Control The Only Thing You Can Control - YOU!

[Music] this is the ramsay show [Applause] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host kristy wright ramsey personality number one best-selling author is my co-host today as we take your questions about your life and your money this is an exciting week around ramsey we are doing a whole bunch of things i started off my weekend in orange county in anaheim speaking for east side church tens of thousands of folks attending their four campuses and five services it was an absolute blast wonderful people thanks to pastor gene and barbara for having us out there and taking the entire church through financial peace university um always fun to meet with people who are winning we're meeting people are just getting started we're meeting people who are baby steps millionaires and just getting to hang out with folks between services and sign stuff and take pictures and hear stories and it's just enthralling i love it i love it and for those of you that haven't been to california in a while i was under the impression california's more shut down than it is it was actually pretty open um people were like normal and everything and uh i kind of had the impression they weren't so i mean not i mean they're california but as close to normal as california is going to be their version of normal version of normal but i mean i mean i thought the whole place was mashed up and they were all sitting in their houses or something and i i was wrong they're they're pretty much we went to restaurants that you can't get in it's busy and everybody's out doing life which is good i'm glad you guys are out doing life i'm glad in spite of your governor so big big week around here continues tomorrow is launch day street date uh for our latest publishing endeavor christy wright's brand new book that will be a number one called take back your time the guilt-free guide to balancing your life and you can balance it's possible but you have to understand what it really is we're going to be talking about that a lot this week you can get the book at ramseysolutions.com including 50 worth of items only until midnight tonight because tomorrow once the book is on sale it's 20 for the book that simple today you get 20 for the book and 50 worth of stuff which includes the ebook the audiobook access to the live event that christy and i will be doing on thursday night which is another part of this big week uh we've got about 21 seats left here in our auditorium for the live in studio portion and we're live streaming the take back your time live event that christy is doing and i think i'm doing the intro or something like that yeah you're doing the intro and anybody that pre-orders before midnight tonight gets a ticket to that so you can live stream it or if you're in nashville come join us in nashville we'll be doing a book signing for those people that are the in studio audience it's a launch party i'm speaking you're speaking so it'll be a lot of fun and if you're if you're uh waiting on the audiobook i've had a lot of people tell me dave they're waiting on the audiobook i'm like pre-order now you get the audiobook free and you'll get a hardback copy of the book so uh you get the ebook audiobook and a ticket to thursday night's event yeah you'll pre-order today you'll be able to download all that within 24 hours yes yes in less than 24 hours now and the book will ship out tomorrow or it may ship out today yeah because we just don't want you to have it before lunch day that's all because we told the bookstores not to put it out until then so it's a bit it's a big launch day for take back your time and here's the thing we live in a culture we were actually talking about this this morning the great resignation ken coleman's dealing with that a lot with a number of people that have had an existential experience where they kind of stopped and went wait a minute this pandemic thing made me realize i may not get out of this whole thing alive and so maybe i ought to work on crap that's important to me rather than just work yeah and so people are resigning 2.7 of americans resigned their job last month wow that's 36 of americans if that if you annualize that yeah in one year will turn over that's a record nothing like that has ever been seen in modern times in america and so but what that tells us is is that we're pulled at 62 directions and we're not always working on what's in we think is important and something like a pandemic has to say whoa right what's important well it makes you rethink your life you know sometimes i think that we wake up we pour a cup of coffee and we just run so hard and we don't stop to think am i filling my calendar my to-do list with anything worth doing or am i just reacting to everyone pulling at me and the the truth is most of us are running so hard and so fast reacting and so there's there is something about the pandemic but there's also something about the the heart behind this book of going hey you get one life how you spend your time is how you spend your life so i want to help you figure out what's important to you and actually do that because it turns out when you do what matters to you that's what makes you feel balanced at the end of the day anyway and so it's really bringing a new take on this balance equation and getting to the root issue of what's going on which i believe is what's really going to help people yeah i had an old football coach friend of mine you know he said he always quotes james he said you're just here for a vaper yeah just here for a vapor you're just going to be here for a second so you better you better make you better make the most of that dash yeah between the date you were born and the day is over you better make the most of that dash take back your time yeah and uh you know what did you do with it did you do it on purpose and um as sharon and i over the years as we've grown this business and had all these different uh uh things pulling at us yeah things that quote unquote needed us and um sharon's always saying well you're not the messiah that's his job you don't have to be everywhere uh that's god's job he you can't be god you're not jesus just stay home it's okay and um and yet you want to get things done you want to accomplish stuff you want to step into things that have meaning but we've had to learn at our house to control our calendar with almost more intensity than we do our budget yeah well well there's a finite aspect to your time that you don't have with money you can earn more money you can't get more time we all get the same 24 hours in a day so it is the most finite resource that we have so how we manage it becomes a major factor in our ability to be successful reach our goals and just live our lives like we want to and i think one of the interesting things dave you know our email team here our research team marketing teams they're all into seo search engine optimization they know some of the top search terms and the top search terms are productivity efficiency you know multitasking and i'm going man we think the solution is just to work harder work smarter multitask have the right app have the right morning routine and just do more and it turns out we can do all that and just end up exhausted so i want to help you actually get out of the rat race of just thinking that doing more is going to solve your balance problem because it's not i want to help you figure out what matters to you and do that and it turns out that's what leads to that feeling you've been wanting but it's a different path than most of us are pursuing every day to be honest so get all the free stuff do it before midnight tonight um that sounds like an infomercial or something but it is i mean we shut it off at midnight because tomorrow is officially the launch day so the book is take back your time the guilt-free guide to life balance it's 20 it includes the live stream event or if you want to be in studio you can do that for the event this coming thursday night for christy and i uh we're looking forward to that all you got to do is just go to dave or to ramseysolutions.com and you can pre-order the book and you can sign up for anything you want to do if you put slash time after it it'll bring up the uh the live stream event and you can register for the live stream event but there's no need to pay for that just get the book and the live stream is free and the ebook is free and the audiobook is free if you do it right now this is your we've been telling you for months weeks whatever do it right now now ramsay solutions.com [Music] [Applause] [Music] [Music] [Applause] [Music] stop paying your overpriced wireless provider and switch to puretalk they use the same network as the larger providers for much less for just 30 a month get unlimited talk text and six gigs of data with no contract the average family saves over seventy dollars a month by switching to pure top just go to puretalk.com and enter the promo code ramsey to save 50 off your first month pure talk simply smarter wireless [Music] [Applause] [Music] christie wright ramsey personality number one best-selling author and author of the brand new book take back your time the guilt-free guide to life balance is my co-host today justin is in charlotte north carolina hey justin what's up in your world hey danny how are you great man how are you doing well doing well um i just had a quick question i started working as a second job about five or six weeks ago just to take care of some bills and just kind of lower our monthly dues as you would i currently owe 15 000 on my truck 18 thousand on my wife's car and uh roughly a hundred thousand on the house um i'm bringing home anywhere from seven hundred to eleven hundred dollars a week extra and every friday for the past five weeks i've been paying that directly to my truck on top of the monthly payment that i normally make am i making the right move here yep you're doing great what are your side hustles uh it's my old welding welding gig it's uh right around the corner from my house and uh they just stay super busy so i can just kind of roll in there when i want and uh help them and they help me just as much yeah you're doing awesome that's amazing so all just your welding is is that profitable that's awesome man that's an extra 50 grand a year i mean that's pretty incredible yes sir yeah nice side hustle you know uh uh so the big thing here is not only do you want to throw the side hustle money on there you want to be doing a budget that includes everything coming in side hustle money and all your money both of you are making and then you spend all of that money on paper with your every dollar app it's free to use and you give every dollar an assignment and any dollars that are left over above one thousand dollars save for baby step one are going to your smallest debt which is your truck and so yes you're correct to throw this money but i'm challenging you there may be some even more money in your budget when you start living on a written game plan that you and your wife are agreeing to you'll feel like you've got to raise you may find some more dollars there the other thing justin keep in mind is that when we talk about becoming debt free and baby step two we're talking about all debt except for the house that's a different baby step and so you're doing great just tackle those cars in baby step two like you are one at a time with your side hustle money and any extra money that you can squeeze out of the budget from your full-time job and you'll be debt-free soon you're doing great making all that extra income so well done yeah i mean if you're making you're going to be there in six months yeah you got 33 000 bucks left on these cars you're going to be done pretty quick and then you go and finish your emergency fund at three to six months of expenses baby step three four as you start saving fifteen percent towards retirement and we start to work our way towards baby step millionaires that next move then kayla is with us in indianapolis hi kayla how are you hi dave and christy how are you guys great what's going on um so i'm currently pregnant i'm due uh november 10th with my second son and this part around i'm doing things a little differently i'm doing things the dave way so we're about ready to start um baby step one and it really makes me nervous to only have a thousand dollars one piece here so i was wondering if we could stay in historic mode for say six months um just to get enough for once he's here and make sure everything's okay and then we jump into baby step two i know that the thousand dollars is supposed to push you and give you that momentum but it just really makes me nervous only having a thousand dollars with a new board well to start out with um the uh we tell you not to do a and not to do pay money on debt while you're pregnant so just pile up as big as you can pile until november 10th but now you've had a baby this is your second one this is not a mystery which is exactly why i'm asking this question i mean i mean what did you have how did your life financially turn upside down in the first six months they just eat formula and diapers true but i didn't have a very supportive partner we're no longer together and he actually doesn't even help with with my son so that's not the case with my husband but i'm saying i know what can happen and like if something happened with my car if something happened with my car your car babies break cars no they don't but if i needed that money for him i'm just i'm just not sure if a thousand dollars is sitting on a thousand dollars you don't need that money for him you needed it for the car a minute ago kayla let me jump in here let me jump in here okay so the the mindset typically when we talk about saving up while you're pregnant is the idea is to get the baby safely here when your baby is safely here which is what we would pray for and hope for for you you've done this before that's the idea then once the baby's here and you've adjusted and you give yourself a minute then yes you can go back to paying off debt because things are different now now what i hear in your question and maybe i'm reading into it but what i hear in your question is kayla you've got some wounds from how this went last time you didn't have a supportive partner last time you had to do things on your own that was scary and that that fear is still with you and i hear you but what we encourage people to do is we want you to make decisions based on facts not on fear right now sounds like you're in a great situation you've got some money saved up you're going to keep saving up when the baby is here safely you can begin to pay on that debt again and you will be bringing this baby home with a supportive spouse in a different situation so i just want to encourage you yes that fear taught you something but we don't have to live in that fear and worry because there's no amount of money that's going to relieve that fear that that seems like that's that past wound talking to me and the idea is we want to get that baby here when you get the baby here safely you can start to pay on that debt again once baby's here and safe in your situation hon the reason i'm poking at you is 99 of your world is predictable it is it is formula diapers and pediatrician bills and they become part of the budget and you don't need an emergency fund for those things and there's not there's no boogie monster in the closet there's just not um does maternity leave factor into that at all unpaid maternity leave that's another reason i guess you're gonna have to put that in your budget right okay i mean if you guys can you live on his income um yeah i believe so it would be very tight right now we make around 90 000 both of us what does he make he makes that take home for both of us he makes 85. okay on his own and that's not and you make five five he comes about five thousand a month for him for me it's almost four thousand a month i'm sorry i'm uh oh i thought you said he made 85 000 a year he does that that's not take-home though his take home is is about five so 43 you can live on 85 000 a year with two babies you can do it why do you feel like you can't kayla do you have too much house or she doesn't have a budget that's why she doesn't so you're you're dealing with all these emotional stuff and you're dealing with no facts at all and you're dealing with the past wounds that christie's talking about and you've got this vague thing in your head you just told me your husband makes eighty five thousand dollars a year and you have two kids if you miss out a little bit of income while you have oh you're out on maternity leave zippy tighten up the old belt and stay out of the restaurants you can do this that's a very very very doable okay um so yeah don't add pregnancy drama to this discussion it's just all you gotta do is lay out these numbers and and walk it straight through this is very doable christie's done it rachel's done it you've done it you can do it and the one thousand dollars is not a problem not a problem at all open phones at triple eight eight two five five two two five christy wright is my co-host today thank you for jumping in it is a free call and so here's the thing when you're having a baby or you've got some kind of known uh big event yeah that's a that could be financially negative having a baby is not negative but i was going to say negative big event but it's financial it can be we tell you to stop right your baby steps push pause right and then push play and when the baby comes and comes home and take any money above a thousand and throw it at your debt snowball and the reason we do that is you do have a predictable set of circumstances then right and it could be that you're out on maternity leave and the predictable set of circumstances is we have to live on the 85. but that is a not an unreasonable thing and in no way are we putting your family at risk with a thousand dollar balance you make a good point the unknown is what is scary to people if you have a budget and you can see how you can make it work it's not scary anymore because you can see on paper that's why we tell you guys to do a written budget in every dollar budget when you see it you can do it it takes the fear of the unknown out of it this is the ramsey show [Music] [Music] in the lobby of ramsey solutions on the debt-free stage adam and alyssa are with us hey guys how are you hi we're doing great great where do you guys live grand rapids michigan very cool welcome to nashville in here to do a debt-free scream how much have you paid off we paid off 460 000 whoa whoa how long did this take nine years okay and your range of income during that time we started off at 80 between the two of us and this past year we were at 275. oh what do you guys do for a living i'm now a director of operations for a cancer center in michigan and i work in oil and gas pipelines okay and you guys are in grand rapids yes wow very cool so i'm guessing with these numbers you paid off your house debt free completely i love it very cool what's this house worth now it's worth about 400 000. okay phenomenal so 460 includes the house and some other stuff then it does he had student loans when we first got married almost 10 years ago we had a car that we bought with a loan which we won't do again but we paid that off i went to school i have one and a half got one and a half masters completed but all right so a variety of things all right cool so how much of the 460 was the house um 90 percent yeah well yeah 290. okay so 300 of it or 400 okay or so wow way to go guys that's awesome so what happened what happened nine years ago that got you guys on this kick to not only pay off the student loans the other debt but all of it we got married okay and i had paid off my student loans i had a house he had a house and we just we're trying to figure out how to make it work together what do we do for a budget are we going to save we wanted kids i actually got pregnant a month after we got married so oh wow yeah it was something wow and we just yeah we were looking for a plan and kind of fell into this it was simple for us to think about we could do it um but we changed jobs a lot we he got me into management and healthcare which has just kind of made my career take off and i got laid off uh or fired three times okay due to the downturn okay and then uh someone asked me to come back and then it's just been work work work yeah without getting divorced so yeah how'd you get connected with us on the plan for the plan my old boss from out of college would listen to you guys and he it made sense he had money so yeah as dave said you listen to people who have money not those that don't yeah and uh i just kind of started following it just a really small shuffle yeah we also like the biblical basis i think too you know we try to teach our kids why we do what we do and to us that was really important to have something that wasn't just to get more money but there's you know philosophy behind it that means more so that was important to us too yeah how's it feel to have paid for everything house and everything so awesome it's really good it's awesome free yeah every different different level of weight around your shoulders huh yeah yeah very cool what do you tell people the secret to getting out of debt is nine years you've been working on this communication hard work and communication get a bigger shovel and have a spouse that supports you when you're traveling yeah yeah so you've been gone a lot huh uh last year was 90 days in a hotel whoa and then this year's um 27 so far wow wow that's enough you know people who think traveling is glamorous don't do it right yeah that's true we are for this trip uh well there you go yeah this one you need to clamber it up a little yeah yeah this is not it's not pipeline trip here this is a celebration trip i like it that's awesome what kept y'all motivated this is a long haul nine years in the house like that's that's even more than a marathon like this is ultra marathon what kept you motivated i think our commitment i mean we have a book every year that we write down what our goals are and where we want to be and we have four kids now and so that's that's my motivation is to be stable show them how to do it right um how to stick to a commitment what's the age range one to eight oh okay wow yeah very fun yeah good for you guys well this is fabulous you guys yeah we're so proud of you very very well done heroes four kids and a paid off house and everything all in just 10 years you've been getting after it nine years for that matter yeah well well done very cool and uh well we appreciate you coming down here celebrating with us hope you have a great time here in nashville we got a copy of the legacy journey for you that is the next chapter in your story for sure to be everyday millionaires wait a minute are you all ready we're like forty thousand dollars away forty years you're there round up round up okay so with a paid for four hundred thousand dollar house and then six hundred thousand in nest egg yeah yeah and you're there and how old are you he's turning 40 on saturday all right happy birthday thank you not a bad birthday present millionaire stock market just needs to go up a little between now and friday you'll be there right yes i like it this is great way to go you guys that's awesome i'm so proud of you well we're seeing a lot of that these days and uh especially when they come in to do their paid off house as a part of the debt free screen that sets you up to be here so very very well done i love it well we got a copy of legacy journey for you because that's been your motivation change your legacy and you have and uh you'll enjoy that book and of course total money makeover for you to give to someone else and maybe you're the old guy with money now that some young guy's listening to at work watching you you hand them off that total money makeover and we'll get them going and 10 years later i'll have them in here right so very good stuff i love it all right adam and alyssa grand rapids michigan house and everything baby steps millionaires 460 000 paid off in nine years making 80 to 275. count it down let's hear a debt-free scream three yeah that's how it's done that is so cool the house man it gets me every time and we are getting that more and more you and i've talked about this this is 30 years of you teaching this stuff yeah and it started you're starting to see people you know baby steps kids and babies millionaires and people paying off the house it's becoming more and more normal for people to be completely debt free which is pretty incredible well let's inject our typical numbers under the situation we didn't ask them about it but it won't be far off nine years 460 of that a little over 300 was the house and so let's say it took them three years of the nine to get the other stuff done baby steps one through three debt-free have an emergency fund in place and maybe two years somewhere in there and then they've got six to seven years they get the house paid off which is about typical also right of people following the total money makeover baby steps doing financial peace university doing this kind of stuff they knock it out in about seven years and you're sitting there with a half million dollar house and this is very typically what we find during that time from baby steps four five and six you're putting fifteen percent of your income away right do that for seven years with matches and roths and good mutual funds and good rates of return uh and they're making really good money their incomes are increasing during this time fifteen percent of that while paying extra on the house gets you to a nest egg six seven hundred thousand with a paid for house of four hundred thousand those two things added together with one hundred percent debt free equals one million dollars or greater net worth you are a baby steps millionaire yeah this is how it happens all the time yeah yeah and i think i wonder how many people too are right at that baby steps millionaire mark and they may not even realize it because their situation has changed just in the last three years even whether it's from their investments their retirement their uh home guys oh you're the home yeah growing up they put them over the line and they don't even realize it and so it's just incredible how quickly that can change when you follow the baby steps well the number of people that aren't actually focusing on the number instead they're just focused focusing on doing the work the principal yeah and then they look up and go whoa we did it it worked yeah we're there look at that there it is there it is yeah and it just it sneaks up on you the number of times i hear that as well is it's pretty typical yeah uh again for for a baby steps millionaire and we're finding these folks everywhere and we've known they were there and they kind of did portions of the plan on their own but now after almost 30 years of being on the air we've they followed us we followed them all the way through to where now we've got this affinity with this particular group that's pretty incredible and uh they're everywhere and they're proof that you can do it that's the point that's exactly right if you're listening you're watching you can do this you could be 22 and be 32 and have gotten there that could happen wow how wicked weird is that that's like becoming wealthy and stuff and stuff this is the ramsey show [Music] [Music] [Music] so [Applause] [Music] christie wright ramsey personality is my co-host today evanston wyoming shelley is calling hi shelly welcome to the ramsay show hi thank you for taking my call sure what's up i my husband and i just finished baby step three on saturday yay congratulations we are so excited thank you but we have a question about baby step four we don't have children at home so we're not baby step five isn't relevant for us but my husband has a very generous pension plan he makes about a hundred twelve thousand a year in retirement and so we're trying to figure out if it's reasonable for us to not worry about that for we don't have earned income so we can't do an ira or anything like that we need to do a mutual fund should we just skip over to six and and focus on paying off our house how old are you guys he's 57 and i'm 54. why do you have no earned income um he said you know he's going to ask me that and i our our reason is when he retired three years ago we bought a foreclosed townhouse and we're spending our time remodeling it to build up some equity he retired from the military and so we didn't have any kind of equity or anything like that so we brought this townhouse and we're remodeling it it was in really really rough shape so we're doing a lot of work on it and focusing on that and and cool when will that be done hopefully by the end of 2022 we'll have everything that we want finished finished and we've been cash flowing all that along the way yeah and what do you owe on the property we owe 99. okay all right and we have probably about i don't know maybe fifteen thousand dollars worth of work we still wanna take survivorship on his military pension yes okay so it goes from 112 to 80 when he dies right okay um that's what scares me is that uh something happens to him before you guys execute your plan right and you're living on his survivorship pension until you go get a career and you've still got 100 and you've still got debt on the house and you've still got absolutely no money other than an income right and that just scares me i just it doesn't feel like a solid plan okay so i want you to start building up a nest egg i appreciate his service and i appreciate he's got a great military retirement plan he obviously was an officer or something or way up there anyway and an officer for a lot of years yes and i appreciate his service and um but uh and he worked so hard for that pension that i'm a little bit afraid he's leaning on it too hard okay in this plan and and i don't want it to leave you vulnerable i'm really not worried about him i know we talked about that he'll be fine without me [Laughter] well we're talking about monetarily speaking honey [Laughter] but uh yeah that's the this is the way we plan all the estate planning around my house is apparently i'm going to die first which makes me rather worried sharon has this plan thoroughly but um but yeah so that that's the thing um you know i just i want you guys to have some money and so uh if you delay a little bit and knock out this rehab and then you start some kind of income to where you can do a couple of roth iras and at least you start dumping you know 15 20 000 bucks a year over there uh at least get something going because i'd like for you to have a couple hundred grand or 500 grand in a paid for house before one of you passes away right okay we do have about 180 in a thrift savings oh i miss that sorry i know that we do have that gives me a lot more comfort then if you want to finish the rehab you know if you want to tear into it that you could do that i guess but the downside of not following the baby steps here is you're not building that nist egg which is your comfort so you've got that 180 the good news is that in seven years you know by the time you're in your early 60s if you don't do anything with that 180 it's going to be 360. if you've got it invested in like i tell you to in the thrift and the c plan the s and the i and so uh but uh yeah so you have 400 grand by the time you're 60 um and 61 and you know you'll be okay doing this but the downside is i don't want you to extrapolate this too far let's get that rehab done and then then start investing because i worry about i always want you to have more money than just the pension having that nest egg gives you a lot of peace yeah more have more options and well done on uh cash flow in the renovation so that's a that's a good step in the journey jake is in atlanta georgia hi jake welcome to the ramsey show hey dave how's it going great what's up so i'm 22 just graduated college in may i'm a pretty good job project engineer um pretty much as soon as i graduated college i needed a new car um went out a brand new car my dad's in the car business we kind of talked about it given everything that's going on by me a newer used car um didn't make a ton of sense um i drive a long ways to work i'm still living with my parents uh i intend to live with them for probably about a year um if not possible i kind of never want to have to get an apartment but you know with living at home with my parents i drive a long ways to work and driving into atlanta every day what so long um it takes me about an hour um i'm putting probably 70 miles around trip every day on my car yeah and what did you buy on toyota tacoma okay so what 30 grand uh it was 40 but my loan is about 26. okay and and i have missed that um so that was kind of how is it you want us to help you well my question was with you know i've already put i had the truck for about a little less than three months i already have 7 000 miles on it um you know putting those kind of miles on a truck um you know my main concern is that you know given the length of the loan that i have um that you know i'm going to get caught in a cycle where um you know i'm putting i'm gonna need to buy a new truck before i pay off the loan that sort of thing um so i talked to my dad and we talked about potentially um doing something where i traded my truck in every year and she did a new one um but then you know at that point i'm in a cycle where i'm always having a car payment i never have a car paid off and i'm always losing a little bit of money and your question is well my question is mainly um you know what do you recommend for somebody who's in their you know early 20s just out of college um you know do you think it's a absolutely terrible idea to keep my check or should i you know go into something that's not quite as reliable uh you know i don't have that better off you know putting my money somewhere else i i perceive from the way you're asking this question and some of the statements that you've made that you don't listen to the show very often or much no i do listen uh occasionally um i definitely know your standpoint on uh buying a new car okay and and debt jake and dad that you know his stance on debt our stance everybody's okay okay how much money do you make out of curiosity 60 000. we couldn't hear you you're breaking up how am i 60 did you say 60 000 i did okay all right let me give you a formula that will 100 ensure you're a broke butt 35 year old okay follow the plan that you are on buy new cars and keep buying them and trading them in and running up miles on them and you will be a broke butt 30 year old that has supported your father's company beautifully and you will be broke some of the most broke 35 year olds i meet have continually traded for new cars over and over and over and over again in the first decade of their working life and they started out with this idiotic idea that because they graduated from college they deserve to be 30 000 in debt on a freaking truck so no i i'm afraid your dad's not gonna like dave ramsey uh because i don't like his advice for his son at all um i would tell you to sell the truck get you a cheaper truck move out of your parents house into a rental close to work and save your money and quit investing in things that go down in value like a rock and then scratch your head and wonder why you're broke that's where chevy got that like a rock this is the ramsey show [Music] dave here we just launched a brand new listener survey we want to know what you think about the show you'll be entered to win a 100 amazon gift card no purchase necessary take the survey ramsey solutions dot com survey or text survey to 33 789 [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar cart rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice christie wright ramsey personality number one best-selling author is my co-host today open phones at triple eight eight two five five two two five as we take your questions about your life and your money big week here at ramsey we are launching christy's book tomorrow official street date for the book it will ship out it's already shipped out and it should be at some of your homes and in all of your bookstores by tomorrow take back your time the guilt-free guide to life balance so the book is on pre-sale through midnight tonight and that includes a live stream that she and i will be doing this thursday evening all about life balance yeah and you're going to get the ebook and the audiobook free if you go ahead and get your copy today in addition to the hardback book that we will mail you uh but we're really excited dave and it's been fun to see the reviews coming in because we send it out to our early readers people that pre-ordered by september 1st got the e-book and um it's been very interesting to see there's a common theme in what people are saying they say this is not just another time management book this is not just an and i'm like exactly and that's that's my heart behind it and my hope for this space i love the tagline the guilt-free guide to life balance man people walk around all day every day feeling like they're failing feeling like they never have enough time they're not good enough they can't do everything they want to do and i really try to dig into the issues below the issues so that we can solve it there it's not i say all the time it's not just about the calendar it's about enjoying the life that the calendar represents so we're gonna we're gonna solve this at the root issue and it's been good to see how that's connecting with people it is good to get your work done yeah and it is good to be noble and diligent and dutiful and honorable with your calendar but then we take that too far to where then all of those positive character traits that i just outlined can turn into a a guilt trip they can turn into i have now spent the last decade of my life you look back if you're not careful and you say stuff like i've spent the last decade of my life doing what other people wanted me to do yeah and now i'm going to do something for me we call that a mid-life crisis because you finally catch up and you go screw this i am not living like this anymore this is cray-cray and you just blow up yeah instead of just instead of incrementally making the adjustments i'm convinced that a whole lot the one of the most powerful thing in your book it's actually a boundaries book yeah there's a book on how to set boundaries a book on how to say no yeah there's so that you can say yes to the right stuff yeah there's there's a piece on that too where when we talk about boundaries in step four i break it down into five practical actionable steps for creating balance in your life depending on what that looks like for you but step four is all about that about boundaries but it's interesting because we need to protect our time and our calendar from the outside world and all the pushy people that will tell us you know what we need to be doing but we also need to put those things in place to protect us from ourselves from reacting and the guilt trips and oh i need to be the hero and i feel the need to say yes to everything and people pleasing so so boundaries work both ways when we look at it but i'll tell you there's two pieces of this um there's two pieces to this book that i think have hit a nerve that are different than what i've seen out there on time management one is the idea of seasons and how when i talk about what doing the right things it's at the right time so in the season you're in for example everyone listening to this show is probably familiar with the baby steps if you're in baby step two then you're number one priority financially at least is to get out of debt get out of debt get out of debt and so when you're taking two and three jobs to get a bigger shovel that's what's right right now it doesn't mean you're gonna do that forever this is what's right in this season and so i don't want to be a workaholic i doubt that's going to be your problem but it gives permit it gives people permission to do the right things at the right time to say hey what's with priority for us either financially or with our calendar is this thing right here it could be a busy season at work i'm in a really busy season right now at work and that's what's right right now and so there's an aspect of seasons the other piece of it and dave you and i have talked about this um i don't think we talk enough about um how being present affects our ability to feel balanced because it doesn't matter if you create the most perfect schedule in the world if you're not present for it you miss it so if you're spending all of your days at work thinking about your kids and then you go home with your kids and you're thinking about work well of course you always feel guilty because you're always focused on where you're not i'll tell you the worst one i ever did okay and i did i caught myself doing this the third time and i never did it again okay planning the next vacation while on vacation yeah this is so fun let's do that it's not being present i'm sitting on my laptop planning the next vacation from my vacation that's just dumber in a rock i've done that you just got so excited about that vacation you're like let's do this again well that that could be what caused it but yeah find another place yeah it feels like this but uh yeah but i'm i'm you know i got time with my hands i plan the next thing that's the way my brain works and yeah but that's just that's not being present well it's interesting because i think we are so used to input and we have this from our phone we have a device in our pocket that screams our name 24 hours a day but we're so used to this input we're constantly having input in our brains we don't know how to be still we don't know how to be silent we don't know how to walk in an elevator and just stare at the doors everybody reaches for their phone and so just there's an aspect of this of learning how to be present in the moment that you're in even if what you're doing is mundane you know what's fascinating dave research from harvard shows that the more present you are research shows it has a direct correlation and causation with happiness you're actually happier when you're present in the moments i want to help people be where you're feeling even if it's a negative moment even if it's a negative moment isn't that fascinating though when you bring your mind back to your body even if what you're doing is mundane research shows you're happier it turns out our mind was designed to be in our body and doing what our body is doing and so gosh in our world when you're scrolling social media and your mind is wandering 100 miles an hour that's a gift to bring it back to the present and actually enjoy a moment you're in while you're in it what a concept it's a hard thing to do in the world we live in well because we've got this power to uh teleport ourselves i mean if you think back if you went back um 100 years 200 years and you took your phone with you and it would do then what it does now people would think that you were like a sorcerer yeah i mean it's like a little magic wand thing you could just touch a button and stuff would be delivered to your front porch and stuff you know and you know i mean people you could you can and people would talk on it yes oh my can you imagine you'd be you'd be burned at the stake for being a witch you know i mean you jolly you think about it because it's magic i heard one guy say it's like it's like having magic and you have to be careful with magic yeah it's uh it can become a spiritual problem and i think it has screens have become that for a lot of people well and i don't i don't hate phones or technology or social media yeah but people could put in that category like oh you just no it's not that but i think that if we're going to live in a world where you have a device in your pocket screaming your name 24 hours a day and there's fascinating research i actually cite in the book on the psychology of screens notifications everything about how we interact with our phone if we're gonna have that we're gonna have to have a plan to be able to actually enjoy our life if not we're gonna spend our whole life knowing what everyone else is doing and completely miss our own and i want to help people take their time back and take their attention back and actually enjoy their own life the book is take back your time the guilt-free guide to life balance today is the last day that you can buy it on pre-sale which includes our live stream event this coming thursday night the e-book and the audiobook all at ramseysolutions.com be sure you hit up the website today and get the deal that's how it works this is the ramsey show [Music] life is full of firsts [Music] as the first and longest serving christian health cost sharing ministry chm has shared medical expenses for its members since 1981 we believe you should have the freedom to focus on your health while being supported by a community of believers giving you the opportunity to create many more firsts [Music] [Music] [Music] christie wright ramsey personality is my co-host at triple eight eight two five five two two five kelsey is in seattle washington hi kelsey how are you hi dave hi christie i'm great how are you better than we deserve how can we help um unrelated to my question i hope to be there in about 12 months to do my debt free stream so fingers crossed for that i did something crazy and moved back home with my parents so i'll be i'll be ready to go to nashville in a year cool um so i have a question about long-term insurance you had a call recently from a gentleman in washington state as well and i know you're not super familiar with the new long-term care tax for washington state but i'm 36 years old single no children there's a deadline for me to purchase alternative long-term care before this goes into effect next year so i'm not familiar with life insurance or long-term care i went on xander's website it says that they don't have anything available due to insurance companies in my state withdrawing their products until november i'm i'm just kind of stuck yeah okay i um it's not life insurance you don't want anything to do with life insurance on this subject that's a completely different subject do not put them together okay because bundling long-term care and life insurance together is what some of the industry is doing and it is it's a really crummy horribly priced product so stay away from that stuff what you need to do is get the minimum method the cheapest possible method for you to check this box so it comes down to is the tax going to be cheaper or buying a cheap policy going to be cheaper and i suspect since the entire freaking state is facing this communist movement in your state um that that somebody is bringing a capitalistic uh solution to the table to provide some kind of inexpensive long-term care some cheap but policy that does a horrible job but doesn't cost much and it costs less than the tax because you're 36 and you don't even need it right that's what i'm guessing it's gonna yeah it's gonna be 0.58 payroll tax but the benefit is only up to 36 500. i don't care what the benefit is you're thirty six years like a lot yeah i don't care what the benefit is you're 36 year old the chances of you using this before 60 are less than two percent so it's just it's not relevant it's a dumb butt law by communists i mean it really is it's ridiculous i hope i'm being real clear to you people in in the government and washington state how much how lowly i think of you but um but anyway the yeah yeah it's ridiculous so anyway what you've got to do is figure out what's the least expensive thing now is the point what do you make a year uh 75 000. and it's uh half of a percent so it's 350 bucks a year is the tax right i calculated like four or 35-ish okay yeah 400 400 bucks a year i doubt you can buy a policy that cheap you're probably just paying the tax but i'll give you a way to shop i'm able to get out of it do what what if i'm not able to get out of the long-term care that i'm paying taxes for later if i decided to get something else you don't need to worry about that until 60. okay so i'm not going to worry about it the chances that this law is in place exactly this way and that you are still in washington state both are almost zero something will have changed i mean we're talking 25 years okay so i'm not you know i i would pay the 400. now if you want to check and see if there's any cheaper way you can just go to an independent insurance broker and you can check on one of our insurance elps probably the p and c guys the guys that do car insurance and homeowners insurance on our website some of our ramsey trusted guys and gals they may be able to write you a policy if they're in washington state they will be able to access whoever is trying to do something for you people that basically this is a tax it's just a tax that's all it is it's one more tax they put on you and um that's what it comes down to because again you're not getting anything for it a huge benefit and you don't even need the coverage it's like it's like they're gonna tax you for not buying car insurance and you don't have a car okay for everyone listening right now that is going what are you talking about like i am right now what is going on in in washington they're forcing people to pass a law that says if you don't buy long-term care insurance nursing home insurance that they're going to charge you a penalty at any age apparently okay okay so so okay so now you realize i'm not being i'm not being over melodramatic when i'm stating that they're communist you're not okay so for for clarity purposes for everyone else across the united states at what age do people need to consider long-term care 60 60 okay the chances of you using a policy are going into a nursing home yes or needing in-home care permanently uh before 60 are less than three percent but at 60 you start to look at this at 60 at 60 you need to get it unless you it is a great thing to buy long-term care insurance then because between 60 and 70 the chances of using it go up exponentially right obviously the older you get um and uh the normal thing that happens in your 60s or 70s is say a typical couple married 75 of the ladies outlive their husbands and so dad goes into the nursing home uh they have 300 000 saved he uses it up on nursing home bills and dies mom's penniless so you don't do that you buy a long-term care insurance policy in your 60s early 60s so that it covers that 300 grand so mom still has the 300 grand after his nursing home visit before he dies is there a window where it's too late to get long-term care insurance yeah because it's based on your age and your health okay and so there's a point in which they'll say you can't i don't know i don't think you can get it at 80. yeah i don't think you can get it at 70 whatever i don't know what the number is but and i know you can't get it if you have tremendous illness okay if you've been diagnosed with uh uh dementia yeah you know alzheimer's it's too late too late yeah your house already burned you can't buy fire insurance yeah so uh that's the problem so but that and that's what scares everybody so they want to run out and buy it early and all that kind of stuff and we want to make sure that uh that the elderly are taken care of and here's the super bad thing about washington state okay they're acting like that these people aren't taken care of there's a whole program called medicaid which is welfare right but medicaid nursing home is paid for it's for that right for the pope for the poor and so if you don't have any money or have any insurance welfare will pay for your nursing home i don't recommend that as a plan right but this idea that somehow we need to tax a 36 year old in washington state on her 70 000 income while she's trying to build her life to provide for this when the federal government already has the plan in place is just more socialism communism you know and um it's from the people right in the center of the state called seattle that's where it's coming from the rest of them have brains and it's just unbelievable i mean it's it's a it's basically a well that's helpful i appreciate the explanation because i'm thinking even for my generation so i'm 38 i don't need it but it does help me think in terms of my parents my in-laws so so my generation that might be thinking hey is this something to look into or to talk to your parents about because you have to have you have to have the long-term care talk yeah and you need to get and because you know the chances of spending some time in a nursing home are very high and it's usually not that long most people don't stand there two years or something max and so it's typically a you know three four hundred thousand dollar max out-of-pocket situation and so if you've got 10 million dollars you can self-insure through it yes if you're a baby-step millionaire now and you look up 15 years from now and you got 10 million dollars uh you could self-insure through it mom will still be fine right you know and besides that you pay for in-home care uh private care right high quality right right personal butler you know kind of thing and you got 10 million dollars shut up so but that's because you built that's one of the advantages of building wealth and being able to self-insure through some of these things but it's the you know the very poor medicaid's got welfare the very rich can do it for themselves people that are on baby steps plans but the ones in the middle need long-term care insurance when they get to be 60. that's good [Music] [Music] [Applause] [Music] [Music] [Applause] christie wright ramsey personality number one best-selling author tomorrow her new book launches take back your time the guilt-free guide to life balance today is the last day you can get the pre-sale items over fifty dollars worth of stuff at ramseysolutions.com and sign up for our live stream take back your time she and i are doing this coming thursday night it'll all be part of that package at ramseysolutions.com in the lobby of ramsey solutions on the debt free stage josh and jillian are with us hey guys how are you we're doing great welcome welcome where do you guys live grand rapids michigan well welcome to nashville and how much debt have you paid off about 90 000. all right awesome how long did that take uh six years in like two months very good and your range of income during that time uh just under 30 to between 80 and 90. good nice bump okay what do you guys do for a living um i work with uh computer uh cad programming for tooling guys and she does cleaning all right very good actually runs her own business so she's uh she was looking forward to meeting christy wright awesome all right good very good so what kind of debt was this 90 000 our home you paid off your ass looking at weirdos yeah i love it very cool when you're young how old are you guys uh 38 and 36. all right not even 40 in a paid for house in grand rapids michigan what's the house worth about 270. it's all yours yeah how many of your friends haven't paid for house not many games none just us we did it i like it good for you guys you're weird awesomeness that is already fun what started your story how'd this whole thing get started for you well i'd heard of dave ramsey when i was going to a college age group at our church and we went through i didn't even pay attention to what it was so it's something debt free sounds very college it was it was good because i did make it through college debt-free and you know had the principles moving forward with buying the home but it really got kick-started when we bought our first home and it's kind of the first big debt that we had we were blessed not to have college debt we had family that took care of that so it was kind of shocking to us to have this big collection oh god and the family on the way so we were like all right uh we're under this debt let's get it done yeah and then we uh actually we're on such a tight budget we had to get your book from the library i like it so we we rented it basically we went through the dave ramsey dave yeah y'all are uncomfortable with that from the get-go which is which is weird yeah and awesome like yeah the fact that you even saw it like that and thought we got to get rid of this yeah initially that's amazing yeah and then was that your family your upbringing what yeah both of our family were pretty much on that same that instilled those principles on us about trying to not be in debt and you know getting a mortgage you can afford not you know paying for our cars outright basically is what we were kind of raised with and so it's like grand rapids community man i know it was grandma's wisdom dutch reform movement man it's a big deal i love it i love it i've had a i've had a heart connection to grand rapids for 30 years it's amazing it's strong there it's in the water yeah very good you guys way to go man congratulations how does it feel to not have a payment in the world and you're not even 40. oh my goodness it's a relief it's hard to believe even so it feels like we could do anything yeah that's awesome what's the secret you guys have done something that very few people have done what would you say is the secret to not just getting debt free but paying off your house for me it was definitely don't let anything that gets you down or bumps that get in the way i make you think it's impossible we had several bumps along the way we have five pregnancies and adoption we started a business we actually moved houses and renovated one so i mean there's a lot of different things cars died in the six years and everything was a setback you know um but we got back up and said we're doing it for our kids we're doing it for our future and we're doing it so we can be generous and outrageously generous in the future so and i think recognizing too all those little bumps we were able to pay in cash for them so even though it felt like oh darn that was one extra house payment that we're not able to do he would always remind me like yeah but we're still winning we're paying in cash for this yeah so recognizing the little victories is important too yeah you're not you're not going backwards no you just slowed your forward exactly yeah that's a good perspective yeah because uh you can lose hope if you just if everything slows down too much you can't you don't feel like you're going to get there you don't feel like you got traction but as long as you're moving in the right direction even if it's a small step and a few of the months are a little slow because something else comes up you just keep going just keep pushing ahead that's very strong yeah yeah and it sometimes it felt like the hits just kept coming but again we just tried to have that perspective of this is for our children this is a legacy it's something that's passed to us and it's important to pass on so you make a good point that any of those setbacks became kind of inconveniences but you had the cash to cover them so many people that are you know up to their eyeballs in debt they're living paycheck to paycheck when they get a setback it becomes an emergency and stressful and anxiety and you guys were able to pay for them that in itself is such a gift that you guys worked hard because you set yourself up that way yeah yeah and we had to be really intentional about getting our income up um which is why it took us a bit because we started a small business and we did it with cash and we grew it slowly but something that kind of surprised me was like our house has paid off oh we still have that income coming in we get to keep this money yeah if it went towards paying the house that we're kind of like wait a minute yeah this might work out yeah who thought yeah way to go guys i'm so proud of you thank you and how does it feel to be free just amazing yeah it's just amazing i feel so proud for my kids actually how many kids four of them four boys four all right four boys all under seven whoa that's why we're here without them wow i get it you've earned a vacation in so many ways that's right okay so outside of the two of you who are your biggest cheerleaders people cheering you on our biggest cheerleader is probably my sister she's the one that i would call when i was feeling down but ironically she was real skeptical of dave at the beginning and we just she just watched us and i think she had some other exposure to dave and she actually went through your fine she's a financial coach now so wow she was like uh i don't know what you guys are listening to that's not how the world works she became our biggest cheerleader really yeah yeah that's fun so we brought her all the way into the fold yeah yeah definitely all right she's joined the pole yeah i love it way to go guys way to go i'm so proud of you thank you what a wonderful thing you've done you've got to feel accomplished yeah you got to feel powerful yeah it feels great very cool not even 40 years old in a paid for house worth almost 300 000 very cool we got a copy of the legacy journey for you that's what you've done it's changed your legacy for those boys and all the generations after you and the things you're going to be able to do with generosity you're going to be amazing and a copy of total money makeover for you to give away get somebody started on their journey they've been inspired by watching you probably and you maybe didn't even realize it so that'll be there uh in your hands for you to work with as well so good job josh and jillian grand rapids michigan 90 000 paid off that's their house and everything took them six years and two months making 30 up to 90. count it down let's hear a debt-free scream three two one we're done free out there in the wild folks how many 40 year olds do you meet with a paid for 300 000 house making under 100 000. none that's a that's a beautiful thing paid for house i mean we're seeing it again and again and again it's just it's mind-blowing but also it's really cool to hear these stories because the more common they are the more people are going to hear this and go oh it's possible and not only that if they can do it i can do it it gives them that hope yeah hey maybe you could do something different i love how uh how he said uh that's not the way the world works it's like yeah the world is broke if you listen to that you're gonna stay broke you can do it differently and they did well that's why we call them weird yeah because um 78 of americans live paycheck to paycheck so just being in control is weird uh getting out of debt and paying off your house by the time you're 40 oh you're just a freak i love it it's awesome the best kind of freak the best the kind of freaks we love yeah this is the ramsay show [Music] [Music] [Music] [Music] chrissy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five her new book take back your time the guilt-free guide to life balance comes out tomorrow the pre-sale specials are up today if you want the deal go to ramseysolutions.com our question of the day comes from blinds.com they have a 100 satisfaction guarantee means even if you mismeasure or you pick the wrong color they'll remake your blinds for free free samples free shipping and with the new promos they run every month you'll save even more use the promo code ramsey to get the best possible deal today's question comes from adam in alabama my wife and i have two sides to our business one is catering and the other is full-service restaurant we started these businesses three years ago and they are debt free with covid still prevalent we have taken a significant hit with low sales supply chain issues and staffing problems my wife ties her identity and self-worth to the success of this business but i would be glad to close it down she wants to take a loan to keep us afloat and i'm not in agreement with this plan should i hold on and struggle and even go into debt i know the answer is no but how can i do it when my spouse is against me and afraid of the future well there's a lot going on here um a lot i mean the the obvious is you and your spouse need to get on the same page regardless of what you do and you know adam that we're we're never going to tell you to take out a loan um but even if you don't take out a loan and even regardless of what path you take with the business you still need to get on the same page with your spouse you and your wife need to get on some page of the vision get to the root of what her fears are what she's struggling with and so on the other thing is just from a business standpoint i can't help but uh want to dig into that and go okay what's the real problem yeah you may be having some struggles and yes some of it is coveted but is there a way to say okay we're gonna maybe shut down the restaurant and go all in on catering or maybe we're going to downsize a little bit scale back to where because we have staffing issues we're going to do just the pieces that we can do ourselves or you know i just i like to problem solve but sometimes when you're just sad or scared or overwhelmed uh it it feels bigger than it is it feels more impossible than it is actually put that on instagram today you know sometimes when you're overwhelmed things just feel bigger scarier and more impossible than they actually are so i wonder if some of these are not very fixable problems adam that if you could fix these problems the business could do better the sales would improve you don't have to take out a loan obviously which we're not going to tell you to do and you and your spouse can get on the same page for the vision um you know and obviously her identity doesn't need to be attached to it but as a business owner you know this dave like you you can't totally emotionally separate yourself from the success of the business because it is your baby there's an aspect of it that's that's healthy and then you don't want it to be well my sole source of identity is here we know that so it's a lot it's a lot's going on i feel like in this question yeah it's unhealthy to not tie some of your identity and some of your uh self-worth to your business because you're pouring yourself into it and to completely detach from that would make you a psychopath yeah you care and so you actually care about it and it's it's my thing it's like it's something i poured a lot into so it'd be unhealthy to do that what i don't like hearing is she ties her identity and self-worth to the success of the business so what you have to do is you have to back yourself up and say okay there are some things in this that i can control for those things i'm going to tie my some of my self-worth and some of my identity to it and i'm gonna get my butt in gear and i'm gonna push some stuff around and make it happen because i care right uh then there's things you can't control you can't make people come to work in the restaurant business right now when they're being paid to sit at home by the stupid federal government everywhere you go high-end low-end restaurants and anything that service industry is struggling with labor shortage because they're sitting at home until the federal government stops that i mean that's just that's not something you'd caused so i'm not gonna if i'm you i'm not gonna go oh i did something wrong i feel bad about me i can't get labor and so we have to scale this back to the labor that i can get which is me and thee right and um and whatever else i mean however many kids we had whatever we're we're all going to be in here working but i can't make anybody else work yeah um and i can't make a supply chain stuff be right right i can't make i mean we're fighting scratching with these paper people there's a paper shortage now get these books out your books are in coleman's bookshare and we got books scheduled for january i'm buying paper form now because i know that we got a supply chain problem so but i can't say oh there's a paper shortage and so i feel bad about me no i feel like there's a paper shortage right i don't need to feel bad nothing had to do with it my identity's not tired of that so it gets real cliche but sometimes pieces of something have to die for something to grow or even the whole thing dies for something to grow back where there's this much manure there's plenty of opportunity to grow that's for sure and we've had the same thing around here kiddo i mean we've been pivoting so much i feel like i'm just chasing a dog chasing its tail uh changing stuff and moving things around how we deliver products and you know what a book tour used to look like to what it looks like today there's not one now we do it all virtual because the people in new york have lost their ever-loving minds in the media world uh what it you know they want us to like put our first born in a vault or something just to go see them and it's just like you people are nuts forget it and so no you're not going to extract my dna for me to come into your studio you've lost your dad gum mines so we have to we have to adjust and pivot the whole thing and so um uh uh i think that this is god whispering to your wife to get this business in its proper perspective within her psyche because it's gonna kill her if it succeeds and and it owns her it'll ride her into the grave yeah if it fails and it owns her it'll ride her into the grave so she's got to get back on top of it and start owning it there's nothing wrong we're confirming that you should care deeply we're confirming that it should hurt your feelings that you that your business that you built is failing to do to nothing that you did wrong i mean you got government interference you've got economic interference labor shortages and supply chain shortages you did nothing wrong it hurts your feelings and you grieve that as deloney would say yeah and you know all of that is is normal but i think this is the opportunity to not to take out a loan but instead to decide who owns what there's a business on her she own it and if she owns it she can close part of it i own this i don't want to close any of it it's true that gum hard to open but i will close it and then i'll still be here i'll still be here and i'll still be whole and i'll i'll be sad yeah but um but i you know if we shut down something that i love here because it doesn't work anymore i'll be sad i've done it before i've closed down the whole uh business units here that that just didn't work and i had invested millions of dollars and a lot of my emotion into and it hurts but i'm also still here yeah because i own it it doesn't own me and really i think that's the core atom of what you all got to do it's not about do i go along with my spouse the answer is no you don't go along with your spouse because your spouse is not functioning well here is what you're saying yeah and i like how you made that distinction too of you're going to control what you can control and we always say this but control which you can control what does that look like in light of the problems you're facing what you can do what you can fix what is right for you given everything you're coming up against and those things that you can't control you can't you let those go and you separate your identity and your self-worth from all these outside challenges that have nothing to do with you that you didn't do and i just think that's a really helpful distinction yeah i i cannot control what the biden administration does they may close me down they may put me out of business i can't control it i can't control what they do the only thing i can control is what i can control yeah and that's me yeah and whether i whether i stand whether i stand on principle whether i'm a person of integrity uh and whether i've done the best i can do with what was in front of me and then sometimes it still doesn't work yeah yep and out of that is always born out of those ashes as a phoenix always rises up and it's very cliche but there's a reason for those cliches is it happens happens all the time the death of a relationship is the birth of something new the death of of a business is the birth of a new idea out of those ashes it happens all the time if you own it instead of it owning you this is the ramsey show [Music] dave here we just launched a brand new listener survey we want to know what you think about the show you'll be entered to win a 100 amazon gift card no purchase necessary take the survey at ramseysolutions.com survey or text survey to 33 789 [Music] this is the ramsey show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where dad is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host thank you for joining us open phones at triple eight eight two five five two two five christy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five this is launch week for her new book take back your time the guilt-free guide to life balance it's only twenty dollars and today is the last day tomorrow's launch day today's the last day if you buy you get the audiobook free the e-book free an accent access to our live event that is this coming thursday night for free all of this is almost an extra hundred dollars worth of value highly suggest you do all of that if you want to learn something about life balance christy and i are going to help you do that especially christy with this new book it is uh it's a beautiful book it is a wonderful thesis it's the life-changing transformational kinds of material here and we are excited that it is coming out on the ramsey brand uh the ramsey press label and uh it it's gonna be fun it's gonna be good yeah it's been fun to see the reviews come in and uh it's one of those things that and you talk about this all the time dave we um you know you intersect with the podcast we see people all the time on the debt free stage they listen to the podcast change their life you read a book one maybe one takeaway or one concept one principle one step changes how you live your life which has a direct ripple effect forever so that's that's the heart behind this is to help people take their time back truly literally and uh and so they can spend their life on what's most important to them take back your time at ramseysolutions.com you can get it there at 20 bucks if you order it today we will ship it today and you can download the ebook the audiobook and everything uh within 24 hours and you'll be able to watch us on the live stream on thursday night we've got about 21 seats left here in the studio if you want to join us in the ramsey solutions headquarters we're going to have a small about 200 250 person studio audience for the event on thursday night and we can get a few of you in if you want to i just put again ramseysolutions.com time aaron is with us aaron is in evansville indiana hi erin how are you i'm talking to dave and christy so i'm fantastic what's up kiddo hey i have a business budgeting question for you guys today i launched my business on july 15th of this year how many months should it take to have a set budget after going through the baby steps and my own personal life this unknown business budget at about two months and feels very uncomfortable to me okay what's your business i am a crop insurance agent and i opened up my own agency cool okay awesome well because you've experienced this on the personal side then you know it can take a few months to start to see the rhythms and that type of thing the only thing is on on the personal side you have a track record of your bank statements to look at and go hey we spend about this much on groceries or we spend this about this much on electricity that type of thing because this business is so new erin a lot of that's unknown so you're going to set a budget and these are projections that are going to incrementally get more accurate month over month however it's still a projection really what i mean really within your first year now you're going to have a more accurate idea in three months or four months than you did on your first month it's going to get hopefully more accurate but it is going to take a little bit more time because this business is so new you're going to see what what seasonality looks like in your business and you're going to start to see the trends obviously that will reflect marketing or what's going on in the world uh what what the trends are in your industry that type of thing so just know that similar to the personal side of budgeting it can take some time in fact it can take more time because it's so new because you don't have these bank statements to refer to like you do on the personal side so it's a projection though it's a goal you're still budgeting every step of the way just know that it might take a little bit more time to get more accurate dave how do you have a rule of thumb that you advise people when you're talking about budgeting and it's a new business especially in the first year i i i think you're right i think it's incremental the the longer you've been in business the more accurate your budget's going to be we launched a new product here we don't know what it's going to do but we've got your planner coming out this year and it's what the sixth year or fourth year or what is it fourth or fifth fourth or fifth year of putting out the christy wright planner which is a calendar that sells for forty nine dollars it's out right now as a matter of fact and so we can predict the sales on that based on those the trend lines right every year has gotten better we've sold more every year right uh substantially more every year but we can trendline that out and so we've got something but the first year it was a guest that was i guess it was a total not even a budget it's just a guess and so that's kind of what you're doing right now you're guessing it's hopefully an educated guess and actually our first year budgeting on that planner was not that far off we hit it pretty close but it was a guess and you know you could do a whole lot more or a whole lot less than you thought you were gonna do and then you make adjustments from there and then you say okay what are the what is that she said the seasonality to this as you go along but what i do want you to do to know is two things one is you should be upset the less accurate is the longer you've been doing it if you've been doing this 10 years and your budget's still like an unknown and you're freaked out about it you're not this something's wrong okay but if you've been doing it 10 months you're just now kind of getting in the saddle but every month you should be getting a little bit more accurate a little better and then certainly after you've gone through a few years of it and you say oh well fall is always a big time spring is not whatever it is i don't i suspect the crop insurance thing might be tied to that you know yeah be tied something to seasonality i suspect you're going to have some some times that are big and sometimes that aren't but you're going to see that and you're going to build that into your business model john is with us in minneapolis hey john welcome to the ramsey show hi dave and chris thanks for taking my call sure so i have a question uh regarding a free will gift and where that might work in the baby steps so from the last thing i was saying right now we were gifted um a chunk of money from my parents for a down payment on our home uh my parents are extremely generous with the time and their money and we don't want to appear ungrateful quite the contrary we want to reward them for their generosity and in our short baby step journey we've experienced what it's like to be debt-free and although this gift is not strictly a debt we do feel like it's something that separates us from being financially free so what what i thought it was a gift why did you declare it alone what right do you have to declare it alone well it's something that from time to time has been has been brought up in conversation and i don't think it's been brought up after the fact with any malice from my parents but it is something that is still talked about in what way so they hold it over your head no no no they don't hold it over our head at all no so what they brought it up and said one time we gave you 40 grand so you owe us i mean i don't understand was it a gift or not it was a good gift i think your wife needs to let this go it's a gift [Music] [Applause] [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] okay if you guys want some help in different areas of your life get your pencil ready here's what we're doing this thursday night we have a live stream from ramsey solutions headquarters christy wright and i on her new book take back your time the guilt-free guide to life balance i will open up the live stream and christy will do the majority of the teaching obviously it's her material and her new book that comes out tomorrow this coming saturday and if you want to be in the live studio audience we have about 20 or 18 or 14 or whatever it is right now tickets left they're free and you can come and are they free to come in the audience if you use the promo code time and you get your book signed when you're here so come join us yeah there's a few tickets left if you want to come and be part of the studio audience thursday night at dave ramseysolutions.com time then on saturday we are doing a financial peace accelerated event here and rachel george camel john deloney and i are teaching the entire financial peace university in one day all nine lessons long day for the audience and for the speakers and uh we're gonna get the whole thing in and it is here in our lobby and i think there's about five tickets left to that and i think there's a charge for that so ramsay solutions.com and you get the whole financial peace university ramsey ramsey plus thing is all every dollar is all tied into that it's all one package and you can come and be in the because we're doing a video shoot to reshoot some of the lessons and uh is what we're doing and so but again i think we've got about three or four hundred tickets for that it might be sold out but it's right at it somewhere right around there check ramseysolutions.com for that then on september the 28th christy and george campbell and i will be doing an event to help you set your life and your money up to go win called game plan we want to put you in place for your game plan this is a completely free live stream again there is a few tickets for the live studio audience same exact venue and so we'll limit that to 300 or so tickets max something like that and uh because we've got camera crews and everything else in there to shoot the live stream with and game plan is all about helping you get a game plan breathing room in your time breathing room and your money what it takes to have a game plan what it takes for you to win winning is an intentional act and it requires a game plan if you're going to win the super bowl you need a game plan if you're going to win your career you need a game plan if you're going to win your life and your money you need a game plan that is september the 28th that is a free live stream and uh you can text game plan to 33 789 all one word and uh you don't have to live a life that's normal we'll show you how to have a game plan and again that's a free live stream september the 28th christy wright george campbell and me text one word game plan two three three seven eight nine so three live streams in the next week or two a lot of stuff going on around here a lot of cameras and camera crews and stuff moving around uh it's turned to turn this place into a dead gun production facility but uh hey let's do it man whatever it takes to win let's go christian is with us in virginia beach virginia hi christian how are you good dave how are you better than i deserve what's up so i recently um i'm in the military in the navy and um i'm basically trying to have a date on when i'll projected to rotate out of the military into the civilian world and i just wanted to know what would be a good number to have in my savings account god forbid i couldn't find a job after being so used to such a i've never transitioned from an actual career to another one yeah how old are you i don't necessarily know 24. when will you transition out potentially in 2026. okay well we got some time to plan that's what i was thinking too um i i've never so i my idea was i would like probably i don't know 85 000 or 100 000 in my savings but i mean that just seems like such an unrealistic number having never had more than 20 000 in my savings before yeah what do you make right now probably about 48 000. good for you well thank you for your service and i think it depends christie on everything on what he lands in yeah and how quickly lands well and that and i just i think you're playing that yeah like i i think you'll be fine obviously if you have 80 000 christian but i don't think you have to have 80 000 to be able to make that transition i think you could make it on less i think there's probably you know in your mind that that's a number that gives you peace of mind which is fine and i think you can you can save between now and then but you got some time and i think you would be just fine on less especially if you spend the next three years not just saving money but thinking about what you want to do working on those contacts like ken coleman talks about we can we can give you a copy of king coleman's new book christian where he talks about getting clear what you want to do and getting connected with the people that are doing it what's cool is you're thinking so far in advance you can start making some of those connections and even getting clear on it between now and then where by the time that you're out you're not starting from scratch then which is going to give you a huge head start where you won't even need that much of a savings if any to be able to transition to that job now the other variable in this equation is your new job and how quick it lands okay so let's let's play pretend let's you make 48 you said right yeah let's pretend that your new job makes 148 and it starts the day after you rotate out of the military how much money do you need in savings none right you're right i mean it'd be nice to have some but in order to survive you just got a hundred thousand dollar a year raise i think you can struggle through it you know so it has to do with what how quickly you have landed something and so you land that you you plan that soft landing and you start working it hard a year out and you start landing into that career and figuring out what you've got to do to tool up to get to to get that deal and you know it's probably going to be a raise and you're probably if you if you set it up right you're going to join the next week after you leave the military and you don't you don't need any savings now the other end of the coin is it takes you 10 years to get employed well you would have needed a million dollars in right which is absurd yeah it is so you're not going to take that long so the way to lower this need or to scratch this itch is not the size of the savings account it is the surety of the landing pad and the place you're going to be and that's what i would work on so i'd start reading everything ken coleman writes hold on i'll have kelly's son send you a copy of his first book the proximity principle and then you can go buy from paycheck to purpose it comes out in november it's on pre-sale right now and go to the ken coleman website kingcoleman.com start listening to a show on career and you know you got plenty of time to figure out your purpose and plug into it and have a good soft landing and the more sure that is and the better that is the less money and savings you'll need that's the part of the formula that that was missing all right up next can be art in phoenix hey art how are you art there hey art art's gone no art didn't make it okay well let's uh sorry art try something else here what did i do maybe maybe i'm gonna start up i don't think i did lindsey is in charleston hi lindsay how are you hi dave how are you good what's up well i'm going to give you a quick background and then thank you in advance for helping me with this i am 58 years old my husband's 69. we didn't follow any principles because we were never taught to until just a few years ago when we found you and where we are today we have absolutely no debt except a mortgage that has 180 000 dollars we have six months savings we have about 600 000 in our retirement way to go yeah thank you um thanks to you um and my question is we have a beautiful 130 year old house that we've completely renovated over the last 20 years out in the country um we did put it on the market because we thought that it's the best time to sell while the market's good and the only reason we're going to do that is because my husband's getting older and feels like he's not going to be able to keep up this 15 acres without help at some point and to secure our retirement all right i tell you what you hang on we come back for this break i'll give you a quick answer to that i don't want to rush it with 10 seconds left this is the ramsay show [Music] [Applause] [Music] [Music] christie wright ramsey personality is my co-host today lindsay is in charleston south carolina they've got a home that is a beautiful old home on 15 acres outside of charleston south carolina her husband's 69 she's 58 or they're debt free except for that they've done a really really good job but the maintenance of the uh beautiful old home is wearing thin on him along with the 15 acres and they're talking about selling it is that a fair summary of what you told me so far lindsay did i push the button let me try lindsay there you are hey is that a fair summary of what i said of what you told me so far yes i think so okay so what's your question my question is to secure our retirement is that going to be the right thing to do we made every mistake that you've ever mentioned um starting the baby steps so we did not know about you or did not even make any plans until about five years ago my income went up tremendously so we really just started planning and paying off everything in retirement five years ago but my concern is we won't be ready when i'm ready to retire my husband retired a little early and we know an old house as nice as it is going to continue to need um constant maintenance of some kind so we'll show you let me let me see if i can read your mail okay sure the dream that this house represented has died and it's hard to let it go absolutely it was cute and fun and had some acreage and has a lot of character and it's a historic cool baby but the reality is it's a pain in the butt well it's only a pain when when it's a pain so i just sold my i just sold my home and i'm going through the exact same emotions i built this big beautiful home up on the side of a hill i lived there 12 14 years and i had an absolute blast in the home it is an amazing property but it got to where just keeping the freaking light bulbs changed was too much trouble and so we just decided a new adventure was at hand we sold it and now i'm kind of grieving moving off the side of that beautiful mountain but i'm also needing to move because it's the next season in my life the season has changed and i have to grieve the dream that is gone and uh enjoy the memories of the past that was there and move on to the next chapter which is wisdom and uh it's part of my adventure and it's it's a wonderful adventure and so you might enjoy having some new appliances in a new house after living in there uh because they don't build them like they used to thank god yeah it's true of houses and cars think about what that makes possible lindsay like when you grieve this and move on from this what does that make possible because you're willing to change with your season so i love how you were talking about that earlier dave of something dying means that something new can grow and that's exciting too steve and melanie are on these debt-free stage right here in the lobby where you guys live we're huntington beach california oh i was just there i was in anaheim okay i just just spoke at a church over there this weekend it was wonderful so hey guys so how much debt have you paid off we paid off 1 million wow 78 000. what yeah that has not happened yet today i need this story amazing how long did this take it took us four years and two months oh my gosh what's your household income range during that time we went from 180 to just under 250. cool what do y'all do for a living i'm a registered nurse in the emergency department oh yeah and i'm a construction project manager for a commercial real estate company i'm both rather busy right now oh wow my goodness gracious wow okay so what kind of debt was this we had seven mortgages so we're just slightly leveraged and that included five out-of-state rental properties we had a home up in the eastern sierras melanie had lived in mammoth lakes for about 27 years and so we had her home up there and then when we got married seven years ago then we had the the home down in huntington beach that that i had been in wow so what'd you do start amputating amputating properties yeah so we had the uh we had the seven mortgages and then we also had uh school loans that for melanie's nursing school credit card and then uh furniture on a zero percent interest oh yeah oh yeah that was our gift to ourselves for our two year anniversary i love it we don't have enough debt let's get some more that's right so we did all the things did you sell a bunch of the properties is that what you're saying we we actually did so we we went through uh financial peace through our church in 2017 and we started working the steps but with the amount of debt we we started hitting the school loan debt and uh in the credit card and furniture loans so we we kind of hit that hard but hadn't really looked at selling the properties just yet and what really kind of triggered that was i started listening to the podcast in 2019 and it got me really fired up based on what hearing you talk about the uh when things are all going smooth everything's great but if you have a little bit of a hiccup there then everything can can turn you not looking at the risk so i think that was a big one for me and so we we just started looking at it and decided you know let's unload the properties the the five out of state properties and uh when we started really kind of shifting we just really felt god kind of led us with that because everything just went really quickly and wow super smooth we we basically sold those properties immediately and then covet hit so had we owned all those rent dependent properties during covid you'd have been screwed we'd have been homeless yeah yeah well and i got laid off after almost 15 years yeah so that happened right in the midst of due to covet i was laid off so if we had had seven mortgages we it could have been catastrophic for us yeah yeah so we put everything back on our primary residence and then we just started hitting that hard and that's when i got on board because i could we were so deep that i couldn't i couldn't even see a bit of light anywhere so i couldn't get on board i just wasn't a fan of i mean no offense but it's a million dollars i'm not offended this whole thing was too much i was like there's just no way there's just no way i had 60 000 just real quick 60 000 in student loans that i'd been paying on for four or five years that were more than when i started sure yeah that's the blessing of student life that's the blessing it just keeps on giving yeah and so with the podcast something that was um really good information as you had mentioned not trying to like i got fired up and said okay we've got to do this but i go i get i've got to tread lightly because if i want to get melanie on board you know i need to bring her on board willingly i'm not going to be able to force this and so we you know really coming up having uh having a why getting intentional and um and just making that decision that you know we want to make a real um you know take a bite out of this this debt wow i mean you guys are incredible so so you had this turn around what what kept you motivated how did you stay with it for this long haul to get through all that you said you couldn't see any light when did you start to see some light after we sold all of our properties and put it down on our primary residence and i think we were down to like 160. okay and that's like wow that's huge and he he um had lost his job and got a big severance and and so then we're thinking oh if we put that on if you get another job if this if that and everything just kind of lined up he got another job god just laid the way and we just kind of took the steps and it just it just blew up the whole thing and then coveted yeah so then i i you know obviously i could work as much as i want so i took two full-time jobs worked six 12-hour shifts a week for ten months and uh six twelves effort yeah and uh yeah so that was because we have the why yeah but as soon as the like i was trying to see it now yeah and now there was life and so once i was on board there was just no it was like steamroll it was it was a little bit like a wildfire with wind once once she was on board it's like i'll work you know as much as possible you guys are amazing i'm so proud of you what the beautiful part of this story is just the the holy spirit whispering to you at just exactly the right time like three years before you had to yeah and and you would have been you'd have been messed up i mean and he just completely saved you you're listening saved you but he saved you that's amazing i'm so proud of y'all very well done all right it is steve and melanie from los angeles a million 78 000 paid off in four years and two months count it down let's hear a debt-free scream three three two one we're debt-free [Applause] i love it [Applause] [Music] [Music] our scripture today proverbs 21 31 the horse is made ready for the day of battle but victory belongs to the lord henry ford said if i had asked people what they wanted they would have said faster horses that's the theme of the horses there we go still there all right joanna is with us joanna is with us in philadelphia hi joanna welcome to the ramsey show hi thank you for having me sure um i i graduated college last year and my student loan payments begin in march of next year i'm responsible for paying back my student loan debt as well as the parent plus loan that i took out under my mother's name which is about a total of 72 thousand dollars my brother suggested that i look into the resources that you offer and i'm basically just trying to figure out how to go about paying both loans at the same time while keeping up with my financial responsibilities and getting paid a salary of 32 000 a year well that last number makes it tough doesn't it yes yeah so what do you do um i work as an appeals clerk for a federal government agency i get paid about 17 um an hour i have good benefits for 1k and all that stuff okay and what's your degree in i graduated with a degree in communication arts and digital filmmaking okay so you're not working in your field no okay what's your plan well right now i'm looking into possibly finding a a job that pays more because i'm living paycheck to paycheck you know this is my first year um living alone and i have to already start thinking about like a plan of paying back the the loans while keeping up with all my other payments okay all right and how much of the 70 000 is in your name and how much of it's in your mom's name um under my name is about 29 and under my mom's name is thirty eight thousand um interest of five thousand um but she just got a mortgage um about two years ago so i'm pretty much responsible for paying back was under her name and that was your deal all along right right so you invested 70 80 000 into a degree and um you're going to need to benefit from that degree by using it to get a better job than you have now so that you can pay off this debt does that make sense yes so i want you really to work on the career side of this equation i'm glad you've got what you've got but there are no benefits in the world good enough to make what you have to be called a good job right you just got a job it's not a good job it's not a good job okay a good job in your world is you're gonna make 60 to 80. okay and you can do that it might not be instantaneously but i don't want you five years from now sitting in that same place you're sitting in now because it's where you happened to land the first month you got out of college and you never did anything about it right does that make sense because you as you have found the 32 is tough to live on much less reduce 70 000 worth of debt much less even pay the payments on it so you're looking at extra jobs right now just to break even aren't you yeah yeah okay so what i'm telling you has to make sense you've got to work on the career side and i'll help you with that we're gonna we have a ramsey personality named ken coleman that helps people find their best way to move into a career and uh we have a career assessment that we charge thirty dollars for i'm gonna give it to you free we have a book that he wrote called the proximity principle which is going to be a big deal for you and i'm going to give it to you for free and i want you to do both of those things this week i want you to finish the book and finish the assessment both this week okay and then i want you on ken coleman.com and downloading his resume templates and start listening to his podcast because what you have more than a student loan crisis would be an income crisis does that make sense to you yes sir because obviously if we can double your income you can get out of this pretty quick yeah joanna if i'm you i'm i'm right now looking at this as if i'm taking on two part-time jobs one part-time job literally anything to get some some extra income coming in right now immediately like this weekend and the second part-time job is looking for a career change i'm looking at it that way you're going to get immediate income and a part-time job to give you some breathing room and then in addition to that you are going all in on exactly those resources dave just talked about searching making connections doing everything you can to get a better full-time job that's going to make you more money and it may take a little bit longer to do that that's fine because you're going to have a little bit of margin from this other part-time job and i don't want you worrying about benefits yeah you're broke i want you to worry about money so the next time someone asks you about your career and what you're getting paid i want you to say i make money [Laughter] okay because if you make sixty thousand dollars a year and there aren't any benefits i think you'll be okay now and there will be some benefits probably unless you're doing contract stuff but i mean you know if we can get you a 60 70 80 get you on the track in the communications world in the film world whatever it is you've been studying whatever your dream was that caused you to go get that degree then you can move in the right direction so very cool kelly i'll pick up and get you signed up for everything you call us or ken back anytime and we'll be honored to walk with you and help you do all this it's an income issue for you kiddo all right justin is in mason city iowa hi justin how are you i'm good thank you for taking my call sure how can we help um i have a question i have i'm debt free my wife and i are debt free um finally paid off my student loans after listening to your show and not waiting for the government bailout so i did that but my question is we have a mortgage still and we owe 152 000 on our mortgage and we have some mutual funds that we could take um money out of the mutual funds but we're worried about the tax bill on the mutual funds counting it towards income well how long have you had the mutual fund um in december it will be considered long-term gain and so that would be that would only be a 15 tax right right right right and how much how much of the money how much is in the mutual fund we have about 400 000 okay and so if you pull 200 out how much is the gain on the 200 how much has the has it gained um that i'm not sure it's only been a year it couldn't have been much right right and the tax is only on the gain okay and so if you're if you're 200 000 went up 20 000 bucks your taxes are three grand okay so it's nothing yeah no that's nothing that's not right you did that wrong i did that wrong no if it went up if it went up twenty thousand bucks it's three grand no i did do that right twenty thousand not two hundred thousand that's right yeah yeah so fifteen percent of your gain is all you're paying taxes on that's the whole thing okay and so yeah you're gonna use that and pay off this house that's awesome man but i might wait till december and hit the long-term capital gains and cut your tax bill in half yeah okay all right yeah if you wait from september to december and it costs you three grand instead of six grand that's probably a good idea yeah all right okay that's that's what we were thinking um and we just didn't know uh you know what the taxes were going to really be on it i knew it was 15 but i didn't know how to figure out that it's only on how much it went up and if it's only a year old it couldn't it shouldn't have gone up that much does that make sense well well some of it is a year old some of it is older some of it's um it on the part that's older you don't have to wait okay and but you may have a little more capital gain on that part and so you talk with your broker and figure out which is the most tax efficient portion to cash out to pay off your mortgage and then i would get after it and do that thank you for calling take back your time this is the last day to get all the deals all the add-ons before the book hits the streets tomorrow check it out chrissy wright's brand new book take back your time the guilt-free guide to a balanced life be sure and check it out christy good hour thanks for having me this is the ramsay show we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus [Music] dave here we just launched a brand new listener survey we want to know what you think about the show you'll be entered to win a 100 amazon gift card no purchase necessary take the survey ramsey solutions dot com survey or text survey to 33 789 [Music] you

Channel: The Ramsey Show - Full Episodes

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Id: wGbNF-dk8Zo

Length: 121min 15sec (7275 seconds)

Published: Mon Sep 13 2021