Don't Wait On Someone Else To Fix Your Life... It's YOUR Job!

this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host anthony o'neil ramsey personality number one best-selling author is my co-host today as we answer your questions about your life and your money it's a free call at triple eight eight two five five two two five and some say the advice is worth exactly what you pay for it jeff is with us in birmingham hey jeff how are you i'm doing well dave how are you better than i deserve what's up in your world so my wife and i are currently on baby step three we have right at three months of expenses saved up we have a potential move on our hands i've got a job opportunity potentially coming up in april and may and we also she has a 20 year old car we're looking to replace and we just found out two weeks ago she is expecting our first child so hey yeah we're very excited but we're just curious what is your advice on the next step should we begin uh baby step four yet should we hold off and start saving for those things what should we do wow well i mean all three of them are predictable events and so we should save in addition to an emergency fund because they're not really an emergency since they're predictable yeah yeah yeah absolutely how much do you think it would take you to move jeff is your job going to give you a moving allowance it potentially will but i don't know that exact figure yet so that there is some some cash there that i might be able to get i think possibly up to about a thousand dollars in moving expenses sounds good i wouldn't worry about the car right now i heard you said you went to uh going ahead and replace that eventually i'm not worrying about the car um if i am you i am moving on to babysit for and i am starting the the investment process but also at the same time like dave said i am gonna be focusing on saving for the baby um and then finding out if i am gonna get some moving expenses for my company if not then yes you may pause babysit four so you can go in ahead and prepare to move uh because that is a priority that is a must yeah when you add all three of these things together what's going to come out of pocket for the move and out of pocket for the baby in particular uh i'd want to make sure you have that yeah in addition to your emergency fund but before you move on to baby step four uh but buying the car i think you can probably save up four to do to do that and that car will make it a little while it didn't suddenly become old it was already old three months ago before you got all these other pieces of information right so um you know you do want to you do want to again budget to pay cash for it so you don't end up with another stupid car payment right absolutely absolutely well i will tell you uh this is breaking news we have not told anybody so i'll just let you know you're the first one to know that we're expecting our first child ah you should have told your parents before you told anthony yeah because i'm gonna tell the whole world you know i'm just letting you know right now just told 21 million people dude that's it well congratulations we are planning to do that this weekend just our schedules haven't allowed for it oh no you you need to call them uh it's too late they've already heard it well congratulations we're so proud for you man that's awesome and yeah uh so babies first travel or move is second and car is third and depending on your household income how quickly you could pile up enough money to take care of those i might pause a little bit and let's just get ready for a known situation the beautiful thing is is you're actually thinking about all this and doing it intentionally it's not happening to you you're happening to it yes sir and dave i don't have any kids but you do so you know when i have my first child is it safe to say about five to ten grand is a good extra cushion for a baby it depends depends on what your insurance is going to cover uh you know health insurance with this company will cover the labor and delivery right uh and what's his deductible and does he have an hsa and you know what's out of pocket um if you're paying cash for it yeah you would need that okay you'd need 10k probably in today's world uh and you know you if you do not have insurance for labor and delivery but most places do nowadays yeah and uh most most policies do and so uh you know what's your co-pay what's your deductible and you can calculate and get an estimate what you're out of pocket is going to be not what the total cost is because that doesn't matter gotcha what matters is what you're going to have to pay and then uh and you got nine months to get ready for that apparently or eight and uh um then we've got a you know we've got a thousand dollars will not move you right and so if you got a five thousand dollar move you got another four thousand there right and so if you're making a hundred thousand dollars a year you can do this real quick if you're making fifty thousand dollars a year you're probably going to take a few months to get ready for all of these things that are coming at you yeah that's what you're facing way to go man very cool sean is in pittsburgh hey sean how are you hi dave thank you so much for taking my call sure how can we help so four years ago my wife and i bought a house in colorado that turned out to be a big mistake because we couldn't afford it we bought too much house and we ended up selling it two years later made about 30 grand profit off of it used it to sell to get rid of all the debt we had and we moved out to west virginia where i got a job as a youth pastor and now that job has kind of ended and we're looking at moving back to colorado and i was wanting to ask you if it would be a good idea um our plan here we're thinking about moving in with my parents that live right next to uh where we work in colorado remotely right now we're thinking about moving in with my parents and living their rent free to save up a bunch of money for a little while and then buying a lot of land and then using that land as collateral to get a loan to build a house instead of buy one outright because of the market out there the houses are so expensive we're like well we could probably save a bunch of money and have tons of equity in the house already if we just built one instead of buy one so sean let me ask you a couple of questions before dave jumps in here uh you said you're working remotely so are you no longer pastoring and are you doing you're doing something else yeah so uh the the youth pastoring job i have here is um i feel like god's calling me on just other things in colorado to move back there and so i put in my notice that i'll be leaving in july when my lease is up at our apartment here in west virginia and we're going to be moving back to colorado and what will you be doing and how much money will you all be making a year so um i will be pursuing a new job to like make more income but right now what we will be making my wife and i together will be about um 60 to 65 a year okay cool so here's my answer real quick before we go to our commercial break uh no i don't want you to go back in with your parents and i and i don't even want you to get a piece of land right now you need to go ahead and just get a solid foundation i would go rent an apartment and then follow the baby steps from there because it sounds like you don't have three months in your emergency fund already correct yeah yeah so get an apartment live below your means and go on the heck you said you paid off all your debt get your three to six months set aside then you and your wife can start looking at land down the road we don't need to move into your parents house skip over baby step three they go buy a house you're gonna be right back in the situation you are today so get an apartment get three months and you'll be straight yeah that's exactly right the um the idea of buying a piece of land and building a house and having a bunch of instant equity is not it's not to work out that way when you finish building a house you're going to have almost in it what you would have had had you bought a house that's what it costs to build a house and so you don't get like a 50 discount because you built from the ground up it doesn't work that way so no i think you i think anthony's right you need to get a little apartment and get your jobs and your careers solidified and then start gradually working your way back into home ownership at that point that's going to be your best bet [Music] [Music] cliff and i joined christian healthcare ministries because we really liked the concept of christians sharing each other's burdens and we really experienced that firsthand when cliff was diagnosed with heart disease it was just such a relief to know that financial burden was going to be taken care of chm is the original and longest serving health cost sharing ministry get started today and check us out at chministries.org backslash budget [Music] [Applause] anthony o'neil ramsey personality is my co-host today i am dave ramsey your host thanks for joining us on the ramsay show emily is with us in green bay wisconsin hi emily welcome to the show how can we help hi um so my husband and i got married in november and we've been talking about having a baby not right this very second but sometime in the near future but all these numbers that you see everyone says it's so expensive like hundreds of thousands of dollars so and i'm a planner so i'm just wondering how do we decide if we are financially prepared for a baby uh you are yeah i was about to say if it's a hundred thousand dollars to have a baby emily i'm never having a baby those numbers are are stretched and they really mostly come into play if you get into a super large family but if you have a couple of children the vast majority of your electric bill does not change your water bill changes a little but not that much your food bill will change some but not that much first couple of years you've got some formula and diapers and other things mandatory pediatrician bills that uh come at you and that kind of stuff uh we always joked and said it's mandatory it's federal law in the first three years of a child's life to pay the pediatrician's porsche bill but they don't really make that much money the pediatricians don't but it's still fun to mess with them but the um uh yeah so you're gonna have some costs but the idea that you need to have 200 000 in the bank before you have a child is absolutely ludicrous no or will you realize over the scope of their life that you spent 200 000 on them no you won't even realize it because it's just like you know we get a little bit more macaroni we get a little bit more uh another six-pack of coca-cola or whatever i mean you just whatever it is that the family eats they're just gonna eat it and so you know if you're asking the question out loud you probably can afford it okay yeah have a baby emily we don't we do not have never in the history of ramsey solutions told someone to have a child or not have a child based on their financial situation yeah now obviously you want to use common sense and reasonableness and if you're completely broke and you make 21 000 a year don't have 16 children it's a problem you know uh that kind of thing that's common sense and reasonableness but you know the typical middle class family doesn't have any trouble affording in air quotes of their children you're going to be just fine i agree i like that answer dave i'm proud of you on that answer well thanks i feel better about myself but you know what dave i i have said this so tell me if i'm wrong for saying this i don't believe in the first six months to a year you should you should have a baby of your marriage it should be spent with y'all two getting to know each other and figuring out what you're going to do with your life yeah that's not a financial equation though that's just a space equation and you know most couples do that yes um but other couples are um really excited to have children i know uh and and that's okay too if you want to do that i i we enjoyed a couple years like you're talking about before denise came along and um and we've enjoyed every year since she came along as well so um uh and none of them were her fault one way or the other so that's you know that that's the first baby right but the um but yeah anytime in any area of your life money relationships anything you can give yourself margin yeah that's a good thing margin's never a bad thing it gives you a little it kind of smooths out the waves of life a little bit all right milton is in tampa florida hi milton how are you hi dave pleasure to speak with you and anthony this afternoon sure um my question so um i've been contributing to my 401k for about 28 years now and just last year they opted to give us an option of a roth 401k so i took that option and i stopped um contributing to the traditional 401k and started contributing to my roth ira good the match is the same on the raw good as it was on the traditional good so although although i currently have about a two million dollar net worth i figured anything i can put together tax that gross tax free would benefit me in the long run you are right but my but the question is can i roll over the roth portion of my 401k into my raw ira yes it will be a different it will be a technically a different account number uh but you can always roll over a your k to your roth ira if you've left the company are you still working for the company yeah i'm going to be with the company for about another six to eight years you can't move a 401k while you still work there well no that's i was just trying to be uh trying to get ahead of the game here to see if if i would do that when i did leave oh yeah i wish i would do that yeah yes i would do that okay because i okay because i couldn't see the the difference it's one account number and it shows my 401k on my statement right it isn't broken down as to roth and tradition right how old are you i'm 54. how much is in the traditional portion of your 401k the bulk of it is about one point about 1.6 million okay i might begin to move some of that into roth and pay the taxes on it now inside that 401k okay because let's say you move 500 000 over and you pay the taxes on 100 000 bucks okay or whatever they come out something like that 100 and a quarter will be your taxes before tax rates go up and apparently they're going to according to the president he says he's going to raise taxes tax rates and so uh on people that have the kind of money you've got and so uh before that happens maybe you move some of it into roth and go ahead and pay the taxes on it and then let that additional 500k grow tax-free from this point forward so so paying that i wouldn't have i i don't have the hundred and a quarter i only have about 60 yeah okay well you don't you don't need to do it then you don't need to do it i was thinking maybe with that kind of net worth you had some cash outside of retirement but um no you don't need to do that but whatever you can afford to move and pay the taxes with cash out of your pocket i would go ahead and begin to move it inside that 401 t k 2 roth now when you retire whatever's roth you can move to a roth and it will be a different account number than your current roth ira but it could be in exactly the same mutual funds as your current one okay but rollovers just don't combine with existing is all technically but it's just a it's just a fine line okay i appreciate it yeah so very cool man you've done great congratulations did you you didn't inherit any of this it's all 401k money so you became worth 2 million from the ground up starting with nothing way to go thank you very much that's impressive and 54 years old worth a couple million dollars that's exciting to me dave that's how it works i mean listen you can't stop saying you can't be a millionaire follow the steps you'll get there he's not a millionaire he's a couple of millionaires that's probably bad grammar but you know i think we knew what you meant yeah he's a millionaire two times over right yes sir there you go all right a multi-millionaire yes there we go i like that's working good i really do i really do now let's say dave he did have the cash would you even say hey go ahead and move the whole 1.6 over to the roth if he had the cash it would be very hard to swallow okay emotionally but mathematically then from this point forward it would all grow tax-free yes that's going to work out for him and because he's going to pay taxes at a higher tax rate later because the tax rates are probably going up yeah if this current president and congress have their way and i suspect they will because they all agree on everything right so um you know that it looks like taxes on evil wealthy people are going up so then mathematically it makes sense to do it now because you save yourself money if you have the funds to do it right now if you just take the money out of the ira i mean like reduce the 1.6 balance by enough to pay the taxes right then it's a wash mathematically because that portion you took out would have grown to enough to pay the taxes anyway yes so you would been okay yes but you'll come out better off if you've got a 10-year period of time or more to roll if you can pay it out of your pocket in other words your baby steps seven yep you got extra money laying around he's a multi-millionaire now you don't need to fool with that if you're in baby steps two or three or four or five whatever and then you're six you still need to pay off your house first before you talk about that strategy yes but any money you can get out of taxable accounts if you're going to become wealthy is going to be a good idea because that the tax rates are in the political climate appear to be going up nope this is the dave ramsey show [Music] [Music] [Music] [Applause] [Music] on the debt free stage in the lobby of ramsey solutions justin and heather are with us hey guys how are you hey dave hey anthony welcome where do you guys live we live right outside of memphis tennessee and collierville town oh yeah about three hours down the road though yeah that's right welcome to nashville and all the way over here to do your debt-free scream how much have you paid off just around four hundred and seven thousand dollars goodness how long did that take it took a little over eight years it took a while okay that works too and your range of income during that time we started off around 140 got up to about 190 for a couple years and then we're back down around the 140 range again i went part time oh okay good for you well i'm guessing with this amount and how long it took it must be you paid off your house yes sir yeah we did look at it weird people that's right what is this what is this paid off house worth uh 360 370. wow it's all yours yeah how old are you two weirdos uh i'm 34 and today's her 35th birthday unbelievable yeah wow way to go happy birthday very nice what better way to celebrate yeah man baby let's go i love it man four hundred and seven thousand and eight years so tell us the story how did you get started on this and what happened well um i went to pharmacy school so that was a pretty big chunk of the money that was about seventy thousand dollars and he was working at one of your momentum churches during that time uh bellevue baptist church and he's he's a pastor so he was on staff there and um they went through your whole program and he had actually read i think total money makeover before i was in a bookstore and saw your face on a book and i was like all right i'm gonna get it on a whim and just read it in spite of the picture yeah there you go yeah and uh read it in a morning just i think i was around 24 or so at the time yeah and uh kind of went from there we've been leading fpu classes and we took our whole church through it last year yeah it was just super cool to see um how god used you guys in our lives but also in life for our church because we didn't know what 2020 was going to bring yeah and we took our whole through church through it through 2019 and then boom and it really helped a lot of people yeah pastor gaines is a good man he's a good friend and we're at collierville first baptist now and they've gone through it as well oh wow um but anyway yeah i i just remember having this distinct memory taking out loans in pharmacy school which i had some help from scholarships but not enough but i remember checking my loan balance and i think i did it like i checked it one day and then i checked it the next day and it had gone up like two or three hundred dollars in one day and i was like oh my gosh these have to die like as soon as i get out of school like this is just not gonna work like i'm not gonna keep letting this pile up on us so how long you guys been married 13 years almost wow yeah okay coming up on 13. so you went through the student loans and the other day and then you started on the house the student loan went by really quick because we just kind of lived on his salary um when i got out and so we were just able to hit that really hard so that was like a sprint and that was done i think that's one of the keys is as you make more money just be content with what you have don't just keep increasing increasing your spending just because you're getting more money and so we just that was one of the things that we tried to do and i got rachel's rachel's uh the gratitude journal her contempt journal and just trying to daily remind myself just to be satisfied with what i have and to be content in that and that kind of helped along her journey yeah but the house that was just a marathon man that just took takes a while to go from the consumer debt to your your mortgage i mean consumer debt and i'm pretty sure you did your savings account three to six months yes but then what why like why did you want to attack the mortgage i know that's baby set six but you're young you're 30 you're in your 30s your 20s like yeah why what was the thought process behind that well one of the things when you go through fpu you go you go through it with people in different life stages and i saw and heard so many stories of empty nesters who would say i wish i had this in my 20s and 30s yeah and they were speaking wisdom into our life of saying if you do this now you'll be more free later and that's kind of how i viewed it as not holding my future kind of in chains but being being fiscally responsible so that in the future i could do whatever the lord calls me to and i'm not bounded by debt and so that's kind of helped us over the last few months as we've been out of debt is we can now give more to things that we're passionate about and uh and when a water line busts in your house you're not freaking out because you know you've prepared for it so it's so good and you can go part time with a house full of kids yeah that's yes that's been huge that's been huge big lifestyle change and it's because we've worked the program honestly you've led fpu you've paid off your home at 34 years old you've done it all you're absolute heroes tell people what the key to getting out of debt is again i would say being content um and then just sticking with the budget and working the plan it's kind of a bad plan is better than no plan at all but this is a good plan and i always tell people you know when it comes to fpu i'm not a paid salesman i'm a satisfied customer and i just tell people you know just work it and give it time and you know you say it's uh we're we're in the crock pot business not the microwave business and you know it's tough and i would just say like if there's anyone out there who maybe you're beginning this kind of whole process i just want to encourage you because um it's going to take some time and it's hard but it's worth it and having been on the tail end of this just encourage people that it's worth the work you're going to be free and you're going to be able to give like never before and you're gonna have freedom and it's it's great so over the eight years what was the hardest thing that you two had to get over i don't know um well you never want to get in the comparison game of comparing yourself to other people yeah because even when she was in a pharmacy school there were people buying like mercedes and just taking out more and more loans and we're just thinking you are crazy for doing this and uh and to say you know but what i've seen is what's helped us anthony is god has just been so faithful throughout the whole time and he's provided for all of our needs and i just i'm i'm a believer that when we're faithful to him uh he's faithful to us and you reap what you sow and so part of it is just sticking with the plan and um putting your big boy pants on and just getting after it and it works it works you guys were obviously very unified in the process too yeah i mean i'm the spender so there were definitely some times when i was not happy about not being able to do something but um now you can do anything yeah within reason but yes you got no freaking house family i'm just saying wow that's so impressive you guys are amazing very very well done and you brought the kiddos with you to do the debt-free screen what are their names and ages uh madeleine is our first she's seven and anna kate is five mm-hmm and little truman is a coven baby he's one all right go truman matching shirt with dad that's right baby that's awesome man well done well we got a copy of chris hogan's book for you everyday millionaires that's definitely the next chapter in your story thank you for leading financial peace through your church and thank you for doing this stuff absolutely i'm so proud of you guys very very well done thank you all right anna cape madeleine and truman are you ready to scream so yeah ready are you ready all right we're going to count it down justin and heather from memphis tennessee 407 000 paid off in eight years making 140 to 190 to 140 house and everything 34 years old count it down let's hear a debt-free scream three two one we're dead [Music] [Applause] fabulous oh man that's perfect that that young family and they don't have a house payment that's gonna be so much money in 20 years listen making that kind of income these are definitely millionaires within the next few years yeah and they know how to control it and they've completely reformed yeah their brains renewed their minds as the bible says yes be not conformed to this world but be transformed by the renewing of your mind and that's what they did it's absolutely incredible very very very well done what an inspiration and those little kids man their lives are changed forever oh for sure and their kids yeah that's dead three kids yeah i mean this is uh incredible they're gonna be in such a completely different place stuff we teach works guys it works it's that simple yeah wow this is the ramsay show [Music] [Music] well tax season is upon us i know try to contain your excitement nobody likes doing taxes especially after a year like 2020 it is a hassle to begin with but then you go look for help and these so-called free tax software tools get you knee deep in the filing process and then sucker punch you with add-on fees and credit card pitches and try to get you a mortgage or worse than that try to sell you a uh refund loan where they loan you the money for your refund early oh my goodness and they're too add up the interest rate on that baby well there's a better way to do it none of those gimmicks it's simply called ramsey smart tax this is our team's brand new tax filing software that will help you file with confidence and with ramsey smart tax you get upfront pricing at a very inexpensive deal and no tricks and no trades and if you're a member of ramsey plus you can use ramsey smart tax for free wow check that out so text the word tax to 33 789 check out ramsey smart tax by tax texting tax to 33789 quinn is with us in denver hi quinn how are you i'm doing good how are you doing dave better than i deserve what's up hey so i'm in baby step two i still owe 80 on my student loans i started at 120 i paid off 40 last year making 50. good for you and i have some medical issues i had like five surgeries uh when i was going through high school and college in my left knee and i no longer have cartilage in my left knee and i need to get these very expensive shots they're about you know a thousand dollars a shot one one a week for three weeks every nine to 14 months and i was curious how do i plan that into my budget where do i do the second option my doctor is giving me which is a ten thousand dollar stim what is it called the stem cell treatment um how do i plan that into into my budget um so that i can uh not be in as much pain as i am walking around wow i'm sorry that's awful what do you make you said 50. you said 50. yeah i make i make around 50. i make a lot of overtime so i made like 58 in overtime last year so what do you do i'm an engineering project coordinator for uh med device and drug r d company so you're around this stuff all day long and then you need some of it huh okay um well i mean it it sounds i don't know what the uh probability of the stem cell is is that a hundred percent does that work all the time or is it just a hope it's it's a it's a uh they say it's not fully approved by the insurances yet because they're still doing their their trials so but the science looks good when i looked at it because because i know how to read those papers yeah but i'm saying if you do this is it a 98 chance you're going to be okay and never have to do like a 70-ish percent chance which is very high yeah and my my understanding of the world okay all right i don't know anything about this i'm just trying to gauge three thousand dollar shots and pain or three thousand dollar shots yeah three three you know three one thousand dollar shots and pain regularly versus ten well you break even after three rounds of that right yeah and minus the pain and i'm pretty much a coward so i don't like pain um so i'm trying to figure out a way to do that but you got 80 000 of student loan debt left left [Music] so if you make it one more year without doing this procedure that's going to cost you three thousand dollars right and it will move further out of the clinicals possibly to become ensure insurance covered right possibly but you know these things take you know five to ten years yeah unless unless it's a coveted vaccine then it takes about 10 minutes [Laughter] um yeah it's interesting how approvals change on things but the uh yeah i mean it could it very well it could be um is it serious pain uh yeah yeah yeah it's rather serious uh you know i don't want to walk on it even you know minor surgeries whatever somebody else okay okay it's all pain yeah yeah i'm trying to think what i would do in your shoes knowing that i'm a complete coward and you're hurting so i'm trying to empathize i've never had this exact thing obviously but um if i'm in that much pain sharon did do the stem cell thing and it did work but it was a much smaller situation than you've got um so i i don't know um if i woke up in your shoes i probably would stop everything and come up with the 10 grand you would yeah oh yeah the only other thing that comes into my mind is it is more than interesting to me that you are in that in and around that business and i wonder if one of your uh leaders with your current company knows the leaders with the company that provide the other proceed provide the other stuff and can't get you some help on the pricing no i already went down that path i tried some other things that that my my boss knew about that were um in development and those those were pretty okay but you know they don't last yeah but i'm just saying temporary the uh i guess the is it the actual injection that is so expensive or just the procedure itself the the three shot injection no no no no the stem cell the i think it's the well as this is explained to me they take a sample out of my knee and then they grow it in a lab in boston and then they inject it back into my knee after it's grown and that all comes around ten thousand dollars yeah and i'm just saying the company that does all of that should have a friend working inside your company [Laughter] that's what i'm hoping and i'm just going to continue to poke around on that because it's a ten thousand dollar discussion and if they knock half off or something because you you push around try to find one degree of separation here one of your bosses knows one of the bosses over there probably yeah that's what i'm saying and just go hey do my guy do my guy a favor here man and um take care of my guy and the worst case scenario i've made those phone calls for people here not not medical calls but in other situations where i go hey man you got that over there would you take care of my dude yeah i'll take care of him and then i owe you one right and that's uh uh if i could figure that out it would help speed this up the cheaper this gets the faster i would do it you know and so the the uh um but yeah i'm taking care of your knee man i mean you need to get this done and um i don't like the 70 probability but the rest of it i'm gonna i'm gonna give it a try if i'm in your shot in your situation what do you think no i was saying the same thing dave and even right now you got a knee done never never yeah never but uh i imagine hogan has i'm pretty sure he has especially playing football and stuff like that yeah yeah but while he's looking at that i'm i'm starting to save for the worst case scenario if i got to pay the full ten thousand dollars yeah i'm gonna build the ten as fast as i can during that time i'm gonna work every phone and every connection i can to try to get a better deal yeah uh which gets the procedure done that much quicker quicker yeah that's that's interesting very interesting discussion sorry you're going through that man yeah really that's just open phones at triple eight eight two five five two two five misty uh i'm sorry uh brandon says i just started following your baby steps the largest debt i have is my student loans a hundred thousand dollars should i move this to baby step six since i do not have a home no no what what i'm confused uh if you said student loans right yeah no i i'm sorry dave that threw me why would you ask well because it's a huge loan it's sometimes bigger than a house loan and so some people often ask us you know i want to move it to baby step six just because it's big no no it's it's baby step two you guys yeah well you're not getting rid of sally mae even if she's a big yes big sally mae yes she's a big ugly woman don't prolong her no that's a gear she ain't even ugly that's just that's just a nasty yeah 100 000 the only way it's going to go away is if you attack it not if you put it off right and so um we don't move the babe we don't move the student loans to another baby step because of that it's i've had calls where people said i got 200 000 student loans i owe 60 000 on my house you know and they want to move it and i'm just like no still don't do it no you still got to attack it and get rid of it yup that's the thing fun stuff good hour anthony yes sir thanks james childs and kelly in the booth i'm dave ramsey your host this is the ramsay show [Music] [Music] my [Music] this is the ramsey show [Music] you can be intentional about your character you can have money and a career you are the hero in your story live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host anthony o'neil ramsey personality number one best-selling author is my co-host today thank you for joining us america we're so glad you're here the phone number is triple eight eight two five five two two five that's triple eight eight two five five two two five sarah is with us in lexington kentucky hi sarah welcome to the day to the ramsey show how can we help hi dave and anthony i have a little question i'm dead made me my husband debt free we've been debt-free for three years i took a traumatic fall in 2019 and broke my humors down the flight of stairs and damaged my knee i've had one knee surgery and i'm getting ready to have another one the my husband's gone four nights a week and i don't sleep those four nights because all my bedrooms are upstairs so we're kind of like in a dilemma and he didn't even want to be on dave ramsey nine years ago but now he's turned into frugal i think we should sell the house since we have no bedrooms downstairs and buy another house in the next over subdivision our house will price at 159 and it's about the highest one in the str on the two streets and we could add on to it for like 30 000 but then i don't think we could ever get our money back out of it the houses in the next subdivision are running about 179 [Music] but we'll probably only clear like 145 on our house now i have we have 550 000 in 401k and we have our emergency fund and we have 16 thousand dollars because i've been trying to save to you know put on another house sixteen thousand that we could put on the house but we'll still be a little bit short what'd you say your household income is our household income during the debt free was eighty-four but since i failed it's down to 65. because in the last two since 2019 i've only worked like four months each year because i failed and they tried to naturally heal then they did surgery the next year then now i've had the knee surgery i'm gonna have to have another one so i'm only working part-time okay and so you're talking about a a one-level house i'm talking about a one-level house and i need to stay in my area because i'm like the provider for my mother who has cancer so i need to stay within like a five mile radius because you know i'm over there every day so i you know i probably could find something cheaper farther away but then when she calls me in the other night you know it's going to take me longer to get to her yeah like if you move 10 miles away it would take you five minutes more more yeah well she's kind of panicky on that stuff and honestly the house is well she gets panicky i get panicky you're going back into debt too yeah well i think we could have it paid off in a year well then save it up yeah and just sleep on the couch for the next year because i don't sleep upstairs when he's not there i i literally i what happened once i got up in the middle of the night i made the wrong turn i was disoriented and i went down the plot affairs and i know that that's emotional emotional i'm not i'm not judging your psychological that's not always yeah i'm saying what would i do if i were your husband if i were you in this situation i completely agree with your desire to move yes and get into a one level i've got no issue with that if you're within one year of doing that with cash then do it with cash or move five minutes further away and do it with cash and deal with a 10-minute drive to mama instead of a five-minute drive absolutely okay now the other thing is they make those stair climber things that you sit in they're fifteen thousand but i don't think i'd ever get our money back out of that no yeah sarah don't do it i mean i think you're trying to come up with all kind of excuses listen to what dave said you're able to climb the stairs yeah you just don't want to right well yeah i mean i'm able but you know i've i've done headphone knee surgery you know it's like i'm not arguing with you you know and let me just tell you how weird i am okay um if it's this important to you i would move the living room furniture into the garage and move the bedroom into your living room i'm so serious well we are from kentucky [Laughter] well i'm from tennessee so i think we got this figured out we got to figure it out it's just for a short time and if it's that big a deal for you to get something that's comfortable i might rearrange something there yeah on that first level seriously i'd consider that as a temporary measure it's not it's not a five year thing it's like we're going to go camping for four months and five months till we get this money saved up but i i think you can do this with cash if you're careful or if you'll just make slightly different decisions sarah would you what you really want to do is when you're facing something like this and you've got several very valid things a one-on-one bedroom i mean i want to one level i it's a reasonable request don't you think absolutely then but don't put so many other constraints on it that you can't make your solution true yes like i have to be five minutes for mom instead of ten minutes from mom oh no see now that one's silly yeah that one's silly she could be 15 minutes away yeah and and still and go move today right or sleep in the living room for a year yep uh or move your bedroom to the living room for a year um or go into debt and pay it off in a year but i i i don't think that's the way i would do that in this situation me i'm telling my wife we're going to move away 15 minutes so we can give you what you want right now i'll tell you what the other thing you could do uh you could sell the house today absolutely rent it right and rent a one bedroom yep for a year yep yeah that's that's even a better plan except for the move two times part which i'd rather have a root canal but the moon because the move two times thing's awful but uh but yeah that that solves the problem very uh except for the two moves yeah but they don't have to move in one year dave they can stay there for you know two three years and pile up a bunch of kids exactly even better one day exactly that one level i keep doing one bedroom one level one level one level yeah it could be a one level one bedroom you know no i mean well for rent for rent yeah just go that's that might be your answer i like that answer dave and uh you can move just about anywhere if you're renting for a short period of time and she can save within five minutes yeah yeah that might work that might work that's another idea but i think you're so close if it was going to be five years to solve the problem i might solve it differently yes but because it's one year to solve the problem i'm going to figure out a way to push through that right and avoid the debt your husband doesn't want to go back into his house and everything's paid off i can empathize with that yeah and also empathize with you hurting and you don't want to make you know you don't want to make a wrong turn in the middle of the night and start this pro healing process over again i have no issue with that at all either hey folks how do money conversations go with your spouse are they in a battle or are they not happening at all guys you can get on the same page with money it starts with both of you committing to a budget every month with a membership to ramsey plus you and your spouse get our premium budgeting tool every dollar connects to your bank and both your phones so everybody knows what's going on everybody's on the same page we're working and making changes together and uh with access ramsey with access to ramsey plus courses like budgeting that actually works you'll learn exactly how to make a budget you can get a free trial to ramsey plus to to start your free trial text the word trial to 33789 text trial to 33 789 and you can get a free trial ramsey plus it includes financial peace university the baby steps tracker and of course the premium version of every dollar lots of other goodies in there as well smart tax is free right now get your taxes done free yeah wow [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 [Music] savings [Music] so anthony o'neill ramsey personality is my co-host today our question of the day comes from blinds.com they have a 100 satisfaction guarantee that means even if you mismeasure or you pick the wrong color they'll remake your blinds for free you get free samples free shipping and with the new promos they run every month you'll save even more use the promo code ramsey to get the best possible deal today's question comes from terry in louisiana she says my father recently passed away and my mother received 320 000 in life insurance she is debt free and says she doesn't need the money since she has enough assets to live a comfortable life i have a hundred and twenty thousand dollars in student loans that that she wants to pay off for me because she feels like this is what my dad would want i want i have started following your baby steps and have been gazelle intense for the last six months attacking my debt this would get me very close to being debt-free i want to honor my father and never be in debt i am feeling torn about this do i accept the gift yes i really do i mean i would definitely have a conversation with my mom and make sure she doesn't feel that you're trying to force her into it but i agree if it was my daughter um and i passed away and left this i would definitely want the money to help my family proceed forward in life and paying off the debt will be a good steward in my opinion of that as long as your mom is taken care of yeah that's what i'm concerned about the reason i'm concerned about it is you didn't tell us that she had how much money she's got you just said she has enough to live a comfortable life right and um some moms a comfortable life is a can of soup a day that's good if her daughter gets all the money and she barely makes it by because she's broke yeah good point and she calls that a comfortable life but she took care of her daughter yeah uh so i don't know what a comfortable life in air quotes means if it means she's got a million dollars in a 401k and this is an extra 320 on top of that i'll go with that yeah if it means she can live off of her social security and be struggling no at 1200 bucks a month right and calls that comfortable so you can have this money yeah and wrong answer right no so i i need a better definition of comfortable life but uh if she if she you know has enough assets to live account so she has some assets so it's not social security but you know what is it what's really there that's what i want to know yeah i agree and uh but you know the more money mom has the more i go with your answer yes yeah i would definitely accept it now the other piece of this is you cannot give someone that much money without a gift tax being imposed unless you do it properly and so you need to see your mom needs to see a tax attorney or a tax professional to help her file what's called the unified estate tax credit exemption and she needs to use up some of her estate to avoid paying taxes on this because if she gives you more than fifteen thousand dollars she's going to be taxed at 55 percent and so do not just write somebody a check in your family for 120 000 the irs comes in and audits you you're going to get hammered and so you need to have some professional tax guidance and it's a very simple form and it's called the unified estate tax credit and you need to do that to avoid the gift tax if you guys go forward with this and we only go forward with this if mom's definition of comfortable is really comfortable yeah really really really comfortable yeah tracy is in tacoma washington hi tracy welcome to the ramsey show hi dave longtime listener and fan thanks for my call for taking my call sure how can we help alrighty so my husband and i owe 160 000 on our house and we currently have a hundred thousand dollars cash so we thought about refinancing but our previous loan person said it's best to do a credit union loan as rates would be lower and you don't have to pay closing so it will only be like a 60 000 loan they're right so i was wondering what you would do they gave me like a ton of different options it's pretty overwhelming and just as a side note my husband has ms so we have you know our six month fund and everything like that so we're just trying to get our monthly payments as low as possible in case something was to happen with his diagnosis your husband has what uh multiple sclerosis oh oh ms okay yes i didn't hear you how long has he had that um about a year okay all right and what's your household income um well it's about 55 000 after taxes my husband where did the hundred thousand come from um just random family gifts and then we saved uh a lot you've done well done very well and you're 100 debt-free except your home correct your loan officer is giving you excellent advice absolutely okay good let me walk you through a couple of things to watch for okay when a credit union or a local bank makes a loan like this it's a loan they are going to keep at the bank they're not making it by underwriting guidelines of fannie mae or fha it's called a portfolio loan they're going to keep it in their portfolio okay so it's kind of like a home equity loan in a sense they're going to keep it there they're going to keep it there at the bank okay so as long as you know that then that what that tells you is that whatever rules they want to make up they can do yeah okay so this idea that somehow they have to conform to some other guidelines is a bunch of crap and so here's what you are going to make them do what's this house worth um it's worth 325. okay so a 60 000 loan on a 325 000 house is what's known as a no freaking brainer right unless you've got horrible credit or you're in bankruptcy okay so what you are going to demand is three things okay one is no closing costs of any kind under any circumstances okay they need to put they need to do this to get this loan two is a fixed rate okay and three is a fixed term do you want a 10-year or a 15-year probably a 10 will be fine in this case but you do not get a traditional home equity loan where the rate floats and thereby the length of time that you're in the loan floats and some of those even have balloons or calls after three years or five years okay you don't want any of that you want a 10-year loan that pays off in 10 years that's called a fully amortizing loan at a set rate with no closing costs there is a local bank or credit union that will be happy to make you that loan okay cool you're gonna have to push back though because they don't always use their brains at the bank you know that i do i'm a mom so i'm used to pushback yeah so i think okay they're gonna go now you need to get a home equity loan and this is our home equity loan product and i'm going i don't care what your home equity loan product is if you want this loan it's going to be these three things okay perfect well thank you so much dave thank you so much anthony you guys have a great day you too you too great job by that loan officer telling them that's a good loan officer told him not to make a loan with him dave i was shocked that's good that's good integrity i like that because it's a 60 000 home loan with a traditional mortgage is super expensive right and the mortgage companies don't want to screw with it and they're they're going to run the rate up number one if they do screw with it because it's so small and they're probably going to hit you with a bunch of extra side fees uh that don't need to happen so when you're making a ver a small loan like that under 75 000 uh especially where there's a bunch of equity yeah always go to your local credit union always go to your local bank and always remember those three things i told you no closing costs fixed rate fully amortizing fixed term i've seen some credit unions dave do it uh below a hundred thousand oh they will they'll do it alone yeah yeah they'll do it they'll do a loan over over over 75 000 yeah but when you get 75 000 and under a traditional fha or fannie mae loan becomes unwieldy it's very expensive got you and most of the most of the mortgage companies don't want to screw with that yeah but the credit unions will and the you know local bank will especially in a situation like this so very very well done good good job of that loan officer that's good stuff this is the ramsay show [Music] so [Music] [Music] [Applause] [Music] anthony o'neil ramsey personality is my co-host number one best-selling author the phone number here at the ramsey show is triple eight eight two five five two two five kevin is with us in san diego hi kevin how are you good dave how are you better than i deserve how can we help so anyways i appreciate you guys for taking my call um a little back story i just recently separated from the military i did about 10 years currently i'm a full-time student utilizing the post 911 gi bill i also just recently took a government contracting position full time in san diego which pays about 60 thousand dollars annually good my wife is a registered nurse but uh we just had a baby back in january so she's a stay-at-home mom for now uh anyways um my question is regarding uh equity in our mortgage uh we owe about 300 000 uh and our house is currently worth about 450. um my wife and i are almost debt free we've paid off uh almost 60 000 of debt but my question is would it be smart to take out about 20 or 30 000 in equity out of our mortgage to pay off the rest of the debt and possibly upgrade some things in the home no it wouldn't be that's not a wise move at all again and you set the numbers i don't miss your hearing correctly what's your household income right now 60 60 all together okay cool and you said you have about twenty thousand dollars in debt uh about yeah about that yeah yeah yeah i'm i'm not touching the home loan i'm not the home law i'm not touching the equity at all um what i'm doing is i'm trying to come up with a game plan and i got this 20 000 cash so kevin thank you for your service um your wife is at home with a new baby and she's standing around inside that house looking and seeing everything that needs to be fixed and that's what started that's what started this conversation it did [Music] i was afraid i read that right oh my gosh and so uh yeah the answer is no babe when you are able to get back to work we'll be able to do these this list of things after we've gotten out of debt and have our emergency fund in place yeah so uh you cannot borrow your way into abundance yeah i i i understand um i do receive a housing allowance through the 911 the post 911 gi bill you get that whether you do these repairs or not yeah so instead of taking out would it be smart just to use that money uh now it'd be smart to use that money to get out of debt like every other piece of money you've got yeah because you're in baby step two and you're knocking the debt out you got a brand new baby we're trying to get out of debt how much is your housing allowance kevin um the housing allowance is about three thousand dollars but you get that no matter what you you can do with it what you want to do with it come on man so now we're at 78 that's what i'm saying in household income right yeah now you're out of nowhere i'm sorry 36 did you say three thousand three thousand dollars a month right kevin yeah three thousand uh of housing allowance oh i'm sorry now we're at 96 000 household income now we're out of debt in five months yeah and then you save up and do the repairs what's the uh what's the cost on the repairs gonna be um rough numbers probably around ten thousand dollars okay so here's the thing you have a ninety six thousand dollar income you need thirty thousand dollars you should be done with both of these in one year without borrowing a dime okay okay so um now what we've got to do is walk through hit this what happens is uh the p that very few people uh look at a situation like this and and and they're really doing a bunch of math and they're really thinking about how it's going to turn out 15 years from now they're more thinking about the here and now yes and that's what drives you to ask a question like do i borrow money to fix up a house while i'm still in debt and answer to all of it of course is no and the reason we answer the question we did is what helps kevin and his wife and new baby be in the best place 10 years from today not 10 days from today not 10 months from today 10 years from today what is best for you and your family what is going to put you in the most money situation and that is to have avoided the debt and paid cash for the repairs and have paid off your existing debts yes and that's going to continue to free money up and continue to give you options and continue to do these things and it's just a normal thing for her to be sitting at home you know she's you know she's dealing with a human that can't talk back to her all day and so um that is highly needy and uh and so it's in human nature to walk around and go well we need to paint that we need to fix that and didn't even notice it before come on now and that's just normal there's nothing wrong she didn't do anything wrong but that's shorter term thinking and we need to think what's best for this child long term 10 years 20 years out yes sir yes and if you put it through that paradigm that's how anthony's quick answer as soon as you ask a question was no no with no explanation zero not a chance no all right elise is with us in buffalo new york hi elise how are you better than i deserve how are y'all just the same how can i help yes so um my question is me and my husband are on baby step two right now and um we're looking uh to be finished in october and then you know we'll do baby step three and then we'll start interviewing some smartvestor pros and i've read like um chris huggins retire inspired and everyday millionaire both um awesome books but one of the things i guess i'm thinking is kind of for us like let's if we're cuz we're about 25 and so we're wanting to like learn from our smart investor pro but i mean wouldn't if we're the type of people who like we're not gonna pull out you know our money from retirement it's just going to sit there from like you know 25 to 65 or 70. would we need to have a smart investor pro for like more than a year or two if they're just going to be like teaching us i don't know like how to do investing then we'll be able to learn from them and kind of like take it from there yeah well you're not paying them a monthly fee anyway or even a flat fee per year to do your financial planning or something you're you're basically taking care of your financial planning needs the smart vista pros in your corner to help you make a purchase or you to do an investment if you needed to if you need to do a rollover because one of you changed jobs or something like that or for advice and on a particular situation something comes up and you go hey what about this and so i uh as an example like you say i'm kind of in the rhythm of steadily investing and i don't have i don't have some kind of big meeting with them uh every three weeks or something if i need something i call my guy and i say hey or i sent him an email i said listen this is what i'm thinking got any ideas and he'll send me back a few ideas and maybe a few things to purchase that would do that and then we'll execute that purchase or we won't you know i do my backdoor roth iras i just finished them up the other day for this year and uh um you know so i have contact with them during that time but i don't sit and go over my statements with them every year uh they're not that complicated you know uh you can if you've got questions but the main thing a smart investor pro does is they're just it they're there and available and in your corner and you just need to kind of have these professionals at the um at the tip of your fingers at the you know at the end of an email or the end of a phone call that a text that can get back to you and give you an answer that's good dave and you know what's so funny with my financial advisor i told him i was trying to build my dream home in the next three years and he's one who told me hey set up for parking your money in the savings account this was two years ago he said start parking in the mutual fund then i heard you talk about it so financial advisors are just good people to go to to get advice for anything any situation yeah but you're not it's not like you're paying um a daycare to watch your kids or something i mean this or hiring a full-time governess for your children uh this is more like uh someone that gives you parenting advice once a year that kind of a thing yeah so you're you're thinking about it correctly you've got the right mindset about it but they still need to be there available to you [Applause] [Music] [Applause] [Music] [Music] [Music] [Applause] [Music] so [Music] [Applause] thank you for joining us america anthony o'neil is our co-host today ramsey personality number one best-selling author of the book debt-free degree you want to go to college and not have any debt oh it can be done you may not like all the choices some of them include hard work on your part but he will show you exactly how to do that with a debt free degree tony is in dallas hi tony welcome to the ramsay show hi good afternoon dave financing uh thank you very much for taking my call sure what's up i do have a question um regarding my mortgage and a situation i'm in i'm just thinking about kind of the future if i should save up to refinance or just sell the home currently on baby step number two um and expecting to hopefully pay that uh be out of debt three by the end of this year but right now we're on a pause because we're expecting the baby boy uh in the late may good for you thank you thank you thank you and so right now the only thing is um our home we have a 30-year term fha loan with even down payment assistance um and so our payment is around 2200 with income bringing in 50 300 so that's our monthly income coming in so i know when i first bought the home i wasn't into your apartment or anything like that a couple months later that's when i started hearing you and then i kind of made a a situation i realized you know what i got to live and learn so now i'm trying to just find the best way of doing going about this mortgage tony is that 5300 gross or net uh that is gross oh so you're bringing in about forty four hundred dollars net then no no no no no sorry okay okay okay and you said your your house payment is how much again twenty two hundred so it's close to that i mean fifty percent almost but um we are expected an income increase uh in august my uh my wife is going to complete her teacher certification so we're going to see her income double what other debt do you have right now tony just fourteen thousand dollars of uh student loans so what is her income gonna be then what is your total household in wait i'm sorry let me try this again what's your total household income going to be after she gets her certification so after that whenever she gets her teaching job which i think we're hoping for august i'm thinking in around 6 800 from 6 500 6800 just defending the area where she works okay all right and so that puts you at about 30 percent yes so a little high and what do you do for a living uh and i work in insurance in insurance yes so uh how much do you project your income will go up over the next three years uh over the next three years hopefully right now which is a good time i was thinking about getting a part-time job uh but right now since the storms hit in texas i'll see they may pull me aside to do overtime and help out in the claims section of our company so that's where i kind of what are you doing there what do you do in the insurance world i'm actually a trainer so i train people how to oh okay so you're not you're not selling insurance so your income's not following a sales pattern okay so both of you are going to be getting plus or minus this overtime uh normal cost of living plus or minus raises right yes yeah okay so you're going to be at 30 percent and dude you're gonna have it tight for a couple years until it gets down to that 25 percent because your income continues to go up i don't think the house is going to kill you because her income is going to add to the thing right now um but uh the the main point of the 25 is if you're going to be there for 10 years yeah you're going to struggle if your house payment's 50 of your take-home pay but it's not going to be but for a matter of months yeah i agree yeah that's what i was thinking as well i was just debating on that um i was like i know it's going to be tight and i told my life it's going to be tight a little bit yeah and i get now with the 25 rule of why it is yeah so you know because you're feeling you're feeling the pinch in your budget right now oh yeah yeah for sure let me ask you this question when you have the baby is she coming home or is she still going to work oh she's still going to work well good thing right now we kind of planned it this way she's having the baby late may okay so she's going to have the whole summer off okay with the baby and then i do i get like six weeks paid time off so i'm going to take the first probably the whole month of august off while she goes back to work when the new school year uh oh that's good i'm dead that's good oh yeah okay cool you got a plan so the point is it's not a forever thing it's for a for now thing and the other point is for our listeners we would not have signed you up for this trip but you're going to be okay taking it okay that makes sense yeah hey man thanks for the call open phones at triple eight eight two five five two two five nathan's in houston hi nathan how can we help hey dave and anthony thank you for taking my call sure um i have a question about when it's okay and how much to possibly spend on upgrading my wife's wedding ring i i've heard you talk about upgrading vehicles which are a little bit more practical and depending on who you ask this might not might be practical but um i so my wife and i are going to celebrate 15 years coming in april and uh we're we're four babysit four five and six okay um and how much would you spend on the upgrade that that's kind of what i was wondering um i was thinking maybe in the 20 to 25 thousand dollar range what's your input uh like 325 on average and you're going to pay cash flow great oh for sure um that's fine i got i guess i didn't know when okay yeah let's just pose it another way okay let you remember when they used to have these things called cruises that's right yeah back before the pandemic i mean let's say that you for 15 years you wanted to spend 25 000 cash and go on a cruise a luxury luxury luxury around the world cruise or something and that was the way you were going to celebrate the 15th and you had the cash and you make 325 and you're on baby step four i would say do that okay yeah in other words if you consumed the money and got nothing to show for it but a memory which is what travel is right right and then i would still say okay because you have the money as a ratio of your income so this is a consumption now what you don't want to do is call me up and tell me how diamonds are a good investment because that's a bunch of crap no i do i hear you talk about that often it was just it was one of those things that i i'm having trouble with the with the amount so i was well if it was something else though my point is it's a ratio you can afford yeah okay if you said if you told me that number and then you told me you make eighty thousand dollars i would be going uh that's a lot yeah sure no i understand that yeah no when we got married it was totally different yeah headlight on her finger but she started out with a 0.23 you can't even see the little speck she started with not a headlight my wife's rolling a very similar rate so yeah okay well thank you i appreciate it you've done well sir congratulations and the whole idea that you're actually asking the question yourself the question not to us but you're asking you're gauging it against something and anthony i think it's really important you've worked with uh lots of wealthy people and so have i yeah that it's all about a ratio yes yeah and does it you know if you just put that amount of money in the middle of the table and burned it with a match does it ruin your life does it affect your life substantially well that's the question to ask and uh if it doesn't then it's an okay consumption ratio if it does then you don't do it absolutely and with that i mean he's been married for 15 years so i'm pretty sure his wife she's worth that investment yeah she earned it yeah she put up with him i didn't want to say she deserves it because i want her to be like i deserve it she put up with him hey listen that's why sharon gets whatever sharon wants to say the same thing and my wife can take and take and deal with me for 15 years she deserves a lot yes a lot whoa whoa whoa dave whoa whoa whoa calm down we just gotta get you started we gotta get you started though whoa whoa dave i'm working on that man oh my gosh yeah i mean it's uh but the thing is it is it's always a good thing to give you pause and think about what you're going to consume yes giving you don't have to think quite as much about because you can't really mess generosity up you want to be wise with it yes but um you know investing you know how much can can you invest too much yeah no you really can't you know but you don't have to think about the amount as much but when you're consuming it using it for personal gain and personal enjoyment then you have to need to think about it and that's a good spiritual exercise i love it very well done very well done that puts this hour of the ramsey show in the books [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice anthony o'neil ramsey personality number one best-selling author of debt free degree is my co-host today open phones at triple eight eight two five five two two five so coming into uh the opener anthony and i were having an awful discussion that i think we probably need to bring up for everyone else it's a good uh i i didn't realize it james my producer had sent me an article from forbes i was reading at the break at the top of the hour and um that that biden had said uh president biden had said in a town hall earlier in the week that he will not forgive student loan debt with an executive order he doesn't think that that is constitutional and correct a little bit shocking very i'm i'm personally happy to hear that yeah um but that means it puts it on congress to pass and uh and he said he won't support the 50 dollar forgiveness only the ten thousand dollar version yes but the fifty thousand aoc and elizabeth warren are asking for it's a 650 billion dollar price tag now let's keep that in let's take this out all right so there's 1.7 trillion yep and student loan debt and that so that will leave about a trillion yes if you forgave 650. we still have a crisis still have a crisis still have a problem and as i've said many times it is intellectually dishonest to forgive student loans while you're still making them if they're so bad and people are getting destroyed by the student loans and we have to come to your rescue you poor little people and washington's gonna be there for you and we're gonna help you out yeah if that's the case then you need to stop making the loans stop doing that and then also too dave and this may sound selfish but i worked my behind off to pay off my student loans it may not have been a lot uh but it was still ten thousand dollars so where's your money where's mine exactly you know i worked hard and it's not just me i'm pretty sure we have millions of people listening right now like hey i paid off twenty five thousand a hundred thousand you know where's my money so you know this is interesting we already know the republican party is not going they will not forgive the loans and then there are some democrats who are like i don't know neither yeah cause they're gonna have people like you they're going uh hello exactly i'm gonna be mad at you because i want my money back exactly you know you know and so yeah i think the um i don't know if they got the votes to do it in congress i i don't you know what this may be a political move on president biden's part oh because if he does it he takes all the heat yeah if he puts it off on congress and then they don't do it or they do do it they get the heat yep and it's not on him they get the heat from the left if they don't do it they get the heat from the everybody that paid off their loans and want my money back if they do do it and so yeah that's why it may be political cover that might be real good strategy on his part because if it does go through then he can say he has something to do with it yeah but he didn't feel like it was constitutional to do it with an executive order right and i'm i i was shocked though david i came back and said that i'm not going to do 50 000 yeah i i was shocked whenever i read the article i said oh oh okay so you're right yeah all right so aoc is not in the white house after all that's what it comes down to wow very interesting very very interesting it's not it's not just political it is financial it is economic and there's an issue of uh you know you have to if you're going to be sincere yeah and i don't disagree that student loans are a huge problem yeah you and i are working diligently to help people with their student loans yeah yeah and here's my thing if they're a huge problem quit making them and that's my thing before we talk about forgiving if that is a conversation let's start let's talk about how do we stop it from even happening in the future yeah once we fix that problem moving forward then let's come up with a game plan of how we can help the ones who we've uh talked and talked them into doing something stupid but until then why because we'll be right back at 1.7 trillion if we forgive this amount within the next five to ten years well you're going well and you're gonna do it again exactly because you didn't you didn't fix the problem exactly you just you just treated the symptom yeah no no no no the symptom is a bunch of people up to their eyeballs and can't breathe the problem is making of student loan debt and it's out of control it's too high it's too much it's gone on too long right and it's just gotten to be where it's ridiculous yeah and um but it's very interesting i you know i know i'm really old at times when i see things happen in our world that i never thought i would live to see dot dot dot happen it sounds like my grandpa you say i never thought i'd live to see the day that was going to happen i'm that guy now i'm that guy going i never thought i'd live to see the day that they'd actually consider this crap you know that's what and they are really considered very considerate i mean i've said on this show it'll never happen right it just shows what i know nothing i don't know nothing nah dave but i mean really i never i never dreamed that the political climate would get so far left and so far towards socialism the government providing all your goodies that they would actually be seriously considering doing this and then it looked like it was a done deal right and now it's not again right so it's very interesting right so the moral of the story folks is this anthony and i the ramsey personalities of the ramsey organization have committed our lives to helping you believe and understand the truth about how life works which will cause you based on those beliefs if you will act on those beliefs it will lead you towards abundance yeah if you act on the beliefs that ken coleman teaches you about careers it's going to lead you into a better career if you act on the beliefs that john dr john deloney shares you with you about mental health it will lead you to a more mentally healthy situation absolutely um which i'm really enjoying his podcast oh yeah and if you believe these things it will cause your actions to occur if you believe that the government is going to take care of you it causes you to not go cause to take personal responsibility for your life which is a key yes for you to become a to live abundantly absolutely to live in wealth yeah and to live a good life you have to take responsibility for your marriage no one's going to fix it for you you have to take responsibility for your freaking kids nobody's gonna fix them for you yeah you know god help the people that are in classrooms today because some of you are piss-poor parents and you send wild animals into these classrooms and expect these teachers to manage them i mean it's ridiculous dave's going in you know i mean because it but it's not bringing abundance right it's not it's not and it's you know and you know i was with a lady the other day that works with teachers she she is a friend of ours that is a world-class expert in the education field and she was saying you know what helicopter parents are help parents who helicopter and fix all their kids problems now they've gone beyond that they have lawnmower parents i didn't know what a lawnmower parent is a lawnmower parent cuts the grass out in front of the child so they have an easy path oh man that's different than helicopters they're cutting the grass ahead of them so they don't even have to walk on tall grass i mean it's just out of control see this is none of this personal responsibility is going to lead you to the greatest dignity and the greatest abundance in your life don't wait on anyone else to fix your life yeah it's your job that's it dave [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 you get there plus they offer unbelievable financial benefits secure your future today visit nationalguard.com ramsey to find out more [Music] [Applause] uh [Music] [Applause] [Music] here at ramsey solutions we want to transform so many lives that disruption spreads like wildfire across this country imagine a world where it's weird to have a student loan because everyone's assuming the best way to get an education's pay for it imagine a world where the majority people pay cash for their cars where the credit card is the cigarette of the financial industry where you know how to handle marriage you know how to handle parenting you've got a career that has meaning hey ramsey solutions this is why we have a thousand people in our in our company to create digital products and services events and books to transform your life this is the goal we have to disrupt to do it at such a scale that we disrupt the toxic culture in america so many people have just completely lost their way if you want to join us on that crusade we're currently on the hunt for software engineers ruby on rails java c-sharp run-in tech not tech if you're a ux designer an seo content marketing specialist we'd love to talk to you we're on schedule to hire 360 people in the year 2021 and a lot of them in the digital space if you're a senior level developer we actually go home at night we don't work you 80 hours you're actually go home and be with your family and when you're writing code or you're showing somebody how to write code or you're writing a piece of content or you're doing a piece of creative it's always being used to change someone's life it's work that matters if you want to find out about the jobs we've got available go to daveramsey.com click on dave's hiring on the right-hand tab and i will tell you it's very tough to get a job here sure is it's easier to get on with the freaking fbi because we don't want crazy people in this building we want people in this building that care deeply they're good at what they do that are hot people of high character high moral fiber because that's who i want to work beside every day i don't want to work besides sleazies and crazies yes in a lot of places you have to here you don't have to it's a group of very smart people of high character that work their tail ends off and then they go home yeah and we don't work 80 hours a week facts we go home and so if you're interested in that the interview process is difficult i'll just tell you in advance it's um there's a guy sitting out here that just got hard starts monday he's moving stuff into his a third floor apartment we just met his buddies who moved him in that's good friends right there move you into your third floor man and uh but he's just been through the interview process and he's just shaking his head like yeah that's enough already and you know what though dave i appreciate our interview process because it even helps me to know if if this is a good fit you know so i mean yeah i mean i i was on a pod taping a podcast with a friend of mine a while ago and she said um you know you guys are freaky over there and i'm like yes we are and she goes i mean like you know what how many times would people just stand up and walk out of the interview and go peace out and i said oh they do sometimes oh yeah because we are freaky yeah i mean we don't we don't really right want to work with crazy people no sir you know i don't want the ladies in this place to be worried about sleazies sleazy guys you know it needs to be safe here and if you can't be that guy then you don't need to be in here right you know i'll just you know and it's easier to find that out during the interview than it is to make you move across the country and then i got to fire your butt because you're sleazy right you know don't do that and and so yeah it's it's a lot it it it is it's actually protecting the person because you know there was a point in my life uh before i met christ years ago as an adult that if i had interviewed at a place like this i would have been going you people are nutty i'm not working there and i would have walked out the door oh yeah and i would because i would not have been a fit and that's interesting i could not have gotten a job at 22 in this place [Laughter] i'm not sure i could have gotten a job in this place ever but it's a good thing i own it but yeah it's tough to get on but i mean if you're interested guys and you want to do something that matters just check dave's hiring we're hiring positions of all kinds yeah but certainly tons and tons of digital and creative uh positions click dave's hiring at daveramsey.com all right janice is with us in colorado springs hi janice welcome to the ramsay show hi hi guys thanks for taking my call sure um i have just my house and i just refinanced it for a 15-year loan good i want to pay extra on it is it best to pay the extra along with when i pay the regular mortgage or to pay it like every like two weeks later yeah do you do it online on their site yes do they have a blank on the site that says principle only additional principle yes then it doesn't matter when you do it right okay because it will get credited correctly because a computer is doing it yeah in the old days in the old days we used to tell you when you would mail a check you remember are you old enough to remember mailing a check through the mail oh yeah mail a check through the mail for your house payment if you were going to add a check for uh if you were going to add to that amount for extra principal reduction for paying off your house faster we would tell you to send a separate check in a separate envelope because the character opening it might not be smart enough to figure it out but the good news is the computer is smart enough to figure it out and if it says extra principle online or additional principle or whatever and you put it in that blank it's going to go to principle they really that's not a hard piece of programming for them to do they did that right i promise you well what my my thing is is does it change if i just make the house payment and then two weeks later make an additional payment does that drop the interest rate or the um you know the interest once a month down once a month whatever you do in that month is going to affect the next month so if you do if you do 10 extra payments in a month it's only going to affect the next month if you do one extra payment in a month equal to those 10 then it's going to affect the interest rate the next month exactly the same it's not calculated daily it's calculated monthly gotcha okay yeah i unfortunately i haven't really done any of your baby steps but like i said i've right now i only owe on my house sounds like you have they just weren't mine they were yours they have no um my credit i have one credit card and it's frozen because i froze it okay um how much money do you have huh how much money do you have in the bank before you start paying this these extra money this time ten thousand just a little over ten thousand dollars in my savings i have a little over i think it's 75 000 in my roth 401k how old are you 63. good for you what do you make um right about 45 yeah you've done very well very yeah and just continue to concentrate i'd raise that emergency fund up a little bit and i definitely want you to invest more aggressively not just pay extra on the house i want you to be continuing to add i want that 75 000 to go way up in the next few years okay yeah okay you've done really good you've done i mean she's done a lot with a single lady making 43. yeah yeah i was about to say the same thing wow this is i'm shocked well that sounds bad yeah you're doing a great job i'm very proud of her yeah excellent job yeah yeah i mean she's been fighting a a tough battle probably there absolutely so okay here's the calculation here's the calculation uh let's pretend you had for calculation purposes an easy number is three percent on your mortgage okay that's that's a a quarter of a percent a month divide three by 12. okay so how much per month is your interest if you have three percent annually three divided by 12 is a quarter of a percent yes okay a month that is going to be calculated on how much principal you owe at the end of that month a quarter times .0025 yeah okay remember me zero zero and so if you've reduced the principal that next month more of your payment is going to go to principal and less to interest because your interest will be less that following month with a traditional fha va or conventional mortgage that's how it'll work [Music] [Applause] [Music] anthony o'neil ramsey personality is my co-host today robin is with us in colorado springs hi robin how can we help hi anthony andes i'm calling on behalf of my elderly parents who are in a financial pickle and need help on how to advise them they have a three hundred and twenty thousand dollar paid for home but no savings and no retirement um ninety eight thousand dollar heloc eleven thousand in credit card debt and their monthly income is about four thousand uh expenses are about thirty two hundred so my father wants to get a hundred and twenty five thousand dollar mortgage to pay off all of his debts and i know that's not what you would advise dave so how can i help them how old are they early 80s how's their health it's good my father works a part-time job and earns about 1100 a month doing that in addition to the four or the four is the total the four is the total okay well it's likely that um you don't need a hundred and twenty thousand dollar mortgage it looks like it's a hundred and nine well yeah yeah yeah that was 109 isn't it yes so why the other 11 uh i'm not sure probably just a psychological cushion of some kind and what would it i would guess his payment would be less on that if he did that than the current yes monthly right now they're paying only on the interest on the heloc and it's about 325. oh so it would the payment would go up then well right yes so i'm not even sure if they could afford the payment so why does he want the payment to go up well that's a good question i don't know that he's thought about that all right um this is your dad and your mom yes it's not mine um but mathematically from a an actuarial table which is what a life insurance company uses to rate probability of someone passing away mathematically really what we want to do here is put something in place that they can hang on right it's not like we're going to turn the corner on this and they're going to move into prosperity it's just to keep them from having to move out of their house right yes so i guess the question is what gives them the most room in their budget and keeps them from having to move out of their house is it remaining where we are or is it um getting a hundred and ten thousand dollar mortgage no we're not going to borrow more and um so uh but but i you know you can run the numbers both ways but i bet that heloc is going to be cheaper monthly yeah you're not making any progress but i'm not really trying to make progress at this stage of the game right yeah i'm really just trying to let them stay in their home okay i'm from an emotional standpoint because they you know anything we do that makes it harder for them to stay in the home seems kind of wrong doesn't it yeah and it's all about cash flow at this stage of the game so i'm probably that heloc may have a variable rate and it may have a call on it and that could be dangerous if it has like a three-year call and suddenly the mortgage company decides they want all their money right that might put him in a pinch he might be thinking about that call that balloon payment that's coming up on that thing or he may be concerned interest rates will go up in pricing out of the market so i guess i would dig into it and go okay if we get a mortgage exactly what is the payment going to be if we don't get a mortgage what's the payment going to be that's number one because i want to minimize the payment which is weird for dave ramsey to say because the goal here is not really to get it paid off the goal here is to let them stay in their home yeah because in five years statistically you know we're not going to be dealing with this right right uh that was cold i'm sorry but i understand but it's just a math thing it's not just a math thing it's anything but just a math thing but i'm trying to think mom and dad i want them to enjoy the last five to ten years or whatever it is by not having to move them i mean if we were trying to prosper we would move down into a house and pay cash for it if we were trying to prosper right yeah but this is just protecting their their standard of living and letting them stay there and pay the minimum payment i don't know anthony thoughts nah dave i'm right there with you uh i'll tell you the use this credit card's bothering me they got to cut those things up and that means they're not on a budget yeah and they haven't stopped the bleeding that's exactly right yeah and he he's and then he's trying to borrow his way out of debt and that also indicates he's not stopped the bleeding and so we do need to get if we're going to go with my plan it really is not a good plan if they're going to continue to dig the hole yeah because if he goes and gets 110 dollar mortgage hundred twenty thousand dollar mortgage and they don't contin they don't quit overspending they're gonna be right back here in three years two years that's exactly right and i've i've tried to tell them that but it's it's uh hard to get that way across so you know the the the biggest thing is you have to stop the the the over spending spend it you you have to if 4k is 4k is 4k you're not in congress you need to live on 4k including these payments and cut the credit cards up and never use them again and get debit cards and live on a written budget with your spouse and otherwise dad you need to sell the house and you need to move down in house and that might be the cattle prod statement like you know like if you're not gonna quit over spending you're gonna lose the house but you know because that you know they're not i don't know how how long how long over what period time do you think they ran up that 11k oh goodness uh probably just a few months they got this heloc uh not not more than maybe two years ago okay he cannot go get a new mortgage yeah even if it's cheaper because it's a pattern of him trying to borrow his way out they keep overspending and then they go get another loan they overspend then they go get another loan and then we are sure we go get another loan we go get another loan we go get another loan they have to stop the overspending so i would say don't get a mortgage because it's a continuation of this negative pattern here yeah okay i have i honestly have no idea where all that money went yeah well they they're probably spending six thousand bucks a month yeah and so now the next question is relationally how are you going to get your uh foot this far in the door to have these right have this because you're gonna have to sit down and do a budget with them if you're gonna help them fix this and you're gonna have to point out to your mom or whoever it is that can't stay out of freaking target that this has got to stop yeah you you've got the right person pointed out there oh and dad's trying to dad's trying to take care of her dad's a band-aid yeah he's an enabler right okay well i think it'd be a great thing if if you guys can get create a conversation where there's a budget and you're walking them through uh putting the budget together with both of them sitting there and let her have the revelation that she's getting ready to cause them to lose their home if she doesn't stop this crap but that doesn't come from you making that statement it comes from you continuing to ask questions like mama if you continue to do this how do you think this is going to end okay if you don't stay on this budget mom do you realize that you're you're gonna the that we're gonna run out of money can you see that and let her see the actual numbers people can feel numbers when they're sitting and looking at them in relation to what they're doing but when she's just like over there you know being her four-year-old self at target then that that's it's not in context but when you put it in context with the rest of the situation it gives you a jolt does that make sense yes it does and so but again that's not with you coming in there and shaming them it's more you asking a bunch of questions and put a bunch of facts in front of them and the facts will smack them upside the head that's a counseling technique let the facts do the hard work the emotional work on these on them it's a very difficult conversation either 80 year old parents it's very hard but it to the extent you can get involved as to the extent this is going to get fixed it's going to get ugly if it doesn't get fixed wow [Music] [Music] so our scripture of the day first corinthians 9 24 do you not know that in a race all the runners run but only one receives the prize so run that you may obtain it teddy rose teddy roosevelt said it is hard to fail but it is worse never to have tried to succeed ronald is with us in new york city hi ronald how are you hey dave anthony thank you so much for taking my call sure how can we help so me and my wife are currently face tackling death we're in babysit two and we have a few expenses big expenses coming up in the next few months i graduated this past may with your accounting and i started my salary 70 000 and my wife and i got married this past august and we're expecting a baby in the next four months yay congrats a lot going on man and the other other expense another thing is uh we don't own a car but we live in new york city we always went through a train so once we have before the baby arrives we're looking to get a car so i'm struggling to um you have any money uh so i have 18 000 saved up oh that's good i have 42 000 student loans i start with forty two thousand i have thirty one thousand and my wife uh doesn't have any student loans fully she has full scholarship and she's currently in school she doesn't work so i'm the only one working currently so i don't know how much to save like how does it work how much the tax was that how much do one save up i'm sorry how much debt did you say you had currently 31 000. and you have 18 000 cash and you have no car because you've been using public transportation and now with a baby you don't want to yeah so when i needed a call my parents lived 30 minutes away by public transportation so i would take their car okay so what um help me with your lifestyle situation on when you would actually utilize the car how much would it be used so since i'm working from home and it won't be used as much i mean it would mainly be used when you had the baby in the car correct and where would you be taking said baby [Laughter] either to the doctors or i've been told by a few friends that you've been going to the doctors a few times and also usually we go out for the weekend by family so it might be driven five times a month yeah grocery shopping i'll use it at night at night i'll be using it more yeah but you don't have to have it for that you were going at nights to go on public transportation if it's you that's right so the actual need for the car is about five trips a month correct around that around that yeah because of the baby correct yeah otherwise you were doing fine without it because most lots of people in new york city do not own cars it's not that unusual at all i know several people don't even have driver's license that live there so um uh yeah so you know what i'm gonna buy is a minimal car that's gonna start when i need to start but it doesn't really need to be that much about 5 000 bucks absolutely and 5 000 is generous i was going to say about 3 500. and then when baby comes you need to get the rest of that money towards the debt and let's get this debt cleared up yeah so what's the uh recommended amount that you guys say when it comes to when you're expecting baby to save up all you can yeah all you can yeah and so but you're you're in an unusual situation part of you having a baby is you need this car yes and so yeah i would take five of the 18 and or less and buy a car a a reliable minivan or four-door car of some kind whatever you want to get and uh you can get a lot of car for 5000 if you'll shop carefully uh where are you going to park this thing so i don't really live in new york city i live in brooklyn okay so it's much more easier compared to new york city yes yes that's gonna because i mean a stinking parking spot in the city can in manhattan can be more than an apartment yes okay that's good so five thousand dollars man that's your that's your max yeah okay what the if you spend more than that let me tell you what you did you used your baby as an excuse to buy a car you wanted yes because your need for this car is five trips a month that's your actual need and i really think about this 15 18 000 for a car until me and my wife decided after listening to we just started listening to you to go towards your dead right correct okay after the baby comes yes so i'd buy a car for 5 000 i'd leave the 13 sitting there i'd pile up as much as i can pile up on top of that and then when baby comes i would take it down to a thousand bucks and restart your baby steps and attack that debt and then let's get the rest of that 30 000 bucks it'll be about 15 at that point cleaned off and uh as fast as you can get it cleaned off and then once that's cleaned off you build your emergency fund your work and your baby steps but yeah i get the car i get the car purchase and i'm not you know but just don't use this as an excuse to buy an 18 000 car which is what you were about to do you said earlier and then you stumbled into the youtube or or podcast world or something and uh and we interrupted your plan [Laughter] so it is a different um uh world where there's that kind of public transportation and where it's quite the norm yes it is uh versus most major cities in america you wouldn't even be having this conversation yeah you would need a car but new york yeah yeah but uh but that that's uh very interesting eighteen thousand dollars at his age i'm i'm pleased with him brittany's in houston hi brittany how can we help hi david anthony thank you guys for taking my call sure um my husband and i have a fully funded six-month emergency fund and we have no debt except for our mortgage which we still owe 86 000 on okay um we are saving 15 of our income to retirement okay and right now we're working on paying our house off early okay um i was actually just offered a new job in a new city that's out of state but it's a temporary position for the fellowship so it's two to three years and so we only plan on renting while we're there not buying a house or anything um we really don't know where we'll end up after that two to three year period and so my question is whether really what we should do with our current house whether we should keep it and rent it out which based off of comps in the area would be about 1800 a month or if we should sell it and pocket the money and uh you know invest that what's your fellowship uh in molecular virology say one more time um uh virology so i study viruses okay all right and so obviously you're a medical doctor yeah i'm a phd okay so you're doing research it's research fellowship okay good good for you and there's no for sure chance you're coming back to your current stadium no not a chance yeah not when she finishes that we're going to be super valuable um i think you need to concentrate 100 on the fellowship not on being a landlord yeah okay i think your your focus should be singular uh this is an important opportunity for you it's beyond important and it's a beyond it's actually quite an honor as well yeah you obviously have an incredible intellect and uh so yeah i i don't want this distraction of some idiot changing his harley oil in your living room back in houston while you're on the other side of the country so we're trying to work on saving the world yeah from viruses and um so no i think we need you focusing on your fellowship all of us do absolutely i agree so yeah i i would sell it if i were in your shoes you'll get a plenty nice house when you do make the final location that you're going to land in that's long-distance landlording bad plan i wouldn't do it not even considering it yeah not even good stuff but thank you for what you're doing though we absolutely we need we need more of you absolutely and good analysis on hey we're only going to be there for a couple years so we're going to rent there that's a good that was a good decision already having already made that going in now with it will she be able to stay stable though when she finds that oh yeah yeah when she finishes that that's going to just increase her value in the marketplace dramatically wow yeah pretty impressive good stuff that puts this hour in the books thanks anthony o'neil james childs and kelly daniel in the booth i am dave ramsey we'll be back with you before you know it in the meantime remember there is ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus [Music] you

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Views: 65,577

Rating: 4.8579116 out of 5

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Id: kzV_4JTE5q8

Length: 121min 20sec (7280 seconds)

Published: Tue Feb 23 2021