Don't Use Your Age As An Excuse For NOT Winning With Money

[Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studio this is the dave ramsey show where america hangs out to have a conversation about your life and your money i'm chris hogan and with me today is best-selling author and the host of the table with anthony o'neal mr anthony o'neill and we are very excited to jump on the phone with you and talk about the things that are on your mind now if you've got a question about money you've got a question about dealing with teens and how to go to college debt-free dealing with student loans ao can help you if you want to talk about money and building wealth and retirement i'm here for you as well so don't hesitate pick up the phone the phone number is triple eight eight two five five two two five again that's eight eight eight eight two five five two two five and you can find us online as well at ramsey's show don't be scared to pick up the phone uh ao i'm ready to roll are you yeah let's go man have you had enough caffeine uh no not yet but i'll get some okay all right well i need you to wake up and pep up because we have to do this thing today hey man are you good man this is what i do okay all right well i know you got your show uh the table so tell the people what this online series the table what's it all about man it's simple hogan you know what i'm saying we're having a real relevant and relatable conversation around money around uh mental health around building relationships and really breaking down what it means to start the process of building true wealth because there's a huge difference between looking like you have money and actually having money oh big difference and so we're just really breaking that down for that millennial audience um and so it's been a great man you know we have a new podcast launching so i'm excited man i really am but hey help me uh what's the age of a millennial well you know it's not you uh okay what's the age of a millennial though for real millennial age is my bracket you know so we're inviting like 25 to about like 37 38. oh really yeah so i told you it's not you well that's not the point i just figured 37 38's too old to be a millennial i yeah it's a high end you know they call that's the upper end of a millennial oh okay all right well check him out uh you can find it on all the places as anthony said it's now available as a podcast you can subscribe to it wherever you listen to podcasts and uh you can also find anthony at anthony o'neil on instagram youtube facebook and twitter yeah all right we're going to the phones because this is what we do and first up we got julie julie is joining us and from colorado julie how can we help you i am so excited to talk to you guys um but i think my husband's going to be more jealous well that's okay you can you can have to play this for him and he can listen to it that's right um thank you for taking my call both of you yes ma'am okay so um we've done dave ish for about 10 years yup and we have paid off some debt and then about a month ago we had our we're done moment and so now we're gazelle intent but we're just tired because we've been doing it a little bit for so many years right and i i think my question is uh did we screw us over you know for wasting so many years okay well first and foremost how old are you uh 40. both of you are 40. um my husband's a little younger he's 37. okay all right and but before we go forward what was the i've had at moment what what happened the the i've had it moment was money issues with family members real short my parents said they would pay for my college and i graduated 20 years ago and then a month ago my dad said i'm done with this loan i want you guys to take it over and we didn't know the amount um we didn't know any information my parents haven't talked to me about it for uh a good 12 years and so it just kind of threw us through a loop i bet how much julie how much was it uh i don't know the original loan amount i know that now it's uh 42 000. my goodness and and what's a struggle is it's actually a i have limited information about the loan um it's not in my name or my husband's name um but it's also a combined loan from my mom's schooling as well okay so i actually don't know um i had my own personal loan that we have paid off right for my college but uh this is consolidated two loans together what's your husband say to this um well i said you can talk to my dad about this and so he called my dad because it was too emotional for me and he said he was not going to take out a loan to take over the loan but we would take on the full payments or as much of the payment as we can i think for us morally uh there's nothing written you know there's no uh agreement with my parents um yeah well here's we feel like we have to pay it well i mean here's the deal you know first and foremost your parents you should have had that conversation because what you've kind of done now is pitted your dad against your husband okay and so in any kind of follow-up any kind of follow-up information any kind of follow-up discussion needs to either be the both of you or needs to come from you okay so you don't need to make your husband the bad guy here i agree with you that was the initial conversation i can imagine you being emotional i mean you getting hit with a forty two thousand dollar bill that you didn't know exists is a terrible surprise um and and you know so how are you all what where are you all on the baby steps prior to this knowledge well we were doing the dave-ish i understand so as you were issuing what what baby step were you on two okay what other debt do you all have we have one car payment and it's about 16 000. you got a 16 how much is the payment it's 380 a month okay and what's you all's household income uh 55 000 a year okay and and how much is your mortgage payment uh we're renters you're renting how much is your rent uh with utilities it's about 1300 a month and how many kids you all have do you have any one how old four okay how are you and your husband doing together with this news how's your relationship um we're good we're good it was emotional a month ago and now i'm looking for a job and i'm securing daycare and we just want to kill it we just want to plow through the loan and move on well this is tough and the reason i'm asking these questions is because you and your husband are going to have to make a decision about what you can do but you need to have a conversation with your parents as well i would get loan verification on this situation so you can understand exactly how much of this debt you're obligated for if this is a combined situation and it's got other loans and things piled in it i'm not just assuming the whole thing because he's your dad's tired of paying it uh welcome to the real world here buddy we got to figure out how much it is you actually owe and what you're responsible for so i would go to the company get that verification so you can know what you're dealing with and and you and your husband start to get serious on the front end of this because what you don't want to do is to allow this loan to get the way of the relationship for you and your parents right this is a bad decision made on the front end to sign up for this thing so here we are what do we got to do i say it's game on verify the loan get the facts you and your husband buckle down and make this thing happen and that's the bottom line we'll be back and we'll talk more about this after the break this is the dave ramsey show [Music] [Applause] you know healthcare has gotten to be ridiculous it puts people um you know on the brink and so it would have put us on the brink had we not had ca gm chm saved our life same time financial lives christian healthcare ministries or chm is not health insurance but it is a budget-friendly option and the original health cost sharing ministry for christians learn more today and check us out at chministries.org that's chministries.org [Music] welcome back to the dave ramsey show i'm chris hogan and co-hosting along with me is anthony o'neil and before we went to break we were talking to julie and julie's family had run into a tough situation uh her father and mother had taken out a student loan uh for her and had consolidated it with some other loans and then all of a sudden they contact julie and her husband to tell them that they're no longer going to pay for it and so here they are with a student loan situation that anthony could really impact this family yeah you know and as i was listening throughout the call and listening to your questions and listening to her answers one of the key things that i'm coming back to is communication you see one of the things that i teach is the breeding ground for understanding in the ending is communication in the beginning and it sounds like the parents didn't communicate this clearly with her and so now there's confusion and i think with her she needs to go back and have a clear uh sit down with her mom with her dad and say hey you know what hey i need understanding of what happened what transpired because this is it's not a possibility this will impact my family and i need to know exactly why are you coming at me with this at the last minute and how can we have understanding with each other moving forward do i need to give you ten thousand dollars i don't think she's obligated to the full forty thousand but she did get an education um and i do believe she should chip in if she can but if she can't then the obligation is not on her it's not on her it's on her father yeah well and that's why i told her you know to do a loan verification yes this is going back to the loan company finding out the exact amount of the loan what it was so she can understand what her portion of it is i like the fact that her and her husband are on the same page you know i i do and you know julie you were asking is it too late no you said you had done ish baby steps ish and here's the thing about ish that's really boiling down to you're not really working it you're kind of doing your own version of it and what i tell people is don't do ish do it that means walk this process because it'll change your financial life there's no doubt about it and so being on the same page together with your spouse if you're married or if you're single or newly single having a plan for you is really important but we have to make the decision and stick to it and walk through it i agree anthony they do need to communicate she does need to verify and her and her husband need to figure out what it is they can afford to do and how to go about it but this is another example and you know this all too well of house debt especially student loan debt can wreak havoc yes and i tell people all the time we've got young people walking into a financial aid office signing documents they don't understand for payments they can't afford right and so you know this system is broken and it's got to be fixed and well that's why you wrote the book debt free degree absolutely that's why i became a number one bestseller because there's a lot of people out there who needed the clear path on how to do this yeah so all right julie thank you so much for the call all right we're gonna go back to the phones uh because that's what we do here so if you're out there and you've got a question do me a favor pick up the phone give us a call triple eight eight two five five two two five again that's 888-825-5225 we'd love to be able to hear from you and you can find us on the social media at ramsey's show all right we got rob on the line uh rob talk to us buddy what's on your mind hi gentlemen i hope you're having a blessed day uh thanks for taking my call yes sir what how can we help you today so actually similar to the previous caller i was kind of ish for a couple months i just really kind of recently started following your process my buddy jp really pushed me to get onto your program was doing ish now fully in uh stopped my 401k contribution sold off all my retail investments paid off student loans paid off the car so i am my wife and i are officially out of debt fantastic how much debt did you pay off rob um well i was fortunate in the market uh didn't follow your guys's process because i wasn't listening but we ended up paying off about 30 000 in about three months fantastic fantastic okay keep going buddy so my question actually has to do with a cash flow question on we just got hit we just got hit with some medical and some tax bills based upon just some things that happened we had liquidated our savings essentially to to follow the baby steps and now we're essentially going we're essentially going to liquidate our savings again so now i'm at a position where i want to build our savings up to three to six months of expenses but i'm also cash flowing my mba at washu here in st louis okay and i'm just trying to understand should from your perspective i pause that it's a part-time gig that i'm doing right now and it's costing about 900 to 1200 a month should i pause that even though it's take i'm still like four years in uh it's taking me a long time since i'm cash flowing it uh and our second trial is on the way okay tell me this how much medical and tax debt do you have oh we don't have any it's gonna it's gonna be wiped out by our emergency fund no how much do you have that you're going to be paying off oh about 4 700 4 700 and how much do you have in your emergency fund about forty seven hundred dollars okay okay so your question is should you pause uh the mba program while you try to build back up your emergency fund yes and then just the also note we'll be saving about eighteen hundred dollars right now is what my the every dollar app says we'll be saving per month uh for towards our emergency fund so it's 1800 and then we could be doing an additional 900 if i pause my mb i got you okay ao what do you thought uh rob how much are you making a year what's your annual salary right now uh i bring in gross 120 my wife brings them gross she's part-time i think close to 30. she's a nurse so we got about 150 uh in an income okay you're about to pay off 4 700 in debt as far as in some steps just came up medical bills but then you're paying out 900 to 1200 a month and for school and you're saying should we pause it i got one quick question for you and i want to dive into this for you do you absolutely need this mba right now will it will it take your 120 up to let's say like 150 160 as soon as you get it as soon as i get it no washu is considered a strong school it's considered one of the top 10 usually 15 so it's more of a long term play my main reason of wanting to finish it is i'm three fourths of the way through it so i'm like 70 grams into it yeah uh and two i am have my second child on the way so trying to finish it earlier than later so they don't remember dad being away i hear you on that one uh as far as in time frame how much more do you have like how many weeks how many months do you have left inside this program uh i've got i think six classes left and i'm doing one class a semester oh so you got a couple years yeah it's like 20 22 before i'm done which is why i'm wanting to why i'm asking the question should i pause and just further delay my already long mba process so for me i'm gonna look at this two different ways all right i don't think either side of these are extremely wrong i'm gonna ask myself okay if it's gonna take me two years to finish my mba what are the chances of emergencies happening between now and the next two years there are some good opportunities some good chances that that will come up with you having another child on the way and you have zero in your savings account what are the chances of you getting at least 10 to 15 000 inside of your savings account within within the next three to four months there's a good chance of doing that if you can honestly sit there and budget it in so if i'm in your shoes i am going to pause the nba i'm going to aggressively go ahead and attack my emergency fund and then i'm going to aggressively get back in school now when i get back in school rob you said it's been taking you a while i'm going to focus on make sure that i get there i'm saying temporarily pause so that way you can get back into it because i don't want you going two years without nothing in your your emergency fund now on the flip side if you can go to school and get that funded within the next six months i'm cool with that too but for me i'm going to focus on just going ahead and getting 15 000 over the next 90 days inside of my account and then jump back into school yeah yeah i i look at this and you know if you're able to based on your budget right now to save 1800 you know you're talking 21 000 in a year that you've got saved up but you said if you stop uh the grad school and add that 900 along with the 1800 now you're at 2700 you could have 32 000 in your emergency fund in a year i agree with anthony i'm pausing the pursuit of the master's degree uh going to get intentional about saving that every dime to get that built up because you're going to have life happen yeah right you're going to be bumping up against something 2020 taught us if it taught us anything it taught us the need to have money set aside because stuff comes up and if you're bringing a new baby into this world you know there's the potential of some stuff popping up so be prepared uh it's gonna allow you to get more focused more intentional as you move forward and make a difference in your life my friend rob thank you for that call this is the dave ramsey show [Music] folks it's an honor to tell you about the army national guard not only are they big supporters of our high school curriculum but they also give you the opportunity to impact your local communities whether your goals are to get an education serve your country or have a better life the army national guard can help get you there plus they offer unbelievable financial benefits secure your future today visit nationalguard.com to find out more [Music] [Music] welcome back to the show i'm chris hogan and co-hosting along with me is anthony o'neil and we are very excited to take your calls about your life and your money all you have to do is pick up the phone kelly is standing by and ready to help you 888-825-5225 again that's triple eight eight two five five two two five you can also uh find us on uh social media at ramsay's show and send your question in that way as well all right next up on the line uh we've got stephen uh stephen is calling us from uh des moines stephen how can i help you hey thanks for having me on the show sure my friend what's on your mind yeah i'm 26 years old i've been saving for a house for past few years and my mom and dad have helped me out a lot and just them pay for my college but they let me stay in their house uh that way and make it easier for me yes sir and um so one way they haven't really saved much for retirement and one way that i thought i could help them out is if i could purchase their home and the money that they'd be putting towards their mortgage they could put in retirement and i was just wondering what you thought of that idea huh hey yo take this man stephen i really like your heart man i can tell that you love your parents i can tell that you're grateful for your parents and so i want to start off with that by saying young man i i i love that about you um now answer this question are you currently working right now stephen yes i am okay how much are you making a year um my base pay is around 55 000. okay 55k a year how much debt do you have do you have any debt right now no not at all okay do you have any emergency funds how much money do you have in the bank right now i have around 45. 45 000 in the bank yep okay i like you brother now you're doing good let's be real here you're doing good i need to hear some excitement in your voice let me ask you this question before before i dive in why do you want to buy the house outside of helping your parents out if your parents were not in this position okay um if they were not in the in the picture would you still want to purchase this house for you um yes and no because i've been i've been looking at getting an acreage because the house they have is an acreage it's four acres and i want to build a machine shop and a welding shop okay because i do side jobs it's kind of hard hard to do and i didn't necessarily want to build one if i don't own the place on their house because it on their property because they said i could but i didn't really want to do that if i was going to have to buy a different house you know somewhere else all right so in that sense i would um the problem is acreages around here are pretty expensive okay and with a mortgage i didn't want to be saddled with that for a while okay but the idea that i proposed to them was i would take over the rest of their mortgage pay it off the money that they would put they'd be paying for the mortgage would go into retirement or they'd invest it for retirement and then the money that i would pay them and go to retirement too so that would kind of give them a leg up because they don't exactly have that much well hold on a second you said you would take over the mortgage they have yeah so where is the equity gonna go equity i would pay well what i would want to do my dad talked about taking me paying off the equity i would pay that too but i was thinking more of i would want the house revalued because what they paid for it back then is it's worth a lot more now okay here's so i would want to just it'd be paying for the whole house yeah yeah i i see what you're saying and i want to give you just a different perspective to consider uh because i want to respect your heart and your your posture for your family uh because i believe that is that is very sensitive and i want to be respectful to that but i also want to present another option to you because it sounds like you're not too excited about purchasing this house what i would do if i was you is i would talk to your mom and dad and say hey how about we sell this house now okay um and we get the equity i stephen will go buy my house the house that i want the house that i'm excited for and mom and dad you just move in with me if you want to if that's what if you're about you know i want my parents to live with me i want to help them out that's fine i just don't want to see you make a decision and then 10 years down the road or five years down the road you're like i should have never done this i want you to get into a home that you actually love and if you want to help your parents and offer them a room in your house and offer to move in with you that's fine i think that's totally up to you because you're in a great position you have money your career is doing well you're a solid bright young man and so i would say i would purchase the home that i want i wouldn't purchase the home to help out my parents i would do something that i want and go from there i do want this place i'm just i might sound a little nervous because i'm just talking on the phone i got your buddy yeah i got you so i really do like this place i grew up i grew up on this farm so right how many acres is this home it's about an acre right it's four acres four acres and how much is it worth do you think oh well there's my parents house and then my grandma has a trailer on it too ballpark moved up from kansas with us yeah what do you think it's worth between 250 and 300 000 and how much do they owe on it i think around 60 or 70. okay well here's another option that you have ao i hear your option and here's another school of thought why don't you start paying them rent as you're living there uh that gives them an opportunity to be able to use that money to attack this debt they're 60 or 70 000 away from paying this off to having it outright and then they could sell it go find a place to rent or a smaller place to play pay cash and use that money to invest to be able to grow for them um i i don't think this is yours to solve yeah um i i think for you young man you've got yourself in a great position uh now it's a matter of let them know hey for the next nine to ten months or nine months to 12 months i'm going to pay you all 800 a month in rent you guys need to use that toward attacking the house and i think getting this thing paid off is the better way i agree buying this home ao this the parents are always going to see it as their home yeah it doesn't matter whose name is on the mortgage right and so i think it's just going to put him in a situation that he might regret later yeah i mean you got some options there i mean you really do i think you got to sit back and just figure out what is the best move for you and with you being in a good financial place right now especially at the age of 26 hogan yeah i i wouldn't see you starting to build wealth now not trying to bail your parents out and that may sound wrong but i'm just like get yourself in a good healthy position to build and while you're building you can be helping a little bit but don't do so much helping and you're stopping yourself from building that's what i really want to see for you young man that's good all right we got a social question in real quick for ao jared on instagram asked my wife and i on baby step three looking forward to babies looking forward to baby steps four five and six how much do you think is reasonable to save for college our kids are one and five i mean one to five uh so estimating about 10 15 years out from school i'm going to say right now the average school process is going to be about 100 000 for a four year in-state tuition room and board and books and so projecting 10 years out hogan i'm going to up because of inflation you're going to need about 110 to 117 depending on what in-state school you go to uh and so i would start anticipating uh for that so now when you know that ball part number i would get with a smart vested pro and start asking how can we invest into a 529 do we need to open up maybe another grow stop mutual fund how can we do something to start getting towards that number yeah it's imperative you know to start to look at this and take college seriously uh and understand exactly where you are there is no magic formula on what dollar amount to invest but you start to look at where you are but if you are working steps four five and six i want you to invest that fifteen percent i want you to definitely get intentional about attacking the house and so you start to look at that and that might be two three four hundred dollars a month that you're able to set aside again being intentional understanding what your goal is and like ao said get in with the smart investor pros so you can make sure are we on track are we on schedule and that stuff keeps you aware keep your hands on the steering wheel people your dreams are available you just gotta drive toward them this is the dave ramsey show [Music] [Music] [Music] welcome back to the dave ramsey show i'm chris hogan and joining me is anthony o'neil and we are excited america and everyone internationally that's listening to take your call and talk to you about your life and your money all you have to do is pick up the phone triple eight eight two five five two two five again that's triple eight eight two five five two two five we'd love to be able to hear from you all right so we've been taking calls diving in uh and we're gonna continue with this we've got uh john is up uh calling in from texas john how are you good how are you doing chris oh i'm focused and not finished my friend what's on your mind um well how are you doing anthony doing well man thanks for asking i've got a question that i i've been listening to dave ramsey for probably three and a half years and i've never really heard anything about the rule of 55 um on your taxes um 401k uh my wife is 55 and she's been at her job for over 37 years and she's going she wants to retire and we're going to pay the house off that we're in now probably by april or may so she's waiting for that and then she'll retire okay uh we we've been in this house for 21 years and we want to move an upgrade she has about 280 000 in her 401k and we'll probably need about 200 000 on top of what we sell this house for to upgrade what we want um so should should we take advantage of that rule of 55 where they won't pay the 10 um penalty to use that money to uh pay off the house that we want to get i've got about 800 000 in my 401k okay good that's what i was going to ask so all totaled right now in retirement savings you guys are everyday millionaires correct correct okay so the home you're about to pay off is worth how much about 300. okay how many how much square footage do you have in that house you're in now about a little over 2 200. okay and how many of you are living there well it's just me and my wife okay just two of you okay and so how big of a house are you trying to buy well it's not so much uh bigger uh maybe just a little bit but not much but we will want just a uh move to another neighborhood with a swimming pool we're just upgrading a lot of different things okay so how big of a house do you think is in this new neighborhood um well it would be anywhere between what we have now maybe in up to 2500 square feet okay and how much will it cost we're thinking somewhere between 450 and 500. okay and what's yours household income right now right now it's it's probably right at 200 but she makes 110 that's when she retires uh she doesn't have a degree or anything she's just been with this company for a long time and she wants to take you know maybe six months to a year off and then find another job but she's she doesn't think she'll probably get anywhere between 50 and 60 000 at a new job because she doesn't want anything okay so stressful day so right now you're saying you you're pulling in about 90 000 a year yes okay so if i'm hearing you correctly then walk with me here you're wanting to sell the house you guys are about to attack and pay off buy a more expensive home and your income is going to drop by 110 000. correct but she she will she will be getting another job in six to 12 months at about 50 000 right so all right john you did all the budgeting john in that situation i just laid out for you what would you do what would i do you're gonna would you spend more have less income coming in and go from paid off home to now bigger mortgage well we wouldn't have a bigger mortgage we were thinking about taking her uh for cashing it out yeah no i would i'm not doing that there's no way there's no way i'm going to pull 200 000 out and go it's just the two of you so you're telling me it's about this other neighborhood in a swimming pool join a community club like like go go swim i'll hell i'll get you a little portable pool like no i'm not i'm gonna pay off this house and be done with that mortgage payment freeing up that payment and being an everyday millionaire i'm not going to go backwards there's no chance no chance ayo what are you going to do don't look at me hogan you're going to get riled up i i can see you know what i mean now let me play the devil's advocate all right and don't come for me all right you stay over there okay i i hear what i hear in his voice and you correct me if i'm wrong this is your sweet spot what i hear in his voice is like we just want something a little bit better we've been working all these years we've worked hard we're in our older season we just want something a little better we've sacrificed we're everyday millionaires we want something a little bit better so within that from that bubble hogan how can they do that where they are now well i mean i'm gonna a i'm gonna take a look around if i want something a little bit different if i pay this thing off yeah and they're saying they're about to do that in may yeah yeah the only way i get another house is if i pay 100 cash for it i got you and so i would find a better neighborhood but i'm going to find a cheaper house in that neighborhood so i can take this 300 000 from this home that's very clear yeah and i'm going to go buy a house for 250. yeah you know what i mean i can't i ca i can't fathom going backwards okay now if they really love this neighborhood let's say all their friends in that neighborhood and their hearts are happy and everybody's holding hands and skipping and singing kumbaya and this is the place you got to live then guess what honey let's work another year of you making 110 i'm gonna kick it into high gear and get a second job and we're gonna have this extra we're gonna get another 125 000 saved up and we're going to pay sell our house for cash get 300 we're going to use this money that we've saved for another year and we're going to go to this neighborhood that is shangri-la and i'm going to be debt-free no no no i like that i like that hogan because i mean i i i heard him in his voice like just my wife we worked so hard we went i feel like they they want a brand new kitchen they you know they want a bigger a bigger bed here's another thing here's another thing you could do if you're tired if you you like the house yeah and you just say boy i just would like something different cash flow some renovations that's a good option you know yeah but if they if that's the neighborhood i'm going to work another year or two or whatever i just can't go backwards now i'm now going to get riled up because we're talking about pulling money out of the 401k you're going from an everyday millionaire you're going to go backwards pulling 280 000 out i don't care about the rule of 55 this money was put there so you all could secure your financial future yeah you you're gonna erase the years of deposits from this one withdrawal form there's no chance i'm doing that not for a home and it's just two of you right i mean i might even downgrade you guys might decide you want to take trips and you want to travel some places and do some things uh that i'm fine with but i want to cash flow it and be intentional i'm with you i'm still trying to think about what i mean just what just wave your head at me sir out here in the lobby uh if you're 60 are you swimming in your pool every day yes or no see see i'm trying to figure out why why do they win a pool well they want to swim what's wrong with that but you're going to spend a lot of time but you're going to spend a lot of money to just have a pool in the backyard you ain't swimming every day well they don't make floaters my size but listen the bottom line is you're right but but but and there's nothing wrong with enjoying and i'm saying there's nothing wrong these people obviously have worked hard they've become everyday millionaires it's not an accident but i i just again i would be more willing to work another couple years right uh just so i go in and go we can't go backwards yeah like we've come too far and now with that home paid off if we decide we want to take a trip to europe or we want to decide to do something i mean if you want to swim that bad pay off this house and put a pool in your house i like it right i mean again i think there are options john is what i'm saying buddy and what you hear is i'm a little riled up because i've been hearing the numbers of people that have been pulling money out of their 401k and they're erasing all those years of deposits and growth and they're going to look back on it in about five or six years and they're going to say oh wait what did i do i'm going to have to work seven eight more years to make up for that one hour of not thinking clearly and so you all have been so intentional brother stay the path like i want you to have that mindset of i'm not going backwards not for a pool not for anything we're gonna pay this house off wait about four to six weeks and get that deed in your hand and i want you to look at it this is the thing you've worked hard for typically people are paying on the paying off their homes or paying on them for around 30 years you've got a chance to be different brother and to start a new legacy for you as well as your family so i hope you and your wife sit down and think about it be st be clear your dreams are available you just got to make the right choice this is the dave ramsey show [Music] [Music] welcome to the dave ramsey show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studio this is the dave ramsey show where america hangs out to have a conversation about your life and your money i'm chris hogan and co-hosting along with me this hour is anthony o'neil and we are very excited to be back with you and we're ready to take your call so what i want you to do is pick up the phone and give us a call kelly's standing by and ready to take your question the number is triple eight eight two five five two two five again that's two five or 888-825-5225 can find us at the ramsey show ayo i'm ready to roll you ready hey man let's get it man i'm happy about this hour happy to be on this show with you and uh some amazing people in the lobby as well yeah nope we're excited and we can't wait to take your call so we're gonna jump on there but before we do this you know people are talking to me all the time about how this year is that year of reset we're coming out of 2020 which was a crazy year uh we dealt with a lot of stuff we had weather issues we had the pandemic uh we had some probably some crazy people around us that were having to deal with ao you got any crazy people in your world i got a lot of them okay yeah so you got to be aware so what do we got to do well we've got to reset this thing so you've got an opportunity to hit reset no matter what happened last year you can take control of your money today and ramsay plus can help you with our money reset bundle it's easier than ever to create a new life of habits and habits are huge the bundle includes get this a six-month membership to ramsey plus plus our best-selling books know yourself know your money and the og the original the total money makeover uh and here's the kicker every ramsey plus membership now includes a ramsey smart tax federal classic e-file so you've got an opportunity to get your taxes done as well so you can get your money right and you can get your taxes right this is a value of 167 but you're going to get it now for 85 bucks you kidding me people spend more than that just to get taxes done sure do so check out ramsey plus decide on a total money reset right now uh small steps can lead to big changes so go to moneyresetbundle.com again you get this bundle go to moneyresetbundle.com and you've got a great opportunity for those folks that are watching on the youtube channel you can see the link right below uh excuse me the the graph right there moneyresetbundle.com you've got a great opportunity to make this your account we want it 2020 gone guess what it's gone 2021 is here so let's make sure we make it count all right we're going to get to the phones uh and find out what's on the mind we got glenn collin from north carolina glenn how are you hey chris how you doing buddy oh i'm focused or not finished my friend what's on your mind today well i just kind of tried to make it a short question uh i retired august 28 at age 59. i turned 60 september 22nd the company i worked for for 32 years uh come out with a service package restructuring their their company and i decided to take it and one reason with that is i was kind of getting tired of the millennial age and i don't hope i don't spend nobody there yeah but i'm kind of old school and i took it and basically got a 248 thousand dollar service check when i've checked but gross money yes sir oh they all they also paying my health insurance for 18 months 100 okay uh after that and also are providing me 500 a month 24 months after that to offset uh health insurance coverage all right you know until i reach 65. yes sir and i also i've just had a settlement several months ago with north carolina d.o.t buying my house because of a highway road project of large sump money well tell me that you don't told me everything else what's the chunk how much six six six hundred forty two thousand three hundred dollars all right go ahead and out of that i had to pay off my mortgage yes sir you know that all comes into you know calculations a long story short net monies out of that and net money from my servants uh i have paid every debt off i have purchased a new home cash should i don't i don't owe anybody a dime all right so how much did you have left over 478 or 79 pounds you are on the ball brother all right i like i like where you're going what's your question all right my main concern is did i retire too early okay all right well what were you making per year at that job that you worked 32 years at about 132 000 okay all right so as i look at this you got about two years worth okay of that you took this money and how much did you have a 401k with that company at all i did how much you got in that 401k i took i removed it all from the company and reinvested it with a financial advisor how much which was a total uh between the 401k and extra money from d.o.t was about 3.98 okay and i have about 420 in it now which okay from september now all right no you did the absolute right thing you're an everyday millionaire my friend you don't owe anybody on your house you've got 400 000 that's in invested in your 401k you got 478 000 left over in cash right now so what i would do is pluck about 30 000 over for an emergency fund take that other 440 000 i'm gonna get that with an investment professional so now assets under advisement and what's being invested is eight hundred thousand dollars you're good to go you don't owe anybody a dime uh glenn no you you you're good here's the other thing you can decide to work more if you want to right doesn't mean you have to go back with that company you can go find a job or do something he did the right thing yeah he did the right thing the only thing you said wrong was that you was offended by some of us millennials oh listen to you you know what i'm saying we ain't do nothing wrong we trying to work too listen come on now listen i'm happy i'm happy with what he did listen but you can't be blaming us millennials because we out here working too okay see you you you just threw shaded me about my age not long ago and uh i'm taking the shade but i'm just saying you know you can't be coming at us like that glenn is glenn was just trying to be honest and i'm being honest okay maybe some people are flopping around at flip flops while he's got on work boots he's trying to handle business uh glenn i'm mad at glenn no i'm proud of you buddy um and you know you being intentional and being smart what you do moving forward can set you up or set you back and i mean what i mean by this is your home is paid for you paid off all the debts what you got to do is avoid doing any stupid glenn and i'm telling you it's on every corner so don't let your guard down if you're going to do something do it with cash but no more debt in your life man you got freedom now what i want you to do is enjoy it and build a legacy this is the dave ramsey show [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] [Music] so welcome back to the dave ramsey show i'm chris hogan and co-hosting along with me is anthony o'neil and we are having a blast talking to you about the things that are on your mind uh pick up the phone and call us triple eight eight two five five two two five again that's eight eight eight two five five two two five uh we'd love to be able to hear from you about the things that are on your mind and as we pursue progress that's one of the things i talk about on the chris hogan show is that it's a matter of being intentional and we've got to make decisions every day that put ourselves in a position to be able to make progress and ao you obviously have the book out debt-free degree and you you have been very intentional about helping people in this process uh but you also have a show called the table and you got new episodes that air every monday uh you talk about how to set a clear vision for your future so you can start winning with your life your money and your relationships yes um wow that clear vision is something a lot of people need yeah yeah clear vision uh for your life for your money and for your relationships and what i'm really excited about when it comes to uh the table hogan is that we really get down and have some real relevant and relatable conversations prime example this week in honor of black history month uh we brought back my black history panel and how gonna be real and there are some things on there that are said by these individuals that's going to challenge you and me and dave was talking about it yesterday here on the show and i want to encourage everyone right now whether you black white hispanic you name it go check out the show and you know what you're gonna hear some things that you may not agree with but i love hearing different perspectives and different thoughts so we can just understand in honor of black history month how some people are thinking but i love because this is bringing in people and when they get to my content they're learning how to you know what have the uncomfortable conversations around money how to really start building healthy relationships but this week is gold it is crucial i would encourage everyone if you're on youtube or if you'd like to listen on podcasts while you're walking or jogging or doing things around the house or in the car uh go download it on apple podcast uh but you want to see our facial expressions man because my facial expressions are amazing oh i mean they're so amazing well they're that yes there's that okay well i've pictured you a stoic i didn't realize that you had those expressions of course you do you're lively dude you're expressive uh yeah check out that show again you can find it anywhere where you subscribe to listen to podcasts uh also on youtube uh you can find him at anthony o'neil and uh so opportunity you know growth awareness uh and you just had matthew mcconaughey on your show right i did i did just interviewed him and it was a lot of fun i got a chance to really dig in and find out about his new book called green lights yeah which really came from years of him journaling and uh he's an interesting uh individual his mindset uh very focused very intelligent very articulate uh so yes if you've not had a chance to check that out go over on youtube uh the chris hogan show and you can kind of watch that interview and uh dig in uh it's interesting and of course he is iconic with his words and phrases we had a great conversation uh ao you had a chance to talk to him as well yeah and dig in and uh you were really talking to him about his journey to success yes man that was crucial because most young people want to become famous and i really wanted to have the conversation around hey do you regret any decisions when you was building your fame he said yes yeah no he was real so anyway check those out you can find it on youtube under anthony o'neil or chris hogan 360 you can see it all right listen we're getting to the phones this is what we do and so uh we got william on the line from texarkana i've never been there william how are you buddy you know what y'all gonna stop coming for us millennials on this show okay william you are my favorite caller my friend what's on your mind today buddy well i think you folks talking about how paying interest is a bad thing okay getting interest is a good thing yeah and then you talk about compounding okay i do not understand compound interest i don't know how it works and i want an education today all right well you know what it's one of those things where you look at it and i i look at this way that that it's interest earned on money that was previously earned as interest now i know that sounds like double speak but as you look at this william you put money in interest can work for us or against us right as you know if you pay it it's a penalty if you earn it it's a reward and so the compound interest the compound growth that happens from that is the thing that truly allows us to be able to grow money and so looking at it understanding if i put money in it's growing interest now guess what happens this whole thing that is in there that's now bigger is now going to grow more interest and that's the factor that causes our 401ks and 403s three b's to grow exponentially as well as our roth iras and other things so that investing money is imperative because we all know the dollar shrinks each year and what i mean by that is the cost of living that happens inflation app in the marketplace and so we've got to grow our money and william i'll tell you what i'm going to do i'm going to send you my book i talked about being a money boss in my book retire inspired the first book i wrote i'm going to send you a copy of that and because you said focused and not finished i'm going to throw in a focused and not finished sticker in there for you my friend so i appreciate the call again compound interest is interest earned on money that was previously earned as interest and that's how it grows buddy and if we leave money alone and not listen to the cares act and not listen to these other things that are out there and leave money in our 401ks and 403bs it will grow thank you for that kelly's going to get your information like i said i'm going to send you a signed copy of retire inspired and a focus and not finished sticker hey kelly pretty cool kelly send him a picture of me too just so he can see a millennial smiling at him as well please y'all coming for us millennials oh no i love millennia listen hey believe it or not i've had several millennials calling on my show yes that have either gone through foundations yes but they've listened to it ao i'm talking to millennials that have fifty and a hundred thousand dollars saved oh yeah uh two hundred thousand one told me they just paid off their house at 27. good guy yeah so i love millennials i do i really do say that again i love millennials thank you i do and so anyway i just i especially focus on not finished once people that are driving forward on stuff so here's the deal if you are a a baby boomer yeah traditionalist do you even know what a traditionalist is yeah traditional and modern relationships right no ao traditional somebody that's 60 or older see you don't even know this okay if you're a traditionalist baby boomer gen y gen x gen z or millennial you all get a chance to make a decision about our futures we all do i'ma google that yeah google it you got your little fancy pad over there google it but listen we all have a chance to make a decision about our futures and that's one of the things we've done here at ramsey solutions as we're talking to people helping them understand that there's hope in your business there's hope in your dealing with your money there's hope in dealing with your relationships but we get to decide and i know there are people out there that have opinions i know there are people out there that are throwing shade there's a drink for haters people it's called haterate and and that's just real the bottom line is is we get to choose and i want us to choose for our future ayo one of the things i've been telling people is to make two-year decisions and what i mean by that is make a decision today that you're going to look back on in two years and you're glad that you made it oh man that's so gold hogan because you know my statement that i live by every single day is that the caliber of our future will be determined by the decisions the choices we make today yes no they're what you're saying yeah for two years and when those two years come make another decision for the next two years and eventually your future is going to be brighter and much better no you're absolutely right it helps us pull up out of our situation that's good and and it helps us think a little bit clearly all right we're about to go to break here in just a few but listen here's one of the things we're going to do i'm going to ask anthony o'neil i want to know what was the best piece of advice he ever got from one of his grandparents best piece of advice because i'm going to share with you mine and the thing that was a game changer for me uh for first and foremost it was my grandmother told me honey understand the difference between an opportunity and a chance she said an opportunity leads you somewhere but a chance is 50 50. and it's one of those things that i never forgot thinking about that opportunity versus chance chance is 50 50. it's like a coin toss right might be heads it might be tails but an opportunity when you do it it leads you somewhere gets you closer and that's exactly what we do here at ramsey solutions we give you an opportunity to have a different financial future when we come back i'm going to ask anthony the best piece of advice he got from his grandparents don't go anywhere hold on this is the dave ramsey show [Music] we were drawn to christian healthcare ministries because we both had young families and we wanted to have more children and we had also just started a real estate company and needed to find health care coverage that would meet our needs we were attracted to chm because of its low monthly costs and the ability to negotiate medical costs down established in 1981 and accredited by the better business bureau chm is here to meet the needs of your growing family or small business check us out at chministries.org we absolutely believe in it [Music] [Music] welcome back to the dave ramsey show i'm chris hogan and posting on with me is anthony o'neil and we are taking your calls about your life and your money before we went to break i told you about the best piece of advice i got from my grandparents uh my grandmother told me the difference between opportunity and chance that you want to grab opportunities you don't avoid the chances do the thing that sets you up for your future and as we went into break i told ao that when we came back i wanted to hear the best piece of advice he had received from his grandparents now grandparents are full of all kinds of wisdom and amazing things but what was that one piece of advice uh oh do you really want to know the truth yes my grandmother my grandmother said son make sure you marry a woman and not a little girl in a woman's body oh and what she was saying was and she broke it down because i was like what what do you mean she said sometimes i want you to make sure that you are a man and you're not operating with the little boy's mindset you know because when you were a child you spoke as a child but when you become a man be a man and so that was one of the best piece of advices my grandmother ever gave me because ever since then have i made all the right decisions no but i do ask myself am i making a manly uh in my spiritual faith a man of god decision here am i walking in integrity am i walking with character and am i gonna and in my dating process you know am i dating a woman with integrity am i dating a woman with character um and are we both operating in who we are or are we still thinking and acting like little kids very good no that's wise and again you know grandparents they're always they've got amazing wisdom and i'm so grateful for the time spent on that front porch and that back porch uh and in the garden and all the other places uh it's just amazing and you know i'd encourage you if you haven't written down some of those pieces of information or wisdoms or little sayings your grandparents used to tell you get those things written down uh put those in a place i'm lucky enough to have some things that were uh done by needlepoint by mama hogan uh and some statements and stuff by my grandparents that is that that are logged and i can share with my boys as well so all right let's get back to the phones uh the number to call in is eight two eight eight eight eight two five five two two five again that's triple eight eight two five five two two five we'd love to hear from you or you can find us on social media at ramsey show all right next up we got uh nicole is on line three nicole how can we help you hi anthony and chris um i am a distinguished millennial yes um i am 35 and i have fifty three thousand dollars saved yes and i am very likely pregnant yes um so it's very early and next week i have an appointment and um so this will be my second baby and i'm struggling because i have seventy three thousand dollars in student loan debt and i'm not sure if i should put that money towards the student loan or start saving for the hospital bills and doctor bills because i don't have insurance and i got a quote that it'll be between 10 to 22 000 depending on how the labor goes okay so i just want to know i'm kind of new to this i don't really know what what to do with the money hey hogan i got this this is for millennials calm down oh man um uh i want to say amen i i love this you just made my day and uh so all right so let's start back from the beginning how much money do you have in the bank account again um i sorry my toddler's at the door but um i have fifty three thousand saved okay all right we got fifty three seventy three thousand in debt okay cool and then when are you due well i if i'm pregnant then it will be nine nine almost ten months from now okay so so we don't know it we don't know if you're pregnant just yet but you're just saying if you are pregnant uh what i'm very likely pregnant i'll just say that without being uncoached i got you hey i'm with you you know your body so i'm gonna shut up and go ahead and give you this advice that you called in for um here's here's the priority okay your priority is delivering the baby healthy and making sure that you stack enough money to deliver the baby and then i always say add a little bit of cushion in there just to make sure if there are any other emergencies or anything like that do i think you need fifty three thousand dollars to uh have a a safety net for a baby no i don't you know i now never had a baby hogan's had a few of them but i would say maybe set aside about fifteen to twenty thousand dollars okay in an emergency account for that but then i would start attacking the seventy three thousand dollars and if you let's say for an example you know what anthony i want some real good cushion put twenty five thousand dollars to the side and then take the other twenty what seven twenty eight thousand dollars put that towards the twenty the seventy three thousand dollars that you have in debt and then attack it now i'm pretty sure you're not gonna use all 25 000 of that so about a month so a month or so after you have the baby take the rest that you have that you have saved up and put that towards the debt but you're doing very very good now what's this 73 000 in debt though is it student loans cars what is it it's all student loans for me all of them so you don't have any credit card payments no no car loans nope nothing else okay cool great yeah so right now here's a good thing uh these are federal or private loans just kind of federal okay cool so right now you're not paying any interest all right and so right now is a great time to go ahead and put this money on top of it so this way you can pay off some stuff without curing any penalties on that side of things but that's what i would say on my end for you is to create a safety net for you and your baby um and then after that once you create the little small safety net which you already have it go ahead and tap the 73 thousand dollars okay so i can make a payment after i save the 25 ish yes well you already have the 25. yeah yeah right so then the rest will pay towards the loan okay i just didn't know what to do first it's like a lot of money and i'm scared yeah yeah the right subject now do you still have income coming in though are you still working right now i do my husband makes 60 a year and i make about 40. yeah and i'm at home i might lose my job if i get sick and can't do it but yeah yeah 25 000 i think is more than enough hogan is that would you say yeah i do and i i like the mindset you know you look at this and you realize 73 000 is a lot in student loan debt 53 000 a lot saved yes and so to be able to to make that that that that payment to be able to attack it and to look up and only have 20 1 000 in student loan debt there's a massive jump and a great improvement and you know i i think nicole you're going to put yourself on a path of being more intentional and focused and you want to you want to keep that mindset as you're moving forward uh because that that's what's going to allow you to make a difference in your financial future without a doubt uh looking at this i also i want to let you know uh paying off that smart and saving and investing is also smart but there's one key to winning with money that's often forgotten and that's protecting your family from emergencies there are ten kinds of insurance coverage that you might need based on your life situation and instead of you trying to figure it out we've built a tool that'll show you what coverage you need what to drop or what needs to be adjusted and get this it takes five minutes people so we're even give you a to-do list by rank of importance and email it to you so you can get started on the on the process of getting it done fast it's called a coverage checkup and it could be the most important five minutes that you spend today uh donald h wrote in and said i like how he put it he said for anyone who's not completed this checkup do it now you never know when something will happen and you'll never be able to you never want to leave your family in a bad situation so get out your phone right now and text the word checkup no spaces no dashes just check up to 33789 or you can visit daveramsey.com check up today don't let an emergency sneak up on you i want you to protect your family right now ao i talk all the time about building wealth about becoming an everyday millionaire you're helping millennials understand their path and their root we got to protect it too yes and insurance is exactly what you need and i want to remind people out there you know if you're a homeowner you've definitely got home insurance homeowners insurance because you want to protect the home if you're a renter you need renters insurance yes because you can protect your stuff car insurance is in invaluable and you know the granddaddy of them all is life insurance absolutely and here's the thing that i learned with uh millennials uh hogan four out of ten millennials do not have the correct coverage wow life insurance yeah so you want to get term life insurance get it 10 to 12 times your annual income and and i'm telling you it's how you say i love you to your family protect yourself people build wealth but let's also protect it this is the dave ramsey show [Music] [Music] welcome back everyone this is the dave ramsey show hey on the last call we were talking to a young lady and she was uh nicole from eugene oregon and she was talking about having a chunk of money saved in that situation for the birth of a baby which we always tell people yes you definitely want to stockpile some money but i got a message on social media and someone said well what if you don't have health insurance what would you do well if you don't have health insurance you are definitely stockpiling money because you know a trip to the nicu uh you know a a prolonged stay there or any kind of health situation for the mom or the baby uh can be a financial devastation so you would definitely in that situation if you had money stockpiled you're going to keep that money stockpiled until you get that baby home and then from there when everything is okay and stabilized then you know what to deal with as you move forward and so that's the reality of what you're doing that in that hypothetical situation so i want to thank the person for reaching out to me on social media with that question all right we're going back to the phones uh we got ginger on the line ginger how are you i'm good chris how are you oh i'm focused and not finished i'm here hanging out with with a distinguished millennial uh how can i help you awesome hey thanks for taking my call so i found you guys a little bit later in life um so i've done things a little bit out of order i'm 41 i'm a single mom of two i'm working on baby step three so i don't have any uh consumer debt or anything like that um i do have a mortgage i'm in a 20-year fixed right now at a three and a half percent so i've been paying that for i don't know i think i have 17 years left um i owe about 320 000 on my home yes ma'am um i have about 165 000 in a 401k um so again totally out of order i don't have anybody in the bank per se or at least not much but i have that in a 401k um so my big question is i bought this house a few years ago knowing that it would need repairs over time but these things are like starting to come up like my basement flooded a couple of years ago i had to sell my car and pay for that um just things are starting to come up like big repairs on this house um a little faster than i thought what are some of the big repairs ginger yeah so um i i have some siding on the side of my house that is blowing a little bit and i um i i worry that it is a water issue and that's what actually caused the basement um so that's which i think you know may start in my attic and it's coming down the side of my house that's the big one also um i live right off of a field so it's a beautiful house like i don't want to get rid of it um it's already grown in equity it's now worth like about 415 000 so um it's you know appreciating for sure but you know it's right off the field so there have been some issues with some mice and like some other i mean just problems like okay so are those the two big things yeah well it's also everything is original to the home so it's like builder's grade plumbing you know the toilets the plumbing is not great um you know everything's original of the house yeah so those would be yeah they're basic items so those those would be upgrades those aren't serious repairs okay right i mean i'd say some of them are not serious repairs in the basement obviously basement was serious absolutely how long ago did you buy this home uh about three years ago okay did you get a property inspection done i did okay go ahead yeah sorry there were a lot of to do's on that and i've gotten i'd say some of them done okay all right and and the reason i'm asking that ginger because number one as a single mom of two you're working hard you're taking care of business i i always want people to be aware of the difference between a want and a need yeah okay and and again i know stylistically there can be some things about the house that you're like oh no as soon as you saw that that sink you knew you were gonna upgrade it at some point right or you saw that light fixture and you're like not up in my house i'm getting rid of that and and again it's great to have that to-do list but what i don't want you to do is confuse a want versus a need okay this the basement you're absolutely right that was that's ridiculous uh but but now as you look at the siding yeah you want to find out is this a water issue because that could lead to a bigger one but i don't want you to try to jump the gun um and the reason i say that is you're the prime target for a mortgage lender or a bank to try to offer you a home equity line of credit okay they will try to rationalize and i am a reformed banker i'm an rb okay you don't want to go that route you don't want to treat your home like an atm where you're pulling money out your home is your largest monetary asset for you and your kids young lady and so the last thing you want to do is borrow against it now saving up to prepare things that are necessary yes but determine a want versus a need nah man you're hitting him right on hogan i i i don't need to say anything after that bro you did a good job well and ginger and just take your time you know take your time yeah how much uh what are you you're making how much are you making a year um about 108 okay okay and are you able to work from home or are you working outside of the home um it's kind of a little bit of both that's good i'm a field rep yeah so i can work a couple days from home yeah um you know i have windows coming in in a couple couple weeks i'm only doing the top floor for now because that's all i can afford but yeah um the windows like when the wind comes through here the whole house like vibrates and whistles and shakes i mean it's crazy so well and you're in you're out in colorado so wind is real out there but listen i hope you're plugged in with a good church uh if you are i want you to reach out find somebody there that's good with repairs or good with homes or know someone that is someone reputable have them come out check your attic uh check the flashing on your on your roof too look at me i'm using builder terms you don't know about this ao you want to check the flashing to see if water's getting in uh and if there's any structural issues so look at your home uh that inspection report uh have someone come out and look uh it could be a you know a lady or a male that's certified to be able to inspect that and be honest with you about what's going on prioritize those repairs and then take a deep breath the upgrades and the things that you want to do absolutely you're going to be able to get to those but in due time and so just set up a plan for yourself and then give yourself the opportunity to work toward that goal love it hogan yeah i have some good advice yeah that's rough man because you know you just moved recently i did and when you move in you have a vision absolutely but you know what i still haven't done everything i want i haven't done 50 of the things that i wanted because i got to go buy priorities and i got to move at the speed of cash um i have other priorities that are more important than upgrading but now if something did happen if like my siding was starting to come and it would come off and it was because of you know some watering issues then yes i'm fixing that because that's structural damage eventually uh but as far as like right now i want to upgrade all my light switches to smart switches oh that's not a priority you know yeah uh so for me because i'm a millennial um i like technology stuff but as a wise millennial i know i need to stick to priorities and stick to cash flowing yeah no you're absolutely right moving at the speed of cash imperative here's another thing to check into ginger that siding issue if that happened from when you might want to reach out and talk once you find out what the issue is you may want to reach out to your your homeowner's insurance uh to find out if this is something that is covered and again so it's going to require some research and some reaching out but then you're not guessing and what i know to be factual is little things on the back of your brain until you get the right information it can nag at you right and the next thing you know it's just getting bigger and it's getting bigger uh so thank you so much for that call speaking of i got someone they uh reached out to us on social media and said hey i've just become debt free i'm newly debt-free do i need this from brianna from facebook newly debt-free do i need to adjust my insurances car insurance homeowners et cetera now that i don't owe any money brianna that's a great question absolutely you do now that you're debt free if you have your emergency fund you don't tell me if you have that or not but now that you're debt-free great job get your emergency fund in place you want three to six months of expenses saved up to protect you once you do that you can contact your homeowners your car insurance all of those and raise your deductible yeah what that's going to do is that's the amount you would pay out of pocket if there was a loss what that's going to do is drive down how much you're paying monthly you see what i'm doing you're going to take on more of the risk because you've got cash now with that emergency fund listen thank you all for tuning in i want to thank producer james childs and associate producer kelly daniel and i want to thank all of you for tuning in this has been the dave ramsey show [Music] welcome to the dave ramsey show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions this is the dave ramsey show broadcasting from the dollar car rental studio where america hangs out to have a conversation about your life and your money i'm chris hogan and co-hosting along with me this hour is anthony o'neil and i can't tell you how excited we are to have a conversation with you so if you're out there and you've got a question about dealing with student loans dealing with family members and money or you want to build wealth you want to get out of debt you want to get more serious this year about your money than you ever have before then this is the show to call i want you to pick up the phone and give us a shout 888-825-5225 again that's triple eight eight two five five two two five we are ready to talk to you all right ao you ready for this man let's do it man all right all right listen we're gonna go to the phones because that's what we do anthony and i both have a lot of words and we're willing to talk to you and help you ao's got more than me but we want to help you and get to where it is you want to go so we're going to get on the line here we got lindsay calling in from denver lindsay how are you how are you how are you oh we're focused and not finished what's on your mind today um so my husband and i are 27 and 28. millennials yes very much so um three years ago we decided to downgrade our lifestyle and move into a motorhome to live in an rv with our four children and we've been able to pay off all of our debt and we still owe 22 000 on the rv but we um get as a mortgage and we pay double what we're supposed to every month so my question for y'all is we um have sixteen thousand dollars in our savings fifteen hundred dollars in our main and we can save twenty seven hundred dollars a month my question is in six months we're gonna have thirty thousand dollars more what do i do with that okay so other than paying off my army that's an obvious okay so outside is the rv the only loan you have it's literally the only thing we pay on okay and so well hold on you said pay on now lindsay you're throwing me a curveball here is that the only debt you have yes okay all right because people have debt they just don't pay on it so that's why i'm double checking uh what's going on what's y'all's household income thousand um a year what's he do for a living he's a top runner he's a what owner a pot fitter oh a pipe fitter okay got you and so um so are you all traveling in this rv or is just living in it so my husband was in the military and he's currently in an apprentice program that the military pays for his school and so as soon as he graduates in may will be able to travel which is the plan to chase the powerhouses to make even more money and i just want to get a handle on the money that we're making now so that way when we are making half a million dollars in a year we'll be able to yes be able to move forward yes ma'am so lindsay are y'all comfortable with living in this rv with your four kids like honestly um so i'm a minimalist and i have very few things my children kind of follow suit in that i homeschool them and i have since they were little so i personally really enjoy the everyone together lifestyle of course i would love to have a big house and all those things back in arkansas where i'm from but right now my family that my husband and i made is more important than having a house and having debt and all those types of things so good hey what are the ages of the kids uh nine six three and two oh wow okay ooh you're busy you guys are busy well now well i i you know i'm all i talk to people on the chris hogan show about making sacrifices for stuff that you're serious about and you guys definitely did that yeah you sold your house you're living in an rv with the four kids you're homeschooling your husband is a pipefitter right now that's in an apprenticeship um so you said what do you do with the money you got 16 000 saved up and you owe 22 000 on this rv here's the reality right okay point blank lindsay you are going to want to pay off this rv yeah like yeah get this thing paid off but here's the other thing you're going to need an emergency fund asap because you're you're you're driving your home right so i mean you know anything that's drivable has repairs homes have repairs so you guys will want to be very intentional after you pay it off about being intentional with the budget to build up that emergency fund you three to six months of expenses that way if there is a repair or something that's necessary you got the money to handle it yeah and i wouldn't commend her you know i'm not i'm not a huge fan of rvs i'm gonna be real just to live in them but i hear her heart i hear her purpose right and i can respect that yes you know what i'm saying i can rock with that like hey yeah one day i want to have this but i want to make some sacrifices with my family and i'm a minimalist so i love living in small spaces so i agree with you hogan pay off the rv stack up this money and then enjoy your future but eventually you are you will need a house yeah with teenagers and you follow the baby steps so you've got your fully funded emergency fund you guys are going to after that's in place you're going to want to start investing 15 toward retirement then you guys are going to start saving for college for these fees for the four kids and you know you're going to just be putting money away in that realm when you get ready to buy a home you want to do a 15 year fixed rate mortgage uh i'd love for you to put 20 down but 10 is okay yeah you don't want to get a payment that's more on your mortgage more than 25 of your take-home pay and so you following through the plan young lady is going to put you all on the path now lindsay i don't know if y'all have a tv or not uh you said you're minimalist but if you've got access to the internet i i want to i want to gift you ramsay plus i want to put you all give you an opportunity kelly will get your information you guys can plug in uh inside of ramsay plus you're going to get a lot of things you're going to be able to you utilize every dollar the best budgeting tool on the planet you're going to be able to use the debt tracker so you're going to be able to track when you guys are going to pay off this rv when it becomes yours for sure and you're going to get guidance from me about investing you're going to get guidance from from all of us about different areas of life so ramsay plus go check you're going to be able to check it out for free those of you that are out there listening you go well i want to be involved i want to check it out go to ramseyplus.com yeah just ramsay plus ramsayplus.com you can check it out and see all the benefits and all the things that are going on you know what hogan talking about you know ramsay plus and and we've learned that within ramsey plus it saves marriages and so talking about marriages marriages across the country could all use a date night right about now an evening uh to come together and focus on what matters most connection communication and intimacy intimacy maybe you've grown closer together through many uh challenges over the last year or perhaps you've drifted apart between homeschooling job loss or financial stress but guys check this out no matter what your marriage looks like right now for more unity and better communication can be found at our third annual specialist valentine's edition of money and marriage let me say that again money and marriage is coming back streaming live to your home on february 12th at 7 p.m my dear friend our dear friend rachel cruz and the dr john de loni will guide you and your spouse through an unfor unforgettable night so listen oliver passes for the money and marriage slide stream on sale right now for twenty dollars go to dave ramsey.com events to buy your tickets because hey you need help with your marriage all right you all stay tuned we're gonna come back we're gonna take a break but listen we're gonna talk about your life and your money we're here for you pick up that phone triple 825-5225 this is the dave ramsey show [Music] [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] [Music] so welcome back to the dave ramsey show where america hangs out to have a conversation about their life and money we're here for you and we're excited to talk to you so if you have not picked up that phone yet i want you to the number is triple eight eight two five five two two five again that's eight eight eight eight two five five two two five we'd love to be able to talk to you about the things that are on your mind uh we're gonna go back to the phone and we're going to go all the way to traverse city michigan we got kate on the line kate how are you i'm good chris thanks how are you oh doing fantastic how can we help you today go ahead well my husband and i are both millennials and we just went through a major transition in our lives we left we left corporate our corporate jobs in california we sold our home and we became entrepreneurs and traveled in an rv with our four kids for two and a half years are you serious yeah did you hear the previous call i i did and i was cracking up i was like oh wow we're just like we're right there with them we just did that and now we've landed in michigan okay so you have four kids as well yes we do what are there eight what's the answer uh seven eight eight and ten wow wow okay my goodness that's how interesting okay so you all traveled you did the thing uh what baby step are you all on we're investing so we're debt-free um we paid off we spent our 20's working really hard and paying off around 68 thousand dollars in debt wow hit our yeah then we hit our 30s um and we're in corporate america with a bunch of side hustles we were on like career two or three between the two of us right and we've always been entrepreneurs and knew that that was the next step but we had to get debt-free first we just weren't willing to take that risk to take on you know starting a business with debt okay um so when we sold our home we hit the road and traveled for two years and lived below the poverty line because we could travel for almost free in our rv and stay at campgrounds and whatnot and we built my husband's business that way while we were on the road and could kind of learn some lessons without the financial consequences what kind of business is he in what's a lot of work he's a yeah he's an i.t engineer okay gotcha all right so you all landed it you landed in michigan what's your question that's right so i am a stay-at-home mom and i have a lot of experience and i can go out and double our income go out and get a job and double our income but we really value uh home education raising our kids and focusing on that our goal is financial independence and we're just in this kind of spot between a heart a rock and a hard place trying to decide at what point do i take on additional work or do i sacrifice you know early retirement for staying home with the kids and we're just trying to find some advice and and guidance and like how to make that really difficult decision well let me ask you this that's a great great question because it shows you and your husband are thinking forward yeah um are are you homeschooling the kids yes okay all right so you are currently homeschooling what what is your your your plan on that are you trying to get them to middle school get them to high school how far do you plan to home school we are open to it as long as they are willing it's a family decision and so they've all expressed that they might be interested in going to public school or private school in high school but until then they're really you know convinced that they want to be home which we love um but we're very efficient i like that you're trying to be democratic i like that you let the little kids raise their little hands and everything and they feel like they pulled the lever to vote how does how does kate feel about it are you enjoying homeschooling or no i love it very much but coming from i'm you know having a career and walking away from that that's right it's tough you know to walk away from money it is and i'm going to tell you something just as you all navigate here here's how i've got confidence in you what's your husband's name jason i've got confidence in kate and jason because you all traveled for two years with four kids in an rv okay you you all can do anything and it is crappy you are scrappy and you made sacrifices for the sake of what's in the best interest of the family and so here's the reality you and your husband the kids i like that that you include them and they hear their feelings this is a decision for you and your husband and what i'm saying is is for you guys to sit down and to look at the options and the time frame maybe this is something that you say you know what do we try a year of them in public school um while you work right but but but it's a matter of talking through the options first but then understanding the time frame and you guys making a collective decision of this kate here's the thing don't poor cement what i'm saying is you're not making a final decision that's going to have to stay that way forever and ever i want you to think like a scientist just like you all tried scientists try experiments all the time and if the experiment fails they say the experiment failed not them so you guys did the experiment of the rv and it worked so now you think of what's the next thing we're going to do for the sake of the family's financial future and the kids going to school for a year or for a half a year to see how it goes could be an experiment that you try i like it i like it again and i just want to commend y'all man doing this is interesting seeing millennials do this um i i personally i like the fact that you are asking your kids you know their thoughts i agree with hogan that that that the decision is on you and your husband um but make sure that you do include your kids into the conversation because it is their life too um but i definitely want to include you on that part but to answer your question will will this lifestyle uh get you to where you want to be i think you and your husband have to answer that question you know hogan is known for saying retirement is not it's not about a particular age it's about a particular number you know how much money do you and your husband want coming in on a monthly basis so that you all can retire inspired retire with joy with peace and i think that's the conversation you and your husband need to sit down and ask yourself today like hey what is that number is it five thousand ten thousand twenty thousand whatever that number is then y'all backtrack to what do we need to be doing today to get there yeah and kate here's the deal how old are you all uh i'm 34 and he's 35. okay now listen here okay you're young yeah you got a lot of time so even if you were trying to get the kids up into middle school or into high school your earning potential is not dwindling and you got an opportunity homeschooling is serious work i have no shadow of a doubt but for you to brainstorm what is the goal if the goal is spending time with the kids in homeschooling okay it's great but which one is the priority and that can change you reserve the right to make that adjustment you could work from home and bring in extra income now right it would be like taking on two jobs because you're already you know doing the full-time job of of of being the the teacher and navigating with four kids so you and your husband getting on the same page beginning to set some goals as my brother used to tell me be prayerful and careful honey uh about the choices you make in the direction that you want to go so thank you so much uh i really appreciate you calling in you know ao people ask me all the time okay um is it too late for me right or are we gonna be able to do it and you're right i do tell them it's not an age i don't care how old you are if you've got breath in your lungs you've got an opportunity to improve you've got an opportunity to impact your financial situation and positioning right now but you got to make choices and you got to make some decisions to get moving in the right direction and so if you're out there and you're wondering well how much do i need to retire or what what do i got to do i've got a free tool called the retire inspired quotient the riq if you go to chrishogan360.com and click on the the the riq page it's going to walk you through and help you figure out what you want to do in retirement and what how many years how much you have saved it's going to give you this vision and it's going to walk you through and help you have more clarity and if you're out there and you are a millennial you can also send this link to your parents to help them as well nah and millennials need to take this because i mean i when you first came out with this hogan i did it i sat down with my financial advisors and said hey uh how do we do this this is where i want to be at and i got all the information i think the younger you are great man let's do it but it doesn't matter if you're in your 50s still take advantage of it you sure do and also i want to tell you all uh ao has got some recent episodes out i already told you he talked to matthew mcconaughey and about his success but he's also got one where he's having a discussion about why you're not experienced happiness in your life uh this is ao he's got an on popular online series called the table as well as a podcast so you can go find it wherever you listen to podcasts go check him out but also he's on the youtube he's on there styling and profiling so check him out there as well this is the dave ramsey show [Music] [Music] folks it's an honor to tell you about the army national guard not only are they big supporters of our high school curriculum but they also give you the opportunity to impact your local communities whether your goals are to get an education serve your country or have a better life the army national guard can help get you there plus they offer unbelievable financial benefits secure your future today visit nationalguard.com to find out more [Music] welcome back this is the dave ramsey show uh to blinds.com you get a 100 satisfaction guarantee means that if you mismeasure or you pick the wrong color they're going to remake your blinds for free you're going to get free samples you're going to get free shipping and with the new promos that they run every month you'll save even more you want to use the promo code ramsey to get the best deal obviously rules and restrictions apply ao what's the question today today's question comes from deshaun in utah he says what is your opinion on self-defense insurance i am paying only 10.95 a month and this gives me access to an on-call lawyer if i ever have to use my firearm for self-defense there is no amount cap on this so the plan is good for both the criminal and for criminal and civil trials in the event of having to defend oneself is this a wise type of insurance it's a waste of money in my time in my my opinion yeah deshawn i mean you look at this and you you want to ask yourself in that kind of situation where you are dealing with the your life right uh because you know obviously discharging a firearm and having to defend yourself uh you know any of those situations can be 20 years or more in prison uh if convicted and so this is your life yeah i i don't want a ten dollar attorney come on i i don't want to deal with a a a cut rate situation now here's what i'm going to advise you to do uh i'm not an insurance professional my licenses are retired uh but i would want you to sit down and talk uh to your insurance professional talk uh and get some more details you might even wanna have a consult with an attorney on here uh because you wanna dig into this and you really wanna understand what it is you're dealing with unfortunately a lot of these programs that i've looked into with these types of insurances desean they work as a reimbursement program which means you foot the bill and then they'll look to see if they approve if they're going to reimburse now i know don't you email me don't text me and tell me hogan no no these are paying upfront i hear you but you want to understand the magnitude of what it is you're getting versus the value and so to me i think you're you're better off uh engaging and and talking with an attorney to dig into the details to really understand what this is i would not buy this and i'm point blank gonna tell you and you're if i'm in your shoes i'm not doing this because i think it's going to give you a false sense of security and it's just not there so that's the bottom line i agree all right here we go getting back to the phones uh 888-825-5225 is the number to call we'd love to be able to talk with you all right we're going to oh i've been here bend oregon lindsay how are you hi i'm fine thanks for taking my call yes ma'am how can we help you today well my husband and i recently this past summer um moved to the united states after living and teaching overseas with our family for 15 years and we yeah we also had early retirement in mind and yet with covid and everything i ended up getting a job here in beautiful bend and we are now faced with trying to buy a house in an insane market and really just wondering what to do should we get a mortgage in this market we do have savings and jobs what kind of mortgage should we get we were originally planning to possibly pay cash in a different state but that doesn't seem reasonable here in binge okay so tell me this what's yours household income it's about 140 000 okay and do you all have any debt right now lindsay we are debt-free and we are significantly invested in index funds okay very good what uh uh how how much do you have saved for a down payment on a home well we currently have enough cash probably for twenty percent and we have about close to three hundred thousand what what's the average percent yeah what's the average house in bend origin are you looking for uh lindsay yeah but the type of house that we're looking for is probably going to be seven to eight hundred thousand at least now what's the average house going for in that city yeah yeah i think the average is closer to five probably five hundred thousand it's gone up uh 15 since even since we've been here since july okay did you all own homes when you were overseas no we did not okay so this is where the significant savings came from correct yes so you want to know okay and you keep saying in an expensive city and the way you're saying bend oregon you don't sound pleased about being there do you like it no we do love it it's gorgeous it's beautiful we're just uh surprised i think by the housing market and of course kind of in shell shock from covid right no i can understand uh kovit has brought many headaches and heartaches in that process but here's the thing i don't want you all to relent and just buy just because of that market i think you all have shown having being able to live overseas and live and thrive for 15 years you all have the ability to make decisions you are masters of your domain to be able to make a decision about where it is you want to be and if that's too expensive do you look for jobs elsewhere in a cheaper market right and i just i i don't want you to sound like you're having to just give in and do this i want you all to be active participants in your future so is this where we want to be is this where we want to buy because when you buy the house then bend oregon lindsay you also get to sell it eventually and it's really important to be aware yeah yeah i agree and to answer your question should you still buy i think you got to sit down and do the math if you put down 300 let's say on a 700 000 house you're going to be financing a 400 000 home with your net pay income you're going to be right there around the mortgage payment of 25 of your take-home pay so i think you and your husband need to sit down and say all right when are we going do we really want to be here do we really want to settle down here for the next five years uh two are we okay we're just doing something right around seven hundred thousand if you go to eight hundred thousand with a three hundred thousand dollar down payment you are stretching it a little bit but can you afford a seven hundred thousand dollar house you can yeah i mean and and again looking to go outside the areas making a little bit of a drive is always going to be cheaper and so you just make decisions yeah for yourself and i think sitting down running the numbers yeah obviously you can buy it when you get ready to do a mortgage though lindsey i want you to listen to me lean in here lean in put your hair up by the radio all right listen to me you're only going to do a 15-year fixed-rate mortgage yep point-blank the the bank especially out west they do 40 and 50-year mortgages now okay those are on those are out there don't fall for that stuff okay you're gonna go a 15-year fix matter of fact i want you to get you and your husband to pinky promise you're only going to do a 15-year fix that's the law the bank don't even let them show you a payment on 30 or 40 or anything else 15-year fix that's how you do it when you get ready to buy you need to look and see do can we see ourselves living in this house for three to five years if you can't then don't do it and it's okay for you all to continue to sit on money uh i'm proud of you for saving up money the way that you have yes you all have been incredibly intentional uh throughout this whole process and continue to do it that way communicating together working together as a team so it's important it's so good you know hogan when i bought my first home i moved out to the country and uh while it was i can afford it i would definitely say if i had to go back i wouldn't do it again because i had a long drive i was out there by myself and just it just wasn't right right so i think when you're looking for a home don't just do it just to save money but find a place where yeah you can get a good price but then you also can say i like pulling into this place yes and that's so important it is important man and you won't understand what's my commute where am i am i around things i want to be around and again you make a sacrifice but i'm with you um and and we all live and learn the first one i bought this house was just too big yeah right and it wasn't necessarily we're in an area i wanted to be in yeah uh so you just live and learn and i think the good the here's what i would tell people if you're going house shopping get a real estate agent that you trust and only go look at properties in your price range no i'm serious don't go don't let that realtor tell you oh this one's 60 grand out of your range but we can talk them down no you won't and you're gonna walk in there and feel like cinderella because you found this house that you love you're gonna fall in love with it and you're gonna jack up your budget i'm telling you don't even go look i told my real estate agent you pull up to a house that i'm not in my price range i'm gonna fire you on the spot and she knew i was serious because i'd already done that stupid one time before don't look at me like that ao i'll put you in a headlock i don't worry about you all right y'all listen this is the dave ramsey show we will be right back [Music] [Music] [Applause] [Music] [Music] [Music] welcome back to the show uh i am chris hogan and co-hosting along with me is anthony o'neill we've had a blast talking with you uh today's scripture comes from acts 20 35 in all things i have shown you that by working hard in this way we must help the weak and remember the words of the lord jesus how he himself said it is more blessed to give than to receive today's quote great things are done by a series of small things brought together by vincent van gogh that's so good we got an opportunity people we can make a decision about our future and we we get a chance to choose and do all in the same moment we don't need a permission slip we don't anybody decided to give us permission to have our dreams or to give the effort to chase them down and i want to encourage you to make sure that you are chasing something down something that's worthwhile for you as well as your financial future all right we're gonna get back to the phones uh we got thomas on the line thomas how can i help you hi thanks for taking my call just a quick question that i had for you um currently we are renting a basement apartment um from a family friend um and they today have just told us that they are planning on selling the house and moving out um our contract is due to expire um about in july and they're planning on moving out in june so my wife and i today we've been looking at some apartment and we saw that we would end up be paying around 400 to 500 more at um any other apartments okay um so we could so we paying around twelve hundred dollars um and i've looked up some of the houses and i don't know if we try to stretch ourselves to buy a house i just don't like the concept and the idea of paying rent and having it go nowhere no i understand now thomas you how much are you paying for this basement apartment right now so because the family friend they're only charging us 850 dollars okay and you know if you were out somewhere else it would be closer probably to 1200 yeah okay all right so let's be honest first and foremost you got the shock of paying an additional 400 dollars correct correct okay let's just be real i'm here i hear you and you're saying okay do we if if we got to get out what do we do do we keep renting or do we buy all right what are you familiar with the baby steps i am currently we're on baby step three okay good so you are do you're working to get your emergency fund in place exactly yeah me and my wife both are working all right good uh so how much income do you all make a year um yeah so we combine make about um 35 000 a year both of you yeah yeah what are you all doing my wife's in school my wife's in school and so she only works minimal minimal hours okay um and then i'm pretty young i'm only 20 years old and i i just work at i'm a supervisor at a call center thomas and i all mean to cut off hogan but you said it earlier and i think you already know the answer you said should we stretch ourselves and i just i mean this is an easy conversation no you shouldn't stress yourself at all if you're saying hey should we stretch ourselves because we want to pay if we're going to pay this amount of money we want to own no you are not ready to purchase at home young man okay and i just want to be real with you go rent something or um yeah go rent okay you're not ready to purchase a home and i just want to say that i i was screaming inside of me like no no no but uh you know i know hogan will walk you through some other stuff but i just want to tell you no bro and you need to rock with me on my show cause i help you get into your home real quick in about a year two years yeah i mean i want you to stretch yourself i want you to stretch your effort i want you to stretch your dreams and i want you to stretch your reality but no i don't want you to stretch yourself financially i agree 100 with anthony uh you know you guys are not in a position yet you got to get this this this emergency fund in place 2020 taught us 2020 taught us the emergency fund is necessary yeah and so now what you want to do is get that in place then start saving uh but it does stink that you guys had a situation and now it's adjusting on you and your budget's gonna have to change because you're paying 400 more right i get that but i'm with you anthony you're gonna keep renting and a matter of fact i'm probably going to move out into an area if i can get cheaper rent and make a little bit more of a drive uh you got to do that kind of little calculation but no not just because i tell anthony i tell people all the time i don't care how low mortgage rates are right if you're not ready you're not ready no you're not and i tell this to all young people especially millennials there's this huge wave of two things they either want to get a house or go buy a duplex and run out the other side like no listen do the priorities okay the baby steps work for a reason okay do not look at just what you're paying out monthly look at everything you have to pay for your down payment your monthly payment your water bill will go up your electricity bill is going to go up now you're held liable you got to be responsible for everything that goes wrong in the house that's right so it's not just your mortgage payment young people hear me clearly now i'm frustrated so hogan you got to sit here and calm down for a little bit cause i'm i'm upset i'm like oh i'm talking situation i mean young people are so frustrating to me right now because like hey i want to get a house i want to get a mortgage i want to have passive income no what you need to do is get a foundation and then when you get a foundation then let's talk about how do we build on top of that foundation and the foundation the first three baby steps get a thousand dollars pay off all your consumer debt get an emergency fund then 3b get a down payment so you can get into a house don't call into this show again asking can we break some rules because it's gonna be a simple answer no all right see this okay ao needs a nap okay he needs a nap he's he's getting tricey he's get a little feisty and that's fine it's fine man i got you i got you see it's good that i'm the calm one everybody thinks that i'm the feisty one no but seriously you know you don't want to let the situation out there determine your reality and it's a matter of just being real and i think it's great to have dreams i think it's great to have goals but what you don't want to do trust me i've done this stupid where you outreach your situation just because you want it really bad where you stretch yourself a little bit too far financially just because you just had to have it and it's not worth it again take a deep breath be clear and people stop doing ish don't do the ramsay plus ish do it okay dig into it follow these baby steps it's gonna change your world when we try to do eight things at a time we're ineffective in seven of them when we focus on one thing at a time we can make some changes happen and i'm gonna tell you something you start believing and seeing results things change and so we can help you get there so get plugged in and know exactly what's going on all right let's let's try to take another call i've got kimberly on the line all right kimberly quickly let us know your question hi my question is i am currently disabled i get social security a set income i have student a student loan that's about 12 000 it's on deferment right now i applied for bone forgiveness but i don't know i haven't got a final answer if that's the best route or if i should just pay the minimum well i mean first of all if you applied for it i i want you to follow up right correct so we can we're not going to speculate on on what's the best route it you getting the information is going to help you uh so i want you to your job is to follow up you're calling and calling until you get an answer ao you're the student loan expert talk to her yeah kimberly here's the thing i agree with hogan follow up with it i mean right now with congress and in the new uh system that we have in place um i honestly don't know what this student loan forgiveness thing is going to look like but until you get a response i do want you to be making as many minimum payments i would not minimum but i do want you to be throwing something after it as much as possible now you say you're on disability how much disability are you getting right now so every month i get six hundred and twenty one it just went up for california yeah um to six hundred and twenty nine thousand two dollars so how are you covering 29 a month and real quick how are you covering your four walls like your housing and your utility stuff is that taken care of my husband yes my husband works full-time okay sounds good so then yes i want you to take that money start attacking your student loans and then keep following up to see what's going to happen with your student loan forgiveness and in the meantime attack that and what i'm going to do is stay on the line i'm gonna have kelly send you a copy of my book destroy your student loan uh book it's only 80 pages long it'll take you maybe an hour to read it it'll take you 20 minutes to listen to me um uh via um audio but we're going to get that book to you all right fantastic thank you all all right listen we want to thank all the callers for taking the time to call in i want to thank producer james child and associate producer kelly daniel and also thank you everyone and ao great job today buddy hey thank you appreciate you all listen until next time stay safe and stay focused you can do this [Music] so [Music] [Music] you

Channel: The Ramsey Show - Full Episodes

Views: 51,301

Rating: 4.8474374 out of 5

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

Id: 8sYX-QHOlGk

Length: 122min 55sec (7375 seconds)

Published: Wed Feb 03 2021