Do You Feel Lost in Your Career?

[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 ken coleman ramsey personality number one best-selling author is my co-host today he is the host of the ken coleman show here on the ramsey networks where he talks about career and talks about jobs and uh how to get one of each and uh hopefully one in the same wouldn't be a bad idea yeah so if you want to talk about that and your life and your money we're here to help the phone number is triple eight eight two five five two two five that's triple eight eight two five two selena is with us in dallas texas hi selena how are you hi thanks for taking my call dave sure what's up so my question is for kent i kind of need help deciphering where exactly i'm supposed to go in the area of nursing so a little bit of background i am a registered nurse i started out my first job in a stroke unit and um so my first job in the job that i actually resigned from i got it in 2018 and i resigned just this year in january just because of the burnout it was a very heavy job that i just it was costing me to get out of bed and heading to work but there's so many areas of nursing that i would like to explore but i need just kind of like direction into you know picking out exactly where i'm sure so let's first identify what specifically caused you to feel burnout in that last job i think you said heavy was it the nature of the patients and what you were dealing with what was the specific cause of burnout in that last nursing job definitely so with stroke patients adult stroke patients there's you know a lot of debilitating debilitating after math after having a stroke so it was a lot of dependent stuff that they needed um i did enjoy giving the care providing the care um it may have also just been the environment that i was in management specifically um there wasn't a lot of just i would think equality and so i had a little bit to deal with it i enjoyed though good so okay so here's the deal it's first of all i don't want you to have any guilt and you haven't mentioned that you have but i want to make sure i address this because we hear this a lot uh from callers who are thinking about making a switch you don't need to feel in any way a sense of guilt or shame over that particular type of nursing work really kind of eating away at you emotionally it's really really tough heavy stuff you are a caregiver you just use that word and so nursing is caregiving so really this is about exploring all the different types of nursing and you know all the different types of nursing and you're exploring all of them and i want you having real conversations with other nurses to get from them almost like you would if you were to interview somebody back in high school about a profession and sit down and the ins and the outs the good the bad the ugly about that particular type of nurse eating here's what's going to happen as your brain gathers the information that's the logic side your heart begins to filter that logical information and your heart's going to warm and kind of go ding ding ding to the type of caregiving the specific people that you're giving care to and so you know you've got to look at everything you know one of my best friends in the world his wife is a nicu nurse she she loves taking care of those little babies that are just fighting with everything they got it's not too heavy for her it gives her great lift and joy uh but you know i know there's all kinds of nurses there's the nurses who check you in before surgeries it's highly administrative you've got nurses that are dealing with trauma in the er you've got all different kind of nursing and i think you've got to be in a place where you go i'm giving care but i'm giving care to people that when i care for them and their particular situation i'm lifted as opposed to feeling like it's too heavy does that make sense yeah so this is just simple discovery good old-fashioned conversations over coffee and you've got all the connections you're already in and you're already qualified and just follow your heart to this you already know don't you i did i was influenced into nursing because i had a heart surgery when i was three so pediatrics is where i feel like i could go into it's just i fear that it's gonna negatively affect me emotionally just because i am a home mom now as a toddler and a newborn so i don't want to be it's a it's fearful to be affected emotionally you know what i mean sure you know one of the things i would suggest is that you maybe uh take a couple of sessions with a therapist and a counselor somebody that's a professional and talk about how uh when you're in that caregiving function how you are essentially projecting some of those scenarios into your own life talk to somebody professionally about that because i think there are some tools that can help you uh enjoy the work but not carry so much of it with you but you're going to need help it's hard to do that on your own hey good question selena thank you for calling in open phones at triple eight eight two five five two two five joe is in salt lake city utah hi joe how are you good thanks for taking my call better than we deserve brother what's up have a question um we are close to paying off our mortgage and being debt free completely the approach we've been taking is probably a little different than what you would recommend i would say because we've just barely discovered you not too long ago just from friends but anyways um what we've been doing is putting my entire paycheck towards the mortgage and um and some above that and then living off my wife's paycheck we have a low interest rate of 2.3 i'm just wondering if it's smart to continue what we're doing just dumping a load onto it compared to just paying just a little bit at a time but and when we're all done with all this we should be according to our math and calculators online we should have it paid off in seven months if we keep going the way we are that's one part i assume you're debt-free other than the house yeah okay do you have an emergency fund of three to six months of expenses we have uh fifteen thousand dollars in savings what's your household income uh 150 000 okay it's probably a little slim a little less than three to six months but probably pretty close you're probably all right and the only difference is i i wouldn't define it by paycheck i would just put both paychecks in a total at the top of the page and i would throw as much of that as you can at this mortgage and in a sense that's the same thing you're doing but and then instead of saying uh we're gonna put my check and a little of my wife's towards it we're just gonna put the equivalent of those two things towards it out of your budget um and we do recommend you put 15 of your income into retirement while you're doing this and that might make it nine months instead of seven to pay off the mortgage but you're you're not doing anything wrong here man you're heading in the right direction everything's going the right way this is the ramsey show [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 thirty dollars 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] ken coleman ramsey personality is my co-host today if you've been trying to pay off debt i know it feels like you're the only one who feels this level of weight it can be really lonely it can be really frustrating but you're not alone lots of people are tackling their debt too and they're feeling the same way you are you don't have to be by yourself while you're doing this join a financial peace university class with other people together you'll learn the power of the proven plan to win with money and the accountability the encouragement the encouragement the encouragement it's a big deal you celebrate with other people as you make progress right now there's hundreds of virtual classes and hundreds of in-person financial peace university classes starting all over the country you can join your choice of them find people that are doing what you're doing they want to be debt free so that they can build wealth and be outrageously generous you can get access to the class and more tools only with a ramsey plus membership financial peace university is part of ramsey plus start your free trial of ramsey plus by texting trial 233 789 text trial 233 seven eight nine up next is going to be shane in greenville south carolina hi shane how are you hi dave i'm good how are you better than i deserve what's up well i have a quick question for you um me and my husband are on baby step two and we're down to our last two remaining debts um one is uh carlin and we're trying to figure out if we should um trade that car in and have the loan paid off and buy a car in cash um because if we do that you know we'll be closer to um just having our last debt which is our student loan debt and we should be finished paying that by the end of the year how much do you owe on the car we owe um 11 300. okay and uh what's your household income uh 50 000 okay and do you like the car we do it's a 2017 toyota corolla it has 89 000 miles on it um but it's a good car um when i looked it up on carvana or like kelly's book they said we could give us around 11 000 for it yeah the two rules of thumb that we use on whether you need to sell a car are number one can you be debt free everything but the house within two years from today i think you can if you keep the car do you yeah okay number two is all of your vehicles added together everything with um motors and wheels of any kind added together equal more than half your annual income and unless you have an another car in the driveway that's really expensive this you're not violating that rule either right now we have a 2008 honda odyssey as well yeah so i'm keeping it okay and fight fight on through it's just going to add a few months to your debt snowball uh but uh you're going to have a reasonably good car when you're done there that's something that's not out of control if you told me the car was 33 000 i'd have sold it already okay okay because that would have been more than half your annual income and you wouldn't have been able to pay it off with the student loans in two years right right it would it would have been the impact it would have been too big of an impediment this is not a big enough move of the needle unless you just already hate the car to get rid of it it doesn't make sense chris is in boise idaho hi chris welcome to the ramsay show hi dave how are you better than i deserve how can can i help have a question i we my wife and i are in the process of trans transitioning ownership from my father-in-law's company and we've been in talks of how essentially my wife and i would pay off my brother-in-law's as their inheritance when my in-laws pass away i'm wondering how do we save for that okay uh you you're buying the company or not not buying it it's being passed down to us but how do and it's not being passed down to you it's being passed down to you but you still don't own it all half of it is going to be passed to the brother-in-law not officially officially we would be owners on paper on paper but as i guess what i'm wondering is there quote-unquote inherent inheritance as if my wife and i weren't being passed the company wasn't being passed to us and my in-laws just died one day and the business gets sold off and we would all get 25 percent but since my wife and i are going to be owners of the company how do we go about saving to pay off her brothers why do her brothers need to be paid off it's not their company you're getting it before you're getting it before death and you're going to be the owner of it and then they die there's nothing there's nothing owed to the brothers i don't understand this doesn't make sense that's the agreement that we've been in talks with my in-laws about what is the what is the agreement equitable they're going to give you the company now but when they die you have to be you have to give money to your brother-in-law as part of their inheritance yes no i don't want the company this is screwed up okay this is a mess i i just what a mess no they don't i mean so what happens if you grow the company to double before they die that is a question that needs to be asked and that's why i'm calling to ask you before we have this structure is screwed this is a bad structure so what's this company worth don't you generally say four times net profit net profit for the owner yeah that would put it right now right around a million and a quarter okay so what instead i would suggest you do is if they're gonna give you a fourth of it and you have to buy out three-fourths then 75 of a million and a quarter is what you owe your parents-in-law and you need to pay that out of profits as fast as you possibly can give them 100 of the profits above you making a living wage until you get to that number and that's that number is about 800 000 bucks and so you're saying the problem you're saying the profits after right i'm sorry sorry i interrupted keep keep going that's okay what do what'd you say so then it's their money and they can do what they want with it yeah then they can leave that money to the brother-in-law great i just had to think about it out loud with someone who was not involved yeah this is the the way they're doing it is uh it's bass backwards and you're going to get them you're going to get caught in the crosshairs here this is not going to be good so um somebody's going to pissed off is what's going to happen here and really really bad so what we suggest you do if you're buying out a business is that you don't do payments and you don't do debt but i would suggest you set up your a minimum living wage that you can live out of the business on reasonably and give a hundred percent of the profits above that wage to your father-in-law until it reaches that number which is should be 75 of a million and a quarter so we'll call it uh 800 900 000 whatever it is and it sounds like the profits are about 400 right about 300 yes depending on the year yeah and so you'd be clear in three years maybe four but somewhere in there you'll be clear and and you're not obligated to give them anything except 100 of the profits above the living wage until you reach that number when you reach that number they're paid off and then there is no strings attached to this company no one has you don't have any obligation after that they can leave that other money to the other kids and you've already gotten yours your share when you when they knocked fourth off of the company price that makes sense absolutely yeah that's a much better structure it's not going to get you caught in the middle here and then if they die before you're paid out this the agreement still stands the heirs the other three boys will get the same thing they that the parents-in-law would have gotten from you because that that piece of paper survives them that deal survives them uh and it doesn't it doesn't change anything [Music] yeah that's uh um yeah yeah that that's a much better idea let's get this over with in other words yeah this is the ramsey show [Music] [Music] [Applause] [Music] in the lobby of ramsey solutions on the debt free stage laurie is with us hi lori how are you hi dave i'm doing great good welcome good to have you where do you live i live in a suburb of minneapolis which i affectionately refer to as a land of snow and ice yes it is well welcome to nashville so good to have you and all the way down here to do a debt-free scream how much have you paid off i've paid off about 100 or 41 000 in the last year 141 or 41 000 41 000 in one year good for you and your range of income during that year um it started out at 125 000 and now it's about 130 000. good for you what do you do for a living i work in clinical research okay so i help run drug studies for new companies good good busy year yes a lot of kovid stuff going on yeah i can imagine i can imagine what kind of that was the 41k um it started about about 10 years ago i got divorced and my ex-husband all of a sudden he was gone and i had a mortgage and two little kids in five years sorry i was laid off three times and got divorced so life was hard yeah and then i was chaperoned a field trip school field trip for my kid and i was on the bus ride home and shout out to dave carlson he asked you follow dave ramsey i said who's this dave ramsey guy where's he going if i'm gonna follow him where's he going um so he introduced me to you i bought your book i i kicked it into high gear and then about two years ago i have this bathroom that's been unfinished for 10 years so my ex-husband gutted it all of a sudden he was gone i look at that bathroom i know you have t uh two daughters i don't know if you've ever had to share a bathroom with your teenage daughters but it is not pleasant i don't even it wasn't even pleasant when they had to share one much less with me no so i've always said i want to finish that bathroom i just want to finish that bathroom and finally i'm like everyone said well just take out a home equity loan i said no dave won't approve of that and they're like well forget about dave just take out a home equity loan i'm like no i got to follow dave so then about two years ago i said i got to pay off that mortgage so i put together a plan i made double mortgage payments that was my goal was to pay it off in 18 months and i managed to do it nine months you paid off your house yes the whole house the whole freaking thing yeah so and then after i did that i've been taking all that money and throwing it into my savings so come january i will no longer have to share a bathroom with my two teams touchdown i love it i'm teenage bathroom free yeah yeah way to go so you paid off your house and everything you're so weird i love it yeah and you can't share that with everybody but that's why i'm here right to share with you this is a place you can share it with everybody everybody here that's watching this is happy for you yeah well done so what's this house worth um it's worth about 350 000 dollars wow plus or minus a bathroom wow yes and now the goal then is to cash free uh cash flow to college for the kids so they're 13 and 16 so and look at you and teaching them well right my daughter has a job a third of her paycheck goes to her college fund we're still working on the budgeting but i know your donald rachel had budget problems so there's hope for right turns out okay mine will too she turned out she teaches it now yeah i know wow look at you way to go yeah so there's still a tremendous amount of emotion in you as you took us back to that catalytic moment uh to all the single women single moms out there that have heard the message maybe they got a book maybe they listen to the podcast they watch the show whatever and they're going i i it makes sense but i don't think i can do it what would you say to that single mom you just got to keep working i mean i had a side hustle i still do it i sell brats and beer at major league football games and baseball games and i always say manual label keeps me humble you know i'm no better than the other person on the side of the counter they don't know i'm debt free they might think i'm a nobody but i'm not and so just keep keep trying keep plugging away and you'll get there yeah that's so good go vikings i'm guessing right yeah you you know the trauma yeah the interesting thing is the trauma is in the rearview mirror right yeah yeah it is it's awesome and you're driving away yeah what does it mean to you i mean i know you're debt free but this emotion is is really you celebrating what you've overcome how much stronger are you as a result of walking through this debt-free journey well i look at myself when i my husband was gone and i was nothing i had no self-esteem um he had to be removed from the house by a restraining order things were bad so it's really hard but i look at my kids and i have to show them that i can do it because they have to do it sometime too so my motivation was my daughters and i look at them and they're turning into great young women they're both taller than me that's a little hard for me to handle but i'll get used to it and that was my motivation and i say to all single moms like if i can do it you can do it yeah yeah it's scary and it's hard but it's doable yeah it is that's what it comes down to and you're a hero kiddo yes well done you completely tackled this and just knocked the door down that's just fabulous very very well done okay what do you tell people the key to getting out of debt is no credit card debt pay everything in cash don't listen to everyone else who says just take out that loan i own four i've had four cars my entire life i've paid cash for every single one keep them till they die i don't care if you think i drive an old jalopy it's paid for and your house is paid for yes and you're how old i am 49. so the goal was to pay it off by the time i turned 50 and i did it and i did it you have a 300 000 paid for house you're so weird weird is good you're awesome you are so awesome yeah because everybody's broke and everybody's got an opinion about your money it's hilarious to me how how people can't mind their own business you know it's just nuts so way to go think they do go just powerful powerful story very well done the resilience that you've shown and the fight that you've shown is what's so impressive in this absolutely i think people want to know this is not debt related but when the new bathroom is finished what are you most excited about not seeing from your from your daughters that you have to deal with now when you walk into your bathroom and it's just yours there's no crap on the sink there's no retainer there's no like 50 rings and jewelry and speaker sitting there blaring taylor swift taylor swift i don't mean to knock her but there's only so much you can take right yes hey whatever motivates you dave you know that was a powerful motivator yeah well and then you know you're in a position to cash flow their college they don't have any college debt and so you're breaking the cycle you're breaking the chain and um there's no way that they walk they see you walk through this and they're not uh inspired by you but also transformed themselves yeah into more confident young women and so because they get to watch their mom the warrior princess uh don't go into attack mode here so well done very well done oh there's the whole gang yeah just saw him pop up on youtube there very good good stuff well done well done we got a copy of the legacy journey for you that is the next chapter in your story awesome i want to hear from you when you're a baby steps millionaire you're not that far now you'll be there before getting there yeah you'll be there before you know it with a paid for 300 000 house and retirement starting to build up now yep all of these things are starting to happen so very very well done good work and a copy total money makeover in case you're on a bus ride somewhere and somebody says you need to follow dave ramsey you can hand it to him right i will pass it on definitely because mine is i have my own copy as well there you go good stuff so very very well done all right laurie from minneapolis minnesota debt-free house and everything 41 000 paid off in the last year making 125 to 1 30. count it down let's hear a debt-free scream three two one i'm dead [Music] [Applause] that is how it's done wow let me tell you uh you know regardless of your political uh assignment to things we do know this that 78 of the single moms live below the poverty level so that's extraordinary talk about how you get there you can talk about how you get out of there we can talk about macroeconomics or are discussing all kinds of different things around that subject but uh we just know because we work with so many single moms through our coaching programs our financial peace university you work with them on getting jobs and um so getting that income going like she has done yes fabulously managing that income and creating this result by the time she's 49 years old very impressive heroic heroic that's the word that's what heroes do they're heroic that's right this is the ramsay show [Music] [Applause] [Music] [Applause] [Music] [Applause] [Music] [Music] so [Music] [Applause] [Music] [Applause] [Music] ken coleman ramsey personality is my co-host today open phones at 825-5225 patty is in new york city hi patty welcome to the ramsey show hi thank you guys so much for taking my call sure what's up so i have a question um pertaining to student loans so when i was 18 i'm 21 right now when i was 18 i went away to college made the mistake of getting myself in student loans but i didn't finish with a degree so i currently am 54 000 in debt with just an associate's degree because i ended up going to suffolk county community college and i ended up just getting you know my basic degree so my question is is that i'm deciding on going back to school but the school that i want to go to will put me in more debt again but it will also give me a very stable job no well schools don't give stable jobs that's bs yeah you have to go earn it what do you want to do what's the job that you think is stable that you're looking for i want to be an ultrasound tech which um it it's very specific very hands-on so i can't just go anywhere and like be trained for it i specifically would have to go to a program for two years in order to get the chance to even start the career how much is that program going to cost that you've researched um so it's originally forty thousand dollars but i know i would be definitely like able to get financial aid i'm just not sure how much and i know it definitely wouldn't be the entire cost and what does an ultrasound tech make in new york they make easily 80 to 90 000 a year on average they can make even more depending on experience and location who said where'd you get that information well there it is dave that's uh in stone because google said it yeah all right um what do you do now what do you make now um i'm a part-time cashier at a grocery store i make seventeen dollars an hour okay what what is your associate's degree in uh liberal arts so it's nothing specific it was general studies okay uh quick question on uh how much a do you think you would be able to get financial aid so how much off of the 40 000 at this one program would you be able to get off um i was looking into it and it would be about um i can't remember oh it was 14 000 a year so 28 in total okay that's that's a whole lot better 14 000 a year so uh the next question is have you done any research to see if there are other competitive programs or other options that will get you the same certification or training um i have uh like i said yes but they're just not close to home so what what would happen is that why does home matter you make 17 an hour in a part-time job move i i live at home with my parents oh okay that does matter then yeah good answer okay so you're 24 i'm 21. 21. okay yeah well let me dave you weigh in here but i think the first thing that you've got to do is you've got to get a 20 an hour job 25 an hour job right now companies are begging people that have a pulse and some good character and the ability to show up on time and i think you've got to be paying attention to what's out there and it ain't part-time it's full-time because you're living with money 80 hours a week yeah you're going crazy to save up 14 000 a year but you've got this debt you got to deal with too but listen you can do this i think you save up and pay cash for it but i want you to do two or three things okay i'm with ken you've got to get your hours up and you got to get better jobs and you you you really need to be working about 80 hours a week you don't need to see you don't need to you're you don't need any social life if you want to do this you got to set some stuff aside no partying you're gonna have to go for it okay now if you got if you know the second thing is i want you to shop get the details from the people not google i want you to find three different schools that will give you this certification get the best deal you can get from all three schools now let's pretend that the school that you that you just gave us it as 28 000 off of 40 means you need 12. does that sound right yeah yeah okay you only need 12 000 to go to that school that's not much because now you're working 80 hours a week and the plan we're giving you okay so you're going to go work 80 hours a week you're going to get 12 000 together now if that's and that's your dream school correct correct yeah that's my dream career no let's not say career i said school that particular school that is the one you have selected that you would like to go to because it's close to home right yeah it's i wouldn't say it's my dream school it's my only option no no no no no no no it's not your only option your only option if you live at home if you go to upstate new york and they pay you to go there and you're going free and they give you ten thousand dollars to live you can go up there it's not your only option it's the only option you have found so far but you haven't done much shopping yet that's correct you're buying a 40 000 item you need to do some better shopping and get more bids now here's what i want you to do i want you to find the other school that will give you uh not 28 000 in scholarships but will give you where you need 12 out of pocket i want you to let's say that you only need six out of pocket at this other school and then i want you to go back to the first school and say hey these guys are trying to get me to go over here and they're offering me everything but six thousand if you want me to come you're going to have to match that little negotiation there this phone call just made you thousands of dollars if you follow what we taught you yeah okay so number one lots of hours and better jobs i'm serious as a heart attack about working 80 hours a week i want you to be exhausted but i want you to have 20 000 cash in the bank before you know it to ready to do this okay number two okay three detailed bids from the three different schools of exactly what they will offer you and then play them against each other in a negotiation technique to get the best deal working for you okay okay number three the failed premise in this whole discussion at the beginning of it was that somehow this is going to be a magic wand and your life is all going to be okay because you're a attack at the end of this an ultrasound tech wrong answer where you go to school what you learn is almost never the secret sauce you are the secret sauce your character your ability to kick doors down and make stuff happen you are what makes you successful not a degree not a certain school that you go to there is no correlation in any piece of research on the planet based on where you go to school and whether you're successful or not but there is a correlation between character qualities and who's successful the perseverance fight hutzpah poise confidence integrity these are the things that make people successful not degrees and not a certain stinking school it once you're once you're a ultrasound tech they don't even care where you got that from all they care is you got certification now we can hire you and i've had ultrasounds and i've gone in for mris and i've gone in for this i never once asked the tech where they went to school oh wait a minute i can't i can't you went to that school i can't let you do the mri i can't let you do those you know never once did i stop them from running an ultrasound on my wife with one of our babies because of where they went to school that's absolute trash and bs most people don't know where their lawyer went to school they don't know where their doctor went to school they don't know where their real estate agent went to school where you went to school is the biggest joke on the planet it's the most overrated bunch of crap and it's destroyed the dadgum higher education world you just wait all this new documentary borrowed future comes out in october it's going to blow your all's minds [Music] 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 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 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 ken coleman ramsey personality is my co-host today number one best-selling author and author of the book that is just released in pre-sale pre-order is available pay from paycheck to purpose the clear path to doing work you love you can get it at ramseysolutions.com right now for twenty dollars and you get almost 200 worth of goodies with it uh goodies being stuff like the ebook the audiobook um take it to the live stream there is all kinds of things happening there so check it all out from paycheck to purpose we will actually ship these books in november on the actual pub date but a pre-sale is where you get the best possible deal and christy's new book comes out next week and so you've just got a few days to get take back your time the guilt-free guide to life balance uh yeah and all the goodies with it on pre-sale uh just a few days to take advantage of that so you ought to probably pick them both up while you're there at ramsey solutions dot com chris is with us in santa rosa california hi kurt whoa wait a minute try that again chris there you are hey what's up hey dave and ken uh thanks for taking the call sure how can we help you well before i get into it i have listened to borrowed future and that is just really wonderful first class well thank you but anyways so um i'm coming into my golden years and i watched my dad play golf for 25 years and i don't want to do that okay so what i want to do is kind of go into building families i have a mission statement here build and equip family teams to produce successful 30 year olds and so mostly for ken i got that's my getting clear qualified i spent about 25 years with my wife raising our kids at homeschooling and they've all graduated from college and are well married and employed and everything step 3 get connected i'm kind of there and i'm kind of on to get started and that's the main thing i want to talk about is getting started so i've got some outline for some training programs but i want to kind of brainstorm and say should i do that like webinars podcasts seminars stuff like that oh yeah that's my question yeah all of the above yeah because you don't know what's necessarily going to stick we try everything around here and uh sometimes we're surprised by what doesn't work and sometimes we're surprised by what does work and sometimes we're not surprised at all but we we try it all i mean we've got youtube channels and podcasts and radio shows and books and live events and digital classrooms and in person classrooms and coaches and so we're we've got a whole bunch of different ways to help you with your life transformation and training and you probably i mean you don't have you can't launch them all at one time it's too much but uh there's no reason not to try over a period of time a bunch of different things yeah and chris what i would tell you to do is just come up with a basic methodology keep it super super simple you know dave dave challenged me on this several years ago and all of the ramsey personalities and if you can come up with a very clear path okay so if you were sitting down with a couple right now and they've got five and six and seven-year-olds and they said how'd you do it how'd you and your wife do it well how would you tell them uh what they need to do that you know that you all did and you know that it worked keep it really simple and begin to come up with a simple methodology that's where i would start before you start podcasting and webinars and things come up with what your clear path is and then begin to test that because that will change the way you say it what you add to it all of that will happen and i'm curious to know if you're involved in a church by any chance yeah and actually we're transitioning from one part of the country to another to be close to grandkids so we're kind of right uh we're where we're moving to is uh a good church with a pretty large homeschool contingent great great is this gonna be a side hustle he's retired oh you've retired well i have a like a handyman sort of business so it's kind of i can monitor moderate one and build the other one up at the same time perfect well go really slow uh what i was asking about the church uh is as you begin to get into community there where you've got this built-in demographic you know parents or is your demographic with younger kids and if you can get an opportunity to volunteer your time to maybe teach a class at a church that is a great way to test this material out and test it out without any pressure and then the other temptation is is to you know pour a lot of money in it feeling like well i can pour some gas on the fire when there is actually no flame so really test it test it test it work on it and then slowly begin to put it out a podcast is a great way to do it or even a youtube channel because again your barrier for entry is almost non-existent this is hardly anything you got to do there the principles in your material won't change the processes that you use will change and they will polish and they will update and so yeah spending a ton of money on your uh first round of product is a bad idea because a lot of it's gonna end up in the trash and uh your prototype so to speak you know here's an example when we started the baby steps the first baby step was not a thousand dollars it was get out of debt and then we kept running into people's tire would blow out and they didn't have the money to fix their tire and so they quit the whole stinking program and so we figured out putting a thousand dollar a little bit of a pad on the front end was the um answer to uh you know fixing the baby steps making them work so it iterated but if i had uh 25 000 worth of stuff with the wrong baby steps on it it would have all gone in the dumpster you know and so you're going to change what you do now the principle didn't change the principle save money get out of debt live on less than you make you know live on a budget be generous these are the principles we teach from scripture on money but how you implement that is the process and how we teach you to implement it is the process and it has evolved over the 30 years that we have done this and that's what's going to happen yeah well i mean hey just another personal example uh he called in and he was repeating the seven stages well you know this and our leadership knows that's something what i came up with four years ago i was really trying to figure out how to create a very simple uh and explainable process clear path for people and it wasn't that now let's get clear get qualified get connected get started that didn't exist for about three and a half years and it was just constantly trying to listen to the audience as you coach and as you talk to the people and share the message you want to share you're right the polishing is what's beautiful about that but that's the activity gotta stay active gotta stay really really busy and delivering that content yeah i think uh chris you could probably go at this a little bit like i did a long time ago i had a a little small office and did some one-on-one coaching yep and i taught a few little classes here or there and i taught a sunday school class and the financial peace university materials some of what we teach to this day in fpu was in that original sunday school class not all of it but some of it and it was just a place to interact with the user you know of the material changes everything this is the ramsey show [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] [Music] ken coleman ramsey personality is my co-host today open phones at triple eight eight two five five two two five we wanna hear from you guys that are listeners of the ramsey show we're doing a survey of you right now we wanna know what's going on and one of the things we're asking is how much debt you paid off so far we've heard of almost 241 million dollars in debt from just the people that have taken the survey not bad at all so if you'd like to take the survey you'll be in a drawing for an amazon gift card 250 dollars not bad at all not bad at all a lot of not bad at all's going on here check it out text survey to 33 789 tell us what you think about this show text survey to 33789 or visit ramseysolutions.com survey open phones at 825-5225 jerry is with us jerry is in mobile alabama hi jerry how are you hey i'm so great thank you for uh for putting me on absolutely how can we help yeah so i have a small based home based business and i teach blacksmithing and knife making just here outside mobile alabama um as i've been getting to grow i actually just pulled the trigger on doing this full time and so now i'm wanting to open up a permanent location a little bit closer to the beach area uh to help kind of take advantage of the seven million tours that we have that come each year to visit the lower alabama area i found a building that has a great layout a great location i've been negotiating back and forth with the leasing agent for the contract terms but i propose a early termination clause just in the event in case my business fails however he came back and said no he will not put in an early termination clause and even with the penalty and he wants a five-year lease but he's also open to subleasing in case the business fails i lost a business in 2008 which led to a bankrupt scene so i really kind of changed my perspective and i'm just trying to see if this is a wise agreement to enter into but my wife feels like this is going into debt so she said why don't you call mr ramsey and see what he says okay well i don't consider that going into debt it is a contractual obligation obviously um and so it does feel like that but uh we've signed leases uh here in the in the days before we owned the real estate that we're in and um we just want to be super conservative about that and this sounds like it's a little over the edge of conservative given that your business is not even running operating full time yet um and we're jumping into a five-year lease if you'd been running it at least for a year i'd feel a whole lot better about it ken your thoughts yeah this is one of those things jerry where you're really excited and and by the way congratulations on doing this i love this is craftsmanship i love this business and you've been doing well enough to where you're saying okay now i'm doing it full time i want you to do what is very hard for human beings to do and i struggle with this as much as anybody and that is be patient there are other buildings there there is another season by which you'll be able to get in that location that's closer to the beach that would be able to take advantage of the tourism this temptation to move now comes from i gotta strike while the iron is hot and and the reality is it's not hot enough uh i think you know yeah that's right that's right i'm not trying to do that but you did it anyway you fell right into it you did it it's really true it's amazing how that happens i've heard legendary stories of dave doing it anyway here's the thing jerry be patient let's get this business really stable moving from part-time to full-time is a big big jump so let's prove to ourselves that we can actually keep this thing going keep expenses really really low build this thing build this thing be patient be patient the the line i want to stick in your head jerry if i can i'm a big braveheart uh fanny have you ever seen the movie braveheart jerry it's been a while it's been a while you remember that scene where there's the big battle and and uh william wallace picks the fight in the in the the infantry excuse me the cavalry uh is coming at him and they got the long sticks and he's saying hold hold hold that's your theme right now and there's gonna be a season yeah but listen that's where you at i think that is where you've got to be just be patient right now the time to do this will be so abundantly clear that you won't have to call the ramsay show to say what do you think i think it'll be really obvious three three things that came to mind while ken was talking number one i do not move forward on large business deals where sharon is uncomfortable every time i go against my wife's feeling i have a bad feeling about this i make a mistake you're about to make a mistake number two the best in 30 plus years of doing business the best business decisions i have made bar none were the deals i decided not to do the ones i look back that i walked away from that and i go oh thank god and i walked away from that and i go oh thank god what if i had done that where would we be today oh man and uh and so on and so the deals i've walked away from and then the last thing is this uh you have uh one option and so you have no negotiating power whatsoever and no emotional margin for negotiating because you only have one option you've fallen in love with this one place i want you to go find three other places that you can do this you'll probably find one you can prop up for a one year lease i would do it one year and your wife would do it one year and it's three doors down from the thing you're looking at and it's kind of like going in and you know but i'm kid i don't know i mean it might be a little smaller it might not be the perfect thing but it's your it's your it's your version one and maybe this bigger deal is your is your version two or version three later and go get in that same general neighborhood and take advantage of those same the the the the not take advantage in a negative way but i mean to be in a position to serve those tourists that you're wanting to serve but in a different location than that particular piece of property i always know when i feel pressured to something and it's like a problem and it's like a hesitation and you called us so you kind of got that that's like i really want to do this i'm excited about it but it feels like it's a stretch feels like it's over the top when i start feeling that it usually means i don't have enough options when i put three or four more options on the table options are power when it comes to negotiation options are power when it comes to decision making you'll make better decisions when you have three or four valid ways you can do this but always there'll be a you know one's better than twos better than three better than four you'll be able to prioritize which one's better but you've got i can do it in one of those three areas yeah so and that changes the whole picture yeah one of the things i found dave i know in my journey is that this idea of kicking the door down has been romanticized in hollywood movies and on some really bad success type motivational posters but the reality is is that rarely happens you know this idea if you've got to kick a door down uh it's rare that i've had to kick a door down but i've had some i've walked through some doors that swung wide open and timing um is really really important and i think sometimes when we've got a dream not sometimes when we have a dream that we deeply long for uh we can get kind of sucked into this let's go now and yeah and because of the passion behind it we love it i mean he's a craftsman he loves the trade and everybody listening could tell that you and i are both excited about his business oh yeah i love it hey great idea i buy a knife from them and by the way if you've never seen a blacksmith do their thing if you've never been to one of those historical homes it really is a lost trade and it's a wonderful wonderful thing and people are embracing that kind of stuff so you know the key here is is is don't try to force it yup you won't have to when the time is right you won't have to force it i i just found that successful men and women yes they push hard yes they work hard they don't give up but this idea of kicking doors down and bowling things over that's that's a little that's that's been mystified and hollywoodized i don't think it's necessary to get you in big trouble but if you're patient uh the right door will open yeah so i'm not doing that deal no don't do that deal that deal is too long his wife's uncomfortable with it he's really uncomfortable he is too he's he's less uncomfortable than she is but you don't i don't go against my spouse yep the peace that passes understanding that's it you need that peace to move forward on the big deal and you know what he's a pull of dave ramsey this is what i've learned from dave maybe tell that guy i'm walking but i will tell you what i will do i'll do a year lease other than that thanks but no yeah you what do you got to lose when you wouldn't give me my termination clause you lost me that's it and walk on your heel baby this is the ramsay show [Music] [Music] in the lobby of ramsey solutions on the debt free stage sean and mary are with us hey guys hey how you doing welcome welcome where do you guys live sacramento california all right welcome to nashville and all the way here to do a debt-free scream how much have you paid off we paid off 255 000. i love it and how long did this take you too long four years four years it's always too long i agree and your range of income during that time uh we started about 140 000 and we had a couple good years in sales and bumped up over 200. oh yeah good what do you guys do for a living uh vice president of sales for a tech company okay i handle the five monkeys off the set right now i am the ring leader i am the ring master i love it all right 255 000 in four years what kind of debt was this it was our mortgage you paid off your ass you're weird we did it i love it in sacramento freaking california too i mean this is not a cheap real estate market it's been good to us it's a paid off house wow what's this house worth well you know it's been a good year so i guess now about 600 but it depends on the day i guess it might be 650 tomorrow in california very cool good for you guys man and you're young how old are you two i'm 36. i'm a smidge older but okay we don't need to know yeah we're moving on 36 plus a smidge there we go now we have we have the algebra formula now figure it out so way to go guys man that's impressive so what started you on this journey four years ago well it probably goes back further in 2009 we got married we have some good friends that gave us the total money makeover when we got married and i was getting my mba in finance and i said you know i know all this stuff i don't need i don't do this but i read it and i thought it was interesting and then i started doing it by myself and i we got through all our consumer debt but i was really doing it by myself it took us four years just to get through that and because we weren't really working together um and then we moved i don't teach that in the mba no they don't no they don't then we moved to california and mary wanted to buy a house and i said well how about if we do financial peace university together then we can buy a house oh and i said okay what harm it's just a class i'll just i'll watch some videos yeah and you get me that house that's great that's a good that's a good trade okay what's the worst thing that could happen oh god four years it escalated really quickly that's awesome but then she loved us so much we started teaching the class oh wow that's what really kicked us into gear for the house that's serious then yeah thank you guys so proud of you thank you well done how many classes have you taught oh we taught three well thank you it's like a built-in date night you know yeah if you go i gotta go coordinate we gotta go yeah well i mean yeah you got five kids any excuse yeah we're in the area we love them but it's we love them at home that's right good job well done man you got no house payment it's amazing how does it feel it's that's pretty incredible we've had to we paid it off in july so we've had this is our second month of not having a mortgage payment it's been uh we were able to come out here so our first uh first big thing we promised the kids to come out to nashville so here we are that's fun that's true way to go yeah so you got to we got a young couple here and this is because you guys are definitely young let me just say that all right uh and and i'm just curious how the conversation changes you're because you're you're moving towards paying this house off you get there now you're two months post paying this baby off how are the conversations changing around money and what you're dreaming about what are you looking forward to i said this before we left i said you know we've been pushing so long towards getting the house paid off and we did our last you know big payment to finish it i said i kind of feel poor for the first time in a while because we've sent all this money out the door and now i don't really want to go you know spending a lot on things but there are things we've been waiting to do but should we do them now i don't know so it's the letting go of that of the intensity which four years it's not gazelle but it's not too slow either oh that's pretty that's shifting yeah shifting gears has been a little yeah i think the key there is i mean we we've been very intentional with not doing certain projects on the house or not doing big vacations just doing little ones during the house payoff and now we get to do some fun stuff but we're also we want to make sure we do the right things and spend the money in the right places so we're wise later but have some fun with it yeah way to go way to go i'm so proud of y'all thank you what a quite a killer hero couple you guys are just heroes so well done very very fun what now you're teaching the class you're baby step seven i mean you're there uh what do you tell people the key to getting out of debt is you're actually experts i think that's to you i don't know gosh you really can't do it unless you're doing it together and i love that we've watched both the the financial piece the original set and then the new set we did that two years ago we like to be nerds and compare the differences in your little monologues we kind of prefer though at the first set to the new set in just a couple places we like when you throw the barbie over the shoulder yeah yeah they like vintage dave revenge but there's some stuff in there that'll get you put in jail only in california yeah throw barbie over your shoulder that's just like gosh what kind of what kind of mania what kind of kind of male sexist pig are you our favorite kind so barking together i'd say the other key is the budget so we at the at the beginning i mentioned i was doing it by myself with um at with our consumer debt and i did spreadsheets galore i'm the nerd and i would have all sorts of spreadsheets and i'd sit her down and i'd say look at all these great spreadsheets i'm an mba look at this blind just like numbs up and say i'd be like on a stool next to the computer and he's in the computer like the the desk chair with the mouse and the things yeah he's like captain kirk and then you're like off to the side yes i was like waiting for it to be over yeah but when we but when every dollar came out when every dollar came out that was the key every day and we were able to see everything together and it was it was it was not a spreadsheet but it still was able to keep us on track of what was happening and do our transactions together it was uh it was complicated enough but not too much yeah that's what it's supposed to be yeah well done all right so you've been doing the retirement savings all along yes we have how much is in the 401ks and roth iras so last week uh when the stock market went up we were at just over a million so whoa we are uh with the house with the house so oh so your baby steps we just hit a million last week so we're basically baby steps millionaires and baby steven and and you're not even uh 36 in a smidge i mean my gosh wow that's impressive it is i mean wow we're talking about major major money and impact that's that's in your future yeah 600 000 paid for house and over a half million dollars in yeah in investments is what we're saying and if you you know go back 12 years as you say anything you do for long enough you do it the right way 12 years from when we first started in 2009 and we built it up and now we're here we are yeah it really works like a case study right out of us right out of the survey yeah right well done well done and um you brought the kiddos we sure did five of them we might have left one in omaha i don't know if it made the trip there's a home alone somewhere oh or in the airport or something in there in a locker yeah all right so they uh those of you at home uh his t-shirt says baby her uh uh mary's t-shirt says step and then the kids spell out what letters on theirs that say seven yeah yeah s-e-v-e-n so all right it's all right we got it i love it baby step seven they're there and they're not even 40 years old wow very very very cool all right the kiddos names and ages all right we have joseph here who is 11. uh we'll go over here i guess ambrose is nine mary augusta is six and uh steven here is five and little baby will be one next month all right little baby good stuff [Laughter] that's fun you guys are amazing we got a copy of the legacy journey for you that is your next chapter in your story though you completely changed the legacy of all of these kiddos i'm so proud of y'all you're such a neat couple well done well done you deserve every bit of the success and all the hard work you've poured into this your proof it can be done in america today absolutely amazing all right shawn and mary and the tribe from sacramento house and everything 255 000 paid off in four years making 140 to 200. count it down let's hear a debt free scream three two one we're [Music] [Applause] i love it how fun man that's powerful the number of people that are doing their debts free scream and simultaneously becoming baby steps millionaires are counting up it's happening more and more this is the ramsey show [Music] [Music] ken coleman ramsey personality host of the ken coleman show author of the number one bestseller the proximity principle and the new book that will also be a number one comes out in november and it's on pre-sale now it's called from paycheck to purpose the clear path to doing work you love all right we're gonna spend a lot of our lives at work we should be doing something we love and we should be doing something that's profitable simultaneously and they're not mutually exclusive you don't have to be broke to be happy that's a mythology thing that floats around actually ken addresses that so you can pre-order the book at ramseysolutions.com and right now while it's in pre-order you get about a hundred dollars worth of uh extras with it quite a nice bundle when you order the book for 20 in pre-sale beverly is with us beverly's in boise idaho hi beverly how are you hi dave hi hi ken thank you for taking my call sure what's up i have a very simple question for you how much cash is too much cash to keep at home and where would you put it where should you put it since the banks are only giving you one percent so you're a uh cash under the mattress woman are you uh maybe it's some coffee cans buried in the backyard [Laughter] so how much cash do you want to keep at home well you always say have cash for stuff well obviously you cannot go down to the car store and put seventy thousand dollars of cash on their debt so you cannot go down to the what store the automobile store and put seventy thousand dollars cash did you say seventy yeah you're buying a nice car to buy a new car to buy a truck you're buying a nice truck all right well i i don't do that when i'm buying a 70 000 item i wire it i i don't carry cash in now if i'm negotiating with an individual for a used item i might use the power of cash like we have taught and wave it under their nose and see if i can get a better deal i've done that i'm not above doing that but i don't i um i don't i don't think i'm gonna recommend beverly walks down with a suitcase full of money like a drug dealer to a 70 000 car purchase i'm just going to let you wire that money in so you would put the money in the bank and wire it and get one percent well you're not getting anything in the bottom of your mattress true yeah so it's it's you know i know that it's not the one it's i don't want you to get robbed i don't want somebody knock you in the head and take 70 grand out of your house i don't have 70 grand in my house so that's just when you say you pay cash for stuff you keep your money in a bank or a credit union or something and then you wire it yeah and i wire it and meaning i don't go into debt is what i mean when i pay cash now i have a pocket full of cash right now i i carry a uh you know a money clip in my front pocket that's usually got a thousand bucks in it but that just because i like how i'm a redneck i like having some money in my pocket right you know but that's just walking around money and if i want to buy something or you know most of what that wallet goes for is tips for you know when i park a car or when i'm uh finish up playing a game of golf and a guy cleans my clubs you know that kind of stuff when i come over and mow your lawn yeah when ken comes over and washes dishes for us we give him a little tip and by the way i want to point out don't don't come to some live event and try to take money off of dave because he's also got something else in his in his back pocket i just i just think i should point that out that could be a bad scenario for something i'm trying to take you know i'm not gonna get robbed it's okay that's okay nobody wants to rob me but the uh i'm not really muggable i'm just huggable but the uh uh yeah but anyway the uh uh yeah i don't walk around with a bunch of cash in that regard by when i say cash is king at the beginning of the show it doesn't mean that jesus isn't king it means the the cat that cash has power and paying for things rather than going into debt to get them is power and so um you know i know a few people that keep five or ten thousand dollars cash in a little safe in their house just in case they you know wanted to grab a hold of a little money for some reason or another on a short notice and the atm was jammed up or something then that's okay but i you know i i don't believe in keeping 50 100 200 000 uh you're starting to get into the land of preppers and stuff like that then and i'm i'm not i'm not that guy and i don't recommend that so interesting discussion though beverly i i have a lot of curiosity about what's going on at your house at this point i gotta tell you dave i part of you would love to see beverly walk in with some armed security with a suitcase and plop it up on the counter and i'd like that truck right over there i bet you could get a discount i'll guarantee you she can get a discount she's awesome gavin is with us gavin's in chicago hey gavin what's up hey dave thanks for having me sure what's up i wanted to ask you a question can i afford to go to hawaii with my wife for a friend's wedding what do you have the money i i think we do she's worried we've never spent this much money um do you have the money in cash without going into debt to do it is what i'm asking oh that's absolutely yeah we're at four five six okay you're in baby steps four five and six and how much is the trip yeah we're thinking like seven grand yeah sounds about right and you've got that money and what do you guys make a year we make about 180 000 a year why could you not afford this because we're so cheap now the truth comes out it has nothing to do with the arithmetic it's the emotional state yeah i mean we're trying we're trying to pay off trying to pay off our houses yeah and and and you know live like no one else and yeah how old are you guys i'm 39. you ever been to you ever been to hawaii i have on a company trip so i never paid for it has she been yes she has she has she says she has no desire but we we haven't been to kauai yet we've been to the big island and not quite okay but you're not just gonna fly over for the wedding and then bolt as soon as the reception's over correct oh no no that's all yeah that's a that's a 12-hour flight we're gonna go for a week hold on there you go my point is that's the difference yeah you guys gotta talk about this as an awesome opportunity to get away and reward each other for this sacrifice you make really good money you're out of debt except you're home you're executing a financial plan four five six um you should go yeah thank you you should do this you should do well guess what she said if you said yes then we get to go okay i'm not i'm i'm not making the decision but i'm just saying the arithmetic is that you you are not being irresponsible okay and when you said we're just cheap and you laughed you were sort of kidding but not really and so the thing you guys want to be careful of there are three things you can do with money you can invest it you can be generous with it and you can enjoy it almost everyone is weak in one of them and so watch the one that you're weak in and you're the one you guys are weak in is you're not you're not good at enjoying your money right and you need to you know i mean we have a we have a million dollars in our nest egg yeah so you need to so you're really good at investing how's your generosity probably medium minimal yeah i'll see yeah the truth is there's usually a correlation between uh the the people who enjoy their money and the generosity so one of the things we do at our house and this might help you is um you kind of feel like you're doing something wrong if you're doing something opulent like a week long in hawaii that's a big time expenditure right so one of the things we do is sometimes we'll just increase our generosity by the same amount we spend on ourselves okay and we just like uh okay god who can we who do you want to help today uh i want to give seven thousand dollars to uh i wanna buy two single moms a three thousand dollar car this week show me lead them to me lord and and then i'll go do that and and then i'll go to hawaii and i don't think about it yeah gotcha sometimes the generosity muscle works almost simultaneously with the enjoyment muscle take some extra cash to hawaii and bless somebody out of their mind who's serving you take 70 000 and buy you a truck while you're there call beverly pick her up on the way drop a truck off of boise on your way this is the ramsay 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 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 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 this is your show america thank you for joining us open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five ken coleman ramsey personality is my co-host today here to talk to you about your careers your jobs doing work that you love the clear path to doing work you love from his new book from paycheck to purpose available on pre-sale right now at ramseysolutions.com herbert is going to be up first this hour he's in guatemala hi herbert how are you hi david how are you better than i deserve how can i help here's listen here's the thing i'm 30 years old i'm from guatemala i just got engaged with a beautiful lady she's 28. congratulations please thank you thank you we're both dead three engineers i'm a sales manager and she's a finance manager right now i have around 200 grand in savings and she has around 50k so each year we make around 160 it's 80 each okay so um we will marry next year and we were wondering if we should rent for maybe four or five years and invest that the money we make in that time to pay cars for our house what will a house cost maybe around 400 grand 500 grand you can't buy one for 250. yes we can the thing is that we were thinking about buying like a house that will we will be there forever and you i know what i mean there's very few people stay in the house forever okay the forever house thing now are you talking about in guatemala or talking about in the states yeah in guatemala okay i do not know anything at all about guatemala real estate not a thing okay okay can't i most people here stay at their home like for life yeah okay is the average home in america in the u.s sells every 5.6 years okay so uh this when people in america say it's a forever home i laugh at them because it's because it's not true okay now it might be it might be more culturally true there okay the second thing i don't know is i don't know if you bought a 250 000 home now and paid cash for it meanwhile you have no rent because you have a paid for home you could save that much more you'd be able to save more because you don't have any rent cost could how hard would it be to sell the 250 000 home when you saved up another 200 000 to move up to the half million dollar house is the market is the market viable can you sell something fairly easily yeah yeah you can do that okay so if you moved in a house for 250 000 and lived there three years and during that time you saved up another 300 000 and then you sold that house for 300 000 you'd have 600 000 right yeah meanwhile you had no rent yeah that's right that works if the real estate market is viable enough that you feel sure you can sell this starter house when you want to move up but if it's very very difficult to sell a house then maybe this suggestion is not a good idea okay and should we invest that money during that time yes yeah absolutely um into something and again you've got to choose a vehicle that fits your situation um and i and i'm not an expert on what's available to you for all of that so you know that that that's the the thing um i'm i'm nervous you can tell i'm stammering around with my verbiage because i just don't know that your your cultural norms number one well enough i mean i have a vague understanding but well enough and i certainly don't know the real estate market well enough to where i can say this is what you ought to do so you've kind of got to use some judgment with the knowledge you have of uh the world you live in which is different uh in some respects and so you got to make those calls interesting discussion though it is i would just caution you know just because everybody else does it or a majority of people buy one house and stay in that house in guatemala it doesn't mean that you have to do that i mean it could certainly be a cultural norm but what do you two want as a young couple and i gotta tell you i don't care if you're from guatemala uh or the united states or anywhere else in the world a young couple life is so very different in those first couple of years and as you begin to move through the phases of life whatever that's going to look like for you guys things are going to change dramatically so having this mindset that we've got to come out of the gate and buy our forever house i just think it in some ways can lock your dreams and lock your future up a little bit so i would just caution that just because everybody else does it doesn't mean it's the right thing for you yeah hey good call thank you for joining us mary's with us mary's in san jose california hi mary welcome to the ramsey show hi dave so my situation is i'm 58 years old i lost my job last year so i decided to take early retirement i'm living off a passive income of my rental i have no consumer debt but i still have a mortgage payment i refi last year so i get the 1.99 so about a month ago i i found out about your principle and so now i'm so fired up to pay off my my mortgage cool so yes and so shall i start collecting my pension see the thing is the reason why i postponed it was if i collect now i will get only 4 600 a month if i wait until i'm 62 it's going to be 5 500 a month and if i wait until 65 it's gonna be six thousand dollars a month so what do i do do you have a lump sum option no unfortunately not okay all right um well obviously the pension dies with you right i'm sorry yes of course and so um the money you collect between now and the time that it would go up if we ran the math figures on just for the fun of it it's not what we're going to do but you said you said it goes up at 62 to 5 500 16. that's 60 in two years it's going to be 55 yeah okay all right but you have two years no actually it's four because i'm 58 now so at 62 it will go up to 5500. okay so four times four times five yeah four times 12 is 48 months of collecting 4 500 that pile of money invested would likely make you more than the other thousand that they're going to give you for waiting does that make sense to you yeah i'm taking it i'm not going to do that with it i'm going to take it now and pay off your house but that that tells you that you probably ought to take as quick as you can take it and um because the more you get the more years you're getting money i understand the monthly changes on it and the other thing is you're probably going to do some kind of encore career you're probably not done at 58. you've probably got some other stuff you're supposed to do yet you don't have to but it'd be cool if you wouldn't made another 80 grand a year just doing something you love absolutely this is the ramsey show [Music] we were drawn to christian healthcare ministries because we both had young families and we wanted to have more children and we had also just started a real estate company and needed to find health care coverage that would meet our needs we were attracted to chm because of its low monthly costs and the ability to negotiate medical costs down established in 1981 and accredited by the better business bureau chm is here to meet the needs of your growing family or small business check us out at chministries.org backslash budget we absolutely believe in it [Music] ken coleman ramsey personality is my co-host today here on the air open phones at triple eight eight two five five two two five how many of you guys are stressed out or you're hurting because your retirement savings got you scared maybe you were super close to retiring and um now you're wondering if you should work longer well you need a someone in your corner that will walk you through the process of emotionally surviving the ups and downs of the investing world and that way you don't jump in and jump out at exactly the wrong times which is what most people do so you need the data tells us that the people that have a uh an investing professional in their corner with the heart of a teacher uh actually end up making more money through the scope of their life mainly because they stay invested it's that simple so you can restore your confidence go to ramseysolutions.com smart vester check in with one of our smart vester pros have them get in your corner and help you out our question today comes from blinds.com they have a 100 satisfaction guarantee that means even if you mismeasure 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 rhonda in florida my husband has served in children's ministry leadership for over 30 years our church recently went through some financial difficulties and the pastor asked if any staff would be willing to step down my husband decided to opt out and was given one month severance prior to working at the church he had started working on his associate's degree and now has gone back to get his aaa and business administration at age 57 is it worth finishing up this aaa is there a field for someone with 24 years of experiencing experience rather in managing a large ministry let's take that first excuse me the second question first there's absolutely a field for someone with 24 years of experience in managing a large ministry because that is a leadership position and there is always a need for leadership in the workforce certainly in corporate america and so what has to happen is it's less about the ministry specifications but more about the leadership experience as far as the first question uh if the if the aaa in business administration helps add a little bit of juice to his resume and gets him a little bit more on the resume besides the ministry experience and you can afford it and it's not uh in any way causing you guys a struggle financially yes i'd go ahead and finish it and uh the reality is is that this is where relationships come into play dave you know you've got somebody who's been in one industry for so long 24 years and then you're looking to switch gears into another industry the transferable experience is what it's all about but it is more about the relationships you have that will open up doors think of all the people that your husband knows through those years of ministry and living in this community right now this is the hottest hiring market we've ever seen even hotter than pre-covered of february of 2020 10.4 million jobs the latest job report um and companies need good experience and good leadership and at 57 though you will face this is just the reality you will face some people kind of looking at his resume or look at him going oh he's 57. and so this is where relationships come in people that you know that know other people and those doors get open that way to where you're coming in already ahead of the competition because of the credibility of the relationship to say i know this guy great leader a lot of experience got the talent to be able to come in and help us that's how you win this game my mind as a salesman always goes to how does he sell himself yes uh what's the narrative and um that he brings to the company that he's interviewing with and uh so and the product is him yes and he has to sell that product it's a little uncomfortable a little awkward to sell yourself but here's the thing if for 30 years you can survive the parents while you run a children's ministry you have people skills oh yeah yeah and think about how many volunteers you know how to herd cats yes oh my gosh that's right unbelievable yeah and church leaders almost always even in the large churches with large staffs almost always rely on volunteer help and if i'm a if i'm a hiring manager or a leader looking to hire another leader i would lead with hey i've effectively led volunteers people who don't have to show up yeah i get people who to care i get people who work because they care yes not because they're being paid and uh and i've managed all of these relationships around all these kids parents uh helicoptering in and everything else for all these years and i think you build a narrative around that [Music] and and uh uh otherwise if you don't if you don't position yourself in someone's mind they may say oh you've been a babysitter yes yeah you've been a babysitter for 30 years yeah and that's not what this guy did that's exactly right that's a great point if you don't position yourself well guess what they will position they're going to position you somewhere yeah in their head yeah they're going to pigeonhole you because we try to go okay what's that mean what's this guy do what's it how does that fit what i need how can you do that and if you don't go listen i know how to lead volunteers i know how to deal with difficult relationships highly emotional situations yeah i mean this guy could run a customer care center easy where there's complaints coming in that's exactly right because that's what he's been doing yeah and and to your point if you're applying for leadership positions look at the job description and then fit your experience into that and go hey you're looking for this this is how i did this this and this yeah i can add value for you guys and i i did it before yeah in a different setting but a very similar transactional process julie is with us julie is in tampa florida hi julie welcome to the ramsay show hi guys how are you doing better than we deserve what's up awesome uh so so yeah my name is julie i am 24 years old married my husband and i both work full-time he's also a full-time paramedic student um so my question is i am i'm at risk of losing my job by thanksgiving they are requiring a coveted vaccine for in-person work by them and my husband and i have kind of just opted out of getting that um i'm on baby step number two i have about two more credit cards left to pay off but my concern is if i'm out of work by thanksgiving will i want to put a hold off of paying off debt and save every penny i get or do i want to pay off more debt but have less really wiggle room if i were to lose my job you need to put your total money makeover on hold and you know need to go get a new job today yeah start looking right now don't even wait for that shoe to drop it's coming it's coming and you've already made your decision and so you just need to act today don't wait the the thing that can happen is is that we live in uh we think that uh that the calvary is coming and someone's gonna solve this for us and they're not they're not coming yeah you know you really do know what's going to happen so don't walk around acting like it's not going to happen yeah and so it's time it's time for you to go on and you need to go on today yeah you don't need to wait on thanksgiving yeah and by the way julie this is a great job market right now yeah it's perfect timing i mean you're gonna get an upgrade what do you make now uh so what's funny is i've been working at this company for two years but this month i got promoted into a new role and i make about 47 now with my raise cody what kind of work um i was an executive assistant and now i kind of work um as a low-level consultant i would say within the organization correct yes okay specializing in what operations marketing um administration yeah yeah well look uh you know how many cups so you were such a good you're such a good administrative assistant that you're teaching the rest of them now yeah is that what it amounts to yeah i would say so okay yeah all right yeah so you probably can land a position at making 60 as a high-end administrative assistant if you want to do that again yeah because you've not only been you've not only been a world-class assistant you've also taught them my fear is that a lot of companies are going to be moving towards this new um like in-person hybrid model which is totally fine but having the mandated vaccine within that is what scares me there's some that are the big ones and some but most of us aren't and do your homework on the front end you can ask around town you don't have to because this because you've had this experience at one place does not mean it's going to be the norm that's just not happening it's only the big companies that are optics concerned that are the huge mega companies that are doing this stupid butt stuff and the rest of them are going no people are grown ups they get to make their own decisions this is the ramsay show [Applause] [Music] [Applause] [Music] [Applause] [Music] [Music] so [Applause] in the lobby of ramsey solutions on the debt free stage tony and ruth ann are with us hey guys how are you we're doing great how are you dude welcome welcome good to have you where do you guys live in delafield wisconsin just west of milwaukee milwaukee area welcome to nashville thank you and all the way down here to do a debt-free screen we are how much have you paid off 346 thousand dollars wow how long did that take 34 months wow you kicked it that's amazing and your range of income during that time uh we started out right around 180 and we ended about 250. wow nice job what do you guys do for a living i'm a sourcing manager for a large tool company and i'm a swim coach and health coach okay wow good stuff what kind of debt was the 346 thousand it was our mortgage [Applause] house and everything yes looking at weird people way to go guys you have a paid for house we do that is so cool what's this house worth about 600k that's so fun so what made you decide to pay it off 34 months ago well back in 2005 we moved back to wisconsin i retired from the military and uh we bought the house and in 2014 my daughter and i my wife talked my daughter and i into going to fpu with our church so we went and we didn't have a lot of debt at the time so getting through the first couple baby steps was easy um then we built up our emergency fund and then in 2018 uh we refinanced our house to a 15-year yeah following your plan and we said all right no more enough's enough we want to be completely debt-free so we went after it every extra dime we got and we put toward the house so the whole financial peace university thing tripped you up made you do it yes exactly eventually well you went right down the baby steps it sounds like absolutely well done yeah i got to ask when we see this kind of a jump in income what what what allowed for the 70 000 bump well uh mainly it was me taking a new job and also uh bonuses thrown in there as well nice so you get so you got a new job did you did you look for that did they come after you and what was the intentionality there it was a little of both nice it was great timing good for you man dave that's the bigger shovel that's one way to get a bigger shot because i get promoted ding ding nice 34 months later the house is done very cool thank you for your service by the way yes welcome and uh so uh wow what do you tell people the key to getting out of debt is you guys did it um i'm gonna take this one i'm the free spirit he's the nerd but it was his spreadsheets and it was working as a team because there were some times when we had to say no and our friends just thought we were nuts because interest rates are really low on on mortgages and uh um we were really intentional yeah every extra dime went to the mortgage we didn't even think about using it for anything else so we have a lot of household uh updates that we need to do that we have put off and uh now you're ready we're ready yeah and we can pay cash make you a little list of them and start plowing through them huh yes and you know what you're never too old and it's not too late because i i know we're a little bit older for this uh debt-free scream and uh how old are you late 50s okay so um you know we hear a lot of stories of younger people that are amazing but uh it's never too late to start this and the grass does feel much better under your feet when that house is paid off yeah so you were like 55 years old when it started 54 years old when you started this yeah and now we have lots of options and i would have to say that discipline is freedom and a lot of people don't look at it that way oh yeah that's all that's good yeah the line from the health coach yeah yeah good it is freedom you're right that's very good how's it feel very liberating yes it feels awesome to know that we're in charge of our future financial and otherwise i mean um it's we're very excited to be in the position that we're in we became everyday millionaires uh about two years ago during this process so that helps and you know so you've got uh how much in your nest egg right now in your in your retirement uh we're at about 1.6 and then the house is worth six correct yeah so about 2.2 anyway total about 1.6 total oh total so about about a million in the in the retirement accounts right exactly all right wow look at you and how much of this did you inherit zero zero precisely nothing yes yeah and um you're probably like me you want to be nice but when people say stuff like you're so lucky you want to strangle them big time luck had nothing to do with it it didn't it didn't um but you know what luck seems to follow people that work the plan yeah i do have to say that you know um so well i mean and discipline is freedom yes it is luck is uh luck follows people who um have some discipline and do hard work and all those kinds of things yeah the harder i work the luckier i get i've heard you know that kind of stuff yeah you know i got to address that because it drives me nuts there's no luck at all i got to tell you you all put yourself in the right positions the discipline puts yourself in positions to where good things come to you right yeah you know there's something you know we've heard the phrase good things come to those who wait waiting is a form of discipline that's what you guys did so i mean i just you guys are amazing and you're the health coach i mean absolutely yeah and i i tell that to my clients also yeah you know and what gets what gets measured gets managed and so i think it's really important he is mr excel spreadsheet he can tell you how much we're going to have in the bank 2028 because it's um but it's really important to measure and check where things are going so nothing nothing moves unless it's measured yeah that's exactly right i agree well done you guys thank you thank you so great so fun so fun what do you tell people the key to getting out of debt is well having a plan and sticking to it and we did it together yeah i mean we had we had our moments we had our you know discussions on things we'd get a bonus and it's like okay can we please just get one little thing but we didn't we did we just yeah and we we took vacations and things like that so it wasn't like we didn't uh have some fun along the way yeah we were like you're so what's the first big project on the house you're gonna do now the floors the floors you know what my husband didn't want me to share this but i'm gonna we got duct tape holding down some carpet in our house yeah and we are getting and you're worth 1.6 million dollars yeah with duct tape on your carpet you might be a redneck if yeah if you got duct tape holding your carpet down wow yes i love it yeah so a new hardwoods or what we're just gonna have them refinished oh okay and they get new carpet yeah that carpet that duct tape garbage got to go i'm just saying yeah don't even know what it is but it's got to go yeah and you can just write the check and you won't even feel it yes no house payment at all yeah congratulations so proud of you guys you're great you're heroes well well done very well done we got a copy of the legacy journey for you that's the next chapter in your story you've completely changed your legacy and uh changed the whole process here very well done and a copy of the total money makeover for you to give away to somebody else and pay it forward and keep these keep these ideas moving and keep creating more and more of these baby step millionaires like you guys i'm so proud of you well done well done all right here we go tony and ruth ann in milwaukee wisconsin 346 thousand 000 paid off in 34 months house and everything making 180 to 250 count it down let's hear a debt free scream three two one we're debt-free [Applause] different different yeah that is amazing wow yeah these baby stuff millionaires are coming out of the woodwork nowadays um you know but dave ramsey's only for the poor people he can't really help you if you want to become wealthy you know you've heard that right so uh yeah it's hilarious but yeah there's millionaires everywhere by the way what's interesting about that kind of critique that i'd like to just take on right now and smash it dave ramsey didn't do anything in the story or the story in the second hour or the third hour every hour of every ramsay show we as a company showed people a clear path but these people did the work yeah the whole interview has nothing to do with you i didn't get any people that attacked you i did not give them any money there's no scamming people are actually doing the work and you hear these stories you get fired up because they came together two different personalities came together for a shared goal and that's that's just that's what it's about their dreams their future their peace their freedom that's how it works you're listening to the ramsay show [Music] our scripture of the day proverbs 16 3 commit to the lord whatever you do and he will establish your plans john maxwell said the reality is that you will never get much done unless you go ahead and do it before you're ready that's the truth open phones at triple eight eight two five five two two five ken coleman ramsey personality is my co-host today april is with us april is in state college pennsylvania hi april what's up hi dave thanks so much for taking my call sure how can i help so my question is i completed baby step 7 back in 2018. i just turned 34 years old and today i have a net worth of about 1.7 million dollars way to go thank you but my question is the one baby step i've always skipped is about saving for kids college because i don't have any children at this point but well now i'm kind of at the point where i know i want kids within the next five years or so and should i open a 529 account in my name and then transfer it down the road like once i have children would there be any would that be useful or not probably wouldn't fool with it honestly you're in great shape you don't have to do that but if you want to there's nothing wrong with what you're doing technically it'll work uh because 529s are transferable to family members and you would have tax-free growth on that money you know it's basically a roth for education right and so that in that sense it's it's an interesting strategy um the downside is is if for some reason you did not end up having children you have this money trapped in an education fund and you really you're gonna have to transfer it to somebody else in the family you know to be able to use it without the penalties you're not gonna get the tax-free growth in that case obviously so uh i probably i'm trying to think it's not a bad strategy i just uh there's something about saving for a kid that's not here yet i probably wouldn't do it okay yeah i was just thinking because i know i either want kids either biological or for some reason i couldn't then adoption but yeah i mean i don't doubt that you have children one one way or the other i don't have any doubt of that whatsoever but um i i think that there's um the little bit of gain the the money is trapped for one purpose and the little bit of gain you would have before doing that this early is probably not worth trapping it i i you know and the and so if it was sharing to me we probably wouldn't do it you got 1.7 million dollars your kids going to college don't worry about it yeah you know and you're responsible and killing it they got you to this point in the first place yeah so you got you got plenty of time um it's a it's uh uh yeah i probably wouldn't give up the freedom on the money for the little bit of gain that you're gonna get from it jesse is in charlotte north carolina hi jesse welcome to ramsey show hey dave thanks for taking my call sure um i have a couple properties one for rental property and then my personal property and the rental property is is essentially paid off or will be short with about 10 000 left on it and our personal property has 174 000 left on it and so my question for you is there's kind of one or three three routes that i'm thinking um one is sell the rental property and then just pay off our property and keep whatever extra cash after we sell it the other is just to keep it since we don't you know we don't really have a mortgage after the next couple months on it and keep that cash flow it rents for about 1500 a month and then just essentially debt snowball our personal property uh and then the other option i think of as a potential refi just to pay off my personal and then keep the the rental in the llc and just treat it as a separate business so that's where my my question is for you what route would you recommend what's your household income uh about a hundred thousand okay so if you just leave things like they are you're on you don't have any other debt other than this right correct and if you're putting 15 of your income aside for retirement how quickly do you pay off 174 000 making 100 grand um i think we could pay it off in the next few years four to five years okay that's what i would do and i just keep the rental if it was going to be 15 years for you to be able to get out of this because everything was so tight you know i'd probably dump the rental and get your house paid off but i think you can pay it off in four to five years and that's if you don't get any raises right okay yeah you're pouring all of your you know your spare cash from the rental income and from your household income beyond 15 of your income going into retirement all the spare cash you can find without choking your family down to nothing and we're just gonna start paying off that house and you're gonna have it paid for in five years okay that's 30 grand a year 40 grand a year yeah i mean i it's definitely doable the the market right now is very i guess hot so to speak that's why i was curious is it like a good time to sell and just keep what you can or just hold on to it well the only reason i would sell is if i thought it was going to go down okay it's not going to go down it's just just really really shot up quickly and so all the real estate that i had on my balance sheet a year ago is now worth a lot more i kind of like that i'm not selling nothing okay i'm gonna i'm gonna i'm gonna just smile about all these increases in value that i've got so true and by the way the rents are going up too yeah so your income's going up there as well jesse what you're hearing from dave is the long view versus right now and right this is a temptation for people dave it's like oh i cash out now but you look at the long term run those numbers out as the value increases the rent over all those years versus your one time sum yeah i mean the value is going to continue to increase it's probably not going to increase at the same rate it has in the last couple of years have been unbelievable correct last couple years but um you know it's a good play to hold them yeah if you can and i think you're in a position you can sam is with us sam's in bismarck north dakota hi sam how are you hey dave thanks for taking my call sure what's up hey um yeah i had a question i'm debating on going back to school to become a crop duster and i'm up here in north dakota working uh saving money to be able to do that and i was just uh wondering if it's the right uh step to take to do that or what's a crop duster make what kind of money do you make well the first couple years not very much i think which is it's a seasonal thing during the summer so you i think 20 to 30 grand your first couple seasons and then after you get uh acclimated to it and better then you know you make up to a hundred thousand dollars in six months what's it gonna cost for you to get trained well i checked out a school down in georgia and it was 50 grand and it takes four three to four months yeah i would keep researching i i would keep searching and researching and looking for anybody and everybody who's reputable and see if we can get that cost shaved off and see if we get a better deal and then the question is how bad do you want to do this if if there wasn't any money to pay for it would you be jumping on this right away how excited are you to be a crop duster well um i thought about it for a few years and uh i went down there and checked the school out and rode in one and man after we took off got up in the air and dove down in the field i you know thought i was on cloud nine i was uh all about it so there you go so keep on saving brother keep on saving okay don't you quit all right hey look you're gonna have to save for it and i love that you said save because it's gonna take a little longer but here's the deal that feeling is going to happen to you over and over and over again and you just keep your mindset on how that felt that time you got up there how much money you're eventually going to make and that will allow you to keep the persistence you have to get a pilot's license right yeah he's got to get trained for that you have to not only get a pilot's license but you also have to learn how to actually do this type of maneuver correct well you got to get your private pilot and then your commercial pilot and then after that there's an ag program which is what this school they do all that but they're specifically an ag program that shows you you know your turns and how to dive in the field and all that that's amazing i've never heard of that that's so cool yeah you have to learn how to do everything somewhere so that's interesting wow the answer is yes go to it yeah pay cash for it yep and shop around make sure there's more there's got to be more than one place teaching it make sure you're not overpaying you got sucked into somebody else's dream [Music] that's the truth uh ken coleman good hour good job james shiles and kelly in the booth i'm dave ramsey your host 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 slash survey or text survey to 33 789 [Music] you

Channel: The Ramsey Show - Full Episodes

Views: 27,337

Rating: 4.818182 out of 5

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

Id: -1a0ox4Fyfg

Length: 121min 20sec (7280 seconds)

Published: Thu Sep 09 2021