something for what it's worth you have done absolutely nothing wrong if you choose to discount it slightly not as an act of being pressured or feeling some kind of guilt trip but just as an act of generosity then that's your choice it's your item and you can do that too so you say you know they the guys at the store tell us it's worth 33 that's what I'm gonna put it on the market for but because my husband would love it if you guys had it and knew and we knew that you were using it you know we'll sell it to you guys for 30. instead of 33. and the money is going to a scholarship fund so it's yeah it's still generosity yeah does that make sense but I don't think I don't think we're going much lower than that okay and if they have an expectation of that that's their problem because no promise was made ever in any conversation of these people that they were getting a free camper yeah they said when it goes for sale let us know not when you give the camper away let us know there it is there it is this is what's called Nunya Nunya business okay I don't know who this family member is but they're not in this transaction but I just figured out what you're worried about and what you're feeling guilty about and what all your fields are about that Jade was smelling it's this family member who was a member of his family not yours correct actually um your husband's family member of my family oh of your family okay then you can really tell them where to yeah exactly this is called good boundaries and I don't think I asked you and I don't think I will be asking you and this is Nunya that's what you call it a Taco Burrito conversation nachos oh nachos nachos nachos I love that I've never heard that that is fabulous Henry Cloud will love that the author of boundaries nachos okay mic drop right there last time I looked at the title it says nachos nachos it says mine that is so good I don't know if I'm gonna get out of here or not get me to a commercial Lord oh that's so good that's the ultimate boundaries joke right there it is I'm gonna email that to Henry right now oh man I knew something was going on in that though you're right just nailed it and I thought it was a grieving over her husband at first and then I'm like there's something with this it's her mama or somebody that needs a not needs a nachos and nachos you don't get to speak into this that is so great whoever it is has been sniffing around that camper for a while now too yeah they've got their own little they got their own little game going don't they or they just like to screw around in other people's business true which some folks nachos is so much better than Nunya not in your dadgum business because that works pretty good they're cousins mind your own mind your own it's a full-time job this is Nunya Nunya and it's nachos it's so great well I'm glad I'm glad I introduced you to something I bet deloney doesn't know that oh well we'll hear that on the mental health show the doctor John deloney show when he's opening people's set boundaries this is the Ramsey Show [Music] thank you [Music] [Music] [Music] foreign [Music] [Applause] [Music] [Applause] personality is my co-host thank you for joining us America we're glad you're here this is the Ramsey Show uh when you graduated from high school did uh anybody give you a copy of a Dr Seuss book as a gift uh hope not High School oh the Places You'll Go oh that's the one that's my guess anyway yeah okay I was thinking what the crap at first I went to Green Eggs and Ham for high school okay but here's the let's just try something let's do a graduation gift that actually matters oh the Places You'll Go Okay the get clear assessment is built specifically for teenagers they spend some time answering questions in just a few minutes they get customized results about their specific top talents passions and Mission and that kind is the kind of guidance that gives them confidence about the major they choose the career field they lean towards and avoid wasting uh years and tens of thousands of dollars on courses on degrees they don't need want or hate people spend years of their lives trying to figure this stuff out and you can give them the get clear assessment for students for 30 bucks at ramseysolutions.com go to the store or you can give them Dr Zeus your choice so now we're trashing Dr Seuss and our head coach well you know is that how Un-American is that the point is it's better I'd rather have the assessment though than the book I would too but why can't we pick on somebody other than Dr Seuss do both and this I'm like anchor man I just read whatever's put in front of me apparently oh my God this is awful no I'm not gonna trash Dr Seuss anymore tell these mean people in marketing to rewrite their coffee they're just meanies just big old meanies so seriously all joking aside get the uh get the get get your kids to take this assessment wouldn't you have loved as a high school senior to have a freaking clue about what you were leaning into love it would have loved that ramseysolutions.com store what's the name of the book where we're telling them not to buy oh the Places You'll Go oh I think you ought to get that too not to be confused when did you just throw that in with the get clear assessment we don't have any of those so we can't oh the Places You'll Go Rodney's in Washington D.C Rodney how are you I'm very good thank you for taking my call sure what's up um well um 58 years old um my brain and I'm retired my bring home pay is uh 3 800 I have about 36 000 cash in the bank 135 in one retirement account and 230 in the other retirement account good I owe 43 000 on my house and I what what babe to buy a new car I'm not 100 needed right now but I want to so I'm trying to figure out should I take a little bit of money out of my retirement account and buy the car outright or should I just uh pay the house off first or something else how much were you thinking about spending actually the car is going to be approximately forty thousand dollars yeah so about close to the same amount that I owe for my mortgage um well I mean you're certainly allowed to do that it's not against the law but you called us and asked us okay yes sir and your you said you're how old I'm 58. okay all right I'm a car guy so I can relate I mean I like a great car I got my my big Raptor with loud mufflers and my sports cars and I love that stuff so I'm with you on all this but the the problem is is that these toys are going to cost you parts of your future that you don't want them to cost you so we don't a number one we don't recommend buying a car a brand new car unless you have a million dollar net worth because they go down in value so fast so we don't do that and you're not there so we're not buying a new one anyway so let's talk about a used one in a used one we don't recommend buying anything you can't pay cash for and that the total of all of the items that you own that has Motors or Wheels does not equal more than half your annual income and you said you make what a year uh again I'm retired my bring home for my uh pension is about three thousand oh yeah that's right okay now you're retired at 58. yes sir you don't work at all I'm very lucky um uh I sell some stuff on eBay but that's it okay Mom are you married no sir I'm not okay so what do you what is it what do you spending your time doing so um besides looking at new cars even right uh I sell stuff on eBay just uh nothing much of anything what's the uh what's the car you're thinking of um probably like a Hyundai Santa Fe or something like that okay all right well what I would tell you is that I would do if I woke up in your shoes what are you driving now what's the car worth you're driving now um the car I'm driving now the Santa Fe and it is probably worth around 15 to 12 or 15 000. okay all right again you're more than welcome sir we'll still be friends if you do whatever you want to do but you called us what I would do is I would drive the car you're driving and pay off my house and I would pick up um something fun that I make money really money good money doing and uh you're only 58 years old you're just a pup yes sir I mean you could go make you could go make 50 Grand and not even think anything about it and then use that money to upgrade the car after your house has paid off I love that plan you got you just got this you got all this potential right in front of you and so if I'm you I want the car I agree with you but I'm going to do it smart and that way have you ever bought something Rodney and by the time you finish paying it off or by the time you owned it a little while you knew you shouldn't have bought it and you hated the stupid thing that you thought you were going to love yes that's what this is going to be if you do this wrong because you're already too smart to do this yeah done I think I think for and I think the longer that you sit around you're going to be looking for more things to buy so you gotta go make some money if you're sitting around all day figuring out what you spend it on you know you know what that's gonna be me I have to do that I have to be careful because if I'm sitting around I'm planning the next trip or the next car purchase I'm just like that I hadn't even thought of that oh my god I've got the money that's different but yeah I used to work from home before I came here and now that I've come here to Ramsey I come in here every day you don't spend as much money I don't spend as much money yeah you don't you're working man I used to sit around it's like you're sitting looking around your house just looking for things to replace yeah it's what happened during covet man that's why Home Depot stock went up man it's so true yeah so yeah so Rodney let's go ahead let's keep an emergency fund of three to six months of expenses let's start chunking down on that house let's get that house paid off and then let's save up a beyond that and the best the fastest way to do that is just make some more money you could double your income without a lot of effort yep yep you're you're only making about 45 000 a year with your current retirement income and you could easily go make another 35 or 40 just screwing around I mean really it doesn't you don't have to work that hard but just go do something all with the idea that when I get my car and I got the emergency fund I got the house paid off I'm gonna quit that and I may sit around do nothing again except you'll be trying to spend again but yeah but yeah that that that's how I would do it if you'll do this after you have figured out a way that's fun and reasonably easy to make some more money and you have paid off your house and you have your emergency fund and then you pay cash for the upgrade on the car if you do it then and buy a one or a two-year-old One You're Gonna feel really good about Rodney treat work like it's a sentence and when my sentence is over I get to and it's and it feels like like that you know you should be able to find work that you enjoy doing and not and for him it doesn't have to be eight hours a day you know all the time it doesn't have to be a ground yeah it doesn't have to be a grind it could just be something you enjoy doing the weird thing is your highest income potential across the board now it's not true of everybody but I mean the average is people in their 50s wow between the age 50 and age 60 you make the most money of any decade of your working life because all the stupid stuff you did in your early years is now called experience and you got to dial in and you hit the sweet spot every time you hit the ball that's cool you know and then 60 you start to slow down and calm down but most people make the most of their money in their 50s so you got a real opportunity Rodney still got two of those years left this is the Ramsay show [Music] foreign [Music] 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 [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 Jade wash all Ramsay personality is my co-host today as we answer your questions about your life and your money the phone number is triple eight eight two five five two two five Megan is with us in Las Vegas Hi Megan how are you hey good how are you Dave better than I deserve what's up um yeah so I had a question um my mom 68 she was the caretaker of five people um my dad was one of them and they divorced years ago but it was a platonic you know relationship where he lived with her he has dementia and um my mom nine months ago suddenly passed away and so um so now we are trying to kind of pick up the pieces she cared for several other people and so I've been kind of overseeing their finances making sure their four walls are secure and um she didn't have a will and her finances were a hot mess so I've cleaned it up and I've saved a lot of money for the family with like their social security uh income coming in and everything um and so my dad has a little bit of savings because um you know I've been packing piling it away for him um so now we're realizing he he probably needs to move on and out of the house where it would be a better situation for him so he's going to move in with my brother in Utah and my brother is moving out of the apartment and he's moving into a house where you know my dad would have a space his own bathroom and things so now I'm thinking well maybe my brother should take over his money but I'm hesitant because my brother doesn't have the best track record with money he's 47 he doesn't own a house um he sold his house years ago and he has a big healthy savings from that but like he just it doesn't have anything else to show for so that's where I need you to come in why for me I feel like if you've been handling the finances up until this point I don't see a reason for you to change it um or do you feel good about your dad going to live with your brother do you like that solution yeah so he wants the best for him and um we both kind of agree with the majority of you know what our plans are for him now when you said that you don't like the way you're not worried in any way that he would misuse any of the money that year that's going towards your dad are you I I you know like a couple months a couple months after my mom died he was like we need to buy my we need to buy dad an e-bike because he can't he lost part of his vision when he had the stroke which caused dementia we need to buy him an e-bike so he can get around and I'm like okay what are you thinking he's like we need to get him out those really nice ones that are like three thousand dollars I'm like we don't have three thousand dollars to spend on this you know it's just things like that and then I'm like oh red flag what are you gonna do with this money why don't you just why don't you just move him in with your brother you're in agreement on that and then you agree that you're gonna your dad is gonna pay your brother X number of dollars rent per month to cover food lights water and rent and you just send him that check and you manage the rest of it and that's kind of what I'm thinking yeah that's what's been happening but I don't he's like well you know like with inflation uh well I mean whether inflation what I mean how much is the rent how much is the lights and water and how much is the groceries with inflation and just take it you know take half of that and that's your number right two two grown men living in the house right yeah yeah there's no inflation on this it's just what it is we don't have to build in an inflate it's not like it you know we'll reassess it once every six months but for this six month period of time here's what we're actually spending on groceries lights water and rent and I'm gonna give you half of that and you're going to cover the other half right so she says something like life should take over the money like do you say no okay and then I just say I'll send you x amount yeah and cover this yeah I'm not comfortable with that part right now but I do want to make sure that you've got that you're treated fairly and that you get plenty of money to take care of that and that he's not a financial burden to you as a matter of fact it would be fair to pay more than his half because your brother's providing the service of caring for an Alzheimer's patient yeah so it'd be fair to assess you know put another thousand dollars a month on there or something what's your dad's income yeah that's the issue he uh he has social security income and that's all he's got and how much is it 23 2300 a month unless it take to buy half the rent and half the groceries and half the gas well because my brother hasn't moved into this house yet he hasn't picked a house yet we're not sure but he my dad's been contributing a thousand to his current my mom's household and that's that doesn't matter that's small town Utah yeah that doesn't matter where does your brother live and how much is the rent well you think the rent's gonna be on the house and he lives in Salt Lake what do you think the rent's gonna be on the house uh maybe over 2022 maybe okay let's call 1100 your dads then yeah but and then he's got he's got to buy groceries and electricity on top of that and give your brother a little something else so basically your dad's social security check is going to go to your brother and if you have any say whatsoever in this I know you don't have a ton the brothers should not buy something based on your dad's contribution he should buy what he can afford does that make sense rent he's renting yeah but still he can't get something you don't do what I'm saying I don't want him dependent on Dad rent something that he can afford yeah true rent so I want to make sure that's solid too because if he's renting something that's like you know he's so dependent on the money coming from his dad and I just feel like that's going to make things awkward as well yeah I mean if your dad passes away your brother's Upper Creek he's up a creek you know because Social Security stops at death hello so yeah that's this is the thing you got you just need to lay it out but this is not going to make anybody wealthy in this situation but we're trying to keep your brother whole meaning that he's taking on extra expenses for your dad and he's providing care so with all of that the majority of your dad's social security check is going to go to your brother yeah that's tough man in order to cover this in order to cover their actual expenses and a little bit of Labor I mean that's fair a lot it's not like you're giving you know he doesn't need 20 000 a month but he is gonna need two if eleven hundred dollars is half the rent and that's probably not that unrealistic in Salt Lake you know it's probably not that bad yeah so that's what we're looking at so you just got to walk it through like that and I don't know what your brother taking over the money would really solve except he could drain the savings account yeah I don't like that and I'm just saying you know I'll go ahead and give you the social security check we'll sign that over to you and then you call that taking care of dad and call that the rent or something about like that just like that's it that's about what it's going to be and then I'll keep the I'll keep control of the savings and if we need to do something else for Dad you and I'll talk about it but um meantime you keep his half of the expenses on under his Social Security cost and you will have a little bit of payment for helping take care of him and thank you for that act of love you know that's a wonderful thing wow that's tough that's a tough situation not easy it is you know it solves it hundred dollars a month from age 25 to age 65 invested is one million one hundred and seventy six thousand you know what you could do if you're in that situation with an extra million hire Home Health Care anything you want this is the Ramsey Show [Music] [Music] thank you [Music] [Applause] Jade warshaw Ramsay personality is my co-host today thanks for joining us so the Associated Press is reporting a 16 year old high school senior in New Orleans received scholarship offers from 149 colleges and universities totaling 10 million dollars wow 10 million okay Guinness Book of World Records I think I read that yeah probably yeah unbelievable great a GPA of 4.98 it's gonna go to Cornell he chose Cornell out of the 149. now let's understand that he does not have 10 million dollars in scholarship money coming right he had that equivalent offered from all of the different schools added together she would have had to have attend them all to get the 10 million that's right because they're all giving him the day but still he he got I mean it just blows out of the water no let me tell you this did not just randomly happen it's not a lightning strike right yeah he had a clear path and clearly some folks in his Corner that were looking at you know after him he says today's an exciting day for me and my family I look forward to working with the Cornell College of Engineering over the course of my undergraduate it says that he plans to study computer science that's very very cool uh okay said in an interview last week the major reason he cranked out applications to close to 200 schools was his desire to have numerous educational Financial options he ultimately was accepted to 186 colleges and universities the school said it believes the 10 million a scholarship offers from 149 as a record by college just been so you know he did what we teach and uh what Ramsey Personnel former Ramsey personality Christine Alice said yeah and she had a book confessions of a scholarship winner who was on the air here with us for quite a while and got 500 000 not 10 million but she got 500 000 in actual scholarships actual money in her hand and then went to two schools getting a degree and then getting a master's degree and paid cash for all of that of course um so what did she do she filled out a bazillion applications for scholarships what did he do he filled out a bazillion applications for scholarships he did not say I want to go to that school over there that has the pretty buildings and is another state where my boyfriend is going and I know it's nine hundred thousand dollars to go over there and I don't have two nickels but that's where I want to go it's my dream school you don't want to be a dream killer do you no these kids put in work they worked this as though it were their full-time job and they worked yeah and did you notice there's not a dream school no 149 possible 186. gave him scholarships yeah and then he goes okay now I have options yeah when you have lots of options you know what you can pick whatever you want when you when you narrow it down and my my dreams you got to create the options the options don't just you know you don't get to just willy-nilly choose based on nothing based off of sticking your finger in your mouth and throwing it in the air that's not how it works so there's a couple of things that we know and if you haven't seen the documentary The award-winning uh documentary borrowed future that we did there's a couple things we know if you want your kid to go to college your kid wants to go to college 100 of the time they can do that debt free you should never have to take out a student loan but Dave because you know yeah so let's talk about how you do it okay number one thing if you want to go to college debt free pick a school you can afford boom that might mean going to community college in a lot of states is free yes for the first two years transfer those two years of work to your four-year degree and that you know if you take two years worth of credits to Auburn or the University of Tennessee or wherever Alabama wherever I'm taking good Southeast schools here at the University of Michigan whatever right they take the two years worth of credits and you start as a junior when you graduate you know what your diploma says Michigan okay doesn't say Michigan but went to Community College but Dave my daughter wants to go to the state school with all her friends I know I know she does and you ain't gain money either so she gets to go where she can afford to go so in-state tuition to the state school is by far the best bargain by far and you get quality education and you graduate in a degree that actually has use in the marketplace we don't need any more people with a degree in left-handed puppetry or German polka history those degrees have no value you're going to be a barista okay you're going to be stuck and then you're going to be whining about the student loan debt and how the culture is taking advantage of you study something that is actually usable where you put tools in your belt okay so we're going to go to school we can afford we might do Community College we're going to get scholarships we're going to apply for you need to apply for 200 to 500 scholarships if you get turned down for all of them but a handful you'll still get 30 or 40 thousand dollars heck yeah you will yeah you've got to spread your net wide yeah and you'll catch some fish that way and then here's another thing parents while these uh people are in college these children that are in college these adults are in college you know what else they can do work wow that came out quick it was almost like you said it it was so weird that was weird make it work Dave it's not child abuse it's not they actually the students that in stock they tend to manage their time better they tend to have higher gpas and they graduate in four magical years instead of five wow there's a little list of classes that if you take these classes you finish in four that's right it's just a check box it's just a chance you have to just go to that class go to that class and go to that class if you go to all those classes then they give you the degree if you pass all of them and so you and it's scheduled to where you can do that in four years that's right I don't know what else you're doing other than playing beer pong well my daughter says she can't work because she's got too big of a class load Dave you're killing me here you're killing me here no me look hey let me just tell you if you the kids that are athletes on scholarships they have a full-time job they sure do and they get their classwork they sure do I know because I was one they do it and so I mean we work with athletes on a lot of a lot of college campuses and they do it all the time I wouldn't want to do that I'd rather go out working and making money personally but um you know work choose a school you can afford and moms and dads it is your job these are 18 year olds their brains are not fully formed yes they can't choose a job to love them so well that you will not participate with them in doing something they can't afford to do no I will not give you my money and I will not give you my support if you are going to go to the if you're going to go on a track that's going to put you in a student loan debt no I won't I don't have to see that's called good parenting I was so mad at my Mom this is a 30 year old but she made me do this and now I think she's a genius boom no right there you go I'd rather you would rather than be angry with you on the front end when they're 18. oh I don't I wonder why didn't you stop me yeah but then you stop me because there wasn't any stopping you you were hell-bent on stupid you know but you're gonna do it without my support but if you're gonna do it the other way I'm gonna I'm gonna help you I'm gonna do everything I can I'm gonna put money into the thing if I've got it I you know you pick a school that's smart you pick a degree field that's smart you work and you get scholarships you can go to college debt free let me just tell you the average in-state tuition right now is eleven thousand dollars that you can do that well that's a part-time job you can do that it's not even a good part-time job that's what I say whatever you look for you're gonna find if you look for excuses why you can't go to college debt why you can't do it you'll find that but if you look for reasons that you can do it you will find that as well you will find ways to get scholarships ways to work ways to find colleges you can afford that's the way it works you get to make a choice it's very very possible to do so it's um this idea that pop you know Rachel Cruz used to say and she's right and she still says um but I was she's the first person I've ever heard say we don't have a student loan crisis we have a parenting crisis right on because you got to look at these people I remember a guy called me from Michigan he said my son told me he's going to this school that we can't afford what do I do and I said well see that started a few years back because my son doesn't tell me anything well not when he was a minor nowadays he does tell me stuff but yeah but back then when he's a minor I taught him stuff I know I would have been like I know you're not talking to me you told me what I'll make another one look just like you yeah okay all right I know you're not talking about me take you out oh man yeah brother that's true all right so debt free college is possible most of it mathematically is school choice 11 000 a year or fifty two thousand dollars a year that's a big difference in private and across the street is public and there's no correlation between that and being successful that's right none this is the Ramsey Show [Music] [Applause] [Music] [Music] [Applause] thank you for joining us America Jade warshaw Ramsey personality is my co-host today paying off debt is smart saving and investing is smart but there's one way to win with money the people Overlook you not only have to play offense but you also got to play defense you got to have the right Insurance in place there are 10 kinds of insurance that are not rip off that you might need and we built a free tool called the coverage checkup to show you which types you need to add drop or adjust and we'll tell you about the uh scamos the uh oh those weird little policies that nobody needs but we all get them right no no no we're going to get rid of those and put that money in your pocket so it's a free thing it's called the coverage Checkup go to ramseysolutions.com checkup ramseysolutions.com checkup don't let an emergency sneak up on you got the right kind of coverage in place that's playing defense not against insurance I'm just against dumb insurance so ramseysolutions.com checkup Stacy's with us hey Stacy how can Jayden I help hi um my husband and I are both 51 and um I just recently received a really large inheritance from my father and Mike um one million dollars wow wow cool yeah I'm sorry for your loss happy for your game he uh he followed your steps my husband and I have followed your steps where on base seven and um we've been debt free for uh for a long time now and uh so we've recently been talking about moving and we were thinking about building a new home and a new home um cost would be six hundred and fifty thousand dollars which to me is mind-blowing because I've lived um a pretty uh Dave Ramsey kind of life where I've been saving and investing and um budgeting and I'm just wondering what your thoughts are when if you think I'm being irrational with not thinking about building this house how long ago did your dad pass away last year um do you guys have in addition to the million inheritance um we have about um 1.2 million in retirement funds and 124 000 in savings and then we own our own house as well and it's worth what it's worth between 320 and 350 000 we're thinking we could probably sell that for yeah okay all right um and so at this point with the inheritance and with your house and everything you have over a two and a half million dollar net worth so a 650 000 home is perfectly in line okay that'll make my husband very happy and by the way it helps me in situations like this to say it's not really a 650 000 purchase because we're selling a 350 000 house okay it's a three hundred thousand dollar purchase because that's all you're increasing okay that's great and so yeah the the Dave Ramsey Way is live like no one else so that later you can live and give like no one else it's not be frugal your whole life and stack up money to the ceiling it's enjoy some of it give some of it and continue to invest some of it and this is the enjoying part because you've done a really great job and so did your dad and I he would be honored by that both of you you got great DNA and you did a good job haven't you no no yeah thank you I mean you really I mean you were millionaires before he left this yes and he was a millionaire this is we're talking like rich people Legacy stuff here ever have anybody call you rich people no you're rich people it's kind of hard for me to think about it I know it's true I can tell because you think of yourself as broke what's your household income um right now it's two hundred and eleven thousand but when we started I was a stay-at-home mom I know when you started so it is normal for your emotions to not keep up with your financial growth when this stuff kicks in and you look up and you go okay we were we've been scratching and clawing so long we had to watch every nickel make it scream and and pinch them pinch them pinch them right and then all of a sudden you look up and it's been a decade and you've got some serious money and then it's it's normal for your emotions to not catch up I mean like when you and Sam got free you mathematically intellectually realize they paid off 465 000 he mathematically realize it's there but you still it takes your spirit a while to accept that I'm free absolutely it does I think about that regularly I have to remind myself sometimes so I get what she's saying but Stacy's Rich yep she is wealth and good and you know why because she's been diligent over a long period of time diligence is excellence in the ordinary on a daily basis that's right do it all the time do it all the time do it all the time like reading the story to my little grandson I think I can I think I can I think I can I think I can the little train that could right I mean this is this is the stuff and this is how that's exactly who she is yeah the problem is you get in that you get in that grind and you don't look up and realize wait a minute I have one because she was a millionaire over a million dollar net worth he leaves another million so another over a two million dollar net worth approaching a three million dollar net worth can you afford oh and by the way folks if you if your emotions um deloney talks about facts are your friends when you're analyzing things okay facts are your friends they help you tell you tell you if your emotions are lying to you if your emotions are saying you can't do that you're broke people and you're looking at well 650 as a percentage of 3 million or a percentage of Two and a Half is a small ratio ratios are facts okay can you buy that car because that car when you were broke and 25 and starving to death and coupon clipping that car was ridiculous now that car is Pocket Change small piece and you know and you just you just buy it's just pocket change it's just fun that's all it is and its ratios help you tell you if you're out of line if your emotions are telling you you can't afford that that your your frugality is holding you back because you haven't looked at the ratios and said it's a small percentage to buy that car to buy that to upgrade the house by 300 000 when your net worth is almost 3 million that's right that's a small ratio and think about it because before her house was worth 350 she had 1.2 now she's gained another million and she's basically going up by 300 more it's the same it's the same piece of the pie ah it's exactly the same reason yeah exactly the same we're not changing the ratio at all so when you look at it like that she's not really upgraded ratio wise yeah if if he if she had not inherited that suddenly and you just look down and said two and a half is 650 reasonable yeah yeah yeah you would say that's reasonable but in this case that doubles it because all she did is she doubled her almost doubled her net worth a little you know not quite and a little bit with the inheritance and really Dad would be smiling because Dad doesn't see this as irresponsible that's right if he did he wouldn't have left her the money if he thought that she was irresponsible he wouldn't have left her a million dollars yeah but he wouldn't see this act as irresponsible no not at all yeah it's not it's not so that's a good thing it's a great question Stacy this reason we're riffing on a little because a lot of people deal with this as you move from the being broke and get out of baby step two and you finally get the stupid debts paid off and you can breathe and you've been living on nothing and you've been working all the time and you know you don't do anything then all of a sudden you get your emergency fund in place and you go wait a minute now we can we can actually go out to eat that's right and then it feels weird look Sam and I went to the movies the other week and you know back when we were dating it was like if we want a date you're looking at every you know Penny he said Jade I don't care what this costs look I got a glass of wine now I will say we got two drinks it was forty dollars and I did clutch my pearls I was like wait a minute wait a minute and this is movie theater one yeah come on Dave Come On Dave we can't all have come on come on come on you know with the guy the waiter with the come on yeah but we don't have to not get over it or wine I mean that's like oh that's nasty let me live Dave I do want you to live that's the point I want you to live a long life all right next time it will be a French Bordeaux okay you can sneak that in all right let's Sam spring for it this is the Ramsay show [Music] [Music] foreign [Music] our scripture of the Day psalm 28 7 the Lord is my strength and shield I trust him with all my heart he helps me and my heart is filled with joy I burst out in songs of Thanksgiving Martha Washington said the greater part of our happiness or misery depends upon our dispositions and not Upon Our circumstances Martha Washington there you go right on behind every great man there's a great woman and a surprise mother-in-law there you go open phones at triple eight eight two five five two two five Jade wash all Ramsay personality is my co-host Ted is with us in New York hi Ted welcome to the Ramsay show Dave today for you my question okay my question is about 10 years ago I'm 60 years old about 10 years ago I got talked into an annuity and didn't realize how bad they were started listening to you a couple of years back and uh I'd love to be able to get out of that annuity and I just need some help any advice are you at 10 years you should be past the surrender charges under charge I I'm not sure how much it is but it's there's 365 000 in there yeah and um ten years highly unusual for an annuity to have a surrender charge after 10 years highly unusual are you sure you need to check on that yeah I will I'll check on it um last time I don't think you did if you checked on it at seven year it might have had one yeah that's probably the last time I checked on it okay well so here let's pretend it does let's pretend you have an unusual one and it does have a surrender charge that's substantial if it's small just forget it and pay it and go I mean 10 or whatever just get your money out of there and go put up mutual funds right um so get it go to Ramsay Solutions and click on Smart investor to find one of the people that are in our Network that we recommend they're they're got investment Brokers and those guys can look at your actual documentation and actually you know and and read through it with you and tell you what you're you know and get in touch with the company on your behalf and find out what's really going on and you can move the money that way over to those guys to manage and some good mutual funds um or there's one other possibility if there's a huge surrender charge and this would be really for other people that are listening I don't think you're going to find that but let's say you were five years in and there was a 30 charge or something well you wouldn't want to do that you but you can roll a fixed annuity into a variable annuity oftentimes with the same company and avoid any surrender charge until you can get out of the variable annuity now variable annuity Ted is mutual funds inside of the annuity and so it'll be it'll perform a whole lot better and their variable annuities aren't bad fixed annuities suck but the variable news aren't bad but I I would rather you have it in just low turnover mutual funds but a variable annuity is not a bad product uh it's certainly better than being stuck and you can do that roll over without the surrender charge in most cases again a smart investor Pro can help you do that very cool with the variable annuity you can choose the mutual funds inside of it right exactly and re-choose them you don't have to just choose them once I mean you can change the mix you decide I don't like it you can reset it reset it it doesn't it doesn't start the clock over and but you're still kept on the game right or you're still capped on what the performance no no no they give you a minimum floor a lot of times on the performance they'll tell you that it will at least make six percent um and we'll protect your principal and we'll let you name a beneficiary so they have the variable annuities have some benefits to them but the um uh but it you know you wouldn't use those unless you've got like extra money laying around and you're 100 debt free you're maybe step seven you know you got millions of dollars and you want to put some over here to protect the principal in case of a market downturn or something like that but um and you can also use a little bit of estate planning tool because you can pass outside of probate by naming the beneficiary interesting go straight like a life insurance policy go straight to the person then there's no tax oh interesting all right that's a nice feature that they have but again I wouldn't do it just for those but that those are while you're at it you might as well enjoy those features and again a smart investor Pro can tell you when the Ramsay team would suggest that and they will suggest it at the same exact time and um because some people are misusing these variable annuities and putting people in them that shouldn't be in them too too early while they still got dead while they haven't maxed out their retirement accounts they haven't paid off their house yet that kind of stuff you would not use a variable annuity until you've done all of those things last Stitch yep yep yep Kim is in Virginia hi Kim Welcome to the Ramsey Show hi Dave and Jade thanks for taking my call sure how can we help yeah I was calling um because I am laying my decisions for how to pay off my student loans I have about 48 000 in student loans and I have all of that in a high-yield savings account right now I mean obviously right now the student loans are in forbearance I'm not a current interest in the savings is occurring about four percent so I'm wondering if it's smart to just hold on to it until a final decision is made and then just paid off on the day that it starts reoccurring interest just pay them off pay them off you're going to sleep better tonight and here's the thing you have forgiveness just mark my words it's not going through it's not and whatever I'm not like banking on it coming through but I'm like why not make some additional money on this savings right now let's pretend let's pretend for a second let's pretend you were debt free and you didn't have any money in a high-yield savings and I came up to you and I said hey Kim I want you to go borrow thirty thousand dollars and the government's got a program they're not going to charge you interest for the next few months and I want you to take that 30 000 I want you to put in a high yield savings account in other words I want you to go into debt so that you can have a high yield savings account when I put it that way it sounds pretty stupid pretty much yeah yeah that's that's what it is that's what it is it's just hard to see that you know it's not hard active not hard at all money it's not hard at all you're not gonna get rich doing this you think that you're gaining something you're not you're not gonna you're not even making any money I mean what's what the crap is four percent of twenty eight thousand even forty eight thousand a hundred a month yeah I mean it's not going to be in your life yeah it's not changing your life yeah yeah you can't strut around your bedroom acting like you're doing something sophisticated you're just not or the den or anything else you know I mean come on it's not it's just it's it's a hundred freaking dollars yeah you can't buy a pizza I mean you know no we're and we're screwing around with this and and you and you're worried about to the point you called a national radio show where you knew we were gonna tell you because she knows what to do she knows what to do you knew what we were going to tell you this is this how worried you were about it so yeah you clean it up you're gonna the the piece on the other side of this and then just use your money to make money use your money to make money and this idea that so guys that this you know uh in the financial world when you borrow money and invest it at a rate higher than the borrowed cost we call that Arbitrage and um and they teach it in finance class what they don't teach you is that every time you do that you increase risk that is nowhere you can get a master's degree in finance and they will not associate borrowed money with risk mathematically that's unbelievable with one exception and that exception is is that it when you're taught when a company a publicly trade company has too much in bond too big a balance and bonds outstanding that's debt that you would associate that with risk and reduce their stock price because they're carrying too much debt but otherwise we're not taught anywhere in sophisticated Financial World nowhere even at the Masters of the PHD level to mathematically associate risk with this which when you put a risk factor on this on a tiny little spread like four percent and you put a risk factor on it like I don't sleep good tonight yeah it dissipates the returns they're just gone yeah you know they disappear so it vaporizes them so it's just it's just it's a very incomplete view of how the world really works puts us out or the Ramsey Show and 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] hey what's up guys it's Jade look if you like what you heard in this episode and want to know more about getting started on the Ramsay baby steps go to ramsesolutions.com and click the get started button we'll help you figure out the best next step for you based on your specific situation that's ramseysolutions.com and click get started [Music]

Channel: The Ramsey Show

Views: 153,199

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

Id: I7QDc8yQ39s

Length: 124min 45sec (7485 seconds)

Published: Tue May 09 2023