Don't Be Stagnant, DO SOMETHING!

Video Statistics and Information

Video

Captions Word Cloud

Captions

[Music] sacrifice determination you can be intentional about your character you've gotta be on the same page say we're calling to let you know we are debt free house and I read you have done really really really good and you're not gonna quit been a huge witness for us to be able to share that it was time to get serious intentionality people this is your show America I knew it 22 what I know now our life would be better as the show that's changing the world now you don't get us to listen you live it live from the headquarters of Ramsey solutions broadcasting from the dollar car rental studios it's the Dave Ramsey show where dad is DOM 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 you jump in we'll talk about your life and your money it's a free call a triple eight eight two five five two two five that's triple eight eight two five five two two five thank you for joining us America Catina starts off starts us off and Fort Worth is it Catina or Katrina no not the hurricane okay it is Katina hi how can I help hi it's a pleasure to talk to you I'll get right to the point my husband and his siblings are receiving an inheritance or they did receive an inheritance from their grandparents and my husband's in charge of giving a check to his sister you know just a little bit of the background very little I'm she's aware the principles and has gone through the program but really just does not follow the principles and so he and his siblings his other brother and his mother are worried about giving the check that her about her boiling and we know that we don't have the choice he's just wondering the question is you have any advice for when he gives it to her I'm using the Collard today later to let her know that the inheritance check person he's a big brother he's the middle one okay she's little sisters big sister she's the baby okay and how old is she like one year at 32 or 33 is she married yes and she's got two kids and first grade and then I miss my money industries getting ready get a check out large it's $11,000 and I told him at least at least they're not doing you know alcohol or drugs like he's a given drunk a drink but it feels kind of like the same situation in their choice yeah discussions on this show giving a drunk a drink is seldom actually it's a metaphor it's old I'm actually doing all it's a metaphor for you know giving people money who are misbehaving okay number one you know like you said you don't have a choice the executor of a will does not get to make a moral judgment about the misbehavior of an heir they have to execute the will unless the will calls for them to and it doesn't most of the time okay and so he has to give her the check there's no question about that and so how is her husband is he more domineering over the situation or is she they're both free spirits and they would say that she's more domineering good hands okay all right and where do they live today with I mean it was icing color Texas how far from you guys let me ask it that way 50 miles okay good pan Oh 15 good okay here's what I would do if I were your husband okay okay I would call the two of them and say hey I need to meet with the two of you okay in person with no kids okay a meeting and schedule meeting in a conference room somewhere maybe at the lawyer's office would that is doing the checks okay okay and then I would sit down with them and I would say listen I I have two hats that I'm going to wear as we sit together today hat number one is the executor of the estate for her grandson let me I'm sorry they're not I just want to clarify he's not the executor he's not who is he's not so the executor already gave us three check exactly to his brother oh and the brother gave it to us and you should give this one to your sister why why would the executor give complicated check three year old that's almost two and a half years is this the last assistant not it this is the last of the money yeah yeah the executor of the estate is misbehaving they should never give you someone else's check I know that's completely oh we need a reverse no no in target you can take it to them and say the executive so it changes the conversation though you're right thank you for the clarification so you hand it to them they say the executor gave you this now I want to sit down and talk to you guys as your big brother I love you more I love you more than life itself and I really want you guys to do something good with this money because I think you're gonna look back later and regret that you have debt that you've you've not been kind to our grandfather's memory when you waste this he was not a wasteful he was not a wasteful man he was a good man that saved money he was diligent with money and thus you have an inheritance and you are doing his memory harm when you waste money that he left to you I want more for that you than that he wanted more for you than that and I just I just want to tell you I think you can do better than you guys have been doing and if you want some help will pay my wife and I'll pay for you to go through Financial Peace University if you guys want to get control of your money if you want to do this will will walk with you will be your accountability partners lovingly I'm not going to bother you or be all up in your business at all times but as your big brother and someone that loves you I just going to hand you an $11,000 cheque and you're going to piss it away and I got to tell you I think that's bad I love you too much to not tell you that and I I'm not mad at you and I want you to come over for Thanksgiving dinner and bring your kids that is not what this is about I just think it's time you to learn to handle money because you are dishonouring our grandfather when you piss away as an heir at this and just call them out lovingly kindly firmly and then end it don't bring it up again if they just say well it's not your business okay you're right it is your grown adults you can do what you want to do and you know you love them anyway we've all got stupid people in our family all of us do and all of us have crazy people in our family and you just go that's the crazy one that's the stupid one and you just eat dinner with them anyway and you love them anyway and but if you can love someone enough to help them change the direction of their life that is real love most people don't love someone enough to risk hurting their feelings for them I get called a jerk and I mean two people here on the air and I get all these Dave Ramsey's of this Dave Ramsey's of that things that you can't say on the radio and he's all of those things and really I probably am I guess but none of the correction or sternness or anything I give you here is anything but love it's the same thing you people Colin you go and I've been through Financial Peace University six times what do you think of the new Honda just leased and I'm like well you're stupid and that's not because I'm a jerk it's because you're being stupid and I love you too much to just let you go I'm just I learned nothing and I went through the class three times I must have a learning disability oh my gosh I mean what is your problem you know but you know I'm gonna call you out on your stuff because I care about you and you don't get your life changed if everybody just goes along with your crazy and says oh I love your new clothes therefore when you're walking down the middle of street butt-naked you know somebody needs to go dudes got no clothes and they need to love him enough to tell him that you know and that's love it's not being a jerk you do it kindly firmly no cuss words involved no raised tones are anger involved just tell the truth lovingly [Music] [Music] so when you think through okay I'm going to be spending some money there are really a few filters as you think through like why do we spend why don't we spend money well number one we spend money because it's necessary we have to spend money on things like food shelter utilities transportation I call those your four walls so in your budgets if you don't have a budget you need to download every dollar but in your budget those are the four first four things that you do when you spend money because you wanna make sure these are covered these are your needs these are your necessities now we also spend money because we think that it's gonna make us happy we see things we want and we're like you know what if I could have that I'd be happy and like we've talked about many times on the show you can buy fun but you can't buy happiness but sometimes in our culture in our country we think okay so it's bigger if it's better if it's nicer everything will be better and it'll make me happy it'll fill this little void that I have but when that's us it's like we're a rat in a wheel running running running and getting nowhere because it is so true that money cannot buy happiness it can buy fun though lots of fun things which is why the last reason we spend money is to enjoy life cuz stuff is not bad remember it's okay to have some nice stuff just don't let your nice stuff have you but I can enjoy life let me tell you yes I can and I can enjoy good dinners I can enjoy great clothes like you can have fun with money and enjoy but you want to make sure you're doing it within a plan [Music] if you're a parent you need to hear this 60% of kids ages 10 to 18 have experienced cyber bullying in one way or another as a parent you want to protect them but how how do you know if bullies or predators are talking to your kids online well I've got the answer I'm a huge fan of the monitoring app bark-bark proactively monitors your kids text messages YouTube emails and several different social networks for potential safety concerns and the best part is Bart only sends you alerts when there's something to be concerned about this means kids can keep their privacy while parents the peace of mind folks this is a no brainer if your kids have a phone tablet or computer get barque you can get a special discount when you go to bark dot us slash day mark really is the smartest way to protect your kids go to Bart dot u s slash Dave hello America and welcome to the Dave Ramsey show I'm George camel thanks for joining us here on our video channel whether you're watching on YouTube Facebook Dave Ramsey comm or the Dave Ramsey show app you'll see we've got a different set up today's because we are going straight into a debt free screen because Chris Hogan joins Dave in studio Tim and Jessica are here from the Chicago area and we have two more debt free screams coming up later in the show plus Rachel Cruz will join me to hang out right here in our lobby so the crowd has assembled we've got some new team members watching I hope Tim and Jessica already because they are about to scream for their lives no more payments baby it feels good let's get to it [Music] your life is an adventure emotionally you just been through the ring [Music] you're not afraid of hard work and you have note that everything paid for a very very well done you did the hard work and you've done so good you know when you've had it that something has to happen inside of you slow and steady live on less than you make believe that it can happen it does happen every day in America you are the answer God's blessings pouring to and through you are the answer [Music] number one best-selling author of the new number one bestseller every day millionaires chris hogan Ramji personality fluence me at the bottom of the hour to answer your questions about life and money we'll be doing the show together in the bottom half if you have a question in particular for Chris you're welcome to jump in now the phone number is triple 8 8 2 5 5 2 2 5 in the lobby of Ramsey solutions Tim and Jessica are with us hey guys how are you better than I deserve where do you guys live Chicago Illinois awesome and all the way to Nashville to do a debt-free scream that's right very cool how much have you paid off three hundred and forty four thousand dollars Oh how long did this take just about three and a half years Wow and your range of income during that time just over three hundred thousand dollars Dave Wow and what do you guys do for a living I'm a chef run a bunch of restaurants and I'm a consultant and author have a few books good for you guys well done very fun Wow big incomes wonderful careers and what was the 344,000 it was the house I love it well congratulations you guys very well done so what's this house worth about 600 625 love it and how old are you - I'm 42 and I'm 40 turning 41 this week in two days all right well happy birthday thank you very nice very nice so you decided three and a half years ago we're making a ton of money we need something to show for it we're gonna knock this house out you've heard the story before what did what made you decide to do that well I mean you could have just gone ahead and lived it up in lifestyle right very very true well we'd like to organize our money journey in three stages of give save and spend so it started about when we were married eight years or so we went through some marriage difficulties not related to money but we had a lot of reason just to get our act together and at that time we committed wholeheartedly to giving giving at least 10% to our church doing some other giving and so that helped us just get out get on the same page in a lot of ways couple years later we read the nextdoor my time stamp we realized while the average millionaire is not who we think it is and they don't do the things that we think that they do and that really kick-started our savings we were able to save a hundred thousand dollars in one year Wow to the but to the downpayment of our of our house um after that we did keep saving but we would do what I would call a save and drain so we would save everything in one account and just do a house renovation and then drain it down and say oh we need some more in there to do the next thing to do a vacation to do and we knew that we needed emergency fund we knew we needed to save for retirement we knew we needed kids college but we didn't really have a system we were doing a budget but not every dollar we were pretty sloppy I would say toward the end and we would still have a lot of money fights I'm the nerd he's the free spirit and I felt like I was doing a lot to manage our money and he was like where is all the money going and there was a lot of friction around that so that's when you came on the scene through our friend Melinda we were talking about money went a couple times and she said you know some of the things you say like are you Dave Ramsey people I'm like what's a Dave Ramsey person can I be one without knowing it and so she was telling me about you and around that time Tim had started listening to the entre leadership podcast so he said hey you know this Dave guy also has a call-in money show I'm like her calling money show I love that idea so that became my part-time job was listening to your podcast when it was about an hour hour long stint on the podcast format we read the book and then we just decided to to do it paid off $15,000 on the car right away that's not included in the the three the three forty four and then really the third stage of the journey so you're still having trouble with the budget and Excel and quicken and every tool out there I've used and the day that you announced every dollar I think it was May 2015 I think yeah I think so I downloaded that app and I was like hallelujah this is amazing it's perfectly aligned with his philosophy we're gonna be able to see the same thing at the same time real time and we just we took off from from there went right up the baby step steps emergency fund retirement save the big chunk of college and then did our first extra toward principal in January 2017 so the 3:44 itself was was paid off in two years Wow yeah through just focus wow I love that idea on the savings account where we put it in and drain it out I had one guy call it a put and take account put it in take it out or didn't take it out and you never really get anywhere that way exactly it's like gaining weight losing weight losing weight there's no there's no piece I think that was the biggest problem we had right we'd give towards like a missions fund would give towards like a church project we do a renovation and then as soon as we did it we second guess ourselves like wait where'd all the money go are we doing this right yeah we had no peace so there was no overall plan yeah what's your program brought us was just a plan and then the peace that comes with knowing that you're on the plan and you're actually making progress wait oh you guys you're flying this is great okay so you're probably everyday millionaires then too aren't you yeah I think we just went over the mark a few months ago yeah with your with your 401 K and a $600,000 paid for house ready to go yeah that's a twofer man dead free everyday millionaires all in one day somebody that pays attention to their money and starts winning with it there we go way to go you guys very very well done very very proud of you guys here so what do you tell people the key to getting out of debt is you paid off your home they're 40 years old I think for me it's two things the first is make hay while the Sun shines you know we didn't know how long we would be having a pretty pretty sizeable income and we didn't want to turn around one day and be like what the heck did we do with all that money you know why don't we make progress when we when we could you just don't know what can happen to you so that's number one and number two for me was just maintain fidelity to the plan don't do ish don't do I sort of do Dave and I sort of do my own thing we did exactly what you said and we got exactly what you said we would get yeah I was surprised Wow fidelity to the plan that's a strong word from fairy Dave I would say that it's just don't turn the radio off you know we especially when your your podcast went to three hours instead of just the hour we always listen to it we talked about it we led three classes at our church we were about to lead some more but then we changes in churches but you know we're always talking about the plan we're always encouraging each other we were always getting with people that were part of the program kind of like Coleman's new book that's coming out right we were in proximity with everybody that was on the same page with us and that just moved us forward that much faster Wow so way to go you guys who were your biggest cheerleaders on outside the two of you I would say my our parents are sets of parents who taught us to work hard and giving was always a priority I think when in both of our households growing up so I would say our parents yeah and our kids you know they saw the popcorn jar that was full of you know popcorn at one time get drained lower and lower they saw you know our debt chain kind of get cut one link at a time and they were always encouraging us and our son was writing his own money book about what he understood to be happening and you know just seeing seeing the whole family get behind it you know and all avenues was great so fabulous Ross together and you brought the guys with you yeah ages Mason he's 12 years old and Harley she is seven years old now right very cool and practicing their debt-free scream all the way from Chicago they're loud yes you know a lot of their good good I like loud I don't know wimpy debt-free screams are not good yeah when your house is paid off in your 40 I mean that's just wrong yeah you've got a copy of Chris Hogan's book for you everyday millionaires obviously that's the next chapter you're already in that chapter deep into it in your lives and well done everybody here at Ramsey is so proud of you guys very very well done all right Tim and Jessica Mason and Harley from Chicago 344 thousand dollars paid off in three and a half years that's their house and everything making three hundred a year count it down what's there a debt free scream here we go three two one I love it you know we've been doing these debt-free screams for 15 20 years now and only in the last few months with the advent of Chris Huggins new book every day millionaires have we thought to stop and say you know you're probably already a millionaire just by getting your house paid off when somebody's doing a house pay off debt free scream it's not unusual for the number for that number to take them over a net worth of a million dollars depending on the value of the home and the you know how much is in their 401ks and that kind of thing so very interesting very interesting so we're getting some twofers now debt free scream and every day millionaires all at the same moment well it's not really the same moment we're gonna celebrate it at the same moment this is the Dave Ramsey show so you've probably heard me talk about never lease a car we call it fleecing a car why is that one of there's several reasons number one Smart Money Magazine my calculator consumer reports all say leasing a car fleecing a car getting fleeced is the most expensive way to operate a vehicle now think about that what that means is there's some math involved now here's the deal the vehicle is worth X number of dollars let's just pick a number it has a MSRP of $25,000 and you release the car then at the end of the lease you can either buy the car out at the remaining dollars owed called the residual value and own the vehicle or at the end of the lease you can turn the car in now obviously if you think about it you're paying monthly payments on this car as you go along called lease payments right you're actually renting the car and you can turn it back in it sounds kind of good until you actually run the math on the thing because here's the deal you know that when you turn the car back in or when you write a check and buy the car either one at the end of the lease you know a hundred percent that the car company did not lose money so basically what you're having to pay for during the term of the lease a three-year lease is how much the car loses in value do three years plus you have to pay what's called cost of capital which is the equivalent of interest rate on the money that you've had borrowed during that time you've got twenty five thousand dollars of their money for that entire time and so you know three years of twenty five thousand dollars worth of interest cost of capital is built in here's the thing all of that works if the lease rate of the capital costs to capital is zero and you breakeven on the car hypothetically it works never comes out that way almost all leases when you run them through a financial calculator have a cost of capital north of fourteen percent yeah you're borrowing money on a car at fourteen percent that's effectively what you're doing that's stupid that's stupid straight up mathematically dumb and let's just say it's ten percent let's say it's seven percent it's a car loan people that's all it is and you're not going to win borrowing money on cars because cars go down in value second major problem of the car fleas is they only work on new cars which guarantees that the depreciation almost all of it occurs in the first two years is gonna hit your paycheck hit your payment amount which hits your paycheck so it doesn't work except on new cars which we tell you not to buy a new car anyway because of the heavy depreciation unless you've got at least a million dollar net worth and on top of that you're paying ten twelve fourteen sixteen percent cost of capital and you'll never know what the cost of capital is unless you know how to run a financial calculator because since it's technically not alone Federal Trade Commission laws for disclosure on loan document issues like the interest rate term and all that stuff that you see on a regular car loan they don't apply to leases so the car companies love leases they make more money on leases than they do on the sale of cars tons of research shows that tons of articles out there show that consequently you know what the number one thing they do is they sell you a car lease you know the number one thing people buy is they icarly's doubled um you're buying a new car going down in value like a rock and you're paying a premium and cost of capital stop it think more clearly than that our high health care costs getting you down are you confused trying to navigate the health insurance world do you wish you could find an affordable biblical solution to your health care costs based on New Testament principles Christian health care ministries are CHM helps christian families churches and businesses join together as the body of Christ to share their major health care costs as a CHM member you can go to any doctor or hospital you prefer you aren't bound by an approved health care provider list and all treatment decisions are made between you and your doctors no treatment approvals are ever part of the CH and experience for tens of thousands of Christians CHM is a trustee affordable and biblical health care solution and it can be the solution for you as well visit us online or call today to learn more about how we can serve your family church or business Christian health care ministries one eight hundred seven nine one six two two five CH ministries dot org hey folks I'm here with Tim and Jessica after an awesome debt free scream how you guys feeling awesome thanks Josie now you're very well-spoken obviously you said you're do consulting and you're a writer so telephone watching what do you do when you don't have any more house payments you got nothing yeah it's actually been a little discombobulating we have like a lot more money in a month and we have to make decisions I used to think when we make a certain amount of money or when we're done paying off the house maybe we won't have to have a budget but we need it now as much as we ever did and we have to make decisions about money every month and it's it's kind of hard now that we're past the mortgage I have to admit that's awesome well I know your your restaurant or do you want to give any shoutouts if anyone's in your area want to visit yeah shout out to the em burger crew in Chicago and the rest of lettuce entertaining restaurants there you go go visit because they're debt-free and that is something to celebrate we're so proud of you guys congratulations once again to Tim and Jessica and the kids here yet free - that's great [Music] [Music] open phones this hour the phone numbers triple 8 8 2 5 5 2 2 5 Ramsey personality number one best-selling author and a host of the Chris Hogan show which is a broadcast as a podcast and on YouTube is joining me this half-hour to answer your questions welcome back Chris well thank you sir it's good to be back and good to hear a debt free scream right before the break that also or everyday million uh I love here in that days and and to see the family out there together United that was a serious scream yeah we have some walls rumbling yeah they did good job they did a great job yeah no wimpy screams here no we don't need those good stuff good stuff alright jumping in with Luke ah in Waynesboro Georgia hi Luke your question for Chris and me hey John how you doing pleasure to speak with you you two quick questions so I'm 30 years old my wife's 28 I work nuclear contract work so as you know you know jobs can kind of come and go we've Melissa I've gotten real good control of our money over the past 18 months we paid off 50k in debt we are leading the FPU at our church coming up next months and so when we're getting ready for retirement but we're looking to buy our first house and so my question is is you know we've got our downpayment and now that we've gotten there we're kind of hesitating because we don't know because of my type of work should we go ahead and buy our house back home in Florida where we permanently live or should we just continue to wait and save you know until we got the 100% down plan what's the probability you're gonna be in your current location for three to five years precise what percent chance of a 0% okay so you're moving yes I'll plan is to go back home to Florida where we're from so right now I'm just on a contract job which is what I do I travel for work but my home base is in Florida we just don't own a home and we're ready to do that my son's starting kindergarten and we're ready to settle down back home okay so why would you not buy there that's what I'm talking about that's where we want to buy we just don't know if we should wait till this job's over and then and then go buy or because we have a good steady income right now everything was good on paper go ahead and and go get our house now with our down payment and then just be aggressive with paying it off until this jobs over yeah what do you want to I want to buy the house okay what she won't do she wants to buy the house but I'm just here that means that means you're commuting to Georgia right yeah well I'm yes sir I live here you know full time so I mean you're moving to Florida under the scenario and you're going to be commuting to Georgia under the scenario yes sir but you're gonna be commuting to wherever you contract that's correct yes sir okay Chris what amount of down payment Luke have you guys saved up thirty thousand okay and looking at that your emergency fund how much of an emergency fund do you all have we got a six-month okay good because with your contract work that's the thing that I want you to make sure you get it scary yeah no and I think also as you all look at this I think it's really important for you all to make a business decision on this home you buy in Florida that you don't get caught up emotionally that you look at something that's in that price range you know that's my fears we've gotten emotional already and I don't and we've already started looking above our price range and things like that and I'm like let's hold on for a minute and let's let's really look at this from a business standpoint yeah what size what dollar amount have you all been looking at we're looking at about 180 K is where I'm comfortable yeah I make about one I make 160 yeah you're fine yeah that's nothing wrong with that so if you buy the right price range house and you're doing it in the right place and the baby steps and it's where you're going to be and it's what you want to do then there's no there's no there's no green light I mean there's no yellow lights or red lights here nothing to stop at as far as I'm concerned I would go ahead and buy the only red light or the only yellow light is this commute to Georgia starts sooner the commuting away from town for your contract which is in your future but it's going to start sooner by going ahead and buying but that probably puts the kid in the kindergarten probably gets everything else lined up on the family and it's just a part of what is your life now it sounds to me like no Dave I agree with you in that commute I think he can we can have house excitement right now and it and sound like a big deal but the reality of that starting to happen I think is gonna get old pretty quick no it's gonna you know this way of life going forward bringing its the rest of his life as long as he does this type of work so um that's what you're talking about there so I don't seem reason with what you've outlined here it sounds like you've done it properly sir and well well done all right and Justin is with us in Atlanta welcome to the Dave Ramsey show Justin your question for Chris okay thank you thank you that name is Brandon Hogan I really respect both you guys I'm gonna get your opinion I want to buy my mom my car and she doesn't really have much income she cares for my elderly grandmother it was a widow and I didn't say you shouldn't spend with a nap drink on the car but that the situation is a little different I wouldn't see how much I spend to help buy her car the second guy need to do with your income it's got to do with you buying a gift okay so the ratio of car to your income doesn't matter this is a ratio of gift to your income okay is just putting your income and this is putting your home in jeopardy you buy some her so much cars I'm not troubled your household no I bought a house during medical school i remodeled it and sold it for about $225,000 more than I paid for it and so I use that money to pay off student loans and then I have extra that I wanted to use to bless her yeah with the newer cars and what are you buying a Toyota 4runner what price or more year like 2015 Queen so what's that called senior grows at 20 grand about 20 grand 20 25 grand yeah okay and you're a doctor you're a doc what are you making I make between 350 and 425 whole series not to borrow a car okay and that's not too much her hurt income is like twelve thousand the gaiter do with very thick cover I think I think there's an income this is a gift you are buying it's not gonna need of your income except that the gift is a small proportion of your income but this is you doing charitable giving it just happens to being your mom okay and you're not putting her in a car that's completely if you're gonna buy somebody making $12,000 a year taking care of an elderly person an $80,000 Beemer we probably we need to rethink that you know but this is a very utilitarian basic vehicle you're buying you're buying and slightly used it's going to be in great shape I heard a lot of common sense here Chris McCann how old is your mother DeWine okay how's her health okay because the palm is a poor okay good because you're talking an SUV so she's gonna have to step up into that correct step up into a freakin SUV Rams is getting riled up over your Justin hold on a second Collin I'm just thinking through this process and here's the other thing Justin it's your mom gonna pay the insurance or you I I cover all of her expenses she she stopped working full-time so that she could get my grandmother so I covered her defenses and I would include the insurance okay and what baby step are you on Justin I am in baby step two I'll be debt-free except my house in July okay what debts do you have left I have $20,000 on a truck and about thirteen thousand on a line of credit okay and I've got thirty five thousand dollars in the bank now okay what's that thirty five thousand doing well that's most of that is leftover profit from the sell the house I didn't want to put like I wanted to use some of that money just to honor God and to bless someone else I didn't want to throw all that at my debt and I felt like that house was a blessing mm-hmm is some of this thirty-five are you using the 20 for your mom's car out of this 35 yes okay no the other 15 goes on your stuff and you're making 300 and you just continue your eyes right that's line or credit gets paid off today yeah Justin absolutely yeah finish it up I mean yeah it's got the money to do it and you're making this you're making Bank dude you and your here's the thing you're being very wise and very intentional and you know you're doing a really really good job well done Dave why do we struggle with the permission to give like that well he was making the car as a percentage of income thing that we always use don't buy depreciating assets for yourself right people buy too much car all the time but he was if once he looked at it as a gift it wasn't struggle for him at all got your thing I'm gonna go out here at the break and do my stretching exercises so that I can get into my SUV it my and my ancient age I've never living that down you're right you're not this is the Dave Ramsey show [Music] [Music] are you feeling down owner unmotivated research shows that by hitting the subscribe button below you are a hundred percent more likely to turn things around in fact science tells us that pushing buttons releases dopamine in the brain giving us instant joy so go ahead and hit that subscribe button now was that a good take man these chairs comfortable I wouldn't leave the studio if I was him gonna swap my it out anything sweet still rolling so go ahead and hit that subscribe button today [Music] hello everyone I've got a question for you do you know your net worth you see there's a lot of confusion out there about net worth I mean people think only celebrities have a net worth that's not the case everyone has one but what we have to do is understand how to do this well here's what you do net worth is defined by taking what you own - what you own and that gives you your net worth you see understanding this is crucial to you beginning your journey to becoming an everyday millionaire we've got to know the start point but we also have to have a game plan that's why we develop the network calculator it's six easy questions tailored to help you to understand where you are and to know your network you can do this and I'm here to help all you have to do is enter your email address to get started we all have smartphones isn't it time for a Smart Plan pure chalk USA offers simply smarter Wireless that covers 99% of Americans stop overpaying for Wireless unlimited plans start as low as $20 per month and include the same great coverage you never pay for any data over cheese and pure chalk USA never turns off your data no contracts no hidden fees no surprises if you're thinking our absurdly low cost means less coverage think again if your talk USA operates on the largest GSM network in the u.s. to ensure you're connected virtually Anytime Anywhere at our 4G LTE network provides the fastest internet speeds like more expensive carriers you can keep your same phone and your same phone number add multiple lines to save 20% off your total bill go to pure Talk USA calm and do something smart today unlimited talk and text plans start at $20 per month no contracts no activation fees no reasons not to try come to pure talk us a calm and see how much you can save enter this promo code to receive 50% off your first month [Music] hey folks hope you're enjoying this segment with Chris Hogan in studio if you like this guy there's a lot more where that came from he's got his own show the Chris Hogan show he's taking calls on retirement investing building wealth you can check it all out Chris Hogan 360 calm and the podcast was going so well they said hey Chris what do you think about putting your face on this thing and he said all right and so now you can actually watch him on YouTube he can go subscribe to his YouTube channel the team is doing an amazing job they're cutting up the best calls the best clips and it's gonna inspire you along the way because his voice is amazing as you already know if you want more of that get the podcast get ongoing motivation maybe in your car while you're working out and catch them on YouTube just search Chris Hogan 360 there you'll find them more on the show coming up with Chris [Music] [Music] [Music] [Music] number one best-selling author MC personality Chris Hogan I'll throw the book every day millionaires how ordinary people built extraordinary wealth and how you can - number one bestseller learning about real millionaires how they really got there you can do it with chris's book and we have the free everyday millionaires investing guide at your website talk about that yeah Dave you know a lot of people are asking you know what is the process is I get myself out of debt and build up an emergency fund of how do I go about investing in why do we believe what we believe and teach that and so we walk you through this this PDF is about 40 pages long and it's free and it gives you a lot of details as you sit down and think through your process as you get ready to go sit down with a smart Wester pro Dave we found in the study that you know almost 70% of these millionaires were working with an investment professional so we want you to do what they were doing and get the right kind of help and guidance that's it pretty simple Chris Hogan 360 dot-com / start now it's a 30 page guide download it free the everyday millionaires investing guide Chris wrote the book retire inspired was the number one bestseller every day millionaires number one bestseller this guy and those are stuff that's why I was part of this team kristin is with us in Louisville Kentucky hi Kristin welcome to the Dave Ramsey show thank you hi Dave and Chris thanks for taking my call sure so I just finished reading financial piece and my husband and I have sat down and just kind of mapped everything out we have approximately a hundred and four thousand in debt but we own a house which has approximately a hundred thousand in equity so we're considering selling our house and renting for a while and we're just not sure if that's the best bet or if we should just try and snowball what's your household income around sixty thousand kind of debt is 104 sixty nine thousand of it is student loans we have a twenty thousand dollar car and about sixteen thousand and credit cards have you cut up the cards and you hesitate too long okay and the you like the house the house is great but we're I feel like being debt-free is better okay well generally we sell the house as the worst case scenario unless the house was killing you or you hate it anyway and they're gonna sell it anyway what are usually Kristen how many how many are in your family there's six of us over there for kids for kids what's their ages eighteen thirteen five and four okay alright and so looking at this proactively even if you all were to consider selling the home you've got to find a place to rent to accommodate correct okay and here's the other thing that I hear you know you could sell this house and you could take that equity and you could pay off that debt but until you change your habits until you guys start to look at this debt like right now you see it as kind of like a friend you're realizing it's more of a frenemy it's not it's not helpful because I've seen people make this kind of lifestyle adjustment and sacrifice and guess what they do they go right back into debt because they don't see it for what it is so you know with the family of your size I'm probably gonna sit down and keep talking about this but it's more a matter of looking Dave as I see this of looking at ways to get more serious about budgeting using every dollar but also looking for ways to get the income up yeah if I were in your shoes what I would do moving is very very very expensive emotionally and financially it's a pain in the butt cost you money the move itself the actual Commission's and everything on the sale of the house the whole thing and less Chris said then you've still got rent every month so you didn't get rid of the monthly obligation what he did just knock out the debts what I would know if I woke up in your shoes based on what you told me is I would cut up every credit card as soon as I hang up the phone well we actually haven't gone into any more debt for over a year in her I didn't ask about that told you I do mm-hmm because Chris is right you're playing around these credit cards are still playing footsie and you've figured out it's all okay cuz you and Donny added any extra debt and you're gonna go back in debt when you saw this house you're gonna have a lot of regret and our advice would have been bad advice I want to cut up the credit cards get on every dollar budget not sell your car okay I'd keep my house that's what I would do now you can do what you want to do you can work whatever opinion you want to work you're an adult you get to do that but you called here saying what would we do and that's that's what we would do and our reasons are that the recidivism rate on people going back into debt after the after cleaning up debt is very high it's much higher for people who get out of debt quickly and quote easily and so if you're going to get out of it quickly and easily you have to have some other signals in your behavior patterns that indicate that you've really had it the I had and I've had it moment and you still got credit cards so you don't that's my thinking I don't know I agree with your days and and I think people need to hear out there America the the rationale behind the emergency fund is to make sure you've gotten money to take care of life so you don't have to go backward yeah so if you ever use your emergency fund job number one is to put a brake on all spending and get that built back up so you never have to go backwards yep Jessica's in Buffalo New York hi Jessica how are you better than I deserve how can we help I'm a senior in college about to graduate I'm about to go to school locally and my tuition is fully paid for about to get my first job and I've been a fan of your show for over a year and I'm familiar with the fact I was wondering where to begin sailing and handling money okay so you're taking your first job doing what making how much uh maybe it sounds so shit and I'm gonna make about 1215 hours so it's not that much but it's a start yeah what's your degree out of college I psychology psychology what do you plan to do long term I'm gonna become a psychologist cool okay and how does the job you take help you will do that um it's it's not really gonna help me but I think that just building up money will be a good first step and I'm gonna take some internship opportunities once I begin college once you begin college like once I go in the fall semester also do some internships that will help me oh my god you're graduating Mayer when do you graduate I graduate high school in June but I'm going to college high school graduate college and you're making $12 an hour I was about to melt down over here okay good I'm feeling much better all right ghetto you're doing great well your main thing is to get through school debt-free and all your money should be piled up because that to happen mm-hmm and keep your lifestyle down don't spend money on the dorm don't go to a school you can't afford no debt no debt and that's the process so no debt and if you'll pull out money and take care of that you're gonna be better off Jessica if you write down those two words they've just told you no debt the way we've got a student loan crisis going on right now it's around 1.5 trillion dollars and you don't want to set yourself back in your career by starting off in the hole so look for scholarships and grants get onto Dave Ramsey comm Dave's got many articles and blogs on there about how you can go to school debt-free check into that I'm proud of you as a senior coming out of high school you're already thinking about this and I'm gonna play like Santa Claus in spring and send you Dave's Total Money Makeover book because that's the book that changed the game for me and you starting off reading that and understanding and hearing these stories I promise you it'll put you on the path so make sure you select the school that you can afford to pay cash for whether that's a community college or in-state or your parents are paying for everything you mentioned you had a lot of your scholarships and tuition covered that is wonderful but that is not a guarantee you're going to get their school without that and so we want to make sure that we need that are that we don't need to avoid that we're picking out of school that we do not have to borrow to go to and Dave you know how we can get more seniors like this getting ready to go to school getting our foundations curriculum into these schools now we have to teach these young she caught us both off-guard we thought she's a college senior yeah high school yeah well done yeah well done Chris Hogan thanks for dropping by thank you for having me Dave this is the Dave Ramsey show [Music] [Applause] [Music] [Applause] [Music] I have to admit I'm not a fan of dental insurance very seldom does it pay off yet I understand that just one dental emergency can blow your budget quickly and the truth is no matter how expensive dentist visits can be you have to take care of your teeth that's why I am a fan of one dental comm one dental comm helps you save at the dentist immediately with an everyday low price it's like a Costco membership you pay a little to join but you save big every time you use it plus you can choose from tens of thousands of dentists all across the country and unlike dental insurance pre-existing conditions are accepted there are no waiting periods no maximums no claim forms and no deductibles it even includes orthodontics for kids and adults in fact I have team members who have saved over a thousand dollars for one procedure start saving today at one dental calm [Music] [Music] all right moving on now again back to the subject on teaching your kids about money now this is something that a lot of parents have questions about they're always like how do I teach my kids about money so here are a couple things to keep in mind number one you have to realize it is your responsibility to teach your kids about money it's not the school's responsibility it's not the church's responsibility it's not tv's responsibility no it is your responsibility you really do you have to take that weight on yourself that it is up to you and a lot of parents are like well Who am I need to teach my kids about money like we're living paycheck to paycheck worth deeply in debt like we've been terrible with money who am I to teach my kids about money who are you we're their parents yes I don't care what you've done in the past that does not have to dictate your future and it does not have to dictate your kids future I mean I look at my parents story and they found for bankruptcy the year I was born and thank God Dave and Sharon Ramsey weren't like well who are we to teach people about money we're terrible at it yes that's just who we are no they did it and because of that my life has changed and so many other people will still like you do you have to take that responsibility now more is caught than taught so your kids are watching you so parents get your stuff together that's gonna be important but take it on don't let those past mistakes dictate your future or stop you from teaching your dates also keep all things when it comes to money age-appropriate okay working and learning that your kids you know need to work and that they get paid for chores that they're not just given an allowance that they are on commission it's really important but you're not gonna make your four-year-old go Mosel on like we're gonna keep it very age-appropriate you're gonna teach them to give save and spend again all those things and I think it's great for kids to save up for things even like a car when they turn 16 years old I think that's a great thing they can be saving for but you may not want to start that when they're four and last but not least I love Andy Andrews quote he always says you're not just trying to raise good kids you're trying to raise kids to be good adults and I love that because what that shows it's not just the tactical things that you're teaching your kids but it's also the character issues it's all of it and so what you have to understand is like some parents think oh I don't want to make my kids give I don't want to make my kids do certain things and I'm like well you make them brush their teeth they make them do their homework why because that's going to allow them to do better in life later on and the same is true with money and so look at it is not just being good in the present look at it that who they become is what you're going for I think about the future [Music] hey folks I'm here joined by Rachael Cruz Rachael how's it going good god to be here with you George yeah we uh we usually just hang out on the road so it's nice to actually see on the home front office it's rare but it's here I want to chat about this latest episode of the Rachael Cruz show because it's all about Disney was this your idea I'm guessing gosh you guys I love Disney World I do I love Disney some people art Disney people some people are not I always say if you're not a Disney person come to this side of the world it's just a happier happier place to be when you love does they ever you said it was for the kids when you went but Winston knew it was really for you I know so that's like one of the tips we give in the episode episodes all about how to save money and go to go to Disney debt-free how do you do that so we walk through everything and one of the tips is that you have to be in agreement with your spouse on when to go and I wanted to go like four months after our first hundred was born but once did not so much so yeah we laughed all the time because he was like Rachel we're gonna be spending all this money on something that she's never going to remember so we would be going for you I was like yeah you're exactly right Winston Cruise hold self-awareness and we appreciate that about where I I'm aware so yeah but we ended up going and like three years later but it was great so we went and all that but yeah but we have a dizzy expert on who actually ran the Disney food blog and so if you're a Disney person you know like the food's a big deal and where you can save money and so she came on to help us out and yeah we just we have some fun this episode Disney savings goal tracker PDF they can download a Rachel Cruise comm to go along with it so if you want to save up that's great yes we want you out of debt emergency funds like you want to go to Disney responsibly for sure but when you go there's a lot of great places you can save money and if you are a Disney fanatic like me you would appreciate this I love it well let's mention the contentment journal now you're doing a kind of live guided journey on your Instagram if they follow you at Rachel Cruise what kind of posts are you seeing from that yes so the contentment journal is a 90 day guided journal and every day you get a prompt and so the first 30 days you walked through gratitude the second 30 humility and then the last 30 is all about contentment and so really leading up and building up to being content and so yeah an Instagram like you said on my stories I'm just going through it was people and we're in the first week and it's actually I said that some one of the stories that like the prompts are a little bit more like not intense but they're more challenging and they're more introspective than I even thought when I was writing it so honestly it's been a challenge for me to go through it it's been helpful like personally so yeah it's awesome check it out you can also see us on the road in Dallas May 16th money in marriage thanks for hanging out Rachel thanks George [Music] sacrifice determination you can be intentional about your character your work you've got to be on the same page today we're calling to let you know we're debt-free how's that everything you've done really really good and you're not gonna quit than a huge witness for us to be able to share that it was time to get serious intentionality people yes this is your show America I know it 22 what I know now our lives would be better is the show that's changing the world now you don't just listen to the show you live it [Music] live from the headquarters of Ramsey solutions broadcasting from the dollar collar rental studios it's the Dave Ramsey show where dead is dumb cash is king in the paid off home mortgage has taken the place of the BMW as the status symbol of choice I am 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 Frank starts off this hour in Atlanta Georgia hi Frank welcome to the Dave Ramsey show hi Dave how you doing better than I deserve what's up okay so I have ten thousand dollars from a settlement I got in Joe chronic car crashing if they're worried of this year and I'm not deciding I've decided not to buy another car cuz I have another car readily available for me what should I do to invest this uh settlement and settlement money well are you are you yeah are you are you okay oh yeah the chiropractor sessions were pretty intense but I'm okay okay yeah so all your medical bills or needs are behind you yes yes yeah so this money is free and clear and you're you're down one car but you have another car to drive yes that you own yes okay and what's your household income um I'm currently living my grandmother I I personally make about 21 thousand a year and my grandmother makes about two hundred okay I'm I'm trying my best to I'm 19 by the way I'm trying my best to invest the money into myself or somehow start to be more financially illiterate I started watching you about a week ago Wow well I'm honored thank you obviously what do you do for anything what do you do for a living now um I'm I key support no kind what do you want to do when you're 29 when you're 29 what's your goal I want to be a sort of systems architecture or some sort of programming architect for a company good that's a great great career field and especially since you've shown aptitude to technology already or for technology already you can move that direction pretty easily good for you and so all right the the good thing I always do and I learned it too this years and years ago is I asked myself the same question I ask you is where do I want to be in ten years or 20 years right and then I have to ask myself what will have to be true about me that is not true today otherwise I would already be one of those ok ok you kind of the same thing I got a friend of mine that's running the half marathon next week here in Nashville ok and had she had to ask herself ok what has to be true for me to be able to do that that's not true now and Chester herself that about a year ago and she's lost 40 pounds by the way there's one things that need to be true to build a run a half marathon it's easier to not carry an extra Backstreet Boy with you you know when you're running right so what has to be true about Frank that's not true now for you to ten years from now be successful as a architect in platform engineer in the technology field and my guess would be some certifications and some training would that be right you're right you're right I want to detail that out by talking to a few architects platform architects and platform people and ask them ok to get hired to do to be your assistant and to be a mini-me in your company just like you or similar to you what would I need to know and what will certification is what I need to get that I don't have now and you don't need to get that from an article on the internet you need to talk to actual human beings that are doing what it is you want to do ok and then go take those classes and spend that money on that ok ok and that's going to be a great investment because those guys make 210 they make 10x what you make yeah yeah so it's worth doing ok it's definitely I got several of them on our team and they're brilliant people and they have an aptitude for that and they I mean we do a lot of Technology work here a lot most of it I don't understand but but I pay for it and so I understand enough to pay for it and understand how these people's brains work and how they are able to pull these things off and so go learn from them what you need to do and that's what you spend your money on because I can go ahead and tell you it's not a four-year degree in information systems okay that's not needed to do what you're talking about you do need some certs and you some certifications and you do need some programming experience and some project management experience and some things along those lines and you can get about the business of doing those things the other thing I do is your company you're working for technology oriented you know okay any chance they would pay for any of your certifications for you to get better to help them no you sure yes I know okay I already already been down there oh good okay well it might involve you taking a technology job at a technology company that wants to pay for tuition and then we could get a lot more bang for our buck out of your ten grand okay okay so you know again ask yourself what has to be true what do I have to know and do that I don't know and do now to or otherwise I'd already be one to be able to run this marathon to be able to be this platform architect and so forth and that's what I would spend your money on and stay out of dad Frank don't go buying the student loan debt lies that you need to go into debt to do all this you have ten grands a jump start you're wise to think about it like this and your grandmother making 200 grand there's no slouch she's obviously bright at something so she'd be a great mentor in this process even though she may not know anything about technology but she'd be a great life mentor you probably listened to her dumb people don't make 200 grand very often it's fairly unusual so generally this woman's got some wisdom that she could bring into your pour into your life and I'd be I'd be leaning in ear in on that that's puts her in the top 1% of income earners so good question man thank you for calling in honor to have you at 19 here on the air I don't know if you old-time listeners that have been with us for many many moons have noticed the number of 18 19 and 21 year old phone calls that I'm getting these days as opposed to say five years ago or 10 years ago and it is way way up and we are very happy at Ramsey that those that this generation actually wants to talk to a dinosaur like me and I can help them get moving in the right direction on some of these things we're very honored that the Franks of the world are not only listening but that's a that's because of two things just to let you guys know that what's going on talk radio in general is moving to a younger demographic especially with the advent of podcasts and the heart podcast has exploded it's gone from 1 million listeners to almost 6 million listeners in about three years it has gone bananas and our YouTube channel is just it's I can't even measure it's hundreds of millions of downloads now the hours it's just bizarre the number of hours people are consuming on YouTube and in case you didn't know YouTube is a primarily under 35 year old phenomenon I go on YouTube but not like you guys knew that our young so there you go but I have to stretch to get into my SUV that's a joke from the other hour this is the Dave Ramsey show [Music] is a thirty year mortgage really that much different from a 15 year mortgage you bet it is let's take a look at the math behind both a thirty year in a fifteen year and then you can decide if it's really that big a deal a thirty year mortgage on a two hundred and twenty five thousand dollar home with six percent interest has a payment of thirteen forty nine now on a 15-year mortgage the payments would be eighteen ninety nine that's a five hundred and fifty dollar difference does it really seem like that much right wrong when you pay 1349 a month for thirty years at 6% you're actually paying four hundred and eighty five thousand dollars for your two hundred and twenty five thousand dollar home now let's do the math for a 15-year mortgage on that same house a monthly payment of 1899 for fifteen years at the same interest rate is a total of three hundred and forty-one thousand dollars for the home so when you do a 15-year mortgage you save yourself a hundred and forty four thousand dollars did you get that by going with a fifteen year instead of a 30-year mortgage you saved yourself a hundred and forty four thousand dollars it's a lot of money and you end up saving yourself about fifteen extra years of bondage still aren't convinced now let's take another look say you still have that same home with the same payment amount now fast forward ten years the two hundred and twenty five thousand dollar loan on a 15-year note is paid down to about ninety eight thousand dollars after ten years on the 30-year mortgage that house is paid down to about a hundred and eighty eight thousand so what does that mean it means that if you've got a 30-year mortgage you've paid almost a hundred and sixty two thousand dollars but you've really only knocked thirty six thousand off the loan let me put it another way over the past ten years you've given the bank a hundred and thirty thousand dollars and if you're thinking about getting a 30-year mortgage and paying it off in 15 take again vacations prom dresses home improvements something else will always seem more important but you know the cool thing about a 15-year mortgage it always pays off in 15 years or less the bottom line is this if you think you're getting a better deal with a 30-year mortgage just because you're saving a few hundred bucks a month you're only thinking short-term if you open your eyes a little bit and start thinking long-term you'll see that you're literally throwing away hundreds of thousands of dollars don't sign up for a 30 year mortgage just because everyone else is hey everyone else is broke [Music] if you're a parent you need to hear this 60% of kids ages 10 to 18 have experienced cyberbullying in one way or another as a parent you want to protect them but how how do you know if bullies or predators are talking to your kids online well I've got the answer I'm a huge fan of the monitoring app bark-bark proactively monitors your kids text messages YouTube emails and several different social networks for potential safety concerns and the best part is Bart only sends you alerts when there's something to be concerned about this means kids can keep their privacy while parents eat peace of mind folks this is a no brainer if your kids have a phone tablet or computer get barque you can get a special discount when you go to bark dot us slash day mark really is the smartest way to protect your kids go to bark dot us slash knave [Music] thank you for joining us America this is the Dave Ramsey show we're glad you are with us our question of the day comes from blinds.com find out for yourself why blinds.com is the number one online retailer of custom window coverings you get free samples free shipping and with the new promos every month you save even more use the magic word the promo code Ramsey today's questions from Brenda in California how do I proceed when collection agencies have not responded to my debt validation and settlement letter it has been over a month you can call them if you want and just say I sent you a letter asking for debt validation and a settlement and just checking for follow-up if you want here's the thing you'll find the problem is there are a few and I mean a very few collectors and collection agencies that are competent the vast majority of them have the person sitting in the chair calling you has a lifespan of under 90 days on the job they don't keep their jobs and the reason is it's such a horrible freaking job to call people all day long and be nasty it's just very difficult for most people to do that and so the turnover and plus most of the collection agencies lie and they break federal law and they do all these other things that people with ethics can't abide and they just you know again there are a few good ones and most of them are your local will small town collection agency where they do abide by the Federal Fair Debt Collection Practices Act and there may be somebody that's actually in the Chamber of Commerce and they go to your local church there might be reasonable human beings but the rest of them are scum and they you know the what you do if you run a large boiler room collection agency is you hire and train all the time because you have to replace the revolving door that is your front door they come in and they go out they come in they go out because as soon as they can find a job making money they'll leave because it's just such a horrible job and it is not so that that's what you're dealing with is the you know the bottom of the Darwin curve is who's on the phone because the number one they took this job in the first place means they were desperate for a job and if they stayed there a long time now you got double uh because that's starting to make a statement about the person you're talking to or they've just been there twenty minutes and you know more than they know and that's what you usually find so it just takes a while it's a very frustrating process to negotiate with and deal with collection agencies see this is your money you owe money for something someone did for you or gave you this is your personal business the person on the other end it's just their job and they're in a cubicle with a headset on and they hadn't been there long and that's what you've got to remember especially if one of them starts being nasty to you and all that stuff because they teach them the nasty technique the first day right and because it works people get all intimidated too scared and shaky and freaked out and they'll give you their mother's house you know just to get you off the phone and you know because people just don't do conflict well anymore unless it's you know they don't do well then one place they've got any bravery is on Twitter but in real life people don't do conflict well because they're scared and so that they use this intimidation tactic in the collections world because it works and if you start getting that here's a neat idea just go hey you've got about five seconds to turn that crap off and we're gonna talk like two regular people or you're gonna be talking to a dial tone what you have by Kenny blink-blink you're gonna hang up on me yep tink you're gone just like that I push the little end button right here on my phone and you will end it's over I ended you and that's you know you just got to move on and go back and try to find one occasionally that for a second will rub two brain cells together and try to help you but it's a frustrating process stacy is with us in indianapolis indiana hi Stacy how are you hi sir thank you for taking my call I'm good thank you sure what's up so I struggle every day to come to work it's been about five years and it's like every day I want to walk out the door I do have some that I do have some money in our company's 401k and I just don't know what my next step is how much debt do you have I have a car 13 my husband's cards 8 5,000 and student loans about 4,000 and medical and about 2,000 and a credit card [Music] anytime and what do you make at your crummy job I make between maybe 45 and 48 a year okay and what does your husband make he just got a new job so he's probably going to be around maybe 30 35 okay we mean probably did they not tell him how much he's going to make 40 took the job yeah I just I'm sorry I just didn't calculate it okay well it's part of your household income it's what you'll be eating on if you didn't work what do you do for a living me myself I do medical insurance medical insurance what do you what do you do sell it no I do like I'm like an insurance verifier I'm there by insurance for patients coming to surgery so what is it you hate so much the environment though it's not the actual job itself it's the people around the act the quality of the human beings in the company the company itself has a high turnover yeah okay so it's a low character place okay I got you well I would want out of there - after five years so what is your long-term goal for your career I want to do a core of like billing and coding probably you start do some things and maybe work from home and maybe do another little small job so you want to work from home more than likely yes I don't know what to do with that 401k billing and coding was not your goal you picked that up because you wanted to work from home and you heard you to make money that is what my degree is in yes I agree in billing and coding not degree but like certificates school that's what I want to school for you oh okay all right so you do have a background in it okay so that does fit with what you're actually doing now I doubt you can make anywhere near what you're talking about doing that from home I don't think you can replace this job making that so what I would do if I were in your own shoes is I would begin a plan of working the baby steps and working your way out of debt so that you're free to be able to make some changes in the meantime the only change you can afford to make is one that is lateral meaning if you could find another job making similar money somewhere else fine there's no downside to changing that but you're starting a small business on the side and this family's starving to death with all this debt on it because you're miserable yeah it's not that's a bad short-term bad long-term play it feels good on the short-term for about 20 minutes by the next Friday you're going to be starting to think what the crud that I do so you've got you got a big pile of mess here you got to wade through and you don't have to stay in that job to do it but you have to stay in something that's making some more money you can't just jump out and start your own business cold I heard you say something about pulling out your if you leave a job and take your 401k you don't do anything with it I thought I heard you say something on a different video where you can get penalized for that you can roll it to an IRA but I would not pull it out and pay debt with it no that's correct you wouldn't penalize you'd be paid charge ten percent plus your tax rate as well so that's not the answer to your equation but I would I would start working the baby steps which would be stop investing set of south thousand dollars just cut up the credit cards let's start living on a budget and you got an $80,000 household income I mean you gotta go pay some B's bills off and then let's start looking for a job and long term let's think about how we can be self-employed but that's the long term hold on I'm gonna send you a copy of Christie Wright's book business boutique which is about starting and running your own business this is the Dave Ramsey show [Music] so you've probably heard me talk about never lease a car we call it fleecing a car why is that one of there's several reasons number one Smart Money Magazine my calculator consumer reports all say leasing a car fleecing a car getting fleeced is the most expensive way to operate a vehicle now think about that what that means is there's some math involved now here's the deal the vehicle is worth X number of dollars let's just pick a number it has a MSRP of $25,000 and you release the car then at the end of the lease you can either buy the car out at the remaining dollars owed called the residual value and own the vehicle or at the end of the lease you can turn the car in now obviously if you think about it you're paying monthly payments on this car as you go along called lease payments right you're actually renting the car and you can turn it back in it sounds kind of good until you actually run the math on the thing because here's the deal you know that when you turn the car back in or when you write a check and buy the car either one at the end of the lease you know a hundred percent that the car company did not lose money so basically what you're having to pay for during the term of the lease a three-year lease is how much the car loses in value do three years plus you have to pay what's called cost of capital which is the equivalent of interest rate on the money that you've had borrowed during that time is you've got twenty five thousand dollars of their money for that entire time and so you know three years of twenty five thousand dollars worth of interest cost of capital is built in here's the thing all of that works if the lease rate of the capital costs to capital is zero and you breakeven on the car hypothetically it works never comes out that way almost all leases when you run them through a financial calculator have a cost of capital north of fourteen percent yeah you're borrowing money on a car at fourteen percent that's effectively what you're doing that's stupid that's stupid straight up mathematically dumb and let's just say it's ten percent let's say it's seven percent it's a car loan people that's all it is and you're not going to win borrowing money on cars because cars go down in value second major problem of the car fleece is they only work on new cars which guarantees that the depreciation almost all of it occurs in the first two years is gonna hit your paycheck hit your payment amount which hits your paycheck so it doesn't work except on new cars which we tell you not to buy a new car anyway because of the heavy depreciation unless you've got at least a million dollar net worth and on top of that you're paying ten twelve fourteen sixteen percent cost of capital and you'll never know what the cost of capital is unless you know how to run a financial calculator because since it's technically not alone Federal Trade Commission laws for disclosure on loan document issues like the interest rate term and all that stuff that you see on a regular car loan they don't apply to leases so the car companies love leases they make more money on leases than they do on the sale of cars tons of research shows that tons of articles out there show that consequently you know what the number one thing they do is they sell you a car lease you know the number one thing people buy is they icarly's doubled um you're buying a new car going down in value like a rock and you're paying a premium and cost of capital stop it think more clearly than that my friends at zip recruiter are helping businesses of all size find the right people to take their business to the next level check this out my name is Dylan mis quits I'm the chief operating officer of cafe altura we needed a director of coffee in order to move our products forward it definitely felt like we were looking for a needle in a haystack we're very impressed with how quickly we had quality candidates apply through zip recruiter the candidate rating feature gives us more control we're able to sort through the candidates decide who has the most relevant skillset for that position and who's the most qualified the zip recruiter is a powerful tool in our hiring process you need the right mix of people in the right circumstances in order to achieve a goal and different Reuters been able to help us do them it's no wonder zip recruiter is rated number one by employers in the u.s. try zip recruiter for free at zip recruiter dot-com slice Ramsay zip recruiter the smartest way to hire hey guys if you want to win with money you've got to create a budget and stick to it and we created every dollar to help you out with that this is our budgeting tool you can check it out at every dollar com it's totally free and if you're a financial peace member you get every dollar plus included with your membership which connects to your bank account you can drag the transactions right in and makes it super super easy now coming up on the show we've got all the kids here but we also have Jason and Kristina here from Columbus Ohio to do their debt-free scream and their five children can't wait for you to hear their story you are going to be inspired [Music] your life is an adventure emotionally you just been through the ring you're not afraid of hard work and you have note that everything and tasteful a very very well done you did the hard work and you've done so good you know when you've had it that something has to happen inside of you slow and steady live on less than you make believe that it can happen it does happen every day in America you are the answer God's blessings pouring to and through you are the answer [Music] in the lobby of Ramsey solutions just Jason and Christina are with us hey guys how are you oh great how you doing Dave better than I deserve welcome thanks for being here guys thanks for having us so how much debt of you two paid off we have gotten rid of over 31,000 then yep that and it was it was just done 21 months Oh way to go Wow excellent and your range of income during that time eighty-two grand a year okay very cool what do y'all do for a living I'm a phlebotomist for a Red Cross okay now I'm a legal secretary awesome very cool what kind of debt was the 31,000 I was accumulation of things we we had we had car payment we had my student loan was was a big one we had medical bills we had a big orthodontist bill Wow okay cool and where do you guys live we live in Ohio Columbus yep southeastern Ohio all right very cool well good to have you with us thanks for being here so what started this journey 21 months ago well actually our church was offering an FPU class and I missed the memo that this that class was for husbands and wife so I was actually the one that handled our bills so I signed myself up for the class and actually I took my middle daughter with us all the time so she she's learned a lot from you too but but yeah I say I went to the class and I came home you know every every Sunday night and just told Jason all the new things that I was learning and I was so excited and I was so you know anxious to get our budget started and Jason was going to budget meetings all the time and he didn't even know it yet but I failed a great line that you have in your complete guide to money book that talks about getting spouses on board and it says if they haven't picked up this book or gone to an FPU class with you yet just or sit them down and explain why you're so excited about what you're learning share the dreams and hopes you have for your family's money situations sometimes one spouse is passion and excitement is all it takes to get the other spouse excited too and that was totally what happened to us they've say I kept coming home and just being so passionate and excited about the things that I was learning and the things that I was looking forward for our family to deal with our finances and I wasn't sure if Jason was always understanding everything or you know how much he was on board until one day say he came home and after seeing you know me setting up yard sales every weekend and you know just selling different things here on Facebook and Jason came home and announced that he had a new weekend job so for the next year he spent almost 7 days a week working say every week say to help us get free journey going oh good you guys well done yeah so what do you guys tell people the key to getting out of debt is oh definitely the budget say making one and sticking to it say - don't don't be afraid to say no see you know we don't we don't need every t-shirt that the school offers for a basketball game or twenty dollars for the concession stands or spring and fall and sports pictures for every event not to be too quick pat yourself on the back we worked on that and say yeah and every extra dollar that you earned take it straight to the bank to pay on your debt say if we made 20 bucks selling something or mone somebody's grass or something like that we would just immediately go to the bank and put it in and pay it to whatever bet we were paying for at that time and lastly say I would say your your fu class where you talk about asking for discounts and paying for things for cash and actually asking for discounts and I'd never really thought about that before and so I immediately called our insurance company after that class and it took it took a lot of back-and-forth phone calls this or that but I just told them I was like this payments not working for us we need to find something different and we ended up getting $100 a month knocked off our bill Wow every month so that was that was really helpful in our budget and say yeah so oh you're excited about that yeah well congratulations you guys Bunton how many kids do you guys have oh we have five and you brought them with you we brought four of them with us let's bring them up break get them in part of the cake they've been practicing their debt-free say weather coming up all explains their oldest daughter Ellen say she's she's in college so she's preparing for some finals here but you're I mean we found SPU just at the perfect time and right at the end of Ellen's junior year of high school and so it really set us up to get Ellen prepared to go to college because we just thought student loans was the only way but with Ellen's hard work and applying for scholarships and doing all the things that you said she really went over to beyond and ended up getting the highest paying scholarship that you that Ohio University has so she plans on she's a pre-law English major she plans to do her bachelor's degree and her law school completely debt-free so what are their names and ages okay we have Gracie she is 16 Ashton is 17 Lilly is 6 Alice is 8 all right very cool very cool so outside of your family who were your biggest cheerleaders on your debt free journey oh well we definitely say friends and family were all really supportive and we had quite the following on Facebook say a lot of the pictures that you see that I sent in say are kind of selfies I took as we were paying things all off and encouraging other people's keeping us motivated say I always use the hashtag hashtag winning with Dave the hashtag God blessing our budget say we've between say sticking to your plan and we just really saw God working through our budget and helping us along the way say Jason never went to the class I don't recommend that that's dangerous worked out for you guys it can cause big fights yeah okay in y'all's case you managed to channel the enthusiasm and work it together so yeah I'm just sayin that'll get you that'll get you in a mess it took me a little while to get on board you know a little while to basically open my eyes you know sometimes it takes a little while to realize something works and works well yeah absolutely well we've got a copy of Chris Hogan's book for you retire inspired no I'm sorry it is the everyday millionaires book I said that for five years left to reprogram my brain everyday millionaires that's the next chapter in your story to be everyday millionaires you're on your way you now control money you're now working together you're now debt-free which is the first big step to building wealth so very very well done you guys thank you I'm very proud of you all right it's Jason and Christina Ellen Ashton Gracie Alice and Lily from Columbus Ohio $31,000 paid off in 21 months making sixty or eighty two a year counted down let's hear a debt free scream [Applause] [Music] [Applause] love it love it absolutely fabulous you guys very very very well done well we are discovering that part of getting out of debt his contentment actually we've known this for a while we're discovering it at a deeper level and those that follow Rachel Cruz rims your personality are really discovering it at a deeper level using the contentment journal journaling can actually make you more content person content people do not feel the pressure to keep up well lifestyle they can't afford they don't live paycheck to paycheck they don't feel the need to keep up with the Joneses Rachael Cruz's brand-new journal called the contentment journal is 90 days long they're in the middle of it just started it the other day just about a week ago on an Instagram if you want to follow along with their order yours today it's 30 days on humility and 30 days on gratitude and 30 days on contentment 1999 it's a spiritual journey it's an emotional journey it's a financial journey triple-eight 22 peace the contentment journal at Dave Ramsey calm or Rachel Cruz calm [Music] [Music] [Music] Oh [Music] we all have smartphones isn't it time for a Smart Plan pure jakk USA offers simply smarter Wireless it covers 99% of Americans stop overpaying for Wireless unlimited plans start as low as $20 per month and include the same great coverage you never pay for any data overage fees and pure talk USA never turns off your data no contracts no hidden fees no surprises if you're thinking our absurdly low cost means less coverage think again if your talk USA operates on the largest GSM network in the US to ensure you're connected virtually anytime anywhere and our 4G LTE network provides the fastest internet speeds like more expensive carriers you can keep your same phone and your same phone number add multiple lines to save 20% off your total bill go to pure doc usa.com and do something smart today unlimited talk and text plans start at $20 per month no contracts no activation fees no reasons not to try come to pure talk USA calm and see how much you can save enter this promo code to receive 50% off your first month all right I'm here with Jason and Christina after an awesome debt free scream how you feeling all great great well the kids the kids practiced office it was a great screen but I want to know what is next what are you doing now they don't have any more payments or saving up our emergency fund obviously but we're excited to eat out again and get a whole happy meal this time around you've got a lot of kids which means a lot of college and you got a lot of girls too which possibly weddings to save up for I know you're like she's not even thinking about that right now how old is she she's 6 I got a 6 year old now anything you want to tell everyone out there maybe they're watching they're going I got 5 kids I don't know how we're gonna pay off this mountain today what would you tell them say definitely say you can do it if we can do it anybody can but just be prepared to stick to your budget and be okay with passing up some things say notice some things and and it's not gonna last forever say definitely you'll the end will come and you can celebrate at the end all together your smiles and Infectious their debt-free folks no more payments and that is something to smile about congratulations guys [Music] thank you for joining us America Hadrian is in Austin Texas welcome to the Dave Ramsey show Adrian better than I deserve what's up questions on crime working the baby folks right now I'm on babysit too I just started this year and 2019 so I I made 31 thousand a year and I also got a side job as a VP so noise I bring about a thousand a month from that I just wanted to know if I should do these baby steps on my own and get myself out of there I have about 70,000 worth of debt right now with credit cards car loan and by myself but I have my parents back in San Antonio and they just have me and I know they really miss paycheck-to-paycheck i we make more just on my thirty one thousand job of years and they do combined and I just want to know if I should relocate back home and find a job with my side job and try and work the baby steps with all of our debt come line know or if I should just do this by myself no you should go by yourself how old are you I'm 26 okay know how much of the 70,000 is your car 14:13 okay all right not too bad so you are hustling and grinding and you're making progress aren't you yes I read about 2,000 just starting this year on credit cards so I'm down to one critic right left okay have you chop them up yes I have good for them good for you very well done okay all right what you're finding is that carrying all the day-to-day decisions of operating a household and now taking on this mountain taking on this go of a debt pile by yourself is emotionally draining as well as physically because you're working all the time as well as mentally and so what that does to all of us is me included I'm 58 so I'm no different is anytime you get emotionally drained and and you're intellectually drained you're mentally drained and you're just fatigued in general it makes you want your mommy we're all that way okay and so what you're looking for support in other words and that doesn't make you weak and it doesn't make you immature it doesn't make you any of those things because I'm very impressed with what you've done so far very impressed so what I want to do is I want to put you in a community that will help you by holding holding your arms up as you as you're doing this okay meaning they'll brag on you it'll be a community of support and that's Financial Peace University so I'm gonna pay for you to go to the class if you'll go okay okay have you ever been oh no I have not I just have Total Money Makeover audio so all the time okay I think you're winning and I think you're winning more than it feels like you're winning to you and you need some people around you that normalizes the experience of winning with money because you didn't grow up in a house that does that and you've never done that and so you need to be around where it's normal to make money it's normal to handle money well in the Financial Peace University group that will plug you into and I'll pay for it okay it's going to be free for you it's nine weeks of classes and then you have one year of membership to financial piece online which is the whole thing it's audios videos everything and you're in a community online where you can stay plugged in that way as well and so we'll take care of you and we will walk with you and support you and be your cheerleaders because that's what you've got to have while you're doing this it just gets tiring am I wrong no you just got started and you're already tired and you got 70,000 to go and you know and you probably got a hard three years ahead of you but by the time you're 30 you're gonna be a hundred percent debt free car student loan everything that's the track you're on but you're gonna get made fun of during that time people are gonna think you're weird because you're not going out to eat all the time you're not going on vacations you can't afford you're not buying stuff you can't afford those days are over for you you're now a grown-up because you decided to be not because of your age but because you decided I'm taking control of this very proud of you Adrian you hold on Kelly I'll pick up and we want to participate in your winning I will get you signed up for Financial Peace University as my guest Randy's in Orlando Florida hi Randy how are you hey Dave thanks for taking my call I guess some of those old timers you were talking about I started watching back when you're on 60 minutes at one time wow I was way back yeah I want to ask today a wife and I are both in our early fifties our oldest daughters about to turn 18 and we just got guardianship of her and we're debt-free and we've never checked in that Social Security floor before just because we never really needed it and and you know just didn't want the government involved basically but now that she's going to be an adult and it would be money for her as an adult I was just wondering what your feelings were on that so she has disabilities and that gives you that put you in the position of being Guardian yes well she has as close as they can diagnose it's called lennox-gastaut syndrome where she has epilepsy Jers and then she's also basically autistic she can she can move and she can talk but she can't really hold a conversation and she's never unless something drastically change is going to be able to live on her own or hold job or anything like that don't you okay yes I would take ssi there's no shame in that at all that's what it's for it's for taking care of folks the to take care of themselves and there's no no moral problem with taking that from the government it is a government program I will accept Social Security I have paid into it I don't need it but I will accept it back because I paid a bazillion dollars more in than I'll ever get out and here and by the way you've paid more in than you'll ever get out and that's covering SSI as well right and that was kind of my thought you know before when we were younger and and we were getting out of debt and everything like I said we just we didn't really feel that we needed I haven't even checked into it I'm not even sure how much it would be for her but you know I mean I'd like to you know completely you said it her own bank account and just for paying her bills yeah that's right and even if she doesn't have bills so you take care of her that's paying her bills I mean when you try some of your bills it's there's nothing immoral or nothing wrong with that you're providing care for her with her autism situation good for you good for you hey thanks for the call sir open phones a triple eight eight two five five two two five you jump in we'll talk about your life and your money rachel is on Twitter at what age should I start thinking about getting term life insurance my fiancee in our 2123 when we get married this year I'm wondering if we should get life insurance right after is it something to get later down the road I'd go ahead and get it it's not a big thing the moment you're married but if you've been married a couple of years you're starting to count on and your lifestyle is built around the incomes that are created by your spouse and so even before children we recommend in your twenties getting your term life insurance in place I would buy a 20-year policy at that stage and you may want to buy another one later when you have kids because you may need more or when your incomes go up because you may need more but we always recommend 10 to 12 times your income in fifteen to twenty year level term insurance and I buy mine from Jeff Xander at Xander and surance Xander za nder Inc Roseanna Xander Nadia Xander ends Xander insurance.com or Xander comm will get you there - quick easy quote there and that'll tell you exactly what's going on and you'll be amazed at how inexpensive it is in your twenties if you're not overweight and you don't smoke and you don't have other major health problems the the cost of term life insurance is just nothing and so simply not have it when there are other people counting on your income for their livelihood so I always strongly strongly strongly recommend it Xander comm that puts this our the Dave Ramsey show in the books [Music] [Applause] [Music] [Applause] [Music] so unique from other shows is that we genuinely care about our listeners that's why we're intentional about choosing advertisers that we know will serve our listeners wealth blinds.com is no exception for years I've been telling you how amazing these guys are blinds.com offers high quality window treatments at unbelievable prices and their customer service is unbeatable they make buying measuring and installing blinds fun affordable and shockingly easy and if you accidently miss measure or pick the wrong color they'll remake your blinds for free when you're looking for window blinds the only place you need to go is blinds calm with blinds calm you get free samples free shipping and when you use the promo code Ramzi you'll save even more take advantage of this week's special promotional offer when you go to blinds.com and use the promo code Ramsey [Music] my name is my name is Bob and this is my wife Tammy and we live here in Hudson Ohio we met one to two years ago we started dating after high school after you a goddess is about money this isn't about dating by the time that we got married we were $20,000 in debt after eight Bob got out of the Navy we moved back to California and had our son Tyler who's a junior yeah we had a nice big house than the suburban that was brand new and two kids and white picket fence we thought we were really living the American dream we moved up into three different houses and probably a 3-year area you know we were twenty four years old we don't know anything really you know and we were like playing house we're playing grown-up well it was right in the height of the housing bubble yeah so that created this death snowball so to speak this is the opposite of the good snowball yeah so how much have you paid off four hundred and fifty six thousand six hundred seven dollars and ninety two cents Wow does that include your home it does not hey now we had sold the house in California and had all this money sitting there and we just blew through it like there's no tomorrow and well we couldn't live in an old condo because we'd always had new houses so we bought a new one Ojeda remodeling oh we did okay whereas it was very important to repot it katnappe travertine floors so yeah exactly well everybody around us they were calling it jingle mail we're sending our jingle mail in this week it meant you mailed the keys back to the mortgage company just walked away from the house everybody in our neighborhood was walking away from their houses and we said we got ourselves into this mess we have to get ourselves out [Applause] that first week of January our church announced that they were going to be doing financial piece and we had never heard a Financial Peace University before we had never heard of Dave Ramsey before this I mean along the way we acted like we were normal people we went out to dinner all the time you know we did we went out to the movies we took vacations normal people right and I think that that was another thing that really touched base with me when I first looked in the financial piece was that Dave would talk about how we expected to be where our parents were at age 22 it just it it made it hard because then when we were on our own it was hard for us to keep going in that day and we thought we had to but this time we had I guess what he'd say a realization that something needed to change as part of that as change in our lives we went through financial peace and start our debt snowball we did not even know how that it was going to be or how bad we had made it and it's kind of funny because you know he says now you're gonna go home you're gonna fight right in the DVD you're gonna we just went home I think we just cried sorry I'm sorry too this is horrible [Music] we're doing the one of the first steps is to figure out your your net worth in antler and that was when we really figured out how that I guess was the turning point it was negative by six figures and we went now what have we done [Music] hey guys welcome back i'm here with chris campbell from our financial coaching team chris you've got something exciting happening this week tell everyone what's it about absolutely yes sir we have a webinar this Thursday at noon central and it's gonna be our final webinar of April where we're doing a really big giveaway we're getting a financial coach master training Financial Peace University materials it's gonna be a lot of fun we usually have two to three thousand sometimes over four thousand people on these webinars so we expect this one to be really big as well it's amazing if you guys want to sign up for that you're not too late you can just text the word coaching to the number three three seven eight nine that's coaching two three three seven eight nine or just head to F CMT online.com you'll see a big bar there at the top another easy way to sign up now Chris I'm sure you get this question a lot people go well you're gonna get people in debt to get a financial coach and pay for a financial coach how does that work yeah so yeah we have coaches that do charge for their services and callek which you just said America is broke they're not poor there's a vast difference of that the average American spends about six hundred ninety dollars a month on frivolous things people have the money to spend on coaching if they want their life to change and so the money is there it's just more about them seeing it as the value like I think we can you and I were just talking right someone pays 100 bucks and they pay off a hundred seventy three thousand dollars in debt who wins there of course they do so people have the money you just have to go talk to them and they see the value and what a coach can bring and then they will pay for it by prioritizing that spending I love it well I actually went to this training recently so I'm now a Ramsey Solutions Master financial coach it's an honor to hold the title and I have my first session tonight so I just wanted to thank you guys for all for the work you're doing helping people out there go sign up for this webinar text award coaching to three three seven eight nine thanks Chris sacrifice determination you can be intentional about your character you've gotta be on the same page say we're calling to let you know we're debt-free how's that everything you have done really really good and you're not gonna quit then a huge witness for us to be able to share that it was time to get serious intentionality people this is your show America I knew it 22 what I know now our lives would be better as the show that's changing the world now you don't just listen you live it [Music] live from the headquarters of Ramsey solutions broadcasting from the dark dollar car rental studios it's the Dave Ramsey show for dead is dumb cash is king and the paid off Home Mortgage has taken the place of the BMW has the status symbol of choice I am Dave Ramsey your host and I appreciate you listening we're glad you're here open phones as we talk about your life and your money the phone number is triple eight eight two five five two two five now the stuff we teach here and have for almost 30 years is proven it's no longer an opinion it's not a theory I don't agree with Dave Ramsey's advice which would make you wrong and I know you're writing a blog from your mother's basement you're looking for clickbait using my name I understand that but you're wrong and it's always humorous to me to see people who are broke on Twitter ragging on the advice that I give or a broke 26 year old journalism student deeply in student loan debt writing an article about me that's humorous because it's stupid here's the thing here's the advice that we give you if you do these five things from the Bible and from your grandmother they're called common sense you will win with money 100% of the time now I don't know exactly how long it will take you and I don't know what win with money will mean because I cannot predict your income and I cannot predict the tragedy that you will have to overcome but subject to your income to tragedy ratio to the extent you do these five things you will win with money you will become wealthy in North America if you will do these five things over and over again number one you need to have a written plan a budget jesus said don't build a tower without first counting the cost lest you get halfway up and you're unable to and all who see you begin to mock you and say this man began to build no one would begin to build and was unable to finish no one accidentally wins at anything and you're not the exception I don't like Dave Ramsey's advice I don't give a crap you're wrong you have to do a written gameplan with money are you gonna lose the second thing is you got to get out of debt your most powerful wealth building tool is your income and when you spend your whole freakin life giving your money to banks who fill up the skyline and have furniture nicer than yours that makes you stupid get out of debt when you don't have any payments you know what you've got money do I care if you get out of that yes I want you to win I want you to have a great life but do I care if you agree with me no I don't care if you agree with me if you don't agree with me about this money stuff you're what's known as wrong I've been doing this longer than most of my critics they were peeing in their diaper while I was doing this stuff they're wrong live on less than you make number three in the house of the wiser stars stores of choice food and oil but a foolish man delivers all devours all that he has if you spend everything you make you're a fool well Dave you don't know about my situation in America today wages are stagnant so why are they stagnant at your house you know where wages are stagnant on people who are stagnant you're only stagnant gotten stagnant wages if you decide to stay there and keep getting those wages this is not Russia you can quit I don't like how much Walmart pays I don't like how much McDonald's pay so don't work they're stupid go to work for somebody else I don't like out my company treats me so leave go be somebody there's no reason that you have to be stuck somewhere because some liberal journalist said you were stuck you're not stuck you're stagnant don't be stagnant you know what stagnant pond water does it gross scum on top you don't want to be stagnant you get scummy you need to go be somebody you need to leave the cave kill something and drag it home you need to decide that my life is not good enough the way it is and so I am going to control the controllables I am going to change some things because guess what nobody in Washington is going to fix your life Santa Claus doesn't live there baby have you noticed that the Democrats and the Republicans neither one could frickin add have you ever had any of them send you money no they are not going to fix your freaking life you are gonna fix your life you're gonna get on a plane you're gonna get out of debt you're gonna live on less than you make and then you're gonna save some money you know how rich people get rich they save money Wow I don't know if I agree with Dave Ramsey's investment assumptions I don't give a crap if you agree with my investment assumptions you know what my investment assumption is my assumption is you're gonna be broke until you save money that's my assumption you need to get up off your assumption and go do something you need to get up off your assumption and start investing some money 100 percent of the people that don't save money don't have any wow how's that for insight doesn't take a freaking rocket scientist to figure this out you know what the problem on your investments are the problem with your investments is not your rate of return it's not your expense ratio it's not no load versus load it's not your nerdy twisted up toxic but opinion about some investment your problem with your investments is you don't have any that's the problem with your investments 100 percent of the people that build wealth save money on purpose a lot some people do it poorly in a stupid money market accounting make no money on their money others do it wisely in mutual funds that outperform the S&P or real estate that they pay cash for that outperforms the S P others are just passive and do the S P all right books about it and all have a freaking opinion and make money off of you while you're stagnant that's stupid don't be stagnant invest money save money you know how you're gonna do that you're gonna be on a plan you're gonna get off out of that you're gonna live on less than you make and voila there is money in the budget it's called margin baby and now you got the money to be rich you got to act like rich people and that's not go spend a bunch of money moron because rich people don't go spend a bunch of money I'm gonna go buy a Ferrari I'm acting like rich people no you're acting like a moron that's not Ferraris aren't rich people that's the ultra-rich you don't buy a Ferrari if you're a millionaire that's a seven I mean it's crazy you people yeah I'm gonna act rich I'm gonna rip people off that's just a liberal nonsense rich people don't rip people off they can get rich by ripping people off that's just stupid don't be stupid it makes you look bad don't do that if you'll get out of debt and you don't invest and you live on less than you make and you have a plan then you can do the last one it's the most fun you'll ever have with money you could be outrageously generous randomly generous lavishly generous but broke people can't do that because they sit around discuss their investment philosophies and while they invest nothing he's like people smoking weed discussing the meaning of life they ain't getting nothing done you need to get up off your assumptions and go do something it's your turn this is the Dave Ramsey show [Music] I'm so tired of people saying don't pursue your passion because you can't make any money I'm like 5050 with that keep it locked cuz I got something to say you're I'm so passionate about this man because you know today's question is like yo my passion what I really want to do does not make a lot of money should I still pursue it let me come off the top right now and say you know what yes I want you to still pursue it but I want you to be wise on how you pursue it my passion in life was to become a youth minister and let's be real a youth minister does not make a lot of money I was making maybe 28,000 to maybe thirty four thousand dollars a year as a full-time youth pastor but you know what that's what I was passionate about was I rich was I making a lot of money no but I was pursuing my calling and my calling and your calling may look different from a doctor's call from a lawyer's calling from the NBA star calling or even from a corporate executives calling but you know what pursue your calling do not allow your calling to become an excuse of why you cannot make wise decisions when it comes to your money so if you know you want to be a musician for an example and musicians do not make that much money hey get a side job that can fuel and that could be the the vehicle to build your dreams that's so important I don't want you get discouraged I called my college I really want to do this but it doesn't make a lot of money it's not gonna make me famous I need to go pursue this no never pursue something you're not passionate about my passions that meets where I am today working with Dave Ramsey traveling the country I was making a litter of nothing back there now I'm blessed but you know what this is leading me somewhere helps go after your passions go after what you want to do but be wise be wise there's nothing wrong with getting a part-time job to help you build what you really want to do over here people do that all the time and why are you not making as much money make sure you're on a budget and make sure that you're living below your means but yo go pursue your passion don't do what you love to do because I am and it worked for me and look at where I am now I'm inspiring people Thank You y'all love you it's a boy Anthony O'Neal y'all got me fustrated asking me a question like this and I'm on this white truck I'm going off to incur some more people goodbye I have to admit I'm not a fan of dental insurance very seldom does it pay off yet I understand that just one dental emergency can blow your budget quickly and the truth is no matter how expensive dentist visits can be you have to take care of your teeth that's why I am a fan of one dental comm one dental comm helps you save at the dentist immediately with an everyday low price it's like a Costco membership you pay a little to join but you save big every time you use it plus you can choose from tens of thousands of dentists all across the country and unlike dental insurance pre-existing conditions are accepted there are no waiting periods no maximums no claim forms and no deductibles it even includes orthodontics for kids and adults in fact I have team members who have saved over a thousand dollars for one procedure start saving today at one dental calm [Music] [Music] Briona is with us in Arlington Virginia welcome to the Dave Ramsey show Briana hi Dave thank you so much for taking my call sure I have a question for you regarding purchasing a car while a baby steps you so I've been paying pretty aggressively on my student loans I've paid our forty thousand in the last year and a lot of keep paying pretty aggressively I've had a car lease for the last three years and that's up in August I have the option to purchase my car which only has thirteen thousand miles for fourteen thousand which I can pay in cash in the cars on the market for between mid sixteen thousand to eighteen thousand or do I return my car lease and buy a car for five or six thousand and throw that money towards my student loan debt what's your income a hundred thousand okay I would buy the car you're buying it under market you're paying cash for it and it's under half your annual income okay great and you like the car years yeah probably not but if you aside from that it's a reasonable car on your thing the only caveat is is you're not doing the baby steps right you know that [Applause] yeah I'm per diem you know how you know how to do the baby steps and it's a thousand dollars in the bank and all other money in your budget goes on your smallest debt while working the debt snowball you knew that didn't you emergency funds because I'm as needed so there were you make a hundred thousand dollars a year I did but there were a couple months where I made nothing zero zero but much less okay about two thousand dollars okay well let's um let's redefine some of these terms the money in the fourteen is that in this three to six months yes so I would still be able to have my 1000 emergency funds but that would be pretty much yeah so when you if you're out of work the next month the hospital is pretty short-staffed because of summer vacations and things I'm a nurse you're a nurse why would you ever go an entire month with no income if you're a nurse no you would pick up another job the moment you weren't needed yeah because you can do that about 30 seconds as a nurse yeah that's true okay let me stop a second don't because I want our listeners that are following stuff very diligently and precisely to let's make a designation okay had I would have named that money not an emergency fund of three to six months of expenses I would have named that a income loss fund because you've had actual months with zero income if that's the case you do need to set that aside but it's technically not an emergency fund it is only there for income loss but I also would limit the size of that because I would pick up some other gigs or have some other gigs lined up in case you weren't needed on as needed yeah I think I would be okay to just have a thousand emergency funds from this place I kind of had that from before and I learned about you well and you've got and and you need to have that second job lined up or be in it to pick up if you don't if you if they don't need you because you can't be going zero income with $1,000 in the bank right and if you have some ones that are literally zero income you do need to prepare for those but that's a different account that's not an emergency fund that's a predictable event in this case that's like saying christmas is coming and I have to save up for Christmas you can do that in addition to your thousand dollars or I've got property taxes due in October I'm gonna save up for those you can do that in addition to your thousand dollars but that's not your emergency fund so that's fine tuning your verbage just a little bit and there's a difference because if you dial this stuff in and you don't do it she'll be fine but I'm with you I would pay cash for this car it's a reasonable car you're in a wonderful fee career field to make money and you're gonna be in great shape you're gonna do very very well keep it up kiddo thanks for calling in Devin is with us in Monroe Louisiana welcome to the Dave Ramsey show Devin how are you doing today better than I deserve how can I help um I really don't know if I have a question to tell you the truth what I'm what I'm struggling with right now we have my wife and I have our thousand dollars we started this about not beginning a last summer and started with about ninety thousand in debt we've got it down to about seventy five seventy seven thousand mm-hmm we've kind of hit a lull and I'm kind of looking for motivation honestly to try and continue on with this because I mean we have three little girls and it's just kind of like I struggle not you and what's your household income right now it's forty six thousand a year my wife is I'm the only one working right now my wife finishes school in June she's gonna be an LPN and then she'll get a job after that so that will help tremendously obviously but yeah it's gonna Jack you just don't double your income or mower yeah that's and like I said there's still a couple months away and we're just trying to I guess we're just kind of trying to fight our way til that police yeah okay how many hours a week are you working I'm on full-time so I work for the United States Postal Service you're working 40 hours yeah no more you don't have a second job not right now because he's in school you know she does called our clinicals and it has to come in and homework and stuff and we just don't have anyone else to watch the girls you know that's a good it's a good investment of your time because obviously she's gonna double your more than double your income come June and hey you got that's just a few months away your life is gonna be great you're really right you know so all you got to do right now for about sixty days just tread water right yeah pretty much and you've been more than trading water you've already paid off 15,000 so very impressive thank you that's how you're doing good you're doing fine you you have hit a law a little bit because it's like you know you're waiting on June kind of and you can kind of see that and it makes it hard to push on through and fight on through and but you're doing all the stuff you need to do you're on a budget right yeah I would put some of it are you a visual person I'm a visual person yes I am yeah make yourself up a construction board you know one of those boards from the like we used when we were kids in school or something with a thermometer on it and put the girls pictures all over it and put we're doing it for them we're changing our family tree and build a thermometer for the debt reduction and put on your refrigerator okay something like that where you just you're you need to be reminded of your why the reason you started this was not just to be out of debt you were getting out of debt so that oh definitely yeah what's your so that to them we now make sure that they have the life that we want to give them and better than the ones we've had when we were younger yeah we want we want to show them how to handle money and we want to become wealthy so that we change our family tree we retire with dignity and we're outrageously generous and these are the things we're doing right right so write all that stuff down make some notes and remind you because you know you got to have something that bumps up in your face to remind you of your why if you got your why real clear and your why is big enough you're looking past the poop you're having to walk through to get over there into the good stuff right you guys even with her doubling your income you guys got another 18 months of poop to walk through [Music] and your be debt-free yeah you're gonna be dead free and man you're gonna be making like a hundred thousand dollars a year household income or more and you're gonna have no payments Your Honor I don't even know how to act I mean we really aren't and we talked about that quite a bit honestly I mean we're just outside under Louisiana we're in Southeast Arkansas state line so it's because the living here is really low yeah and with that kind of income it just excites us to try and push for it but it's just such a struggle to even you know see the finish line I think yeah yeah the good news is is that maybe for the first time in your lives you have a finish line most people don't even know where the finish line is I'm really proud of you I think you're doing good stuff man keep scratching keep clawing if you need some help you call me back any time this is the Dave Ramsey [Music] what really really struck us was that that exercise you have to do where you figure out your debt snowball and you can actually see how long it's gonna take you to pay it off how is that going to work how do we I don't even get this thousand dollars in our emergency fund baby step one was going to be impossible so once we started working the plan and you know you're tithing and you're you're doing everything in the right order and then all of a sudden we come to the end of the month and sure we knew either worked extra and sure we knew he had sold stuff was there was money left over there was like we could make like a $300 extra payments have a $50 payment and we called it loaves & Fishes math [Music] [Applause] we kind of all of a sudden got like this epiphany and I don't I don't remember oh that it was more or less for the kids I think they changing our family tree once we had a reason we were doing it the fights kind of subsided it was not coming from our head anymore was coming for our heart and you know you'll do anything for your kids we noticed that they were looking at money and different and they would make comments like I don't think that you should buy me that as I got older it was easier for me to see the long-term benefits of having a budget lose as soon as I got a job I made a spreadsheet when they started it I was really young and so I don't really know much different then financial piece and using a budget and going out I'm just gonna keep doing that and I've seen most of the financial piece videos and I've seen most of the ways that they budget how they handle their money so I'm gonna do that make sure that no I put a little bit for tithing for a little bit for saving and make sure that it's all squared away I know there's other families out there that are like us you don't have to wait for the kids to be off to college you don't have to wait for anything if you don't have to wait you can do it and the kids aren't gonna be scarred they're gonna learn and they're going to be part of the process and they are not going to repeat your mistakes oh I'm not gonna cry exactly I'm gonna cry it became more of a relational lifestyle ideal instead of just a rigorous program that got a check off step 4 you know part of the emotional strain and what I think that people don't realize when they sign up for this is we need some encouragement there's gonna be the valleys there's the hills in the valleys through the entire program and I think that was part of what you got us to decide to come to our test free screening because you need to take care of money you got a you got to grab it and you've got to mold it if I don't do that it will mold me it'll take over my life there's a whole philosophical path you can go down as far as whether people let life happen to them or whether they make your path in life we've said to make our own path definitely great - what [Music] hello I'm Ken Coleman every day on my show I talked to people who want to find their purpose to do work that matters now if you need an education or a certification to be who you were created to be I want to tell you about my alma mater Liberty University Liberty has been showing students how to find their purpose for nearly 50 years and they can help you get there affordable they haven't raised their online tuition in over four years so whether you want to learn on campus or online Liberty offers over 700 degree programs for those of you who feel like you don't have the time or you don't have the money to learn what you need to know Liberty University's online education can help you get where you want to be without hurting your budget or your family check them out right now go to Liberty edu backslash ken that's Liberty edu backslash can't go no excuses change your future right now all right our last debt free scream of the day is coming up and it's with Adam from Albany but this is not Adam who are you sir Andy from Albany here and you're his buddy you came to support it yeah it came to support Adam introducing the program been friends in for a long time I was there with him at his financial bottom and really some turned his whole life around Wow this is gonna be quite the story then I'm expecting a lot from Adam yeah yeah he it certainly wasn't an easy journey for him I you know I mean I was good friends with him and I could tell he was really hurting and he he wasn't really honest for a little while if I'm being Frankie and then and then you know he had like hear his story live on the Dave Ramsey show it yeah okay let's get to it [Music] your life is an adventure emotionally you just been through the ring you're not afraid of hard work and you have note that everything in painful a very very well done you did the hard work and you've done so good you know when you've had it that something has to happen inside of you slow and steady live on less than you make believe that it can happen it does happen every day in America you are the answer God's blessings pouring to and through you are the answer [Music] in the lobby of Ramsey solutions Adam is with us hey Adam how are you great Dave how are you I am better than I deserve where do you live I live in Albany New York welcome to Nashville bit of a trip to do it debt-free scream absolutely it took us 18 hours to get here Wow Oh serious road trip and how much did you pay off I paid off 40 6040 months good for you and your range of income during that time 50k 262k good for you Wow what kind of debt was the 46 so many things student loans there were two credit cards there was a debt to my mother there was a personal loan a car fleece that's about it though how old are you 28 28 and you're debt-free that's for a a hundred percent yet you collected all the normal debts and you decided 40 months ago to knock it out and you averaged over $1,000 a month for over three years making fifty to sixty two what do you do for a living I'm a software developer I work for New York State good for you okay cool what lit your fuse 40 months ago well so I went to Atlanta Georgia for a convention and I just charged $700 hotel bill on the credit card and when I got home I just I hit my knees I had no idea what to do I I just could not pay for it so it was not it was not a work reimbursement you just had to pay for it I just know it wasn't for work it was just it was an out of work okay I mention okay yeah oh my gosh you just get home and so the 700 on our hotel bill woke you up and said this is enough and then what you do so my friend Andy who I was living with at the time he introduced me to your radio show and had me download the every dollar mobile app and then also at the same time I wrote up an email to a lady named Julie when who is a financial coach through your team right out in New York and I met with her mm-hmm and we said you know how did you find her so I found her through your website oh okay yes all right so and so I met with her and we came up with my very first budget Wow yeah how strenuous was that oh my god it was so uncomfortable it's very awkward it was it was so uncomfortable I I literally had no clue what I was doing at the time yeah it's like the first time you sit down on a car seat and you turn the ignition and put it in Drive you don't even know what's gonna do oh yeah you watched other people do it but you're like oh wow this thing's moving yeah yeah I mean well I think for me the thing is that you know I was just bankrupt not just money but you know in my spirit I just dead inside absolutely a hundred percent yeah y-you know I had some issues with substance abuse in my past and I've been in recovery for about three years now for that mm-hmm and you know it's just I don't know why I have no idea it's not it's not unusual folks on recovery once you beat that animal and you get that behind you and you're you're sober for a while then it feels you're you know it's like okay now where's the next dragon to slay and if you don't have something else that you're working on you can kind of get caught in a rut yes I agree a hundred percent I mean it's one thing to not be doing that stuff but to turn my life around is a whole nother beast not doing something is a big step but then doing something positive is another big step oh yes absolutely absolutely for you well I'm proud of you man yeah good job well done sir how does it feel 40 months baby 40 months it feels absolutely fantastic actually you know the it's wonderful because now I actually bought a house Wow I bought a house on a 15-year fixed-rate conventional mortgage through Churchill a debt-free twenty-eight-year-old just did that yes and his name's Adam way to go dude that's you you did that I did that's yeah that is very good well done sir very well done good for you so I you were 24 I guess 25 20 started this tell that 25 year-old out there who feels stuck and a little bit dead inside what the secret is to be in you when they're four and four years later I the secret so there's two secrets to all of this and and the number one secret is God a hundred percent it's all comes down to God and and everything else just comes down to I have to live on a budget I have to live on every dollar that I make has to it has to come down to you know it all has a name at the end of the month mm-hmm you know and it just would not be possible without that okay well you know I'm a person of faith that I completely agree with you when you say God but what do you mean by what it God do what part did God play in this part in this process for you so God wasn't necessarily the one who is doing the budgets right you know but God was the one who provided me the power you know the strength to carry it out I can do all things through Christ who strengthens me oh my god absolutely I mean the the thing is there's so many ways to be Davis mm-hm you know I could have just decided I'm gonna create a budget and then you know I'll just ignore it for a month until I you know but that just adds an hour of waste to my life but with God I have the strength the energy the ability to go out into this world and do something different well shit well shit that's what I was thinking you earth meant but I want to make sure people listening knew what you meant cuz really what happens is faith and hope are best friends and you had kind of lost a little bit of hope you were dead you said yes and your hope came back alive and so your faith played a part in giving your worldview played a part in your behavior changing oh yes absolutely this is not a math problem yeah you know because if you think about it I mean I'm a software guy I'm a nerd right so mathematically speaking debt is always more expensive mm-hmm always more expensive even even a 90 days same as cash but the problem is if I don't behave in a way that leads to wealth and it leads to internal freedom freedom on the inside I'm going to continue to be dead well done well done well said okay so now I got to know you said I'm a software developer I'm a nerd and all that stuff so what's the convention you went to in Atlanta that you spent the money on the convention its first spirituality college for rich oh okay yeah okay okay all right good good for you man well done very very well done man so who was your biggest cheerleader so I have two cheerleaders three actually so one of them was my financial coach Julie went mm-hmm and then also my great friend one of my best friends Andy Barnes and then also one of my best friends cat Gabriel okay very cool good well you got to have that man you got people in your corner cheering you on saying you can do it cuz you get tired oh yeah I mean you did that you'd do this for 36 plus four months three years and four months absolutely very well done and you stuck with it you hustled and grind you stuck with it though you know the number one character quality people who succeeds perseverance it's not it's not IQ its perseverance and you got that well done we got a copy of Chris Hogan's book for you that is the next chapter in your story every day millionaires and you're on your way you've learned how to handle money and you figured out the the source and the secrets in the process and there's not any secret really it's common sense but well done sir all right Adam from Albany New York 46,000 dollars paid off in 40 months making fifty to sixty two count it down let's hear a debt free scream three two one different [Applause] all that is so well done fabulous man great job very well done so Millennials love you I'm proud of you there's another one right there he did it he's not a victim he's not waiting on Donald Trump or Elizabeth Warren or Bernie Sanders to fix his life Adam decided Adam was gonna fix Adams life and he and God went about the business of doing it love that this is the Dave Ramsey show [Music] [Music] would he turn to overcome the fear of starting something new where can you find the know-how and get a plan to bring your vision to life hi I'm Christie right I have worked with thousands of women running successful businesses and I will tell you at any stage of business it can be scary I started a brand new business boutique podcast to give you the advice and encouragement that you need to start run or grow your business in this podcast you'll hear from experts in every different area of business covering things like how to create a plan social media marketing sales and more we're going to give you the tools and answers to help you win but also we're going to give you the inspiration and encouragement the excitement and the motivation and most importantly the community of women that are on the same journey that you are join us and subscribe to the business boutique podcast on iTunes today our high health care costs getting you down are you confused trying to navigate the health insurance world do you wish you could find an affordable biblical solution to your healthcare costs based on New Testament principles Christian health care ministries are CHM helps christian families churches and businesses join together as the body of Christ to share their major health care costs as a CHM member you can go to any doctor or hospital you prefer you aren't bound by an approved healthcare provider list and all treatment decisions are made between you and your doctors no treatment approvals are ever part of the CH and experience for tens of thousands of Christians CHM is a trustee affordable and biblical health care solution and it can be the solution for you as well visit us online or call today to learn more about how we can serve your family church or business christian health care ministries one eight hundred seven nine one six two two five CH ministries dot org hey guys I'm here with Adam after a debt free scream I feel like everyone around me is smiling because of your smile it's infectious how are you feeling so great so great now you were saying something earlier to me you wanted to say something to the people watching out there I do I just want to say to anybody who's lost faith and who's lost hope that God is there God does exist yeah you've got a joy and a spirit about you and I want to say part of it is because you're debt-free now is that correct oh yes absolutely what are you looking forward to now you don't have any payments well now that I don't have any payments I'm looking forward to long-term homeownership and starting a family that's amazing well you've come a long way and your buddies here to support you we're all here to cheer you on you've done some amazing stuff in the last 40 months and we are so so proud of you if you want to do this it's pretty easy just kidding it's hard you've got to be like Adam you've got a sacrifice but it feels so good doesn't it out it feels great [Music] [Music] [Music] our scripture of the day Psalm 90 and 12 teach us to number our days that we may gain a heart of wisdom Winston Churchill said character may be manifested in the great moments but it is made in the small ones absolutely you know as we study wealthy people we find and if you want to be wealthy people you have to do what they do because it is a doing thing it's not a an inheritance thing it's what are you going to have the habits with money that cause you to become wealthy like what caused them to become wealthy they do both offense and defense meaning they invest and they invest well but they also defend themselves with things like insurance things like having a will you know the basic defense moves you gotta have offense and defense to win a game and wealth is no different we have a 5 minute it takes five minutes is all free then I mentioned it's free coverage checkup a five minute coverage check up and we will text it to your we'll hook you up with it either one and let you see how you're doing on your defense text the word checkup 233 789 text for the free hookup text the word checkup 33 789 or if you're not a text monster I'm not a text monster and most of my friends are my wife sure is but I'm not much of a text my thumb's don't do as well as my fingers do on a keyboard something more of an email guy check the website at Dave Ramsey dot-com slash checkup Mason is with us in Baton Rouge hi Mason welcome to the Dave Ramsey show Dave how are you better than I deserve what's up all right I'm calling to for a life question basically I'm 18 years old enough is gonna graduate high school and I'm also in a technical school right now for electrical I finished that within a year but I just got a job at FedEx and I'll be making 1672 now or part-time 30 hours a week and Monday through Friday but I'll start working at 5:00 a.m. and then I get off at 9:00 a 9:00 a.m. on now I have a question should I get another job from my 11:00 to 4:00 or start my own business where I want to like a lawn care business which I'll save all my money from right now and to like December and then start my lawn care business in January and just run it to there just only 30 hours a week job tell me about the electrical what are you doing are you talking about you're going to become an electrician or you're studying electric electric engineering or what does electrical mean I'll be I'll be electrician I'll have my certification in a year's time okay and you're doing that in a trade school yes sir is there an apprenticeship involved no sir I'm sponsored go there by a contractor here in Baton Rouge oh my go they're free but when I'm done I have to work with them okay can he not work you between 9:00 a.m. and 4:00 um no sir because when you get on like a jobsite they require you for you work for tunes or five tunes or seven plus or whatever so I can't work just part-time what the contractor mmm-hmm okay and you're far away from your certification on that about a year a year would you be doing anything morally wrong to work for a residential electrician using the knowledge that you already have and do that part-time in addition to FedEx here's one here's what I'm going Mason okay I'm just I'm trying to lead you to do something that has to do with your long-term career because right now you're working at FedEx and then you start a lawn care business and your electrician you got three different things going on and I want you to just have you know be focusing on where you want to be ten years from now 28 years old it sounds to me like you want to be an electrician yes sir okay so I would spend my off-time somehow being an electrician now obviously you're not certified you can't they're not license you can't go do this by yourself but you could work with a team of people pulling wire you know labor whatever and at least be learning the trade hands-on then when you hit the ground with your other employer by the way he's already paying for your you said yes I'll sponsor to go there I basically I took a food truck during my school I'm fitting gradually like I said but I took a field trip and they were impressed by the work I did when we were there for four or five hours and they I I talked to them as I talked to them I know you can't work full tens they know you can't work full tens but say rather than me start a side business with my off-time can you not put me to work five hours a day doing something yes I'd rather you work with the team you're going to be working with doing the stuff you're going to be doing in the future then I would starting a side business that you're going to turn around around and shut back down later because you know when you're 28 you don't want to be mowing yards and being electrician that's not your plan and you're not afraid of work that's a good thing and that's the beauty of this call for an 18 year old but I would always try to do work that's taking me towards my goal not that's not something that sidetracks me kate is with us in Lincoln Nebraska hi Kate how are you good thank you for taking my call sure what's up I am debt free I through my work I contribute to a Roth 401k and my question for you is I'm wondering how much should I be contributing to the Roth 401k or to retirement versus how much should I contribute to savings or an investment that I can pull out of in the next you know five to 20 years if I want to buy a house or you're 100% debt free you have your emergency fund in place yeah okay those start with I would be doing baby step 4 which is I'd be putting 15% away in retirement plans and now the order of retirement plans the rock paper sissors on that is the best thing you can do with the retirement plan is match the next best thing you can do past getting the match is getting roth the next best thing Pass Roth or match if you can get neither one of those up to your 15 percent is to do traditional which is before tax but taxable on withdrawal okay that's the worst one of the three but it's still not bad but the best thing is your 401k have a match yes it matches so if I contribute 6% it matches 4% okay so that takes care of 6% we know we're doing that now we've still got nine to go your 401 K has a Roth option correct that's what I contribute to is the Roth IRA I don't have a traditional okay alright not a I'm sorry okay okay good and so do you have good options good mutual fund options in your 401 K that have good track records over the long haul I believe so yes okay then I probably just put it all in that the 15% in that you get the six plus the nine and you put it all there then above that I would start saving aggressively for my down payment on a house how old are you mmm-hmm twenty-seven okay good and you're single I'm single no kids okay good yeah I'd start saving aggressively for the down payment on my home above saving 15% what's your income after tax is about 42 okay so you're making about 55 or 50 or so yeah okay good alright and yeah what do you do for a living I'm a registered nurse excellent excellent good okay so you can crank up hours if you want to jump over to an ER or something and hit some additional savings goals if you wanted to to save up your down payment that much faster and that moves you ride along up the baby steps and so you're right on track you're doing a great job listen folks the when we studied 10,000 millionaires in the largest study of millionaires that's ever been done in North America our team in conjunction with a research firm our research team in conjunction with research firm Chris Logan did the study we printed a hundred and forty of the statistics in the everyday millionaires book it's not a white paper on the study but we pulled a hundred and forty of the findings out of that and put them into Chris Hogan's book along with stories and motivation and that's why the book is the number one bus in that we found that 79% of millionaires used to 401ks and 80% of them used paying off a home eight out of ten millionaire's pay off their home and use their 401 KS to build their first level of million-dollar met first million dollars in net worth that puts this our that I Ramsey show in the books we'll be back with you before you know it in the meantime remember there's altum Utley only one way to financial peace and that's the walk daily with the Prince of Peace Christ Jesus [Music] [Applause] [Music] so I purchased the timeshare back in 1997 because I was looking for something to do with my kids over the course of 15 or so years that we used it and we went a lot of really fun places irreplaceable memories no doubt by 2012 I had a third child who was then 9 years old but my older two had graduated from high school times did change and we wanted the freedom of being able to enjoy vacations wherever we can go when we can go then I did see some advertising for timeshare exit team I was absolutely elated because I had had so much regret and remorse over the years for having gotten into the timeshare and I was extremely impressed with how professional they were and how straightened to the point they were in getting me out of my timeshare time changes everything if your timeshare no longer fits your life call the team that can talk to you about options for your timeshare call timeshare exit team today or go to timeshare exit team comm [Music] [Music]

Info

Channel: The Dave Ramsey Show

Views: 41,669

Rating: 4.8108482 out of 5

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, dave ramsay live, 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 live

Id: N2crRJo7oRI

Channel Id: undefined

Length: 174min 33sec (10473 seconds)

Published: Mon Apr 22 2019

Reddit Comments