Don't Try Solving a Long Term Money Problem with a Short Term Solution

this is the ramsay show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host christy wright ramsey personality the creator of business boutique and all things christy wright is uh my co-host today as we take your calls about your life and your money open phones at triple eight eight two five five two two five speaking of business boutique you were saying right before we went on the air that popped up on your phone there's five years ago today that the book was uh in launch mode you're in your first week of launch yeah it was launch week we were in nashville for the signing it was one of those memories that came up on my phone it's hard to believe five years ago the book came out but it's incredible too because this book continues to sell you see this and it continues to help people it's the plan to help them get their business idea off the ground and grow it so equipping women to make money doing what they love yeah i can't believe we've been saying that five years it seems like it's 20 minutes of course of course the book launched as a number one best seller and it's all about equipping women to make money doing what they love to go with that around that same time i guess maybe in the f months following that we launched business boutique academy yeah which is all about christie teaching ladies how to start and how to run a business yeah so this is really just our coaching model because it came out of our first event in 2015 we had these amazing success stories but women would come home from the event they're fired up but then they're thinking oh well i ran into something i didn't know how to deal with or i lost motivation or i got discouraged a few months later when i thought you know i want to walk with them over time in their business i want to help them have the motivation but also the advice and tools and steps they need to take and so we launched the academy back in 2016 and it has been incredible i've had women that that joined in 2016 that have stayed with me and you have some that have been joining since then but it's a six month coaching period this is not a you know a private facebook group where we just sit around talk this is you actually teach them to freaking do stuff and they go freaking do it yeah we have a this is serious business it is and it's interesting too because it doesn't matter what type of business you're in you're all in business i have the most common question i i am asked dave is but what about this type of business but what about a salon but what about fitness coaching but what about multi-level marketing nonprofit for-profit what it does you're all in business and that's what i specialize in i want to teach you the business principles that you take and apply to your specific business to help you win and so uh so yeah we only open twice a year we're open right now we opened yesterday we close thursday night and what we do is we have an open enrollment where new members can come in and join and then i walk with them for the next six months in their business to help them chase their goals their dreams figure out what their version of success is and then give them the tools to get there so and that keeps you in in the class you know if you're a freshman or a sophomore or senior there's not people joining every day and leaving every day right exactly they're in there together and the community's part of the aspect of it it is there's such power i actually put them in buddies and so it makes the big group feel smaller and then i give them weekly emails and curriculum on what you're going to discuss with your buddy what you're going to work on in your business and we're all on the same track focusing on the same things together we do something really cool dave that i actually started last year out of covit and you know we were all pivoting trying to figure out how to make it work with covid one of the things that we came up with is a 250 challenge so the cost of your membership is 244 so i came up with a 250 challenge and i challenge them to make 250 in seven days and i give them a whole list of ways to do this we all rally the community gets a lot of it i just get so excited you have people posting the facebook group and what's so cool is they do this the majority of them do this and they've made their membership feedback in seven days and you've made roi in the first seven days so it's just it's a really powerful community but it's amazing to see to see how when women get the help they need when anyone gets the help that they need they really can do this thing they think you know i'm not business minded i'm not cut out for this no you are you just need help like we all do in any area of our lives that we need help with yeah i don't think a four-year-old gets up and goes i'm not bicycle-minded right right i wouldn't cut out for this you're still gonna have to learn to ride it baby right that's how it works enrollment for the academy is open as christie said through thursday night april the 22nd just about 24 more hours 48 more hours and it's only open twice a year so you don't want to miss your opportunity to get in on this training the tools and the support uh and it's odd that it's uh you know coming up on the week that is the anniversary of the launch of the book so uh join the academy at ramseysolutions.com academy and you can become a part of this incredible community of women who are making money doing what they love that's so important the book is also on sale right now among our other books on a 10 special at ramseysolutions.com store so total money makeover business boutique rachel's books ken's books virtually all of our best-selling books are in there on sale right now with the 10 sale at ramseysolutions.com so be sure and check that out as well but the academy open through thursday night april the 22nd shuts off at what time thursday night eight o'clock thursday night and um again ramsay solutions dot com slash academy and you'll get the help from christy the one-on-one coaching the uh the community the challenges everything you need to do to get moving and get started in that business or take your existing business and move it to a different level and it's a very unique community and it's all about changing everything the ramsey baby steps community uh kim little our manager of that community uh said if you want to be part of like-minded people jump in on our facebook group it's called the ramsey baby steps community and it's massive i mean several hundred thousand people in there juliana says i'm a single mom that's blessed to have my mom able to help me with my kids i'm in baby step two it seems like it's going slow i want to get a second job my mom is supportive but i don't know how to balance my two kids that actually need my help i know i need to get out of debt but i'm torn yeah this is one of those things that a schedule is your friend because if you're waiting until you have time left over to put money toward to work on a second job or start a side business from home or whatever that is there's never time left over and there's certainly never time left over when you have young kids and so i think that it can be in your favor to come up the schedule whether it's nap times weekends what is can do you know maybe it's from 7 to 10 p.m you bust it and try to get creative with working from home or freelancing or that type of thing with some flexibility but um the reality is you have to have some type of schedule and structure otherwise you're gonna always feel like you're coming from behind and so what is what is realistic but also a stretch goal to help you do what you want to do to maybe speed this up and get extra money yeah and but also realistically all work is not profitable so you need to actually be doing something that makes money yeah i mean i would i take a retail job and be away from my kids for minimum wage no right no you need to be doing something that's two three times what minimum wage is whether you're running your own gig doing something on the side i don't care what it is you're doing but figure out something that's going to pay really well number one number two then map it out and go okay this is only for two years or this only for 18 months or it's 19 months and then i'll be out and then i can go back to a regular schedule so if it pays really good it's only for a reasonable period of time you can lock it in that'll give you the energy to do it and the third piece of advice i've got is work while everybody else is asleep yeah yeah do your 4am reps what can you do what can you write what can you uh what can you you know what orders can you fill on ebay at four in the morning what uh what questions can you answer how can you work when others sleep because those kiddos aren't there you know and you know the amount of time people spend that's supposed to be spent with their kids in front of stupid television you know you just take that out just throw a brick through your tv you find all kinds of hours all kinds of hours in your life kristy wright ramsey personality is my co-host today [Music] [Music] [Music] [Applause] [Music] [Applause] [Music] chrissy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five carly's in buffalo new york hey carly how are you i'm well dave how are you better than i deserve what's up um so my husband and i recently he was in an accident september we recently received a settlement of a hundred thousand dollars wow is he okay not uh yes actually like he is nearly fully recovered so we got really lucky on that one wow sounds like it's a bad accident it was a very bad accident he uh broke his leg surgery all of those and all those bills have been paid yeah it was covered yeah okay so in addition you got a hundred thousand clear and he's okay now yes okay all right and we're just not sure what to do with it i know there's worse problems to have but this feels kind of burdensome like i don't want to mess it up you know like i feel like yeah uh until we don't know i don't know i don't know realistically what to do i understand yeah you want to be careful with it and wise well we would apply it wherever you are on the baby steps so let's walk through that a little bit do you have any debt other than your home no no home debt either no home debt okay so you're completely out of debt house and everything what's your household income uh about 33 a year 32 000 okay and um do you have an emergency fund of three to six months of expenses yeah yeah good it's closer to nine months good good well you're in really good shape it was lucky to have that when he got hurt i bet i bet yeah you've done a great job you're in great shape congratulations well um you know yes you could buy a piece of real estate if you want to buy that and pay cash for it uh might be pushing it to find a hundred thousand dollar property in buffalo i don't know uh things are going pretty high yeah maybe you could but i would not want you to go into debt for a rental property i think that'd be a bad plan and so if i'm in your shoes then that's going to put me in mutual funds probably and so and you need to take your time and understand that investment and [Music] you know move through the the process of learning on that before you actually make the decision a good way to do that is to connect with one of our smart vester pros click smart vester at daveramsey.com ramseysolutions.com click smart vester to make changes for me remember all this crap oh it's a lot and um yeah and anyway so yeah ramseysolutions.com click smart vester and it'll drop down a list of the smart vester pros in your area that you can uh connect with sit down in order for them to get our endorsement they have to have the heart of a teacher they have to be willing and able to sit down and teach you because you should not put money in something you don't understand and so you know when you're doing something new like investing it's it's intimidating yeah that's why you need someone that knows that specifically and i think some people feel like oh i'm supposed to know this no even inside this building we use investment professionals for our investments because they are experts that's what they do all day every day but to your point you want to go to someone that is trustworthy that's in line with what we teach because if not they could explain things in a way that you don't understand and you end up making some mistakes so you want to go to someone you trust yeah i just sat down and spent an hour with um our tax professional that does that handles the ramsey family oh god tax bill and uh all the stuff and and you know there's no way i'm gonna understand freaking 10 billion words that the irs wrote and know them all that's his job but i do need to understand enough of it that when i put my signature at the bottom of that return that i know what it's saying right i may not know every little nuance and every little thing perfectly but i need to get the gist of what we're doing so that i'm not just blindly signing things and not looking at them yeah exactly and that's the same with investing it's the same with doing your will these are things that you don't have to be you know you can put an expert in your corner but even somebody working on your car they come in and go well you know it's going to be eighteen hundred dollars to fix the gym again the jimmy gag and what the flips of jimmy gag you know you're gonna have to tell me what the sparkle mana flaps are i mean i i'm gonna have to get a figure start over please 1800 bucks you just got my attention so now i want to know what the flip's going on here and so you know you have to be taught and and you don't blindly trust anyone not because we're cynical right but because it's our job to be responsible for our decisions where you get screwed on anything from car repairs to investing anything else it's when you don't understand what you're doing and you just went oh that's my guy he takes care of me it's my guy or you're too or you feel like you're gonna look stupid if you ask questions like this is your money it's a hundred thousand dollars or whatever you're doing it's your cards eighteen hundred dollars ask the question say well now what does that word mean we matt and i just sat down with our investment guy a few months ago to kind of do a reset on where we're going what we're doing and there were several things he said that i go what does that word mean i don't even know what that word like and he explained it to me it's like okay so don't be scared to ask questions this is your money that you're investing you can ask those questions and really good people will answer them in a way you can understand an attorney a few years ago we were working on not not litigation but on a just a contractual situation and he's like you know because i said so and i went hey dude you just got really confused that that let me help you with this you work for me and i'm getting ready fire your butt try again oh my god because i said so what do you think you are my dad he doesn't know you he didn't know not to say that bless his heart yeah right well he knows now irene is in san antonio hey irene what's up good afternoon mr ramsey thank you so very much for taking my call my pleasure how can we help i've been listening to you for about five years now and i followed all your steps so i have totally eliminated all my credit card debt i've eliminated all my student loan debt i have two vehicles i have absolutely no car payment i have a hundred and five thousand dollars left on my home and my question is i want to go back to school to pursue my phd and i was wondering if that's a wise thing for me to do the reason why i want to do that is because i've become absolutely passionate about my field of mental health and so i want to teach on a university level very cool that's awesome first of all congratulations yeah paying off all that debt that's amazing yeah thank you i followed each and every step of mr ramsey and it completely transformed my life over the past five years you're amazing that's awesome so you're paying cash for the phd uh well what i'm going to do is i still have forty thousand dollars left over in grant money that i can put towards my education and then i'm going to take the rest of it out of my um out of my savings to pay off the rest so not that much but i have enough to cover it so i'm not going back into debt ever good good and you're not dipping into the emergency fund to do this no absolutely not i have plenty left over and actually making sure making sure i understand what we're talking about it's okay it's okay okay i'm just making sure i understand so you're gonna pay cash for a phd with a grant and the excess savings and it's what you want to do well why wouldn't you do it because i couldn't find it anywhere in your book why didn't you write a chapter on that that's your fault yeah i i don't write a lot about phds the only one i've gots in d-u-m-b so um [Laughter] education is not really one of the steps other than pay cash for it for your kids education and baby step five and in any purchases you want to do we're paying cash for it and this is not a luxury it's career advancement you're going to move into a whole new phase of your life and you've positioned yourself to do it this is fabulous you want to do it you have the money for it and it's moving you in the direction of where you want to go that checks all the boxes for me irene you got it touchdown thank you so much i appreciate it i'm awesome appreciate your asking our permission but i think you're all right that's right yeah you're a rock star absolutely amazing yeah that's uh uh and that is one you know if you're gonna teach at the university level then you know that is permission to play this table that's table stakes that's right yeah you got to have that to be to teach at that level and so and it's a wonderful field too yeah i mean we got john deloney around here and he's got two phds he's fairly normal most days most days some days not so much most days yeah we keep him fairly much in line james and kelly do on his podcast but it's a full-time job this is the ramsey show [Music] so [Music] christy wright ramsey personality number one best-selling author is my co-host today as we answer your questions about your life and your money steve is with us in york pennsylvania hi steve how are you good how are you better than i deserve what's up um the company i work for was bought recently and the pension i worked on for 12 years or that i was given for 12 being there for 12 years he offered me three options one was to do a lump sum or two to get a really small payment starting like next month or three ways to wait till i'm 65. lump sum i just wanted to see what maybe you would choose lump sum it's a no-brainer and you roll it direct transfer rollover into an ira and there's no taxes on it okay how much money is it uh 23 500 okay so let me tell you what happens if you die no not if you die when you die that pension gives you zero right yeah okay uh you die with twenty three thousand dollars in your ira you know what your estate has twenty three thousand dollars okay and you can invest it where it will grow faster and better than it will inside that pension by putting it in good mutual funds so you're better while you're alive and you're better while you die when you die and so this is like what's known as a no-brainer you do this immediately always take the lump sum pension when you can and run okay make sense yes it makes no sense okay thanks for the call brother open phones triple eight eight two five five two two five the old pensions are just about dead yeah we don't get a ton of calls about that but that's interesting because i don't know the i didn't know that that when you die you don't get it in a pension i didn't know that is that any any any business any pension any pension not 401k yeah 401k is yours you own it the pension's actually an asset of the company it's not an asset of yours i didn't realize 401k is your asset yeah and so if company goes broke you can lose your pension and technically speaking um and you can't lose your 401k if you're going to go broke but if you work for a company that offers pension do you take it you don't have a choice it's just you have to give it you just get it most companies like 78 of them have done away with pensions there's just a few mainly bigger ones it's an old old-school thing and yeah and some old governmental agencies and things unions that kind of stuff it's mainly things that just haven't kept up is what amounts to that are still doing pensions because the 401k is much more advantageous to the user sure so isn't this back in the same kind of time frame when you know people worked at the same company for 40 years got a gold watch and a retirement party and yep that was enough and your pensions your pension built up over time and the the thing about the pension is you don't put anything into it they put into it you don't put anything into it so it doesn't cost you anything but what it can cost you is your future by counting on it and not having other other side things to do stephanie's in rochester new york hi stephanie welcome to the ramsay show hi how are you better than i deserve what's up in your world um well my husband and i are trying to decide if um we should purchase a used vehicle or if we should um keep a vehicle that needs to be repaired um what baby step are you in we're in baby step two okay why would you what's the repair uh it's it's like a issue but it's like um leaking uh fumes into the car and they said it's gonna cost about eight hundred dollars what's your car worth uh i think it's about maybe like 2500 um with with meetings it's gonna take eight hundred dollars to fix a muffler um it's the repair shop i know what i mean just an independent repair shop or a muffler shop or the dealer uh it's an independent like car repair shop have you gotten other quotes no okay that's first clue um you always get more than one quote when something seems weird because this sounds a little weird that sounds super expensive for a muffler issue and i don't know cars stephanie at all but that just sounds expensive i thought so too but i mean i might be missing part of it yeah you could be and we could be too but it's worth checking on further because it could be four hundred dollars which changes the conversation doesn't it yeah you wouldn't even been calling us you to fix the car 800 puts it on the bubble so how much do you have in savings we have uh five thousand dollars right now and we're expecting to get about 2500 back from our taxes and i've kind of been nervous about putting that toward our debt because of our cars and not knowing they're both kind of older higher mileage cars um and i was thinking you know within the next year or so we might need to replace them but i don't know if it's smart to just hold on to that money in case something happens to the car or just not worry about it pay down the debt and then you know well you're you're working your plan if you're working our plan if you're working our plan you apply the money towards the debt yeah even if your car is like possibly going to be breaking down honey cars are all possibly going to be breaking down every one of them every car in this parking lot is possibly breaking down at any moment how much debt do you have um 10 750 and what's your household income about 42 000. so i mean with the money that you have and the money that you're expecting to get you just you can be debt-free soon yeah if you quit holding on to your muffler money [Laughter] you know i i don't want you to die from carbon monoxide poisoning so i do want you to get this fixed and get some more bids on it and find out how dangerous it is or does it just stink and so on and you know so when we were going broke and we were coming out of going broke and trying to dig our way out doing what you're doing and we were so broke we couldn't pay attention and we were scared just like you are i was driving a car that the transmission main seal busted on it now let me tell you what that means that means the transmission fluid leaks out of the transmission you know where it goes onto the muffler and you know what it does it smokes like a james bond car or something it's put out a smoke screen behind me it looked like a movie and i had to put transmissional fluid in the thing almost every three days just to keep it running but i just kept pouring transmission fluid in it and smoking up the neighbors and um and finally finally we got the other side of it and i got the money to fix the stupid car after i got the debts cleaned up and uh but i limped through because i had to change my direction and that's what i want you to do i don't want you to do something that's dangerous the car i was driving wasn't dangerous it just stunk but uh and the neighbors thought it's funny and it's a funny story now it wasn't funny that it was embarrassing as crap but uh but i did drive that old beat up thing and i got through and now i drive whatever the flip i want to drive because i've got the money now and the reason i got the money is i i didn't keep falling back into the same trap my 1996 jeep grand cherokee dave it's a piece of crap like a go-kart it smells well you probably hauled goats around in it because you had goats i actually did but that's not what smells like no it stunk like that that that oil smell like a go-kart like if you were at the go-kart races i prayed that thing back to life more times than i can count like great parade it back to life cars don't have a soul that didn't happen that didn't happen you cannot lay hands on lazarus the cheap well the jeep came back to life you take that up with god himself that jeep came back to life when i prayed but you're right it's like it's embarrassing for a season and then you get through that season and she's not even that far i mean we're talking 7500 she's so close yeah she's 7 500 bucks and out of 10 000 and just boom you're going to be right there we can see this but you're gonna have to change your focus on what what what do you believe in what do you believe is gonna take you to the next five years keeping this money in the account limping along with these old cars and and limping out of that or busting through kiddo our suggestion is bust through you're gonna make a decision now what do you believe in and all of us let me tell you for a whole bunch of us a whole bunch of you listening that are out of debt and have become everyday millionaires me and christy we've all driven that crappy car that was so crappy that you had to give it a name old blue bertha whatever her name was i don't know why they get female names not the david nobody nobody names it george hey kiddies they always give them negative female names henrietta i don't know but you got to give them a name that uh you know and if you if you hadn't been through that then you don't know what that poor lady's facing but we're with you stephanie you can do this this is the ramsey show [Music] [Applause] [Music] [Music] so [Music] christy wright ramsey personality is my co-host today as we answer your questions about your life and your money dawn is in indianapolis hi dawn how are you i'm blessed dave thank you thank you how can we help i called because my four children just inherited 187 thousand dollars each from a life insurance policy that i took out on their dad when i was married to him 13 years ago and i need to thank you dave because we feel so blessed today that i did what you said in the financial peace class that i took back then we put policies in place and their dad just died a month ago and now my kids have have this money in hand from the life insurance company it's a lot of money per kid and we want to know how you would invite them what what should they do if they're only 25 years old 20 18 and 16 and you can only put like a 6 000 in a ross every year so i just we're here to ask you your advice and we want to just thank you you've blessed us i'm sorry for your loss all of you so it was your ex right yeah yeah we did divorce eight years ago but 13 years ago when we were together we did this right that's what i thought i understood you to say okay well i think different age kids will have different needs a 16 year old has a different need than a 30 year old the 30 year old we're just going to apply it on the baby steps wherever they okay so they have any debt you apply to debt if they don't have if they got the only debt make sure the emergency fund's in place 15 of your income going towards retirement kids college is five and six is pay off the house so we roll that money up that list until it runs out okay does that make sense yes yes okay and really i would do that you said 16 was the youngest and there was an 18 25 maybe it was 25 20 18 and 16. what's the 20 year old the 20 year old what is he doing well yeah um we we don't know yet other than i've advised them that they need to set up i mean what's his life what's he doing with his life is he in school is he working he he spent the past year and a half taking care of his sick dad so now he has to find his life he does have a two-year degree but yeah he doesn't he's been taking care of his dad while he was terminally ill okay well i would put him in the 16 year old and uh you know make sure they're reading through ken coleman's stuff on career and christy's stuff and you know just get get a handle on who they are and so some of this money there's a probability will be used for education as a matter of fact i might park it all just to the side and something really simple for the two youngest ones until we ascertain what educational needs they have and so 16 year old says i want to go to college i want to go to a four-year school then we make sure that the four-year school room board books tuition is under 187 000 for four years otherwise you picked the wrong school sure okay and yeah they're more community they're community college kids yeah and you know get the first two years out of the way and then go move and take two more years at the at the you know in-state university and he'll have some money left over but i would just make sure we use this money to get them the education to start their lives the other older ones have already started their lives and you just applied to the baby steps i think do you think see something else yeah i was just wondering dave when you're going through that type of a loss for these kids they've lost their dad is there any type of waiting period it may be different because they're kids or even if someone's older is there any kind of waiting periods like let's not decide to do anything with it for a period until a little bit of the initial grieving is over where it's like i don't know i just can you think clearly when you lost your dad a month ago you know well exactly yeah i mean it's it's good to park it for a little while yeah and let it sit the 16 and 18 year old are gonna have to let it sit anyway yeah because they're gonna have to make some decisions that are gonna take more than 30 seconds i mean you're going to sit down and think about what you want to do what studies are involved in what it is you want to do where you're going to get your education and then you map out what that's going to cost and begin to apply the 187 towards that as far as the baby steps goes yeah before you start paying off but i mean i i don't know that a 30 year old losing their dad can't uh decide to pay off their car with this money 25 is the oldest right dawn no yes she's 25 25 is the oldest okay so even that i'm like so is she married or kids or she is married and they just had their first baby two weeks ago okay so that one's yeah they probably have a pretty traditional set of baby steps to walk right and i probably can't give them much advice because they're married right yeah yeah right well it's completely up to them but if if they were to call me and ask me what i would tell them to do would be to work up the baby steps in other words pay off your debts make sure you have an emergency fund in place make sure you get 15 going into retirement make sure the new baby has a college fund uh and you know then pay off your house do they own a house they do okay yeah and i suspect that those steps will use up 187. okay what about so the 18 year old college is already taken care of so she wants to know what to do with it besides puts them in a rock how's her college um we've already fully funded that and she's got three years left it's fully funded uh she's room and board yeah i mean she she she drives back and forth to school it's a four-year school and she drives she lives at home with me still all right um you know that you do not have to get fancy uh you know what i would do is keep it very simple and very calm until you get out of school uh and to christie's point let's not try to be professional investors at 18 years old when you just lost your dad so you don't you don't have to you haven't done something wrong if you don't suddenly become a highly seasoned uh professional investing person you know so if if she wants to sit down in the next few weeks as her as girl's brains start to some of the fog of grief starts to clear if she wants to sit down with a smartvestor pro and begin to look at what she could do with investing that's fine but when she finishes school 16 year old finishes school with whatever money is invested whatever money's left over that's probably going to set up their adult life really well they might pay cash for a house in indianapolis and indianapolis for that if they're careful uh or they might you know move to another city or they might do a lot of different things it gives it gives them some flexibility it's not a millionaire it's 187 and that's a lot of money in one way but in another way you can kind of go like it's all over it's not over this just gives you a boost this is not the rocket it's a booster shot but for those for those younger ones especially the ones that don't own homes yet i mean you make a great point because that could buy them a house in cash out of the gate they never have a mortgage they are completely set up for the rest of their lives they never owe debt of any kind and that would drastically change their financial lives if they started that would be a great legacy for uh uh for her for their dad you know that the dad literally with this life insurance might change the family tree um what what a cool you know what a cool side note to a to a horrible situation um and that's what life insurance always is it's always a cool side note to a horrible situation yeah you know uh we had a young lady out of south carolina that we've videoed for some of the financial peace classes that um you know a brand new baby and they're in their 20s and he just it was just a freak thing he's had a stroke or something and just died i mean but they had you know he had a bazillion dollars in life insurance and it um you know obviously this a young mother that had lost her husband is horrible and this baby really never really knew his dad and um it was a horrible horrible thing uh but the good side note is that she never has to work well i'm curious about this life insurance topic what do you think keeps people from getting it is it fear of talking about such a horrible thing like death is it just they're too busy they never get around to it like it's not a fun thing to talk about we can all acknowledge that but in a situation like this it's one of those things that like you have to have it well it's in the category of smart things to do that give you no immediate feedback yeah and you know if it's if i'm doing something retirement why don't people say for retirement what they say for the kids college because 20 years off right and you know thank god it's friday oh god it's monday right you know and people are short-term uh vision windows and so they don't have any vision in other words and where there is no vision that people perish and so when you look out in the future and you see you know this is what's coming and i got to get ready for it that's called maturity yeah but we have a vastly immature culture and so yeah you need wills you need life insurance you need retirement planning you need kids college but these delayed pleasure things are all that they're all a sign of maturity toward amounts to that puts this hour of the ramsey show in the books [Music] hey it's kelly associate producer and phone screener for the ramsay show if you would like to do your debt free scream live on the show make sure you visit theramsieshow.com and register we would love for you to come to nashville and tell dave your story [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the pm the paid off home mortgage has taken the place of the bmw as the status symbol of choice christie wright ramsey personality is here to do this show because apparently i can't and so we're here she's here to co-host with me and i'm going to stumble through and we're going to pull this off and we're here to help you with your life and with your money it's what we do the phone number is free and some say the advice is worth what you pay for it the phone number is triple eight eight two five five two two five steve's with us in nashville hey steve welcome to the ramsey show thank you dave and thank you so very much for taking my call sir my pleasure how can i help and good evening also to christy thanks dave i am currently me my wife my mother and my son are on a level term insurance policy you were talking about life insurance while ago and this fits into it but um currently my agent wants a couple of us to switch over to a whole life i bet he does yeah yeah and uh i wanted to ask you why first of all my mother is she's she's insured permanently because of her age when i fixed her up on a level term she she went through the two-year probation time and she's fine my son is 30 years old they want him to swap over and of course i'm 57 they want me to my wife is on a 10-year level term her age she's 66 and um they're telling me it's going to be very difficult for her to get rewritten when hers expires in five years how's your money situation i'm i'm okay what's happening i'm certainly not self-insured today okay how how you're in your 50s how much nest egg do you have uh about 50. okay and how much debt do you have i do have some debt um my home mostly it's about 60 00. not much okay that's good and what are you doing towards retirement from this point forward i'm not at this point i've not actually got a retirement plan in place okay well obviously you're going to need to do that right okay right yes sure okay and uh does your wife work outside the home no sir she's disabled and what do you make around 50 a year okay so the purpose of life insurance is to make sure that the people left behind who are counting on the person's income are taken care of correct if god forbid your wife were to pass away mathematically you would be just fine right because you're not dependent upon her correct to financially move forward now i'm not talking about your heart wouldn't be broken i'm not talking about we wouldn't cry i'm not talking about those kinds of things okay i'm just saying mathematically and this is the this is the discussion of life insurance is the math part okay and so if we cancel her life insurance when it goes up it's not that big a deal okay so i wouldn't continue to buy life insurance on her once it goes up so if it you know her term runs out or you said she had a 10-year term when that runs out i would just drop it you see why yes sir okay now in your case you're gonna need life insurance to take care of her until you get this nest egg built you're 57 you're out of debt except your home time to get with saving some money investing some money pretty aggressively for the next uh 10 years or so right yes sir and let's pretend that you had uh 300 000 in your investments and you get your house paid off ten years from today and that's all very possible if you start concentrating would you agree with me agree okay and you die she has three hundred thousand dollars a paid for house and no kids at home i think she'll be okay yes sir so we're working towards self-insurance and in the meantime we prop it up with life insurance you follow the concept yes sir see the only thing whole life is good for is to make sure your agent gets a commission through your whole life that's what it's for it's the kind of encouragement yeah the and the the premiums are 10 times to 20 times more expensive for the same amount of life insurance okay but it's all based on the premise that you're not gonna do anything to get yourself ready to not need life insurance okay so we took care of you two now let's talk about mom how old's mom mom is about 85. and um anybody depending on her income to eat no there's not okay so why is that she's got life insurance it's just back when i lost dad dave uh he did not have insurance and it was a little difficult on the family to take care of all the arrangements now does your mom have any money she's she's uh not really she got twenty thousand dollars no sure sure she's on a fixed income okay so she doesn't have any lives with she lives with my fam not me but with my other family okay so we need enough to bury her yes sir but that's all we really need that's what i have on her okay so you have a very small policy on her and it's term it is term dave uh and and what we started with her remember she has some uh some underlying issues and they wanted to go with the two-year uh probation i started with her and and that elapsed and she's he told me just the other day i met with him he said she's insured for life because i'm assuming because of her age that's strange okay well it's probably not that expensive a policy though because it's not covering the 10 or 20 000 bucks right it's really not though so it's not an issue so we got three of the four done now your son is 30 and what he needs to do is work the baby steps get out of debt have an emergency fund and 20 years from today you know not need insurance because he paid off his house in 15 years and because he's got 700 800 000 in his 401k and his kids are grown and gone 20 years from today he needs a 20-year level term and he doesn't need to use your guy because your guy's a whole life guy you guys are paying too much for the stinking term but it's probably too expensive for you to move now but it's not for your son he needs to go to zanderinsurance.com and get a quote and he'll probably find his term insurance is half what you guys are paying for it really yeah i i'm guessing i'm not allowed to tell you who he's insured i don't care who's he with farm bureau okay farm bureau is a wonderful company for car insurance and homeowners insurance yes their term prices are absolutely ludicrous really yeah but they're great people i got friends that work there i mean i really like the company but you don't buy life insurance there it's not they're really good though for car insurance terms their car insurance service i've been hit by people that had farm bureau and i get they they take care of the car i mean they're just they're wonderful you know and um i i'm i'm a fan of the company but don't buy a term there no it's a bad idea don't buy any life insurance there it's just too expensive because they're they're not really designed to be in that business that's like something they added on to their catalog later and they thought well we make a lot of money doing this and your guy's not a bad guy he's just trained by those whole life guys and so he just doesn't know what the flippy's doing and that's in this particular subject so you got to stay away from people pushing cash value nobody believes in this whole life stuff except people that sell it everybody else in the financial world knows and understands and says no way this is the ramsey show [Music] [Music] [Music] chrissy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five five years ago this week she launched a book that was number one called business boutique equipping women to make money doing what they love the follow-up to that is the business boutique academy that helps you uh build your business build your side hustle start a business uh and it's for equipping women to make money doing what they love we only allow you to join the academy twice a year it's closed enrollment because we want everybody to be in groups that have the same experience as they go through so enrollment is open right now for a limited time until thursday evening this coming thursday april the 22nd so don't miss your opportunity to get in on the training you can join at uh join the academy at ramseysolutions.com academy now the other thing we want you to know is we've got the ramsey solutions website up now so ramseysolutions.com is now your destination site for all things ramsey and that includes all things christy wright john deloney rachel cruz anthony o'neal and whoever i'm leaving ken coleman i can't remember who i'm here for you yeah that's it that's good you're going to carry this i knew you were good-looking site the site is much more uh it's much easier to navigate and find what you're looking for you don't have to go on a wild goose chase all the time a ton of great resources a ton of tools there a ton of free articles on just about every subject where it comes to transforming your life go to ramseysolutions.com and check out the new site it has been launched for about a month and it is all the feedback all the feedback has been positive no one went where'd daveramsey.com go because nobody cared but me except you where'd my name go where's my name not really all right alicia's in decatur indiana hi alicia how are you hi dave hi christy hi um thanks for taking my call um my husband and i are having kind of a dilemma on what to do with an inherited ira um a little back story is we've been date-ish for quite a while and at the beginning of november we decided that we were going to go full in and you know pay off all of our debt so we had some more freedom well since then we paid off twenty eight thousand dollars worth of debt good and the only thing um well the only thing we have left is my student loan debt good so it's um right around forty 40 41 000 and how much was the inherited ira 88 thousand is what it is yes pay off your student loan out of that you're gonna have to you're gonna have to cash out the inherited ira over the period of the next few years anyway that's the law and you're going to pay taxes on it as it comes out no penalties and you might as well pay your taxes now and be debt-free yeah it's just a security blanket for me i guess it's not a security blanket you have a student loan debt yeah that's true you have a security blanket with an axe hanging over your head that's true probably makes sense so it's not very secure you know no no no and you know be debt-free listen here's the thing when you got all geared up and you paid off 28 000 since november the reason you did that was you came to believe that the shortest distance between where you are and wealth and financial stability is to get your butt out of debt right true nothing's changed yeah just stay the course take the hit because not because it's not a hit it's not a hit it's an advancement when you see it as a hit you feel like you're losing money you're taking that money and you're applying it to the debt this is a move forward so we gotta we gotta reframe that in your mind when you see that as a hit it feels like it feels hard to do let me give you let me give you an example on this you took the hit when you took out the student loan when you pay it off you admit it yeah when you buy a car that's 30 000 when you buy a car that's 30 000 and it goes down to 20 000 and you sell it people say oh i took the hit no you you already got the hit you already lost ten thousand dollars when you sell the car you just admit it yeah that's all it is it doesn't change it doesn't change the reality it just makes you face the emotions of this student loan was a stupid butt idea well it's okay we've all done stupid butt stuff i made a living doing it kiddo all right you're gonna be all right you're doing good i'm proud of you you know the interesting term she used security blanket made me think of that call in the last hour where they they had 7 500 had a debt of 10 000 but didn't want to paid off because it was that same concept of like this makes me feel safe because i have this money here it's an illusion it's an illusion and it's like the idea that that is keeping you safe and it's somehow going to be a move backwards to pay off the debt no no that is the move forward and you know what that that does bring up a thing too this idea that the enemy of the best is not the worst yeah the enemy the best is okay kind of in the middle if you can just sit in the ugly middle and be comfortable you got no reason to bust into excellence you've got no reason to bust into the exit and it's familiar it makes me think of in financial peace university which i when i took this years ago you talk about the credit cards like oh no not this last one i'm so attached to it and there's an emotional attachment we have these ideas in our head that even if they're not accurate mathematically at all about what it's going to do for us financially we get attached oh i've got to hang on to the savings even though i have all this debt and i'm paying all this interest because it makes me feel safe that's not that's not a reality me going broke i had an advantage i didn't have a choice yeah yeah you were forced i'm sitting there in the poop and i gotta go i gotta get up out of this because it wasn't comfortable right but if you're sitting there and you kind of feel comfortable it gives you this that that's where the enemy of the best is not the worst i was at the worst yeah and i knew it and i didn't want to be there anymore i was motivated to get my butt out of there right you know but when everything's just kind of okay and i got my little ten thousand dollars and i got my little eighty-eight thousand dollars and i'm okay and that your your brain just whines like that mine does it too on other things yeah it's like you know i'm not fat enough that i'm gonna die so i don't do anything about my fat you know you know what i mean but but if the doc came in and went you're morbidly obese you're about to die of a heart attack fat man then i would go do something about it sure but my brain is like my level of fat i'm kind of in the middle you know until until i hit covet and then i just got big as a dadgum house and i had to go so i've lost 37 pounds y'all shut up all right but uh because i needed to because i was going to turn in the michelin man but um but the you know but you know it's the same thing isn't it any area of our life if it's if you can hit that that mediocre middle that's a danger zone you're comfortable it's a danger zone and it gives you the illusion that you're doing better than you are because you've got this security blanket whatever your security blanket is it's like i'm okay i'm doing okay you don't have that motivation that you're talking about like things are bad i have to change something what did you oh your quote i love so much you can wander into debt you cannot wander out yeah you got to get fired up if you're going to do something you've got to get yourself on anything if you're going to transform your life it's going to involve the most painful of all emotions and that's embracing change stepping face long into change intentionally i'm going to step up i'm going to bust into this thing and i don't care if it's you know your marriage is just kind of instead of having an awesome marriage you know you gotta you gotta go something's gotta give i gotta change something you know it's like man i tell you the kids man you know your kids are out of control when you go that's it that's it you know my mama used to say the worm has turned i don't even know what that meant except the beatings were about to begin you know but the uh uh turned out of shakespeare who knew mom knew shakespeare but um but you know all that was was she had reached the end of her rope you know yeah the little grand babies the little girls denise's and rachel's little girls are over at the house of the night and they're jumping bed to bed to bed to bed and i'm trying to get them in bed and sharon's got the boys in other room putting them down i'm sitting in the rocking chair and i'm just girls sit down girls lay down girls stop it and they're just getting more and more wound up and one of them says papa dave's getting frustrated yeah it's coming mama mama agreed she said when mama gets frustrated it ain't good so that means my daughter's doing a good job i like that that's right so i said girls you're gonna have to lay down but i mean the worm has turned you have to have this moment in your life where you say enough i've had it and sometimes being in the comfortable middle doesn't doesn't make you do that that's true and you have to manufacture that in your emotions and just decide [Music] [Applause] [Music] thanks for joining us america christy wright ramsey personality is my co-host today i'm dave ramsey your host this is the ramsey show we talk about everything having to do with your life back in the day it was me getting you out of debt which we still will help you do but the whole purpose of that is for you to have a better life christy talks about having a better life by having more confidence and avoiding fear and having balance in your life and speaks all over america to companies and churches and writes a uh devotional that just came out that was a best-selling book which we didn't know devotionals could be best sellers i was something we learned something that's good that's cool you proved it well it was the first one we get to put it out as a company which was awesome so we proved the idea well and yeah and i also i mean i didn't know there was like a devotional bestseller list but there is and just learned something but it's cool because you made it and um it's it's a great great uh read and uh 40 days to get back to you yep and uh you've gone through it a couple times with folks on instagram are you gonna do that again well i'm actually in the middle of it right now because and this is interesting i don't know if we've talked about this dave but i chose the number 40 because it's a biblical number sure and it's a great uh non-intimidating length of time for someone to go through but the one of the instances of 40 in the bible was the 40 days that jesus appeared to people after his resurrection so starting we're in that period following easter that's what we're doing so i started on monday after easter on day one and we're tracking so today is day fifteen i believe okay day twenty day stream day fifteen or sixteen and so i'm walking through it right now actually so it's amazing how quickly these uh easter or christmas gets in your rear view mirror was only 15 days ago i know i know and then mother's day is coming up so it's kind of nice in between eastern mother's day to walk through this women's devotional that i've written and um and it's been cool we've been you're doing it on instagram yeah okay christy be right be right yep just going live once a week and walking through kind of having a discussion um you know and just seeking god i guess the whole premise was can you imagine how people after jesus rose how once the word had spread that he was appearing on the earth how people were looking for him right they're like i mean i've heard he's walking around and appearing they must have been really looking for him with a new level of intensity and so that's the heart behind this is let's look for god for the next 40 days together do this pretty cool all right carol is with us in los angeles hi carol welcome to the ramsay show hi dave how you doing great how can we help okay so um i spent the past 10 years taking care of my mom and she passed away last year and i was wondering if i should sell her house and buy a condo in a neighboring state wow what an emotional thing you've been in this home and so you've been this angel a blessing to her for a decade of your life yeah i i didn't work or anything i took care of her i take it you're single yes i am and what's the house worth a house is worth i have to have it appraised because of probate but it's right now the low end and what the neighbor's going it's like 850 thousand yeah okay and you're the sole heir i assume yes i am okay uh and how are the rest of your finances what are you gonna do for a career now i don't know i was thinking of maybe doing um things i've kind of dreamed about working on since i was a kid like writing and then i got into um coding when i was in college and that was kind of my day job before i started taking care of my mom so i thought i would do like some independent projects like um making video games and things like that my coding so when did she pass she passed away last april actually so what have you been eating on for the last year what are you using for money um my best friend she um has been paying me to take care of her kids to watch them because you know they have to stay home because of copay so you've had you've had a nanny or a governess gig yeah okay all right well um it sounds to me like you're someone that's given your life away for a while and it's time for you to live a part of this next section for you yeah what are you thinking christie yeah the thing that the thing that jumped out to me even in the question and i don't you know as far as the house i don't i don't know but i think i think what you need right now carol is just community around you just to some people to help you rediscover uh who you are and what you want to do in this new season i would definitely love for you stay on the phone we can send you a copy of my devotional that's what we talked about 40 days to get back to you to figure out who you are in this new season and and even um i'd love to invite you to be a part of the academy where we can kind of put our arms around you as you discover maybe there is something you can do on your own it's a side business or small business or freelance whether it's coding or something else writing yeah we can we can walk with you in this next new season and i'd love i'd love to do that so we can definitely um give you those things to help you in this transition but as far as the house i mean i want to uh i don't know simultaneously applaud you for how you've served your mom and now how you're serving this family um and at the same time for doing that i i want to encourage you in this next you do the right thing in this next season i don't want you to define yourself by how you've given yourself away okay in the next season i want you to do some things for carol it's your turn and that's not selfish it's just that you put some of your dreams desires wishes on the shelf for other people and i don't want you to by default sign up for another season of that yeah it's time for you and your mom would want you to go on and do the next thing yeah because she she did say that like towards she was like you know maybe it would be better if she wasn't here and i could well we don't want that don't say that that's not what we're talking about but i mean but we are saying that you know you've had a year since her passing to to grieve and to reset your mind uh yes i'm selling this house not necessarily because i'm selling the house but because it represents the past that's good yeah i grew up in this house yeah it's all about the past and the past is in the past it has passed and so let's you know let's say all right let's pretend we're 18 years old and the world is a white board and we have a million dollars what could we do anything we want it right i mean there's nobody telling us what to do there's nobody guiding us we can do anything we want to do because that's exactly where you are only you're not 18. yeah and that can be intimidating but it can also be exciting it should be it should be both yeah this kind of a journey is exhilarating because it's parts of it are unknown but yeah i'm selling it i'm moving as i start to uh figure out what my next chapter is i'll know where to buy in the meantime i might just put this money in the bank and i might go i don't know uh whatever it is you've always wanted to do backpack the appalachian trail i don't know rent travel yeah i don't have any idea but i mean whatever it is your your thing is you've had you got a pretty good number of things on the dusty shelf get them off and but blow the dust off of them and sell the house and let's get going and just i just want to encourage you to do that and encourage you to say that that does not make you a bad person you've been a saint you've been an angel and the proper way to uh uh to to continue to serve is to find your best self in this next phase and that's not necessarily to give yourself away yeah uh so hang on we'll have kelly pick up we're going to send you a copy of the christy's devotional and going to give her business boutique academy yeah yeah so we're going to sign you up for both and it's on open enrollment right now and so we'll sign you up for both and get you going and it's our gift to you to help you live this next phase yep this next season for you so um but again this has nothing to do with the value of the house the location of the house it's not a financial decision it's a an emotional a fresh start fresh start decision yeah that's a good one it's the white board man what a cool situation though yeah yeah i mean how many people would go i have no nothing binding me i don't have anything holding me back i can i don't she's not married she doesn't have kids she doesn't have a job that's weighing her down she doesn't have and she's got a million dollars and that's where you go what do you want to do and that can be one of the hardest questions to answer what do you want i'm intimidating his crowd yeah what do you want to do you can do anything yeah it's going to take take some time to for you to figure that out i think yeah go ahead and send her proximity principle for by ken coleman too let's see if we can i want to interfere in our life here in the best way in the best papa dave kind of way this is the ramsay show [Music] [Applause] [Music] christy wright ramsey personality is my co-host today we're answering your questions about your life and your money open phones at triple eight eight two five five two two five james is in evansville indiana hi james how are you hi dave pretty good good what's up i have a college planning question my wife and i have five young daughters ages 10 to 13 months and we have uh five 529 plans and are contributing the max for the tax incentive of 2500 we're now in a point in our life where we could be applying more but what does that look like for uh [Music] having five kids and hearing about eight years uh having one go off to college yeah well about five years no no no eight years i'm not yeah yeah okay all right um no it's more like thirteen there it is ten years i'm sorry i wrote i couldn't try and look at these numbers i wrote it down i couldn't find them uh all right so you know what what it amounts to is you need to be putting in more for the 10 year old than you do the 13 month old because the 13 month old's got a lot of time to grow in that account and so um who have you got your 529s with you got an advisor yes yes i haven't we have an advisor uh we've got about 17 000 that it's grown right now for that ten-year-old no no no ten-year-old okay what i would do is sit down with the advisor and make sure that the money is invested in the 529 in good growth stock mutual funds that have a good track record first if it is then i would ask them to add to tell you okay in order for the 18 the 10 year old in eight years to have x number of dollars what have we got to add to that account in order for the next one to add you know in so many years what have we got to add to that account and it might end up that you're putting i'll just make up numbers you might end up putting three thousand dollars uh or four thousand dollars in the ten year olds and you might end up putting five hundred dollars in the 13 month old and they'll end up with the same amount okay because you got started later on the 10 year old yeah and so you didn't have as many years for the money to grow so uh it's um it's kind of like life equal is not fair yeah they've already been told that yeah equals not fair fair is not equal and so uh you know if you've got a special needs little brother little sister we're going to give more money and make sure that that child is taken care of equal is not fair fair is not equal is there fair is what you have at the county is there a magic sauce for for about what should be put in uh to be able to fully fund them uh well what you need to do is just determine what your goal is uh your goal amount and you say okay as an example they're going to go to in-state schools they're in evansville indiana they're going to go to the university of indiana okay our indiana university all right and you call them and go what's it cost to go there and uh what are your projections on your tuition uh eight years from today and they tell you it's gonna take a hundred and fifty thousand dollars to go there with room and board four years eight years from now and uh for four years and i'm making up numbers i don't know okay today today tuition is about ten thousand dollars plus room and board per year for an in-state school average nationally and so you're probably going to find somewhere around the ten thousand dollar number per year so that's 40 000 plus if they're going to stay in a dorm and eat okay so i'm gonna guess and say they can go for 100 grand eight years from now that's maybe 125 but you know you can actually get the number from the university bother them a little bit or wherever you think you want them to go to school and then you can back into the actual goal with your advisor they can put it into a financial calculator and go okay in order to do that you need to save twenty six hundred and forty two dollars a month or twenty six hundred forty two dollars a year they can tell you exactly what you need to do in order to get there once you have that goal and you have the time period it's a financial calculation at that point it's a math it's a math formula it goes into a financial calculator and you can back into it so but you need a target and not just so far your target has been we want to save for college it was very vague but if you really want to do it perfectly and you want to know when you're done this is how we did it okay what we did was we said we wanted i want a hundred thousand dollars per kid and i backed it out for a four-year-old and i said in order to do that today i need x in there and i just i had made some money that year and i just put x in there and then i was done that account was over i never added to it again never had to i put enough in there that it was going to grow for the four-year-old in 14 years to this much so when daniel ramsey got ready to go to school there was a hundred thousand in there for him you know and it was ready to go and we just picked out a number but uh you need to if you want to be really nerdy about it and i do recommend that if you know what your goal is you can back into your numbers exactly i've got a question about the scholarship side of things because i know with 529's like it's specifically for school if you save all this money and then your kids are just get a ton of scholarships what do they do with that money 100 of what they get in scholarships can be removed tax-free you know what now if they get if you got a hundred thousand dollars and then you get forty thousand dollars in scholarships you can take forty thousand dollars out and oh really wow yeah you just had to prove that you just have to prove the scholarships if you're audited i didn't know that so you can remove it and you've had tax-free growth on your money in a 529 wow that's cool it's wonderful so incentivizes the child to get scholarships and that type of thing and no they got money free money totally okay great yeah i mean they go buy a house with it when they get out of college i didn't realize that's a pretty cool thing you're setting a millionaire stuff here yeah setting your kid up to be a millionaire before they're 30. because if they come out of school with a hundred thousand bucks or 150 000 bucks and no student loan debt and they go get a job making 70 or whatever they're making these days right doing whatever yeah oh my gosh i mean you know 22 years old you're making that and you've got zero debt and you already have a paid for house ding ding you're a millionaire by the time you're 30. yeah and uh the number i mean it's just compound interest it's just running the math out and so what he's doing there the way he's planning i mean he's thinking about it he got a little baby 13 months and going this baby's gonna go to college but if once you dial all that in and then you see what the the next layer of effect of that is and the next layer of that effect yeah it gets rowdy right and when we talk about you changed your family tree you really did change your family tree it's real it really happened taylor's in denver hey taylor how can we help hey how you doing dave better than i deserve what's up so i have a dilemma i'm currently in denver colorado and i'm working at a great job i make about ninety thousand dollars a year it's a contract position and uh they told me already that they'd like to extend it at the beginning of the new year for another year but my last job has now invited me to come back and join them for a substantial raise they'd like to offer me a hundred and sixty thousand dollars to move to orlando florida and um work there for eight months until the end of the year and then the position will be over with my question is should i stay in colorado knowing that i have a good paying job and it'll last a good long while or should i go to florida for the additional money which is roughly about 3 000 i'm sorry three times my take-home pay each month here in colorado well no it's not three times 90 times three is not 160. what do you do for a living so yeah with my um it's about 9 000 take-home pay for the job in orlando florida and about five thousand three hundred dollars take home pay for the job in denver okay that's not even double it's not five times as much okay you tell me you don't do math for a living okay what do you do i don't do math really and i do construction thank god okay what kind of construction are you doing i do 5g fiber optic construction good for you okay i get it and so um how old are you i'm 24 years old what do you want to be doing when you're 34 i want to be running my own telecommunications business which one of these two decisions takes you their best i think they both i think they both take each one takes [Music] because your business is so you are a contract to contract to contract anyway you guys jump from job to job anyway in your world don't you yes sir all right jump drop the job and take the money unless you just don't like orlando i would be it's an adventure dude you're 24 go make some money that's my opinion yeah you're young do it while you can this is the ramsey show [Music] have a friend or family member that needs a daily dose of ramsey advice in their life let them know about the ramsey call of the day podcast it's a quick hit of advice about life and money in under 10 minutes check out the ramsey call of the day podcast wherever you listen to podcasts this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story live from the headquarters of ramsay solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host christy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two that's triple eight eight two five five two two five matthew starts off this hour in indianapolis hi matthew how are you i'm doing well dave how are you doing better than i deserve what's up so i'm 22 years old i make about eighty thousand dollars a year before bonuses i have twenty thousand in cash and then about fifty thousand i have in etfs and mutuals i'm getting ready to buy my first house right now i know the housing market is crazy um my main question is is what my plan to do is take 25 000 out from my investment account put that towards a down payment do a 15-year mortgage on a 225 thousand dollar house is that a smart thing to do i could take out more but i still want to keep that emergency fund but the arion man is projected about 10 increase in home values in the next year dude you're a stud you're 22 and you're making 80. yes sir what do you do i'm a systems engineer good for you man you're killing it and you're single correct are you dating someone seriously no sir i'm not okay all right um the other question i do have is i am i have a guaranteed at least ten thousand dollar bonus next year and then more than likely another additional 10 to 15 on top of that so i should be slightly over 100 000 for next year and following years as well phenomenal okay so uh i would just adjust your plan slightly um because i know from the data that we have having studied 10 167 millionaires that the typical millionaire has two primary components to their first million to five million dollar net worth and you should be there by the time you're 30 with the trek you're on okay and if you want to get there the shortest way here's what the data tells us a paid for house and loading up the 401 k correct i do max out my 401k company good matches five percent i put five percent in and then invest the rest into etfs and mutuals good so what that tells me is the paid for house is the next thing on the equation agreed agreed which means i'm keeping only the emergency fund i'm dumping the entire etf onto this onto this thing as my down payment to thereby have less debt to reduce and then i'm going to throw bonuses and money i would have been throwing in the etfs above the fully funded 401k at this mortgage dude your house is paid for by the time you're 25 26 years old you got it and you're rolling into a house at that point that's probably worth 500 and um you know and let's just go ahead and run the math out on your 401k to you know for what eight years and i think you're a millionaire got it that that's what i'm hearing i'm doing this in my head pretty quick but i think i'm pretty close but uh and and here's the thing the other thing that's going to happen is uh you're you statistically are very likely during this eight year period of time to meet and marry the love of your life at which point you will discover you have bought the wrong house right new plan new house and so that will adjust our little plan upset the apple cart but that's okay it's worth it it's worth the cost brother you'll still you're still going to get there because you got a plan but here's the thing the two data points are full 401k paid for house and if you're always aiming back at those at the earliest possible age you're going to build the greatest possible amount of wealth awesome that's for your first 5 million worth of uh wealth and that's what a you know and you know we call them everyday millionaires or baby step millionaires because they follow the baby steps and i've met three out here in the lobby today that followed the baby steps over the last decade to 15 years and been listening to this show one guy said he'd been listening to the show 20 years yeah you know and um he started doing this stuff and he just you know got out of debt which gave him the ability to invest and pay off his home yeah we were talking earlier about changing your family tree it's a compounding effect not just financially financially mathematically it's a compounding effect in the decision making you make different decisions two and three and four steps later because of those first decisions so i i love to see how that can have a ripple effect for the rest of your life and i'm starting to do some writing on this millionaire stuff because i'm starting to see some nuances with our baby step millionaire community um and that's what i'm calling it for right now i may change the name of it but i mean that's that's i'm starting to and one thing i've noticed is is that the millionaire that sometimes what keeps people off the track from being a millionaire is they want to try to be a billionaire and a bill billionaires are a billion is a thousand million and uh in the forbes 400 i i got to look it up fresh it's been a year since i've looked it up i need to look it up again but in the forbes 400 it was that almost all the forbes 400 are billionaires now the 400 wealthiest people in america it used to be three quarters of were but i think they just about all are now and like 70 of them are first-generation billionaires but the way you become a billionaire is different okay explain that than the way you become a millionaire because the typical millionaire the one to five million first thing that happens to billionaires is obviously first they become a millionaire right before they become billionaires right but the difference from jumping from five million to a thousand million is a big jump yeah okay so you get that first five million the way we're talking about here walking the baby steps that's a baby step millionaire but very few but billionaires didn't use their 401k and they're paid for house to become a billionaire right in almost every case they um started a business and took it public or didn't but they uh the business uh somehow there was a business leverage angle okay you know uh you know uh to where you know oprah owns this massive media empire and that's what made her a billionaire it wasn't getting paid to do the oprah show right she she used her entrepreneurial skills behind the scenes to build and she's a billionaire mm-hmm uh or uh the kathy family you know chick-fil-a yeah true cathy passed away but he was a billionaire and the kids are uh but that's the value of chick-fil-a yeah it gives them that the business value uh the hobby lobby family the green family uh again it was the value of that it wasn't working a job and loading money in the 401k they got them there uh so they worked the job and load the 401k and along the way they became millionaires but then the way they make this huge leap but the difference but people have in their mind when they say wealthy what billionaires do you know private jets right uh expensive cars six houses millionaires don't have any of that millionaires don't have private jets and expensive cars and four houses yeah they don't billionaires do right but if you try to jump from where you are to billionaire you make a lot of mistakes on get rich quick yeah yeah because you're you're skipping you you gotta do the tortoise first yeah yeah and win the race to get in that one to five and then that positions you to do some of these other things yeah and and you can go big from there it's interesting but uh uh you know it it but if you try to if you think of wealthy as a billionaire then it's unattainable number one number two you start doing stupid stuff to try to get there before you do the basics yeah so do the baby step millionaire first then start thinking about billionaire level stuff yeah [Music] [Music] [Music] [Applause] [Music] [Applause] [Music] christie wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five our famous ten dollar sale is back including uh her book number one bestseller business boutique equipping women to make money doing what they love we've had over 40 best-selling books here at ramsey including a few of mine and that includes the total money makeover and they're 10 each now this is a hardback book this is 60 off you can't get this kind of deal anywhere else you wanna get the total money makeover for ten dollars a guy here bought a case a while ago yeah i saw that i mean yeah ten dollars a piece my gosh i mean think about that that's a nice high quality nice gift to give a friend so give them christy's book rachel's books uh anthony's books uh ken coleman the loney's quick read is out there for ten dollars on anxiety uh it's all there and you can get it all at ramseysolutions.com and our online store and that's not all we got a gift for you as well if you enter to win our ramsey cash giveaway we're giving away 500 cash every week and a grand prize of five thousand dollars cash saying you can enter up to once a day uh for extra chances to win so make sure make sure you go to ramseysolutions.com giveaway and enter once a day there's no purchase necessary must be 18 or older or you can text cash to 33789 text cash to 33789 to enter our giveaway now open phones at triple eight eight two five five two two five you jump in we'll talk about your life your money it is a free call thanks for joining us our question today 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 they run every month you'll save even more use the promo code ramsey to get the best possible deal rules and restrictions apply today's question comes from amanda in colorado she writes i make 100 000 a year and i'm on baby step 2 with 55 000 in debt i want to switch careers and become a financial coach my plan was to keep my current job until i'm debt free but i've been offered a position working 15 hours a week and earning 40 000 a year it would be an excellent financial base while building my coaching business should i wait until i'm out of baby step 2 or make this change now i'm curious your thoughts on this one because you you're in baby step two he got fifty five thousand dollars of debt make it a hundred thousand dollars a year which is awesome that's a good shovel to get to knock that out but wants to start a financial coaching business well even if she didn't have the debt let's just pretend she know the debt okay she makes a hundred thousand dollars a year and she wants to drop to 40. yeah with zero on the side hustle right now yeah what would you tell her on that i would say no i mean you all get sad hustle get the boat closer to the dock yeah build it up on the side the thing is that i think it's interesting that it sounds like is appealing to her is the limited amount of hours but what we see people do more often than not that makes them successful is they they work in the nights and the weekends they work on the side and and even though it feels like for a season you're working a full-time job because two full-time jobs because you are it's the safer route to get to where you want to be where you're doing that thing full-time and the the finances are there to support you it's not a wish and a prayer and i hope that the money is going to be there when you make the job it puts a different um let me tell you nothing smells as bad as a broke salesman yeah you're they feel that desperation except a financial counselor financial coach that's broke yeah that's that's probably not that's probably oxymoronic so yeah uh yeah what you want to do is start your financial coaching business as a side hustle get it growing and let's get some income coming in now if you told me you were making uh 30 or 40 on your side hustle financial coaching business and you wanted to drop to 40. now we've got a total of 80 and we're dropping from 100 down to 80 hoping we can make up the other 20. that boat's close enough to the dock you're not going to get wet but there's the boat you can't even see the boat now yeah because it's zero yeah it's out there in the fog somewhere and you're just gonna jump in and start swimming hope you find it right you know that that's you're gonna drown well it's it's interesting because she said it would be an excellent financial base while building my coaching business a better financial base is a hundred thousand dollars a year while building your coaching business there you go even better 140 000 a year yeah and you're a debt free yeah because you made 40 on your coaching business and then it's a no-brainer to quit right debt-free you're making 80 when you quit with the 40 and the 40. right i'm making that number up but it could be 45 sure but you need to have and it's not 10 yeah you don't want i mean if you're making 40 on your site on your little part-time thing and you didn't make 10 that's 50. you cut your income in half the boat's not close enough the dock anytime you're going to jump uh unless you get fired from an income to a self-employed income go ahead and get the side hustle up because i'm telling you make different decisions when you're not broke yeah when you're running a business and you're broke and you have to make money by friday to eat it changes your decision-making paradigm and it damages it it sucks the joy out of it too the fun for why you started it it takes the fun out of it and to your point the customers feel it because you're desperate they feel that but you don't have to you can still start your side financial coaching business you don't have to have just this job you just find the hours in different times to be able to do that build it up on the side absolutely absolutely open phones here at triple eight eight two five five two two five dalton is in oklahoma city hi dalton how are you i'm good it's awesome to talk to you mr ramsey you too sir what's up uh so i got a question um i'm in baby step two um i've got some student loan debt and then uh truck debt um i actually just listed my truck last night i'm going to end up selling it and i just want to know what kind of car i need to be looking for after i can sell it and what price range how much student loan debt on it uh 46. what do you owe uh 24 and like kelly blue booked it for 32 to between 32 000 35 000. wow so you put on the market for how much uh 34. nice truck and yeah yeah it's a bad purchase but um but it's a sweet truck yeah okay but i want to get rid of it and how old are you student loan as quick as possible 27. and what do you make did you say uh 86 that's for you yeah good for you all right and how much student loan debt again forty six thousand okay you told me this but i'm trying to wrap my brain around all these different numbers okay so uh if you sell the truck for 30 and you got six thousand dollars in your pocket and you bought a six thousand dollar car you'd have no car payments and you'd be only attacking your student loan debt right yes sir so yeah your budget ought to be what cash you get in your hand from from the truck sale net of uh net of your debt so you pay cash for a little get around car and uh you know four five six thousand or whatever it is you end up with right or a little bit less but i mean really if you buy a thousand dollar car and put 4 000 towards the debt that doesn't fix anything you're 86 now without the truck payments what fixes it you're shedding yourself of a 600 truck payment right yes sir yeah yeah that was kind of my question if i could if i could sell it for like the 32 or 33 and if i could make you know eight or nine off of that that's fine anywhere in there yeah because here's the thing okay let's say you buy a six thousand dollar truck and you put three thousand dollars towards it or you buy a nine thousand dollar truck and you don't put anything towards it you haven't changed your student loan equation that much what changed the equation was getting rid of the truck what changed the equation was you make 86 000 and you are now game on you are you are a man with a plan that's what's changing the equation you're the secret sauce so the amount that you use from the truck to put towards the student loans is not what's going to fix this it's getting rid of the truck that fixes it and the fact that you're freaking paying attention now and don't have any truck payments okay you see what i'm saying mathematically that's the case yep yep that was termed my thinking was yeah so whatever you want whatever you make on the truck you can spend up to that on a car but not a dime more gotcha or less you could spend two thousand dollars less it wouldn't be a bad exercise to you know just as a matter of self discipline because here's what's gonna happen you're gonna be a hundred percent debt-free in less in about a year okay yeah yeah and then you're gonna be saving up for your emergency fund and then you're gonna save up to move up and truck because you should you don't need to be driving a six thousand 000 truck making 80 grand 90 grand and no debt you probably could move up in truck then and pay cash so you're going to move back up later so this is a temporary move it's probably a two to three year move is all so you're fine really good job dude good job [Music] [Music] [Music] [Music] [Applause] [Applause] [Music] [Music] christie wright ramsey personality is my co-host today open phones at triple eight eight two five five two mitchell is up next in lincoln nebraska hi mitchell welcome to the ramsay show hi dave thanks for having me absolutely how can we help well i'm i'm in a bit of a predicament it's brought i brought it upon myself of course but let me tell you about myself i'm 27 years old in 2014 i got an associate's degree and in two weeks i'll have a bachelor's of architecture good for you thank you i have a private pilot's license with a hundred hours and um forty five thousand dollars in student loans about fifteen thousand dollars cash on hand twenty five thousand in an ira and i paid about six hundred per month in rent um so i'm switch i'm considering switching careers to aviation because i'm finding i'm just not very happy in architecture it's going to take a lot of money to switch and time and i'm just not really sure if it's the smartest thing but i think maybe i should choose happiness goals through money what do you think well i don't think they're exclusive from each other that's a that's a that's the dangerous assumption that somehow happiness has to be associated with being broke um happiness has to be associated with not making money okay so i'm going to choose option c none of the above let's find a way to live a great life and make a lot of money doing it and that that you know that'll make you happy money won't make you happy but um you know this i i often hear people say things like well i'm gonna go to work for this uh thing that has meaning in my life but they don't pay anything and i'm like well i got a lot of meaning in my life and i make a lot of money so because i help a lot of people so they're not mutually exclusive you can do both as a matter of fact there should be a tie and a capitalistic economy to serving an income and so um i think you back up pan back a little bit more and say okay what are the steps to get you where you want to be when you're 34 years old or 37 years old a decade from today what have you got to do to get where you want to go and what's the shortest path to get where you want to go and if you're going to be an architect and you're going to be miserable well that's not that's not that option is off the table i'm curious why are you miserable like what's what's what did you what got you into it that was true that you loved it or wanted to do it and what has changed that you no longer love it what's going on well i guess i thought it was a logical continuation for my studies and i've always i thought like it was a strong suit for me you know i was just playing with my strengths and decided that was a good field but maybe perhaps my interactions with other people is the most important thing as to why i'm choosing another field i don't even really have work experience i'm mostly going off of my educational experiences your interactions with other people turned you off on architecture what does that mean i don't know it's just a very egotistical field maybe not really and you could you could decide that it's not not really you don't have to be that i work with architects every week and i don't have any i don't deal with any of them that have ego problems i wouldn't put up with them having an ego problem but i mean i'm building two buildings right now we're working with architectural firm and there's five different architects involved in that and they're all just really nice people so if you let me ask you this mitchell if you take the people out of it and your ideas about is your professor's a jerk is that what you meant i mean oh i got him okay all right okay the actual act of architecture what you do okay what you have learned to do in school and what you would be doing hypothetically do you like doing that type of work i don't think i do anymore okay i think i'd rather fly a plane well yeah it's addicting the problem with aviation is it's a drug uh ask any pilot they'll i mean i i i've been told a thousand times don't get your pilot's license ramsey because you're gonna get sucked in it's like golf i mean you're gonna get sucked into the vortex and you can't get out um so yeah i mean it's the pipe my i mean pilots just live to land and take off i mean it's just like i think and so um i don't doubt that i i i i'm okay if you want to go be a pilot i'm not okay if you want to go in a hundred thousand dollars in debt to do that and i'm not okay if you say that means i'm gonna be broke when i'm 37 and that's call and call that happy that's just not true okay so you need a different track on your pilot career that cause you the cause that causes you to not be broke as a pilot pilots can make good money and do make good money um i mean private jet pilots as an example you know they make 100 and a half on average and that you know a lot of architects don't make that so you can get there but you know it's just a matter of what what you know the hours logging and the uh you know the lessons and your license now but i assume your license on turboprop right oh no i just have a very basic um ptl yeah yeah okay and so you got a lot of work to do to make any money because nobody pays anybody to fly what you're licensed to fly right yeah it'll take at least two years probably 50 grand yeah okay here's here's what i would tell you to do i think christy that we heard i i i'm gonna i i don't agree with the conclusion you came to i i think you had a jerk professor or two and it made your life miserable and so every time you picked up uh uh work you know open up the cad drawing to work on this thing you hated architecture because the jerk that you were dealing with or two or three jerks you were dealing with or the way some of the students acted or whatever and and christie challenged you on actually doing the work i think because there's correlations between pilot work you know the the amount of technical detail that you have to do and the amount of technical detail you're a technical detail guy because both of these things have that yes okay and you said it's a strength of yours and it is i think there's a way you can make a living doing architecture while you do your pilot work i don't think you have to abandon architecture and go live on poverty while you do your pilot work i think you go and get your architecture's license get a job being an architect and then work on your hours on the weekends work on your hours at night you're going to pay to do this it's going to take a while and you take that two years that you're talking about and you've got to fund it right and the way to fund it is be an architect well and just in a situation where you're not dealing with jerks yes it reframes architecture for you gives you an opportunity to have a good experience in architecture and actually see what that could be like maybe you do like it you rediscover it also helps you resist the urge to just be scattered and change your mind every two years i just don't want you changing your mind every two years like stick with this let's give it a chance and then if you want to keep doing the pilot thing on the side that's great and you can switch gears when you can pay for it you've got a little bit of money but i just got this sense that it's like well i don't like this anymore i want to do that so i don't like this more i want to do no we if we're going to make progress we need to stick with something so give this a chance let's let's wipe a clean slate from the bad professor give it a chance make some money and then like you said just you can continue to explore the pilot thing on the side as well and move towards that if you want to if you know i had this friend that was married to a guy who was an absolute twerp and he was a jerk i mean he mistreated her in every possible way and you know i slept around all over the place had affairs all this stuff and finally she had wised up and dumped the jerk right because he was he was a nightmare uh and she went through this period of time where all men are evil right yeah that's that that's that wound that trauma is speaking yeah i'm gonna protect myself and it's like you know and but all men aren't evil right just because he was a jerk right and so it's the same exact thing you know you you got traumatized right by this this process and it you know and it's not that marriage is bad it's not that men are bad you just had a bad one right it's not that architecture is bad you just had a bad one right right and so um you know i i think you need to give this a chance i'm not saying when you're 37 you won't be a pilot i'm saying that's okay to be a pilot to have that as the goal but let's let's use a different path to get there that involves architecture giving it a second chance yeah here's the thing if then you walk away from the architecture after having done it four or five years you'll never look back you'll never regret it if you do all this work and then you never go do it you may have some regrets yeah you may have good point and i'm gonna miss that that's a good point so i want you to give her give her a little run here won't kill you and uh you're not gonna you know you gotta do something because you gotta fund this pilot's thing so that's a good way to do it this is the ramsey shop [Music] [Music] our scripture today isaiah 6 8 then i heard the voice of the lord saying whom shall i send and who will go for us and i said here i am send me ralph waldo emerson said don't go where the path may lead go instead where there is no path and leave a trail christy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five bob's in sacramento hey bob welcome to the ramsay show hi there uh scenario is i've done everything wrong according to you dave thank you for your honesty bob i'm sorry my wife and i have a mortgage on our home of about 550 000. we also lost the home in august to the wildfires oh no i'm so sorry i'm sorry we had just refinanced from a 3.5 to a 2.75 in may i got another call from the mortgage company in november and said would you like to lower that to 2.25 and i said can you finance air and they said yes so i took the 2.25 loan i have enough capital that i could pay off the loan the only problem is the price of two befores has doubled and with the insurance settlement i don't know how much home i can build if i pay off the loan so i need for your wise advice so what will they give you for the burned house uh as much as nine hundred and two thousand okay and what is the lot worth uh four hundred thousand okay all right do you and do you get the lot i mean okay yeah you get you get 902 from the mortgage company you pay off 550 and you get the 902 is the absolute max with everything yeah furnishings and everything uh no that's just the house okay that would be all the extra add-ons that the state of california has added such as sprinklers solar and an electric vehicle water charging station and any cost overruns above the policy okay so will they write you a check for can you talk them up or you're in your attorney get them to give you a check for nine hundred thousand dollars you pay and you pay off the mortgage out of that i'm afraid not i have the cash on hand that i could pay it no that's not what i'm asking i'm trying to figure out how much money you can get out of this freaking insurance company and walk away uh probably i'm not sure let's make up another number okay i'm going to call it 800. okay okay for example purposes you got to pay off a 550 000 mortgage and so that leaves you uh 250 000 and you have a 400 000 lot that you sell for 400 000 scrape it and sell it okay now you've got 650 000 in your pocket plus the money that you already told me you had to pay off the house with you've got other capital right correct yes and it amounts to how much uh approximately 400 000. okay so now you got a million dollars to buy a house with and i would buy a used house i wouldn't try to build right now building my wife and i are still debating about the politics of california we'd like to find somewhat someplace a little more sane yeah well a million dollars will buy a lot more other places in sacramento sacramento is a wonderful town i like sacramento but it is an expensive real estate market yes um and if you move it's not it's not it's not orange county uh silicon valley expensive but it's expensive and so uh it is california expensive you know so i mean if you said we wanted to move to x y state now a million dollars gonna buy a lot more and this is your escape route you don't build you don't rebuild here have you got any wise words that i could use to convince my better half about leaving california or about rebuilding both number one rebuilding's not going to make sense because it's the worst possible time to buy two befores and uh steel and copper and plywood there's a shortage on all of it right now and it's all doubled and in some cases tripled and so you're gonna have trouble you're gonna have a lot of trouble putting back a house even the size that you had before you're going to come out hundreds of thousands of dollars ahead not building okay because of the because of building cost right now yes you know it's uh if you want to build a house it's okay right now but this is you know but but if you can avoid building one right now i would i would wait a year or maybe two if you really really really want to build and there's nothing tying you to this lot scrape it and sell it okay now you got now you got a million dollars piled up and then you can buy in sacramento or you can leave california that's a separate decision than whether to build on this lot yes two different decisions you can make both of them you can make a decision to leave california or stay in california but i'm scraping this lot and selling it for 400 grand or 500 grand somebody'll probably buy it because there's a shortage and um you know you may get great price on a silly thing and get a and you know and here's the thing other thing that's going through my head and i need to say it out loud one of the top 10 things that will put you in the hospital is losing a home to a fire it is highly emotional it's like a death yes i mean i've gone through the stages dave yeah you go through the grieving stages as if you you know you know and so it's you know bankruptcy divorce house fire loss of a child these are the top 10 things you know you get two or three of them in one year you're in the hospital i mean it'll take you out it's a it's highly traumatic and what i'm trying to do also is give your emotions some uh margin rebuilding a house building a house is freaking traumatic yes let's not add trauma on trauma you know you building a house is for people that are in a real healthy situation and really excited about doing it and want to do it you're you're you're building out of necessity or some kind of a grasping thing going on here and it's uh you know if your marriage isn't going well and you want a divorce build a house you know that's that's that's the old you know that's the truth because it'll it's like you know some people are so dumb they're like our marriage isn't going good let's have kids maybe that'll fix it you know that's a dumb butt idea you know they do that that'll break you real fast that'll do it that'll end everything so i think i'm just trying to love you and say man if i were you i'd want to curl up somewhere in a snuggie and just get warm you know you've been out in the cold it's you're you're you're raw you know and i just man i wanna if i was you that's what i'd wanna do may i throw something else into the mix quickly my wife and i are here in maryland taking care of her father who's in stage four kidney failure currently three percent kidney function oh my gosh so you know the line god keep or god only gives you as much as you can handle my line is he has us confused with someone else he took you right up to the line anyway yeah so it you know it might be that you don't need to make this decision right now well trust me the insurance company and the mortgage company are hounding us have have you done your repairs yet yeah and okay well go ahead and turn it back on them and go just write us a check and we'll call it a day so you know they have written the one check and the mortgage company has it but the mortgage companies paid off uh well they are holding the money in trust okay well tell the tell the uh insurance company if they that you want to just settle and if you don't have an attorney you may need one because you may need a buffer between you and these characters right now they're settling a whole bunch of claims over there and i don't want you to get stuck yeah so you may need some representation especially while you're dealing with your father-in-law's illness you're in a point of weakness there to negotiate so yeah you do have your you do have yourself full bob i'm sorry wow that puts this hour of the ramsey show in the books we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus [Music] this is james childs producer of the ramsay show did you know the ramsay show is one of the most popular podcasts in the world subscribe or follow today wherever you listen to podcasts [Music] you

Channel: The Ramsey Show - Full Episodes

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Id: lIlJM69O2Gs

Length: 119min 45sec (7185 seconds)

Published: Tue Apr 20 2021