Are You Stressing Out About Your Finances?

foreign [Music] [Music] live from the headquarters of Ramsey Solutions broadcasting from the PODS moving and storage Studio this is the Ramsay show where we talk about your life specifically your money your work your relationships it is a free phone call to jump in AAA 825-5225 I'm Ken Coleman joined by George camel and as I said this is where we unpack your big questions the small questions the medium-sized questions there's no bad question here because this entire focus of this show is about you getting breakthrough in the form of Hope through practical steps forward whether that be again in your debt and financial life or I'm here today to tell help you through some work issues maybe you're dealing with a toxic leader or toxic environment or you've got some opportunities you're not sure should I take it can I actually change jobs to change careers in the baby steps the answer is yes and so George and I are here for you George you doing well today you look particularly uh fall themed today I like it take fall aesthetic just for you Ken I you look like you could blend right into the uh lovely warm brown tones of the studio wow I noticed earlier today the audience can't see it but your boots Match Your Shirt and your glasses and they say men don't notice so I got well I tell you you just look like fall thank you and we're glad that falls here by the way I want to just mention this very quickly we'll get to your phone calls shortly uh we are headed to Dallas Texas I looked up at the calendar and uh we will head out on Friday the whole crew the entire Ramsay personality crew we're going to be coming to Dallas for uh smart conference I'm sure I'll be talking about that later in the program but I got very excited about that and that's going to be a one of a kind day uh we're very very excited all of us there speaking and I'm excited for your talk Ken which a very different talk for you but very inspiring nonetheless well I'm going to be addressing the issue of waiting on your World to Change you know and you think about uh people's Financial issues you know I think very succinctly of the person who is just sitting there right now and baby step one go on I don't even know how I'm gonna get to a thousand dollars or they're in baby step two and they're going okay I believe this works uh I want it to work but it feels like it's gonna take me forever and five seven eight years is what it looks like it feels like and they're exhausted they're exhausted emotionally they're exhausted physically some exhausted spiritually you know I think of people and marriages that are fighting for everything they got we took a call the other day when we were on together and I said to the I said to the man I said I'd fight with everything you got I've got friends that have gone through divorce and that's what they've told me they wish they would have fought with everything they have for that marriage what's that old quote when you're at the end of the rope tie a knife hang on it's from Franklin Delano Roosevelt FDR quote all FDR and so we're going to be talking about that at smart conference you know you're waiting on a kid a prodigal son to come home you know um and so what does it take to wait how do you summon the willpower to wait so that's just the one thing we're talking about you're going to be talking about I'm talking about how to find that margin because so many calls we take people are going I don't have enough money at the end of the month to cover my bills to do the baby steps and so I'm going to show them very tactically how to do that and do a live every dollar budgeting demo which I know sounds as thrilling uh as can be you might want to wear a Steve Jobs kind of outfit a little turtleneck yeah to do a product demo 6 000 people you doing in an arena it's a risky move yes it is uh well George and I are always glad to be by the way I don't read the comments but George does he has deep neurotic problems and and uh he reads the comments on YouTube and all other places but apparently some people like our uh our combo so we're gonna try to serve you well one listener said root beer float we were like a root beer float great ingredients on their own little vanilla ice cream and root beer but when put together some pure magic and that's ruined me because now that I know that I feel the pressure to be as good as a root beer float every day you wake up you gotta go can I be a root beer float and I'm afraid we've already failed but let's get to the phones we're gonna go wow globally am I reading that right we're going to Finland where atesh is joining us atash how can we help hey guys hey thanks for calling Mike like taking my calls like it's crazy I'm a little bit excited but I really appreciate what time is it there attest uh what time is it it's uh 9pm like just over 9 p.m wow got you right before bedtime I must tell you this is the first time I've ever talked to anybody in Finland so I'm equally excited what's your question well um hey okay uh so I'm planning to get into a mortgage um so basically um I I try to stick to your plan and I try to find like a mortgage deal that would fit to like uh take 25 of my income you know I think that's what you guys suggesting um so but I think I feel like I can go a little bit more than that and because in Finland we don't necessarily need to put any say my money into uh 401k or college funds for kids you know things are pretty stable in terms of here like I pay like 25 tax based on my income taxes are pretty high yeah would you still suggest me to go up to like 30 35 like I like the car loan and no other debts well atesh I'll tell you this before you become a homeowner becoming completely debt free is going to free you up in a big way and so I would not jump into this mortgage until that car loan is paid off I see so I have like seven thousand Euros a car loan and that's like that's going to take three and a half years and I have like 9 000 Euros in savings right now okay hold on you got the money why not just pay it off today well I can pay it off but then for the model like mortgage down payment I can actually like well that means that you're just actually starting from you know Ground Zero here this is a financial Foundation right now on paper it looks like you have money but you don't because you owe that car lender and if you don't believe me stop paying the payments see if they don't take the car away well that's true but like I I don't know like how old are you I might be like kind of 26 26. okay so let's say it's going to take you a little while longer to save up the down payment so what yeah I would need like five thousands like five like six thousand Euros per down payment it sounds like you're putting very little down what's this house gonna cost like I'm thinking of something like 120 000 if it's with Max you know because the euro is about the same as the dollar right now it is but the amount of money we make here is completely different than the US when I listen to the show you know like what do you make I I like I make like 2 700 cash in a month you know okay which is okay in Finnish standards you know yeah that's making thirty two thousand Euros a year right yeah that's right which is essentially 32 000 American and here I'd say you need more income if you're going to be a homeowner um okay maybe I mean I see my friends doing this thing you know well your friends broke it sounds like they're broke then well like I don't know maybe they may not look like all right so George is being very nice attesh here's the deal you need to pay the car off today it's going to leave you 2 000 Euros left over still need an emergency fund you still need the emergency fund but you need to walk this thing up because you're gonna have less expenses once that car is paid off which means you can save more and you need to relax you're still a young man don't rush into the house until you can afford it this is just math I don't care if it's pesos Euros whatever you want to call it you don't get a pass on math and so I want you to do things the wise way you're 26 you get the rest of your life ahead of you just be patient slow down and if your friends are doing dumb things doesn't mean you should do them means find better friends yeah I like that advice Jordan there you go hey don't move we're just getting warmed up this is the Ramsay show [Music] if you're looking for ways to update your home without blowing the budget I've got it for years I've been telling you about our friends at blinds.com blinds.com makes it simple to shop top quality blinds Shades and interior shutters from home with easy online ordering and free shipping with blinds.com there's no need to renovate your entire home just change out what's on your windows with upscale choices like faux wood blinds cellular and roller Shades or even outdoor Shades plus blinds.com guarantees the perfect fit whether you do it yourself or you have them measure and install everything for you shop their latest looks and see how much you can save at blinds.com today the easy and affordable way to make your home more beautiful is blinds.com [Music] welcome back to the Ramsay show so excited you've joined us America I'm Ken Coleman joined by George Campbell and we always enjoy being together because we love to help people that's you the phone number to jump in is triple eight eight two five five two two five that's triple eight eight two five five two two five we'll talk about your money questions and I'm in today I host the Ken Coleman show as part of the Ramsey Network specifically helping people win in their work you spend more time at work than you do anything else in your life and I think you should make plenty of money but I also think you should experience tremendous meaning and um I'm also about helping you make more income so if you've been with us for a while we were we kind of refer to your income as a shovel so the more income the bigger the shovel getting out of debt getting through the baby steps so I'm here to help out on that particular area of focus as well so give us a call I'm willing to help and George is always in control looking very first of today in his fall get up at Terminal if you will autumnal right I see what you did there Autumn and then you changed it up so uh for those of you who like to watch us on YouTube you can see George is looking uh particularly that's the reason they're tuning in Ken I will it might be uh if you want to see a little man in very nice fall attire uh with a finely trimmed beard it's a perk no one else see now they gotta see what you look like if they've never seen what you look like now they want to know all these guys listen on radio are like I gotta watch YouTube they do yeah so it's on demand check out the Ramsey show all right grant is going to join us out in Atlanta Georgia Grant how can we help hey so I bought a truck back in December and I financed it and the engine blew up last month if I want to get rid of it or if I need to stick to it well tell us more about the truck with I I'm I'm assuming it was a used truck it was a used truck um it had not too many miles on it but um there was an issue with the engine and now it's sitting in my driveway dead did you throw a rod um uh the main bearings on the crankshaft spun have you talked to anybody about what that would cost to fix is that a total uh like pulling the engine out can it be repaired is it a whole new engine um from the people that I've talked to it's it sounded like it's a whole new engine because it's actually damaged the block that's what I was worried about now George I know you don't know anything that we just no idea what we do beyond the clutch pack piston I'm useless yeah yeah yeah George the only thing George knows about a car is there's a catalytic converter he doesn't even know what that does I always ask if there's a Hemi so but I do know this grant right I know math and so that's something we can dive into to see if this is worth so what's the yeah so what's the engine going to cost a new engine so so just doing a little bit of research a new engine is about eight thousand dollars okay what'd you pay for the truck uh I'm paid well I financed um 36 000. well so what is this thing worth in the condition it's in you think uh on a good day maybe 20. with the engine as is I think so I I'm not you see that's that's where I'm kind of in the middle of like I don't know if it's gonna well Georgia and I are we're not experts on that so you're gonna have to do multiple cross-referencing on that and get an idea what that truck is worth with an engine that needs to the key is if you if you put the new engine in it would it would you recoup the cost on that I'm not sure because I think with labor and all I think it's probably going to be about twelve thousand dollars to repair it easy which would bring its value to what do you think back to where it was uh realistically if I was trying to try and sell it privately I could probably get maybe 32 33 out of it okay so you'd still be underwater on top of paying for the repair yeah man that stinks where'd you buy it from I bought it from one of my local GMC dealerships okay and is it out of warranty on the engine well so they they offered an extended warranty for six thousand dollars so I declined that because I didn't want to have I didn't want to be upside down you know forty two thousand dollars but is there a manufacturer warranty on the engine beyond the dealerships possibly uh possibly um I haven't fully looked into that I've more been just kind of figuring out what engines are going to cost um I would double check that I don't have high hopes for that but certainly worth looking it's certainly worth the amount of time spent yeah how old is the truck uh so 2016 so it's only six years old okay yeah I mean you might you might have some luck there because some of these uh warranties from the actual manufacturer uh will cover I'd call the dealer they're they're going to tell you pretty quickly I'd call the dealer and say hey here's what happened is there is there a manuf do I have any hope at all uh with help from the manufacturer well they're saying do all the research and homework you can before you sink any money into this thing yeah and that's that's the good news is that I haven't I've pretty much got it to back to my house and it's sitting not another unfortunate thing is I'm still making payments on it while I just did of course do you have the cash to to pay for the repairs if it's about 12 Grand um I I had don't have the full amount for it but my dad said he'd help me out a little bit so we might be able to uh Fork out um what are you doing for what are you doing for the other vehicle how are you getting around um I'm just borrowing one of my parents Vehicles okay what's your income I believe it's about 40 4 000 a year and you're driving a truck that was worth that yeah no not the not the Ramsey method I don't think that's any method that's just a recipe for disaster man and now we're sitting in this mess and you know I'm not here to beat you up but just on the side of even if you fix this car it's still way too much truck for you with your income what do you do for a living yeah I work at Hertz Rent a Car okay what other skills do you have where you could pick up a part-time job nights and weekends making some pretty decent money even if you got to go stock shelves at Walmart for 18 bucks an hour what can you do um well I've been looking at getting a welding job nice uh you know manufacturing place do you have the current qualifications for that I do okay so that's why I asked if you can if you're qualified you have to spend any money on getting qualified you can go makes much better money whether it's side hustle uh part-time job that kind of stuff where you have no outlay at all no money out like you're just gonna go make more money George I I'm curious to know what your opinion is but I I'm gonna go bust it and go get the 12 000. exactly fix the truck and unload it so I'm going to cash flow the repairs unload the truck and if I still got four thousand dollars difference you can go borrow that from a with a personal loan at your credit union it's the only time we would ever say it's okay to go into debt is to clean up a mess like this on something you're underwater on and so if you can get a small if you can get a four thousand dollar loan instead of a 36 well now we're a lot closer to climbing out of the hole and then we can aggressively attack that smaller one so that's what I want you to do your homework on is how can I get this repair done for as little money as possible how can I sell it for as much money as possible private party is probably going to be your best bet and then how do we get out of this mess of debt and find us a reasonable used car that we can pay for in cash so those are the steps to take it's an easier said than done you've got some work ahead of you but you can climb out of this and it can be a lesson learned where we go never again am I going to be in that kind of position yeah and that's what I want you to hear great it's not there's no way around this this sucks I mean it sucks all the way around pretty badly however you can get out of this relatively unscathed you really can I mean it's it's it stinks but you can really do it you know what I mean you're gonna have to bust it and hustle it'll work hard but if you get into a welding job that pays you well you'll be able to do this and then it's a lesson learned and so it's not the end of the world is what I want you to hear yeah and then for your next vehicle I'll tell you our parameters around buying a used car in cash that's not going to sink you don't let everything that has Motors in it be more than 50 of your income so if you make 40 I don't want you to have more than 20 tied up in these depreciating assets you know things like boats and cars and all that and so you might be looking at buying a ten thousand dollar used truck and maybe later on as your income increases we go all right it's time to upgrade to the fifteen thousand dollar truck and one day I want you to have a real nice truck that you love but right now this truck has you man this thing owns you and that's what happens when we put ourselves in these precarious situations yeah but you know it's it's doable you know uh we call it a stupid tax we've all been there we've all made mistakes with zeros on the end yeah and it stings man but if you allow it to kind of okay I learned a valuable lesson here uh it was what fun yeah free with an emergency fund and the car's paid for you go well that stinks I gotta buy a new engine that's exactly but then you yawn and move on with your life yeah man that's tough stuff thanks Grant you will get on the other side of this man appreciate the call all right folks don't move we got more of the Ramsey show right around the corner [Applause] [Applause] [Music] [Applause] [Music] we were drawn to Christian Healthcare Ministries because we both had young families and we wanted to have more children and we had also just started a real estate company and needed to find Health Care coverage that would meet our needs we were attracted to chm because of its low monthly costs and the ability to negotiate medical costs down established in 1981 and accredited by the Better Business Bureau chm is here to meet the needs of your growing family your small business check us out at chministries.org backslash budget we absolutely believe in it foreign [Music] welcome back to the Ramsey Show I'm Ken Coleman joined rather by George Campbell see I did the joined and George together so the best of us Ken adjourned by George Campbell uh it does happen to the best of us it's a study that you all are with us the number to jump in on the call is triple eight eight two five five two two five but it's one of our favorite parts of the show and we look out into the lobby of Ramsey Solutions on the debt free stage and we see people who are here to do a debt free scream it's Chris and Lauren hello hello how you guys doing we're doing great yeah okay good where are you guys in from Oklahoma City Oklahoma City all right and neither one of you wearing cowboy boots I want to point out no I'm from Montana she's hardly Oklahoma so oh I like that that's it I've never heard of Oklahoma I like that phrase that you that you could use the same thing for George and I that's true as well so this is exciting so let's get the numbers how much debt out of you paid off a little over one hundred and twenty four thousand dollars in 16 months in 16 months and what was the range of income uh we started about 120 000 and got up to 165. wow what do you guys do for a living and I work technology for a school district oh great so what uh what happened with the uh increase in pay some promotions or new gigs or what a little bit was raises but a lot was just hustling a lot of uh over I think around a thousand hours of doordash and ubereats really yeah we uh sold plasma um pretty much any way you could make money we did we sold everything we owned she thought I was going to sell our dogs and that kind of got her scared incredible okay so two things what was the most lucrative side hustle you would encourage people to go out and do if they're trying to pay off some debt uh overall if you get really good at it doordash and ubereats you can make a lot of money doing that give us an idea because I think people want to know what the hourly rate after expenses and fees and all that uh there's nights where we were making you know 40 50 bucks an hour wow so yeah we found the right locations the right restaurants uh knew what offers to turn down knew what like delivery places to not go to so we were very selective with it but once we got into it we started making off like we were happy to make 12 bucks an hour and then it got to we're near the end of it I mean there were days where I was making over a thousand dollars based on the weather is that right yeah I think by the way this is uh just a little quick side note but I want your opinion this is why a lot of restaurants are having a hard time hiring waiters and waitresses because they can do door Dash instead absolutely yeah wow that's incredible there you go just a little economically well and he was saying you sold all this stuff where where are you selling it where was the most the best place to sell your stuff uh Marketplace was a really good one Facebook Facebook Marketplace we got lucky because it was kind of when they first started doing shipping so we got a lot of free shipping out of it um the time we did have to pay for it we just added it there people will buy anything on Marketplace it is shocking yeah like you think who's gonna buy that so we had to buy it games that we weren't even sure if they worked or not put that on the description and people were paying 20 bucks for them so yeah our Nintendo 64 games oh wow good for you guys you said nothing is going to stop us from paying off 124 Grand in 16 months so what kind of debt was 124. a lot of student loans two car loans uh credit cards personal loan uh pretty just normal typical stuff wow you were trying to collect them all yeah we're going for it yeah so what happened 16 months ago and you said all right no more we're about ready to get gazelle intents and pay this off well we got engaged in 2020 and we went to premarital counseling they gave us the Total Money Makeover book shout out to Crossings Community Church by the way they gave us the information yeah nice which we didn't read it but my uh my friend Cassidy she was a big Dave Ramsey fan and you know I always thought she was kind of weird for doing it but uh we it kind of planted a seed when we got the book we ended up revisiting it later on yeah for me it was uh we were best friends who married best friends they're here with us right now oh so I saw him reading a book uh The Total Money Makeover during work during breaks and for me that was weird because he was reading at all like he doesn't read you don't see that though so yeah it turns out that was like one of the almost stipulations of their engagement was like Hey if we're gonna get married you need to read this book we need to be on board with this all that stuff so I saw him doing that and then it was during the pandemic all this stuff it was 2020 when we got married um lots of things were getting canceled lots of things are getting pushed back on people we decided we're just gonna move of our wedding forward like we're not going to wait for all this stuff to get canceled we don't know what it's going to look like in five months let's just get it over with uh that sounds terrible but yeah let's just do it we decided to do it in our backyard and because of that we saved a lot of money in the long run but we spent a lot of money in the short run to make it happen uh our motto basically became chitcha charge it we were just putting it on credit cards wow so by the end of it after we had uh come back from our honeymoon we sat down to look at it and we had spent well over five grand just like in that last month and with all the payments already had from student loans and cars I just we weren't sure like how much money are we gonna have left after we make all these payments so I mean 124 000 in 16 months yeah what were you selling cars well I I work in technology so I was able to buy some broken devices resell those online um that's a good side hustle yeah it was a really great size if you happen to have any idea how much money you generated from selling things to to go into the 102 twenty four thousand I think it was about six thousand from broken devices that Chris sold and then maybe a thousand from stuff around the house yeah plasma was about another two thousand dollars uh doordash was like 20 to 30k almost wow from new deliveries yeah wow amazing so you guys just didn't sleep not really I mean there were weeks there was a week where she went to London and uh I just decided hey I'm home alone I got nothing to do so I was putting in like you know 18 19 hour days just going to work and then coming home doing doordash and things like that so so obviously we're hearing a story of extreme gazelle intensity yeah and you guys did it that's a lot yeah instead of beans and rice we just did beans couldn't afford the rest yeah the rice yeah so besides the intensity what would you all say is the key to getting through this journey we were a little bit different on this but for me it was making goals within the goal and so breaking out you know 124 000 that's a big number to look at so it was creating smaller goals and then pushing to reach those and then once we accomplished that smaller goal is celebrating that little win and then that kind of kept us going for the next one yeah yeah that was really good for us here breaking it down um we didn't do any big celebration it'd be like hey we just paid off our last credit card let's go to Qdoba like let's really splurge on that right and uh it got to a point where our goal was three years we looked at her income we're like here's how much we make here's how fast we can pay it off and then five months into it we realized we'd already paid off over fifty thousand dollars and we're like this is a time we're gonna go a little bit bigger on this celebration than we're getting right back into it within that first year we paid off a hundred thousand dollars so we were over a year and a half ahead of schedule that's amazing at the end of the first year but I think oh sorry I gotta assume a lot of that was the cheerleaders I mean you have 17 people here to support you yeah they were asking us questions all the time the hedricks right there they were kind of our like coaches almost like we'd listen to the podcast while we're doing deliveries but at the same time like if we had questions we'd go to them uh for me though I think the biggest one is when we first started doing this we were looking at our expenses and we saw tithing in there and we're like that's our biggest expense and it's like you know for a brief second there it was like if we don't do this we can pay it off like a lot faster and luckily she slapped me in the face and was like no we're paying her tithe like that's literally yeah she said that's not optional there's a spiritual slap in the face yeah so we uh we paid our tithes and that's why we think things just really started getting rolling because we were faithful with it and then um a couple months into it we started feeling guilty because we realized we weren't tithing on the extra income we were bringing in it's like you know we don't have just our salaries anymore we're bringing all this stuff in and that's God's money too so we need to do something with that wow so we made a back payments on our tithe like to catch up oh my goodness and all of a sudden she got a Bonus that she'd never gotten in her life like at her work so bonus came in paid for it we're like well this is awesome like God's taking a blessing you guys have an awesome story I gotta tell you I'm exhausted uh in a good way just listening to you guys uh and how hard that was but in a word was it worth it yeah you got much more out of it than that deal all right you guys ready we're about ready to do this we want you to know we're going to give you a copy of of The Total Money Makeover to give to somebody else and then Dave's latest book baby step Millionaires and uh FPU for you guys to give to somebody else if you'd like or take it or train somebody through we're going to give you all that to show you our appreciation all right here we go Chris and Lauren from Oklahoma City Oklahoma they paid off 124 000. in 16 months make it 120 to 165 000 take it away you two it's time to hear your debt free screen three two one there it is very nice George I gotta tell you I need to go give him a box of rice my face hurts from smiling it's time they've earned some rice they just did beans that's the first time I've ever heard dead no right sacrifice just beans well that is what it is all about they have forever changed their future what an inspiring couple oh that's why we do the show don't move more Ramsey show coming right up thank you foreign [Music] [Music] [Applause] welcome back to the Ramsey Show I'm Ken Coleman joined by George Campbell we're here for you this hour thrilled to have you the phone number is triple eight eight two five five two two five we're talking about your money your work your relationships George and I combining today he's the money expert and I'm the work guy I don't like saying work expert I'll call you an export guy white guy hello man I'm a work guy man of the people uh thrilled uh as always though George to be here on the show with you so you can jump in we'll take your questions uh every time you hear someone do their debt free scream like we just had in our last segment it's because at some point they say I've had it I'm not going to live this way anymore and when you can get mad like that and do what they did your life is going to change right now inflation and your credit cards are killing you but you've been led to believe that you're not in control of your money that's wrong you have to decide to control what you can control and that's you your behavior you have the power to change and Financial Peace University is going to show you what to change this course will teach you the proven step-by-step plan that's helped nearly 10 million people beat debt Master budgeting and build wealth and you can do it too stop letting dad and money stress control your life say I've had it and take back your control start Financial Peace University at ramsesolutions.com FPU that's ramseysolutions.com FPU triple eight eight two five five two two five is the phone number let's go to Boston Massachusetts George's neck of the woods Joe is on the line Joe how can we help hey guys uh thanks for taking the call so my wife and I we're gonna knock it down from General Contractors for the work and as you can probably imagine they were they were pretty high um so we decided to kind of take on the job ourselves and GC it ourselves wow but the uh well we didn't work but so this is all new learning for us right we don't we're not contractors we're not in the trade so it's kind of a learning experience one of the things we learned is that Banks won't Finance construction jobs unless you're using a GC um and so we found kind of an untraditional loan through Private Business um which you know is a little unique but now we're gonna you know do we do we go back and work with the GC and take out kind of more debt to build this or should we continue down this path um of financing you know this untraditional route and then kind of working through it on our own I know it's kind of a unique question but just wondering if you've seen this before did you finance the purchase of the home as well uh no we paid in cash okay but now we're financing the the work that needs to be done how much are we talking about well so we we sold our house prior to this um and we we cleared a lot of equity in it so we were able to buy the house uh you know with cash and we still have a couple hundred thousand in cash on hand for the build so the we're thinking about you know somewhere in the like two to three hundred grand financing range so on top of the cash you still need another 300 Grand in financing I mean that would be the high end all in kind of everything is it too late to back out of the financing or are you already in this thing no no we're not okay we're not I'm wondering if we just move at the speed of cash because it's going to take a while to build this thing so could you start with what you got for the next six months nine months and then start cash flowing the rest later on yeah I guess that's something we haven't um that hadn't considered I mean it was always uh um since taking the finance group but yeah I mean I guess that's that would be my plan because it takes a little bit of the risk and liability away too when you don't have to cover the loan on top of making sure that you're I mean this is a part-time job you signed up for to just do all of this subcontracting yourself versus having a general contractor who's basically the middleman handling this whole project for you and so that's why it's more expensive is they're taking on the headache instead of you having to you know hassle all these guys make sure they show up make sure the work is being done correctly and so that's kind of on you and that's the scarier part and there's less liabilities that way because the general contractor has their own insurance and you don't yep yeah Joe what kind of income do you and your wife make um we do pretty well uh um north of 300 Grand okay so let me let me just re let me just run through this really quick so you make north of 300 Grand you've got 200 Grand cash in the bank is that right yep and you're thinking about building a 500 000 house roughly yeah yep yep um I mean I'm not anti-what George is saying because you guys have the income too available to cash flow this build I mean you guys could go rent a small apartment or whatever I don't know if you got kids I guess I shouldn't say a small apartment when I don't know what your family situation is but the point is yeah so I mean you could you can cash flow this build that's absolutely right with 200 Grand down to get that started and get a quality GC I just I appreciate your efforts to save money and seeing the sticker shock of a GC but I'm going to tell you something I my father-in-law is a is a general contractor custom home builder and I'm just going to tell you it's there's one thing between getting ripped off and another thing to pay a premium for something that should be a premium product and your home is a premium product you know I told George one time don't buy cheap shoes buy nice leather shoes George he listened to me all right you gotta you got to put the money into the house and the good general contractor it's not worth a headache and the potential risk and all kinds of nightmarish and I mean nightmarish possibilities yeah unless you come from that world and you know it inside and out and you feel comfortable handling it then I I wouldn't personally become the general contractor in this scenario and with your income it is worth the premium you're going to pay to have that headache off of your shoulder and this is the long-term play right Joe this is the house like you bought this so I mean dude I'd be patient so you've got 200 to put down that's almost 50 percent you know so you know I I I'm with George on his option or just go ahead and let's see what the financing looks like if we actually had a GC and Dave would tell you he built this building and this campus at the speed of cash and if we didn't have the cash on hand well it's going to take longer to build and so part of it is just understanding it's going to be a process it's going to take a lot of patience we have to have a game plan for how this is going to be sustainable for the next year or two as we complete this build but man you're going to get on the other side of it with no headaches and no payments and I love that part of it yeah you're not kidding yeah well thank you Joe appreciate the call yeah thank you yeah yeah no no gcn For You Joe right let's go get somebody that's a pro you know there's something to be said there you start thinking about you know okay and but boy I've never even heard of the private loan from the business yeah the non-traditional financing side yikes that worried me what's what's in that fine print I don't wanna uncover that you cover that the fine print podcast oh and that might be a future episode Ken you know like the the the the the what would you even call that you don't even call that non-traditional financing he threw out a name I didn't hear it uh clearly but yeah that makes me really really nice if a bank is like this is too much risk for us I go who's covering that who's willing to take on that that's a very good point when a banker won't touch it you should probably walk slowly away and they got plenty of money and they say no thanks Tom Hanks yeah and uh they're what are you you you turned into an 80 year old guy you can't say that ever again I'm a no you're not we're just two old guys like the guys on Sesame Street up in the balcony that could be us but you're not there yet now George here's why the contractor matters right you got to make sure that you talk to several contractors this is like you know we tell people look for our smartvester Pros shopping and women that we've already vetted yeah we still say go sit with them and interview them and make sure that you feel good about them and on a general contract I just want to point this out there is no reason to rush into building a home it is just too too important it's a wild time right now too just trying to find people who are willing to do the work I talk to many people in my area you know that uh new good General Contractors who's building homes we want to do a custom build sounds like it's a custom build you know who do you work with and uh and you got to interview them just like you would someone who's going to be an in-home Nanny like you this is a high trust relationship we did a build on our first town home it was a new construction build through a builder and it was a part-time to full-time job just keeping track going up they the towel bars in the wrong spot spot why'd they mess that up we gotta fight them on this and so it's a lot of work when you step into something like that you got to be ready I feel like Stacy said that once when I probably put up the towel bar that's in the wrong spot Ken I should never do any help you're in the wrong line of business yeah uh I'll tell you what folks it's been a fun hour that way it's fast I want to thank George Campbell I want to thank the crew behind the glass to keep us on the air I want to thank you America you are the reason we do the show this is the Ramsay show [Music] oh foreign hey folks Ken Coleman here did you know the Ramsay show is one of the most popular podcasts in the world it's your daily dose of advice on life and money check out all of our shows from the Ramsay Network wherever you listen to podcasts [Music] [Music] [Applause] live from the headquarters of Ramsey Solutions broadcasting from the PODS moving and storage Studios this is the Ramsay show where we talk about your life your money your work and your relationships I'm Ken Coleman joined by George Campbell we're here for you this hour it's a free phone call if you want to jump in triple eight eight two five five two two five that's triple eight eight two five five two two five George is going to take care of the specific money questions I'll chime in and I'm here to answer any of your work questions uh relating to hey do I take this promotion uh do I change Fields can I work a side hustle should I work a side hustle uh any of those related issues as relates to your income I'm here to help you make more income and more impact and we'll work together to help you phone number is triple eight eight two five five two two five Ariel is in San Diego California Ariel how can we help hi thanks for having me um so I know the math Works in California but I'm single I make about 90 000 a year between my full-time and my side hustle and I'm just feeling like it's impossible to save enough to where I can afford a 25 of my income mortgage um and I'm just wondering at what point do you just give up on home ownership and just decide to rent wow it got dark real quick Ariel you just were like ah it's over how old are you I'm 44. okay so you've got plenty of time and you do live in a high cost of living area you make 90 000 where's all your money currently going do you have any debt no I'm on set 3D okay so how much do you have saved currently um we've got about 13 000. all right that's a great start so what makes you think I'll never have a hundred I'll never have 150. well in order to afford that 25 percent you guys recommend I would need a 260 000 down payment on what kind of house that would be a one bedroom condo four hundred thousand is the one bedroom condo here okay and do you can you live further out than that do you have to live in in the proper San Diego proper go a little farther out would be about 380. if I go like half hour out from where I'm at right now okay yeah and so how quickly if you're making 90 you think your income will go up over the next decade I think so yeah yeah okay I don't want to work two jobs for a decade you know right so what could your professional uh income look like what would that look like if you really walked up the ladder that maybe you're on or you'd like to be on what what do you think you could make um well there's a potential for me to get a promotion within the next year and but it would only vote me up by ten thousand um so that would definitely help though um and then as far as moving up in my career I'm I'm trying to expand like what what to look at and so I have started looking into being like a safety manager but there's just a lot of schooling that goes into that so then my savings would go to cash flowing and these all these certifications I would need so I don't know I'm just right at the beginning of potentially looking for a different job because I really love my job well just Ballpark and I don't want to get us lost in this but it'll be the last question I ask on this but what do you think those certifications would cost you roughly all of them um 10 to 15 000. and then that would give you the opportunity to make how much more in income so my full-time job I currently make 72 and that job the top end is 93. okay all right so Ariel here's how here's how I look at it with renting the cost of living is only going to continue to increase and so rent is going to continue to go up over the next decade in San Diego would you agree yes and so while it may take longer for you to get into that condo or house I also don't want you to give up and just go well I'm just going to rent until I retire and pass away I don't want that to be the the mo either and so I think we can find some in between and when it comes to our 25 parameter on that 15-year fixed that is your income after taxes but before other deductions like your health care your 401k so is that how you've been calculating this no I was going according to what money hits my bank account okay well that can be a slightly confusing number because of that the parameters are really because deductions can differ and so if you're investing 15 well it's still a quarter of your your income but because of those deductions and because you live in a high-tech State you're not seeing a whole bunch of your paycheck right correct so if that number did change you could probably get in that house a few years sooner correct yeah and so if you do the math on that go back to the mortgage calculator it might mean you need to put 200 down on a four hundred thousand dollar house and if we can create enough margin to go all right I can put you know five four grand away every month for 12 months that's 48 000 a year and after four years I've got what I need while I've been investing 15 and if that means we have to go get more income it's worth doing yeah so what are you doing for work you said um I manage a public swimming pool okay I work for the city so are there other management jobs maybe in the private sector that could pay you more than that absolutely the answer is yes sorry I jumped in Ariel he got excited well yeah because he did and we with a municipality or state government job you just are and the fact is you've got skills and experience that are very transferable and and I and again I think what George said is absolutely the way to go but I also think that your income potential is far bigger than you realize and it work it makes a lot of sense for you to at least look around and go all right what could that look like because if I'm in again I'm not gonna just you know pigeonhole you but the 15 000 in inserts that you talked about being able to make you 30 or 40 more a year well that pays off pretty quickly uh but I think it could be much higher than that um and you know what I'm gonna do George we got a brand new bundle I'm gonna give away to Ariel how about that I love this so Ariel here's what I want you to do uh I want you to hang on the line and we're going to give you the increase your income bundle it's at ramseysolutions.com in the store and it's got my book from paycheck to purpose which will give you the seven stages to finding and doing work that you love and you get paid well to do the get clear assessment which will help you out with ideas the get hired digital course where I teach you how to do everything that's actually in the book and then we have resume templates that are very very popular that'll help you stand out so I'm going to bundle all that for you it's called the increase your income bundle Jordan love that and it's got all kinds of you get the book you get the digital tool you get the assessment you have the templates the course the course yeah you know how to get hired a signed photo of you that's the eight by ten glossy of George Campbell's not included in the increase your income bundle so hang on the line uh and we'll get you that and that George really is the key yeah to the Gap well with a high cost of living area especially making 70. I'll never do it no I'm gonna go make more money and now's a great time to do that so I love it yeah appreciate the call Ariel you'll get there I love San Diego George you know a wonderful area no bugs didn't think about that that was not on my list of why I love San Diego well I like to sit outside on a nice summer evening in uh in Tennessee you're going to be swatting some mosquitoes no thanks or as they say in the Deep South Skeeters Skeeters there you go teaching something new every day to you George hey don't move [Music] more valuable information than that because the Rams are shooting [Applause] [Music] [Applause] [Music] foreign I say it all the time if you're a business owner and you don't know your numbers you don't know your business and when markets are shifting it's even more important you've got to know where you stand so you make your next move the right move and you don't have to be in the dark here over 31 000 businesses including my team at Ramsey know their numbers because they use netsuite by Oracle the number one Cloud Financial system netsuite gives you visibility and control of your financials planning budgeting and inventory so you can manage risk get reliable forecasts and improve margins having everything in one place has saved my team hours each week since we made the switch to netsuite netsuite is a game changer so head on over to netsuite.com Ramsey to get a product tour today that's netsuite.com Ramsay foreign [Music] this is the Ramsey Show I'm Ken Coleman he is George Campbell thrilled that you have joined us today the phone number is triple eight eight two five five two two five find out for yourself why blinds.com is the number one online retailer of custom window coverings you get free samples free shipping with the new promos they run every month you'll save even more all you got to do is use the promo code Ramsay to get the best deal today's question comes from William in New Mexico are there new rules for buying used versus new and Lease first financing in this post-covet era my family has been looking for a used car we can pay cash for like we were taught in Financial Peace University and we're finding used cars only a few thousand dollars less than new we also learned the insurance companies are asking for additional Bridge coverage since the used cars are not as valuable as they're being sold for ugh help please yeah there you go George okay so we're right down your lane well there's a there's a lot going on here that grinds my gears Ken going boy not to have a car analogy I like what you did there but this idea that well used cars are only going for a few thousand dollars less than new yeah if you're looking at thirty eight thousand dollar used cars thank you very much most people don't need to be driving that uh based on the average income people need to be looking for fifteen thousand dollar cars and let me tell you there's not five thousand new cars but some people need to even be looking at five to seven thousand dollar cards stores depending on their situation and one of our favorite things to do give me something while you're teaching I'm going to pull up a sample okay well you know a car that we recommend here frequently is a Honda so let's look up a Honda Civic all right used let's just see in the end all right you keep on teaching I'm going to do your homework so no there are no new rules for buying used versus new and least for we Our advice still stays the same stay away from debt at all costs and save up and pay cash for a reliable used car no we don't mean take a briefcase full of dollar bills to the dealership that's not gonna work uh but you can take a money order or a cashier's cashier's check and go and do that now a lot of dealerships make their money through financing the margin on cars can be as low as six percent the margin on financing can be as high as 60 percent and so when you walk in there and you tell them hey I'd like to pay cash a lot of the times they're gonna sometimes they'll say we're not gonna sell it to you at that price because they don't make enough money on the deal they'll wait for the next guy to walk in who's ready to finance and so you've got to know exactly what you're walking into and this means doing all your research ahead of time online knowing the value of the car you're going to buy and you can tell them you can wait till the end and say what's the out the door price that's what you're looking for is the out the door price because that includes all of the fees and when you look at those fees make sure you don't pay anything more than sales tax and a small doc fee anything else is highway robbery they go oh that's a mandatory warrant no I'm not paying that and watch what happens when you walk out the door they'll be chasing you within three minutes because they see a guy with a check in hand ready to buy all right so what do you got for me Ken all right thank you George this is my favorite things to do so Ken here's the the people objection is Ken there's no cars under fifteen thousand dollars I gotta go buy a 38 000 used car and I would say that is not true and I've got the results right here George I just got a quick search uh using AutoTrader in the Franklin Tennessee area okay all right I'm gonna give you some options here okay first we've got a used 2008 Honda Civic EX uh 129 000 miles which for a Honda is barely getting started the car hasn't even woken up yet the cars thank you very much seven thousand nine hundred ninety nine dollars wow okay uh by the way it's a nice little blue paint job it looks fine all right let's go up a little bit all right uh we've got a uh what about in the 10 000 range Ken what can we get there's no need to shout George sorry I'm getting excited uh here we go we have a used 2008 Honda Civic it's an EXL that's top of the line it's an e see you know EXL I owned one you did yeah 145 000 miles again for a Honda not a big deal 999 so that's just below the uh the threshold is it gonna impress anyone no no we'll get you from A to B with very little repairs and maintenance costs yes yeah yeah oh sorry yeah yeah yeah so again that's just one example uh I get very excited about this because I'm in the market right now for a teenager and I'm looking at this stuff all the time by the way I should point out Facebook Marketplace great place to find good deals and you can negotiate over there yes you're dealing with a private seller and and uh you show up with cash Dave Ramsey taught me that many years ago I mean literally show up and go this is what I'm paying right now and you count it out lay it on the hood of the car and do it somewhere public by the way if you're gonna do that yeah don't put yourself in a precarious situation bring it bring a friend with you by the way grocery store parking lots great place to do that Banks uh police you know you can go to all these places yeah that's great meet me at the police station police station is one of the deals happen my friend oh wow you really are scared young you were really scared well anyways I don't know what it's like in New Mexico I can't imagine it's much much different it's not so yes if you want to buy an insane used car yeah it might be a few thousand left oh look at this George I Gotta Throw one more in here use 2015 Honda Civic 106 000 miles they're asking eleven nine there you go so don't tell me it can't be done so it can be done absolutely and we don't tell people to go out and buy a new car until they have a net worth of a million dollars or more and that's for one simple reason it's just too much of your world to spend that kind of money on a depreciating asset yeah so there you go William hope that helps good stuff thanks for the question all right let's go to Buffalo New York Steve is on the line Steve how can we help hi how you doing guys good so this is my first time asking for help or calling you guys hey Steve could you uh adjust your phone a little bit you feel like you uh are muffled is that better not much do you don't have a sock over the phone do you not at all all right well let's try that go ahead okay so I had it's my first time calling you guys and that's it for help okay um I just learned about you guys not too long ago about two months um last year a little bit more than last year somewhere around June I had 232 000 110. wow um I bought a new truck my old one died I do a lot of Towing pay for cash paid that off I bought a house had refinanced um hell had a problem with my house it was like The Money Pit I had about 10 grand in credit card debt I'm down to about 135 000. and now I'm stuck where I not really paying um every little Penny I have to pay off the vet faster I'm kind of like stuck trying to figure out how to get back on track does that include your mortgage um yeah that's including my mortgage okay let's parse that out how much of the Consumer Debt aside from the mortgage what does that add up to any consumer that like credit card debt everything but the house what is that debt add up to oh uh oh about 12 000. okay and the rest is the mortgage yeah okay so now it's a different conversation so now the question becomes how can we pay off twelve thousand dollars very quickly so what's your income uh I think about 80 to 90 000 a year so making ninety thousand a year how quickly can you pay off twelve thousand if you pay off the smallest loan first and start attacking that one with a vengeance and so you just said you were feeling stuck and we just showed you a path out within a few months and now all you have left is the mortgage which goes into what we call baby step six so you said you're a new listener let me lay it out for you real quick baby step one thousand dollar emergency fund you have that right you've got a thousand bucks in the bank yeah anything beyond that we can throw towards the debt how much cash do you have in the bank about five grand okay so we can take four of that onto the twelve now we're down to eight and now we start listing out the debts smallest to largest what's your smallest debt you have right now based on the balance ignoring the interest rate I have no interest rates that's zero percent for uh one year I arrived a year to pay Paul okay so what's the lowest balance um like 13 1390 is the lowest balance I mean I can see that so you knock that out with the 4000 you have in the bank and now you're on your way and so continue that in a few months you're completely debt free then save up your fully funded emergency fund of three to six months of expenses we're gonna help you out with this by gifting you one year of Financial Peace University watch the first few lessons get fired up continue to watch them and that will help us walk you through this wild journey of the Ramsay baby steps that's helped 10 million people get out of debt and build wealth and you're next Steve Steve you got this man you're doing much better than you're not stuck yeah you're in great shape thank you so much for the call more Ramsey show coming right up [Music] look I love real estate and I want you to have a house but I don't want a house to have you that's why you need to get in touch with Churchill Mortgage to make sure you do this right these guys are awesome they'll help you get on a smarter mortgage plan because they're committed to doing what's right for you that means they check in every year with free consultations to help you stay on the right plan they show you how to save money and interest so you can build wealth faster they walk you through the total cost of your loan so you can make the best choice basically they care that's why we call them Ramsey trusted you can achieve debt-free home ownership and Churchill is here to help go to their site churchillmortgage.com Ramsey to start your approval or get more information foreign [Music] [Applause] [Music] [Applause] [Music] Coleman and I'm joined by my colleague George Campbell we're talking about your life specifically your money your work your relationships uh how many of you are in a stuck situation in your professional life I I'm here today to help with that and you'd be surprised at how that might help you in your money life as well any work related questions let's take some of those today and of course we're gonna take your money questions George is all fired up I'm starting to feel bad George nobody nobody's asking me any specific questions well Ken the truth is as I talk to people and do the entree leadership podcast you know is it stats still 68 of workers are disengaged I know they don't want to be there they don't want to be there they don't like their co-workers they don't like their boss they don't even enjoy the work that I'm doing and you're going it doesn't have to be this way guys yeah and also you feel undervalued and underpaid that's overworked and they don't see Away George tell folks what happens when you when you use what you do best to do work you love to produce results that matter to you that's a great question what happens well you light up like a Christmas tree More Money More meaning more impact more income boom so I'm here to help out with those questions today but first Emily is up in Denver Colorado the mile high city George I like to learn something new I like to give you a little nugget Emily how can we help thanks for taking my call you bet how can we help today Emily hi I'm trying to get prepared for college savings I have a three-year-old and a kid on the way and uh my husband and I both went to their expensive schools and kind of looking at the six percent growth and tuition year over year the total amount to save is very high and I'm curious if you know I'd loved for my kids to have scholarships and everything but I want to be prepared for worst case scenario and I'm curious if there's any scenario where you'd recommend putting some of that Savings in something other than a 529 hmm what do you mean by other than where else would you put it are you considering scholarship then I won't need hopefully all that money and I'm curious if there's any benefit or recommendations for not getting that 10 percent well even if you get a scholarship what's really cool about these plans is you can withdraw against that scholarship so if let's say there's a twenty thousand dollar scholarship and you go well now I didn't need this money well you can withdraw 20 000 from that savings account tax-free okay so that doesn't need to be a concern and there's broad application into how you can use those funds when we talk about learning and education it's very room and board the laptops the books are so much regardless of where there's trade schools certifications you know talk about online you know technology programs like Bethel Tech which I endorse I mean listen they can go a lot of different ways it's not like you're trapped is that what you're feeling okay I'm just it seems like a lot of money to sit and it's like 29 so I wasn't sure if it well how much money are you talking about something well like where I went to school if I was projecting that for my daughter it'd be just shy of 800k when she's what okay holy oh yeah that's crazy I'm a little short of breath why does she need to go there 800 why does anyone need to go there where is she going it's just it's like a top tier school I I mean I don't know if she will but I would love to be able to provide please okay how much did you pay for it because I'm now I'm very curious yeah well I had need-based scholarships but the full rate when I went to school was about 40K a year okay that sounds a lot more reasonable compared to 800k for four years yeah and they today's rate is like 80k okay can I ask you a question can I ask you a question I really and I'm okay if it's different than what I think but I'm curious to know you said you and your husband both went to very expensive schools okay do you think that those schools were worth the tuition based on where you guys are now and maybe where you could have gone to school I believe so and your husband got a full he he did Roxy so he did he did he got a full scholarship so he didn't end up paying but um I believe it was worth it if if my daughter wanted to go but you didn't I mean this sounds like neither one of you paid full tuition or anything close correct correct yeah I gotta tell you I I I just want to challenge you on name brand schools um let me put it this way uh you remember the last time you went to the doctor I mean you're getting ready to have a baby so remember your last checkup yeah yeah at any point in your medical Journey when you were getting baby checkups or your own personal health have you ever asked your doctor to uh bring their diploma in and show you their diploma why uh I don't know yeah so how in the world would you trust the life of your baby with this Doctor Who you don't even know where he went to med school in undergrad right all right you get where I'm going here I'm not anti-education Emily but I'm telling you nobody cares nobody cares where you went to school uh education important for the qualification you need yes notice I said for the qualification yet you need and your kids the landscape of education is changing so rapidly that by the time your kids are there the 529 is the safest play just give you an idea right now okay so enrollment is down tremendously ten percent I mean uh uh I just put this out there I gotta look it up uh but enrollment is down so much right now in the United States and it's gen Z so this is the generation right now that's in high school and they're looking at this stuff and just to give you the numbers College Roman is down nearly 10 over the last two years only 51 percent of gen Z teens are considering a four-year degree that's a 20-point drop since May of 2020. the point is there's a lot of Education options that aren't going to look like they look right now and so I think the 529 George the point I'm making is whether I'm right or wrong and what I predict it gives her flexibility oh yeah and one other thing Emily if you put that money elsewhere it is going to have a tax burden on it and so if you put it in the 529 it goes in tax-free grows tax-free you can withdraw it tax-free you can also change the beneficiary and it's very loose this could be spouse this could be in-laws it could be children including step children foster children siblings step siblings nieces nephews Aunts Uncles first cousins so the options are endless this money is not going to go to waste and I assume you guys have an amazing household income can you tell me what it is I think it's around 500k there we go okay so here's the thing by the time they're 16 17 they start applying to colleges yeah you guys could could cash flow this as well yeah right very easily maybe yeah I I don't know by the time they're going to college you're going to be completely dead free including the house right if you're not already right and so at that point making 500 000 this is a rhetorical question by the way could you cash flow College the entire audience listening is screaming yes trust me you can great you couldn't cash flow 80k a year making 500 000. oh no I could yeah definitely there we go okay so I still would do the 529. that will look like because strategically it's a smart move to invest with that kind of tax advantage and you can always change the beneficiary you can withdraw against the scholarship there's so many options there and then a worst case scenario when you can withdraw it it's going to create you know income tax and there's a 10 penalty but that is a worse worse worst case scenario and there's a lot of things you can do with that money yeah and then there's the fact that your kid may show up one day at 16 17 and go hey I want to do this I know I want to do this and this is how I can go do this and it has nothing to do with a four-year degree and the fancy college that you went to that you'd like your kid to go to parents we got to wake up and sometimes those fancy colleges are more about our desires than they're just whoa there it is Ken well it is okay now I'm fired up here's one more for you college degrees have become more about status than actual success and that's the reality and uh the landscape is changing so I say all that to say investing in a 529 for Relevant education is the way to go George you laid it up right beautifully preach it and my goodness everybody but the household dog is uh it's amazing Fido might be on there who knows yeah we'll dig into that on the commercial all right college is the future oh boy I'm gonna get George's meds for the rest of you hang on we'll be right back this is the Ramsay show foreign [Music] [Music] [Applause] [Music] welcome back to the Ramsey show where we help you win in your life in your money life your work life your relationship life I'm Ken Coleman joined by George Campbell who is uh as I've said uh uh twice choose your words carefully Ken huh choose your words carefully I didn't know what was I was trying to remember how many times I've said it but again if you're watching the show on YouTube George is uh in the fall spirit I dress to impress Mr Coleman uh hey we're fired up we're getting ready to head to Dallas this weekend you got your uh your outfit your stage outfit plan backpacked I have not thought about it you thought I'd uh we'd make sure we coordinate okay coordinator outfits oh no I don't think we should ever do that that would be a disaster our smart conference is uh one of the biggest Ramsey events we do we're gonna have six thousand plus people in an arena in Dallas Texas since we've done something like that it really has that thing uh the kovitz uh kept us away and uh so we're very excited to be back back to Arena it's gonna be fun uh we're gonna be talking about all of the topics we talk about here on the Ramsey Show Money uh life marriage relationships work uh it's so much more Dave Ramsey Rachel Cruz uh myself John deloney Christina Ellis and of course George Campbell uh and our special guest Craig and Amy grossel are going to be joining us and uh it's an awesome day uh it is the Smart conference this Saturday October 22nd go to Ramsay solutions.com events that's ramseysolutions.com get your tickets now gonna be fun George I think you should wear a cowboy hat I you know years ago confirmed or denied that I purchased one oh is that right last night for the event for the event now this is making me very happy you will remember uh years ago I was the emcee of all Rams events and when we first went to Dallas I uh didn't steal that's it's aggressive I asked a gentleman who was sitting on the second row if I could wear his Stetson on the stage and he let me do it and it was a great idea until I put it on my head it was a little sweaty a little sweaty and a little big wow and so it was it just looked silly on me it was like down on the top of the ears and I look like I had my dad's cowboy hat No One Believes it the crowd loved it though huh No One Believes us wearing a cowboy hat I've got a nice one now the one that actually fits my head but uh I don't wear it very often for good reason some guys can pull off a Stetson you know I don't hide it under a bushel that's how I feel about the haircut you work too hard on that though oh man but it's gonna be fun it's gonna be fun make the drive if you're even near Dallas people fly from all over the country to join us for this so just because you're not in Dallas doesn't mean you're not invited that's right gonna be a fun day love to see you there Abraham is up in doubt oh speaking of Dallas Texas Abraham is there how can we help hey there so I'm gonna lay out my situation I graduated this year and I go on a mission trip next year starting in July that'll be nine months so I'm basically framing my economic situation around that uh I own well I have purchased an RV from my grandparents that they were that they were selling that uh eight thousand dollars I have 6 300 left on that but I do not have a car I have a full-time job and I'm using family vehicles to transit to and from that my question is should I pay off uh that I need to pay off the RV by the time I leave uh should I pay that off aggressive will I throw everything except my emergency fund at the RV treated as a Consumer Debt there's no interest on it uh but I do want to get rid of the debt as fast as possible or should I continue paying 700 a month that I am to be on track to pay it off by the end of by June and uh and by like just say for a car uh immediately are you living in the RV yes sir so this is your home so we can't we're not going to do anything else with it and how much do you have in the bank uh sixteen hundred dollars okay well there's not a ton you can throw at it obviously I would tell you to throw 600 of the 16 at it uh to to kick start it by an extra month how much faster you're going to do that while saving for a car because it sounds like you need to split the difference yeah what I mean is I just recently got a job so I'm 1500 take-home pays what I'm going to have what I mean is like should I throw that 1500 at it after expenses is what I mean but you still have no vehicle you're correct so I think we need to get you maybe we take the the next three months of income get you a vehicle and then get aggressive paying on this RV loan that you owe to Grandma and Grandpa okay is it a personal loan or do you take out a loan to purchase it no sir it's uh it's basically just it's an understanding that I owe them that money and I'm paying it I'm being consistent on that okay well it seems like A1 is you need a vehicle to get around in so knowing you're not going to need it for very long I would get as cheap of a vehicle as you can that is reliable that's not going to have five thousand dollars in repairs in the next six months how long are you planning to live in the RV uh feasibly I could live in it until probably I get married I think um just as I as I suck away money for a down payment on a how old are you I'm 19. okay yeah it's a young man's game Ken he can do it oh 100 there's no question about are you are you are you where are you parking the RV uh it's on my family's property in the back corner oh we have a fairly sizable property okay gotcha so you're all set there so how much how much can you save each month for this car if you put everything towards that goal uh I could save probably 1300 for the car oh awesome I do have a couple of insurance payments so let's say that's three months you have Thirty thirty nine hundred dollars could that get you a beater car in your area maybe on Facebook Marketplace or something or someone you know getting rid of an old car for sure probably four months would be even better okay and then after four months you have a car now you can put all of that margin towards the RV and you're gonna have that paid off by the time you leave for the mission trip yeah okay I like this plan okay the the question is can you find the reliable car under four grand and it sounds like you're willing to do it uh reliable I mean you you need to make something pretty it may not I know I paid six grand for my Honda and it you know had a little bit of body damage but mechanically it was very sound so just find the ugliest thing you can find that is mechanically sound that's the key to finding a deal I mean you got a 19 year old you got a lot more options you know than just that I mean it's like uh we didn't ask but can he bike Kenny bicycle I mean it depends on how intense you want to be I understand it can get cold in the Dallas area I don't know where he's going it could be a far distance in Dallas I know I know you know he could get a horse no boy you know how I feel about horses Ken it may be a great mode of transportation oh George that's terrible Hannah is up in Austin Texas Hannah how can we help hey y'all thanks for taking because I have a car I don't owe anything on it and it has about a year left um oh I can tell is that a feature I love her response uh George I I've already thought about this response I know so you know this car is gonna die one year from today approximately I love it okay okay we don't have time to break that down I have a good bit of savings um I do have a difficult time parting with it though I'm just wondering should I continue to save up until my car completely gives out on me or should I just bite the bullet spend the money on the car now well it depends you're gonna have to make a bunch of repairs on it in the next 12 months are is worth about 2 000 I need to do around 600 worth of root beers and then you could sell it for 2600 or more at that point yeah okay if you'll recoup the costs on it may be worth it how much money do you have saved about 25 000. oh awesome what's your income uh 90 grand wonderful uh yeah yeah that sounds very reasonable I mean why don't you just go ahead and get the car now she doesn't want to part with the savings yeah the part with the savings are part with the car is it a Sentimental thing I don't want to park with the um savings I grew up with a lot of Financial and security so okay so do you have an emergency fund yeah 12 12 months you're 12 months of emergency savings wow what if you eased into it maybe got a really nice ten thousand dollar car and just kind of like eased into this process because it's this is a big emotional thing George well yeah you've when you have that kind of background there's some Financial trauma here yeah you have 12 months of savings you're safe but your body is saying we're not safe we're not safe and so I might honestly look into some counseling to help on that side but financially this is a very wise move you've done the work yeah don't wait till the eyes go ahead and sell it as is get a new car George good stuff this hour I want to thank the team uh for keeping us on the air and you America this is the Ramsey Show [Music] do you love a good day Brandt want to see the latest Ramsay show videos going viral check out your favorite moments from the Ramsay show on YouTube go watch And subscribe to the Ramsay show channel on YouTube [Music] foreign [Music] [Applause] ERS of Ramsay Solutions broadcasting from the PODS moving and storage Studios this is the Ramsey Show it's where America hangs out to have a conversation about life money work relationships and more the phone number is triple eight eight two five five two two five I'm Ken Coleman co-hosting with me today George camel it's uh Coleman and camel the law firm you should never don't hire us for law advice yeah not at all but we can give you advice it's free so it is worth uh what you pay for keep that in mind but we're here to help out uh specifically in areas of money and work life issues as well triple eight eight two five five two two five Alberta Canada is where we go next Maggie is there mag how can we help oh hi um really awesome to talk to you guys I feel like I'm talking to celebrities this is really cool wow you need to get out more Maggie yeah I gotta tell you you set your sights a little higher if we're celebrities but thank you for the nice work we're excited to talk to you nice okay um so I guess with my question is so I'm a single mom and I work full-time and I'm just wondering how I can increase and actually start making income from my side hustle okay what is your side Hustle um I make reusable baby wipes from upcycled Material interesting now I gotta tell you I am absolutely locked in now how does this how does one do this and explain what that means upcycled like explain the whole deal yeah so I just um I I a thrift store and I get essentially like old sheets that people have donated obviously not like super damaged ones um and I use that material instead of using new um and then I essentially sew them together in a nice way that people can use uh to use um for a baby like specifically like baby bum wipes because I use them and obviously being a single parent I saved a lot of money that way um so you take old you take used bed sheets yeah cut them up sew them into uh baby bum size wipes and you and it's like a cloth wipe but it's a sheet and then you wash them and reuse them yeah yeah okay wow wow well what has this business done so far um it hasn't yet that's the thing so I I'm really good at making them um but everything else I get really overwhelmed um we need to make sure there's a market needed do people asking for do you tell your girlfriends to have babies about this concept and do you do you let them borrow some if that's a thing um I definitely have gave some away I guess a part of me like maybe feel assistant I'm just like oh my God like they're gonna think I'm a weirdo for for being so obsessed with my own idea like if that makes any sense it is a really Niche thing right it's extremely neat yeah I've heard of the reusable diapers and I imagine it's something similar to that well George doesn't know what this is like but back in my day yeah we had cloth diapers you know so I get it it just falls into that category right Maggie yes yes yeah but the reason that people moved on from cloth diapers is the reason why I think you got a challenge with this product and I don't want to you know part in the Shark Tank here I don't want to poo-poo your idea no pun intended no I actually intended that pun actually I had to it was just right there but but but here's the thing uh the reason we moved on from that is because of the uh just the sheer amount of time that's saved you know with the baby wipes and and then we throw them away and and then we move on and I don't want to again Rob you of your joy on this but you've got to determine if there's an actual market for this and we start small and it is overwhelming for anybody to have an idea no matter what it is and then try to get that idea out there but the way you start is testing in real life okay so or any of my girlfriends interested in this like you literally need to go hey I need you to shoot me straight you're not gonna hurt my feelings but if if I made these for you and let you test them out will you test them out and tell me whether or not you would do this you got to get some real feedback on the idea here because this could be so Niche that nobody in the world wants to do it and so then we go okay I love the idea for me it's a novelty it's something I'm going to do but as it relates to being a single mom and making money I've got to do something where I'm using my skill and experience and I'm transferring value that's what you've got to do here so I think it's a long shot on this I wanna I don't want to be unkind but I think this is just a long long long shot and I wouldn't put much more time into it other than it takes to really truly test it locally okay do you understand what I'm saying I don't I don't want to deflate you but I'm just telling you if you're using this as a passion project I think it's great if you're trying to pay off debt and you've got financial goals ahead of you yeah I think you should find something you can do today that will bring in money today guaranteed and you can still work on this and have it be a passion project and there are ways you can try to test this idea maybe join some of these a kind of crunchy mom Facebook groups people that really want to lean into natural products what does crunchy mean that means they're very they want to go all natural they don't want to use you know traditional medication they want to use essential oils and more natural I think that's the target demo Maggie I would assume right of people who would be interested in this yeah absolutely yeah yeah I definitely want you to test it but test it locally to George's point maybe in some uh some online communities put your product up there show them how you do it uh see if you can get a blog post out there you just got to see if there's any appetite for this product okay yeah that makes sense I guess I'm just like stressed too because I'm on baby step two and it's like I'm a single mom so working you know I if I could work 24 hours a day I definitely would be right now because that's how determined I feel but having a little one it's just like I need something I can do from home at least okay and I thought all right now that so here's the deal let me help you right there because I I want you to test this out and keep this thing alive until there's no evidence that says there's a market for this maybe there is a market for it but right now we need to put that on the back burner and what you need to be doing is okay how many hours a week do you have to be able to work and what can you do remotely and remote work is as popular as it's ever been on this planet and you just need to look at what skills you have what experience you have make a list and you go okay I'm going to apply for these type of jobs maybe it's a customer service job or you're on the phone x amount of hours a day helping people it's not fun it's not great but it allows you to get out of debt and be at home near the baby do you understand what our focus is yeah absolutely yeah you look you just do what you can do right now okay because of the baby and because of the debt and everything you got going on we are focused on high priority stuff all right and then you could test the the the the baby wipe thing on the side while you're doing that not put any pressure on yourself that needs to be a labor of love something that you want to see if it works but no pressure on it and that'll take away that feeling George of being overwhelmed because listen any entrepreneur no matter what the product or service is just to think of the finished product and how do I get it out there but it's Gonna Take Years to paralyze you uh analysis paralysis is what it's called and uh right now you got to be focused on paying off debt getting that emergency fund baby step three is is next and then you're on your way and that margin will free you up to focus on the entrepreneurial Ventures it will yeah I learned a lot I can't wait to tell Stacy what I learned about absolutely the new improved baby boy time to be alive it is very exciting this is the Ramsey Show [Music] foreign [Music] [Music] I'm joined by George Campbell we're here for you this hour taking your phone calls about money life work relationships and and so forth I uh I'm sorry I'm still I got a little chuckle still we're lots of conversation from our last segment so here we go I'm gonna focus and we're going to Chris and Bismarck North Dakota Chris how can we help hey can you hear me loud and clear sir what's going on hey yeah so I uh recently started my uh construction business about six months ago oh nice and business has been debt free and me and my wife are almost set free just our mortgage on our house so since I started the business our budget and kind of everything to keep that out of debt was you know our budget and everything kind of got thrown out the window so now that we're a little bit into it kind of have a pulse for our income with the business um trying to trying to figure out how we should budget how much I should pay myself from the business and how to kind of make a formula for that sure what uh can you give us an idea what your cash flow situation is what you're bringing in so so far the business it seems you know it's really up and down but it seems like it's about an average of maybe uh five to six grand profit okay a month and that includes after paying you or no no that's that's what I'm trying to do all right that's what I thought okay great so that's five or six grand but we're not paying you yet all right are you making any money anywhere else any income uh my wife has a couple part-time jobs and so far that's just been going into our uh emergency fund trying to build that up a little bit further all right Grace you're living off what your wife makes and you got five to six or average five to six K in profit from the construction company is that all sitting in a savings account um yeah I mean I've been pulling out what I need to to pay myself it's it's in its own business account and I've just been pulling as I need to to pay our expenses okay that's where I'm confused because I asked you if you if of that profit you were paying yourself and you said no but now you're saying you've been pulling some out yeah yeah I guess that's that's five grand of what the company makes and that's that's total so out of that five grand ish I've just been able to just just pull money as I need it okay do you have any savings for the company for the company yeah it's it's right right close to 10 grand with accounts payable okay all right so beyond your overhead your expenses all of that how much could you pull from the profits I mean if I if I wanted to since the business is debt free and once everything's paid I could probably take you know three to four grand a month so let's say you start paying yourself a salary of four grand a month that's 48 000 a year year one and then your goal is to increase that every year as you have more and more profit and you start to get a handle on the overhead and you're putting some of this in retained earnings and savings for the business as well from that profit yeah that's what I'm trying to figure out so you've got 10 000 in the company savings account right now and so I'm George I'm going to be a little enough I think I'd be more conservative George I'd kind of want to see him try to limit himself if possible to maybe 2500 a month let's say he keeps that average of five thousand this is a rule of thumb I want to get what your take is George there's no hard and fast rule just putting it out there but I just be conservative right now if I were you Chris in your shoes well especially in construction because that equipment is expensive right and so I'd want to build up the company's retained earnings that's what we call an entree leadership we talk about savings for a company I'd probably be paying myself half um so let's let's say on a six thousand dollar profit month maybe pay yourself three and put three in retained earnings account I wanna you know I'm gonna make something personally so that I can build up the safety gland in the in the preparation for this construction company which hopefully we get to a point where you got six months of your income in that account you see where I'm going with this right yeah as you grow up you know now once once it gets going and you're spitting off more profit you know I think that formula changes you pay yourself more save a little less and as it grows things might change as you might you know hire a few team members is that the goal for you um you know that's kind of a possibility probably not anytime soon but yeah the biggest thing right now is just um you know the business is is doing well enough on its own or I feel like I can try to pay myself consistently and then budget from that you know or I think you're right I think you're right you're doing it the the right way have you read the book entree leadership yet no I haven't okay that'll be our gift to you today uh you're already living out a lot of the principles in that book this is Dave Ramsey's number one best-selling book how he built this place from a card table in his living room to the Empire it is today with 1100 team members and a whole campus and you're doing it right the biggest piece here is doing it all debt free and you've done that yes and you're moving at the speed of cash and you're willing to pay yourself a small amount right now as you grow this thing and so I would make it a personal goal to increase my salary every year and when you're a business owner like that there could be a lot more margin you might have an amazing year and you pay yourself a hundred grand yeah and you've got the savings and you're you're doing it the right way so we're going to send you that book I think it'll help walk you through that you can also listen to the entree leadership podcast which I hope where we're helping leaders and business owners win every single day yeah that's it love to hear that it's a great show yeah and Chris you're doing it the right way grow slow you know and and be okay being small right small and slow is the way to get this thing going this Construction Company because it is a it is a customer based business in the sense of they start talking about you hey Chris did a good job on this Chris did and they start spreading the word you're gonna have more work than you can keep up with and then that puts you in a really great place as George was saying is you have to maybe go out and and do some you know subcontracting and things like that so you're off to a good start really proud of you I love seeing a guy start something like that and having 10 grand in savings no debt on the business you don't see that a lot especially in construction because it's very tempting and you can make a reasonable case if you're not anti-debt the way we are that oh I gotta have this equation I had to go get this 50 Grand uh tractor can to get this thing started yeah exactly I love how you talked about it feels like you know a lot about tractors I know just enough to be dangerous that's right Kevin is up next in Boise Idaho Kevin how can we help thank you for taking my call guys I am 65 years old I turned 66 next month I own my own business I'm planning on continuing working I'm also planning on taking my Social Security March of 2023 so I use part of my Social Security to pay for long-term insurance as we are already putting in 15 to 20 in the retirement Roth higher or whatever uh we're also 100 debt free thank you Dave and staff and we have five to six months already an emergency fund and what should we do with the rest of the 55 earlier with the Social Security money I mean um after we start collecting it awesome it just took a 30-day year you just took a 30-day European Vacation paid in full hey that's pretty awesome so how much is a long-term insurance going to cost you I'm going to say probably five to six hundred a month okay and have you shopped that with our with our friends at Xander online I have not but I'm going to okay make sure you do your homework on that to make sure you're getting the best right and so you can jump onto ramsaysolutions.com and do that but once you have that number now it becomes part of your monthly budget and you are still running this business how much what's your household income um we made 42 000 last year and still we're able to take months off and all that so we're good you're living on a lot less than you make that's fantastic that's right what's in your nest egg uh we have probably eight to ten months of emergency fund but beyond that do you have any uh investing any IRAs 401ks yes what's in that I've done Ross I've got Iris what's it out 80 000 in the 80 000. okay so the question is how are we going to long-term plan for retirement and then what is the best use of the money in the different buckets and so are you working with a financial advisor right now yes I am okay I would sit down with them and make a game plan not just for the next year but hey what does the next 10 years look like when can I actually retire and then how can I use that Social Security best you know should I use some of the tax advantage money first to cover long-term care versus using my Social Security I would start with the social security for now but I'm curious to see what a full plan would look like as you map out all the different buckets you have to utilize it because you might live another 30 years and so I don't want you to run out of money either yeah absolutely but boy is he in great shape and uh coming on the area coming off the 30-day trip to Europe George debt free yeah uh we didn't get a postcard I haven't seen one from Kevin did you see I will awake you get one we'll have to just Google pictures for now yeah by the way we uh we just recently had dinner uh the camels and the Coleman's maybe we should do a European uh couples trip I don't know yeah sure sure yeah you seem very excited about that we'll get the wives together on that one uh we made a vacation together we do love doing the Ramsey Show together [Music] foreign [Music] [Music] welcome back to the Ramsey Show we're thrilled that you're with us I'm Ken Coleman joined by George camel tonight's big night George it is so you have your Healthy popcorn ready do you have your Orville Redenbacher's movie theater butter I got a box of it at home I got a box what are we talking about well tonight is the big viewing party where you're premiering the very popular runaway hit borrowed future we're launching it on YouTube tonight at 7 pm Central 8 Eastern Bard features our award-winning documentary that uncovers the dark side of the student loan industry it's an incredible watch it's gripping make you sick to your stomach make you angry but it is good good to watch it watch it with your kids watch it with your family uh it's going to be awesome uh and then after tonight you can view bar and future on YouTube for free on demand the film is still available on Amazon Prime Apple TV Google Play and ramseysolutions.com where you can rent it ad free so we want you to see this for your own information but also to spread the word help us disrupt the toxic student loan industry join us tonight for The Bard feature watch party on the Ramsey shows YouTube channel uh George and I will not be uh appearing live oh that's fair to say as as you know in the corner somewhere like Mystery Science Theater you know that there was some talk of that the director's cut yeah well honestly I wanted to do it but George's people wouldn't work with us uh my people talked to George's people and we couldn't come together on the whole deal uh James May show up if there's free popcorn because he's never turned out a free meal in his life I do love some movie in a popcorn you can't beat that and it's it's an hour and a half long so you know you'll still make it before bedtime it's at Seven Central and seriously get get a crew together get some friends get the kids and go hey we're watching this incentivize them if you have to get him some dinner beforehand their favorite meal and go we're gonna watch this and we want to have a conversation after it's over would that include TV trays I miss a good TV trip no don't you well if you're gonna sit down and watch it yes yeah bring those back yeah those are great apparently cloth diapers and cloth baby wipes are back it's all it's awesome so we'll bring the TV trays as well so there you go all right back to the phones we go Eva joins us in Dayton Ohio Eva how can we help hello hello how are you doing oh we're having a blast how can we I hear you and with the popcorn I hear you yeah come on Eva what's your favorite popcorn pop uh in the big huge pot with some oil and just let it shake you know yeah come on well I'm 60 so yeah come on Eva you put so you're talking about just pouring the kernels in with the oil Eva gets it yeah come on uh do you do any salt even any salt on it no I just do butter just butter all right all right to each his own Eva how can we help okay I moved from Arkansas to Dayton um when I got a phone when I called home my mom was crying on the phone um I get here less than two weeks after I get home um she has an extending aorta aneurysm come on yeah I wasn't here two weeks and she passes out of course she sends me to go get her ice cream and my son is in the yard and um my question is I worked in Arkansas uh worked all the way up until I moved here and having worked a full-time job or no job I've just been caring for my mom because one thing went from shingles aneurysm to something else to something else and I'm still caring for her now oh my uh yeah I get a letter in the mail yesterday IRS is telling me I owe them 3764.37 now I need to find out or I need I need y'all's help yeah sure and uh do you know what that's referring to is it clear in the letter it doesn't say anything in the letter about it it's just it's like one of those you know how to payment Internal Revenue Service oh yeah all right and they try to make it scary have you verified this uh on the whole for about 12 years yeah 100 yeah they don't actually have a human uh there to help you after they send you a letter like that it's classic federal government how are they asking for payment here's the biggest part oh now oh here's the greatest thing on the back page it says oh if you we can settle this and not give any interest you will not be to prevent any interest applicable penalties from continuing from continuing pay the amount by November 7th wow if I had that you know hey I don't know if this sounds legit I think it might be a scam are you serious do they have I would not pay a dime until I hear from them directly and you contact them and so I know that stinks to be on the phone contact them whatever way you can because yeah I've tried and tried but I was on the phone probably I laid the phone down oh yeah yeah you got to get a good household project just leave that thing on hold oh yeah I've been there you can fold a couple loads of laundry before they pick up oh yeah yeah you can wash clothes do a car all of that yeah did they tell you what this is for for an annual reminder about I don't know if it's legit if after seven years and you haven't been working have you been filing any kind of return do you have any income none none at all none and it's the little IRS bill you know the little scales the eagle I think that's the eagle or whatever it is nobody knows nobody wants to look at the IRS let her head long enough to know what it is well I'll give you some homework to do either go to irs.gov help irs.gov help and there's a there's a section that says letter from the IRS I want you to read through that and it will help you gauge if this is a legitimate letter from them or not okay okay but do your homework and don't pay a dime until you verify this with them and if you do owe it you got to get this monkey off your back and you're gonna do whatever it takes to scrape together the money and get what about one of our tax advisors I feel like they could help her yeah it's worth reaching out to one of them at ramseysolutions.com and you can click on our recommended Pros there and get in touch with a Tax Advisor and see who will look at this letter and know whether it's legit number one and then number two what to do to to to to get this thing cleared up it feels it feels very very suspect to me the kids I think call it sus uh okay yeah there I taught you a new word Eva you can use that throw that around with the teens they'll think you're very cool so ramsaysolutions.com yes so on the recommended Pros yeah yeah it'll say a it'll say Ramsay recommends okay and you want a Tax Advisor one of our trusted Tax Advisor tell them you called the show and Ken and George think that the letter is sus and that's all they need to hear and uh George okay yeah I love that she's writing this down and take in some of that fresh popcorn too [Laughter] oh bless your heart Eva I would not do anything until we verify verify verify verify on this I mean people are getting scammed all the time on this yeah because when I you know I'm just how are y'all texting me and I'm not I haven't filed in seven years well my only thinking of it was back taxes and something wasn't right with an old tax return and they're finally getting around to it because they're slow as molasses yeah the last thing that I got was a refund and that was seven eight years ago that was probably about eight years ago um I got a refund it wasn't it it was a whole hundred and something dollars that's all okay well um here's what I want you to do we want you to uh take the advice that George gave you there um with the IRS website Let's see we can find out there and then if you don't get any Clarity there I do think it's worth seeing one of our uh Ramsey trusted tax advisors to get to the bottom of this and they will help you get to the bottom of it very quickly and and efficiently and uh and then bless your heart for taking care of your mom I also want to encourage you to be thinking about some type of income uh even though you're watching your mom I want to see you uh at least be working part-time and try to be bringing in some income once we get this thing settled so thank you so much for calling uh George it's a it's a scary thing man and and bad people scams out there bad people play on this stuff you see anything on other IRS scams well there's there should be letters there should be a notice number or a letter number either the top or bottom right hand corner of that that will actually go oh this is legit if it doesn't have that it's probably fake you absolutely good stuff there well thank you so much for the call Eva for the rest of you don't move we got more of the Ramsey show coming right up [Music] foreign [Music] this is the Ramsey Show I'm Ken Coleman and he is George Campbell we're thrilled to be with you the phone number is triple eight eight two five five two two five our scripture of the day comes from Luke 5 16. but Jesus himself would often slip away to the Wilderness and pray our quote from Nikola Tesla oh George this is for you today that has nothing to do with actual Teslas I know but it's his last name sure inspired I mean inspired me to Greatness yeah no the whole brand is inspired by Tesla come on you know this his quote be alone that is the secret of invention be alone that is when ideas are born do you find that to be true George I guess I'll leave you to it then Ken yeah if you could leave the studio that'd be great no do you find uh whether it be uh behind the wheel of a car uh when you think about it some of the best ideas happen you're on a run you're in the car you're in the shower and a great idea happens you know what it is for me it's uh yard work oh I should try that sometime well it's you're allergic to everything but uh the idea of a monotonous task um that is so mundane and what happens is the brain does fire and it just gets really creative in that time so that is that is really good advice we don't let ourselves get bored enough in today's culture to even get there that's exactly right you know just alone with your thoughts is a good thing we need to do more of that uh all right two Kansas City Missouri we go Jonathan is there Jonathan how can we help all right how you doing Kenny George man we're having a blast how can we help yes sir um my question is we're working at my job for seven years it's Union so they have job postings I'm a truck driver that does delivery driving outside in the weather and I have an opportunity to switch to Day times to become where I only bump docks and deliver and I'm having trouble with it because I am a single father which means I would have to try to find daycare or a babysitter in the morning okay um that's a tough one because uh as you know daycare is very very expensive uh so what's your situation now who's watching the kids when you're on the night shift right now my mother watches my daughter and if I can't get off in time uh my little sister will come pick her up and I'll just go to my little sister's house and grab them back enough so what's the what is the what would the new schedule be what would the hours be that you need to cover child care um the hours are technically eight to four but with myself being a truck driver it could go to eight to six okay so your daughter is not in school is that what I'm understanding no no she's uh only four months right now okay gotcha well you know I I wish I had a slick answer here that was just hey one two three four this is what you do and I don't think it's that simple um because of uh you don't have the family that can watch the child during that time and uh does it sound like you have many options there and then uh daycare is extremely expensive uh and that would pretty much put you in a bad financial situation is that correct yes it would where are you at right now financially uh right now I'm uh currently on baby step two um right yeah baby step two right now how much debt do you have left uh I had 50 000 left what kind of debt is that um car loans a little bit of student loans um and past mistakes I made from previous marriage and what's your income income right now is 60 around 60 to 65 000. it will be dropping down to 58 000. uh if I was to take the position yeah that was my worry is you get a drop in income and we have to now have extra expense with child care and so I don't see how that would work logistically right now for you it may in the future once we're out of debt what's the car worth uh my car the car or the cars that I don't have the cars anymore but you said you had a car loan but you still you don't have the car but you're still paying on the loan uh the loans are right now and um I'm paying on one of the loans from the car even though I don't have any more where's the car so they took me to court um they they were repossessed oh man and you got multiple car loans yes sir yeah I made a lot of bad mistakes in my past marriage yeah that's all right we're just trying to help you create a path forward here what are your options with the repoed car um right now one of them uh took me to court this was before I actually got connected with you guys so I made a settlement where I'm paying 250 a month until it's paid off the other one I haven't been contacted from them yet but I know listening to you guys to try to have some money to where I can settle it for a cheaper price depending on the dollar hoping where's the other car I had neither one of them they're both repoed oh yeah I don't either oh man and you're just driving around the truck right now just for work oh oh no sir I um saved up and bought me a cash car okay good I'd like to know what you would identify as the best way based on your area and your schedule and what you'd like to happen for you to make more money and especially in today's world where drivers are at a premium um and I know you can't do over the road stuff because of the the child but I just I I wonder how we could make more money I would be focusing on how can I raise my income to the point that where daycare while expensive would be something that I could offset and still get out of debt still safe because I feel like that's going to give you more freedom in your life too do you know what I mean where you're not in this night owl schedule and and not getting to see your baby and I I just I want you identifying and looking for opportunities that may be a lot more attractive financially for you to where you can then afford the daycare yes I've also currently been searching for other jobs um and trying to find something that could also pay me is just like I said with the trucking business sometimes there's not really a set time that's right where you would be well and to your point to get out of the the trucking business uh is is something you need to be looking at we we have wages at an all-time high right now um and you know George he's in that 65 000 range you know to be able to make 25 35 an hour in manufacturing and warehousing right now is very realistic yeah um depending on the company depending on the area uh but to be able to have a set schedule where you can schedule your life around I mean this is doable Jonathan and and um you know you've got to be at this point going okay I've got skills and I've got some experience and I'm not limited to driving a truck and it feels like there's a little bit of that on you and um understand it because it's what you know but the reality is is if you think George you know what what you know if you're hiring someone who's going to drive a truck you're looking for somebody who's Dependable somebody's going to do what they're supposed to do show up when it's supposed to show up there's a lot of autonomy and that you got to get you know the car to go that's right but the ability to work you know in in manufacturing or warehousing which again we're seeing jobs explode that's why I'm specifically mentioning that there's a lot of the same crossover you don't have to have a ton of experience you just got to be Dependable you got to be trainable teachable coachable yeah and then you can get a situation where you know to offset that George what would you say to someone like him who's in a situation like that where we go man Child Care is going to cost x amount a month so salary after taxes to budget that it is doable but you're gonna have to increase income yeah because if we can go from 60 to 80 and even if we use that 20 to cover Child Care the Gap that still puts us in a better spot because now he's got a normal schedule yeah and uh he has better quality of life and that's something to consider in all of this too and absolutely you know life has happened to Jonathan and that's tough man when you've been knocked down like that it's hard to get back up and believe in yourself and go you know what I am worth more than this I am going to go hustle and find another gig but a lot of even trucking jobs I've been seeing a lot of bonuses these days and so they're even jumping to a different company for a short period of time you might get a bonus that helps you knock out some of this debt I'm glad you brought that up you know maybe in the short term he does get a trucking another trucking job he's working that crazy shift but he's got you know his daughter is currently being taken care of my family and so what he does is I'm going to pay off all that debt I want to fix that then that gives me some more freedom so a lot of options there Jonathan keep your head up you can do this I promise thank you so much for the call George great hour thanks again buddy you're so fall festive it seems wonderful you should go jump at a pile of leaves after the show we'll be able to thank the team behind the glass for keeping us on the air and you America this is the Ramsay show foreign [Music] hey folks Ken Coleman here did you know the Ramsay show is one of the most popular podcasts in the world it's your daily dose of advice on life and money check out all of our shows from the Ramsay Network wherever you listen to podcasts [Music]

Channel: The Ramsey Show

Views: 35,615

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: OCdLYFqqomk

Length: 122min 30sec (7350 seconds)

Published: Mon Oct 17 2022