I Need Motivation For Baby Step 3

Donna is in Fort Lauderdale hey Donna welcome to the Dave Ramsey show hi how are you better than I deserve what's up well going into baby step three in about two weeks good thank you and just I want to lose momentum do you have any tips how long should this next step take six months to a year max what's your household income about 38 to 40 thousand okay how much dad have you paid off so far it fell see how long it take you to do that here in two months okay and so your income your take on page three thousand dollars a month so three to six months of expenses is going to be somewhere in the range of ten thousand dollars eight thousand dollars so took you about a year to do the other one probably take you about a year to do this one okay yeah getting kind of concerned about my age and retirement and condo needing repairs and hold are old are you 52 you know the only way to reasonably accessible to retirement and you have an emergency you know what you'll use your use your retirement that's true that's why we put it as baby step you know the emergency fund is before retirement because people use it for the wrong stuff you'll cash out your 401 K and take the penalties I had a guy earlier in the hour that did that and he's paying big up rs bill right now just exactly because of that and so I'll be able to catch up at W oh yeah you'll catch up you're only 52 I feel that's your chicken just bring up something like I'm gonna marry a genius and he kind of second either well I don't know that Marian a genius is this closest way to wealth anyway I think the closest way to wealth might be in your mirror so yeah you know I'm 55 and you know so I mean we're going to make it kiddo those of us right now here's the thing what I would say is this the average household income which often times as two incomes granted is 52,000 so at 38 you're on the lower end of the spectrum even as a single and so one thing I would challenge you to do is to say okay a 52 I want to be doing when I'm 60 that makes 80,000 a year and what are the steps to get there instead of looking at this as you're already old and you're just going to kind of slide into home plate here let's go ahead and say the number one decade of income-earning of Americans is their 50s okay I thought it was 40 yeah it's 50s and the reason is is that you finally get enough wisdom and life experience and it all starts to come together within a career typically okay and so more people make more money during the 50s than they do age of 50 to 60 than they do any other decade they slow down in their 60s typically and in their 40s are just quite not hit the top yet you know and so that so but I you know what we call it in your case is um you're probably working really really really hard for that 38,000 you got that right what do you do working in the trade show business we do boat shows in South Florida cool sounds fun it's hard work though trade shows tough man almost call it country you just walking your butt off on that concrete yeah I spent a lot of time doing that too doing speaking because we're walking back and forth in these venues and everything but the yeah so I'm going to ask myself what in the 50s which if you start over or if you just start a steep incline with your career meaning you start making a lot more we call that an encore career kind of a second career it's like you come back out and take another bow on stage you know kind of thing that's an encore and so that's what I want you to do I want you to start thinking fresh again instead of thinking and quit telling yourself you're old cuz you're really not okay I mean really statistically or not you could live the 90 which means you're middle-aged and so just just mathematically you're not old now you know walking those concrete floors make you feel old some days I got that okay but maybe we need to start adjusting that and I'm not saying you quit today or something silly like that no but I am saying you're going to be making thirty-eight thousand eight years from now still walking those concrete floors unless you start aiming at something else right I agree with that and so I want you to start thinking about that side of the equation and my point of all of that is mathematically that's as much an answer to your retirement fears as trying to jump as trying to leapfrog over and start doing retirement without your emergency fund in place so put your emergency fund in place over the next 12 months and then start doing some goal-setting and reading and thinking about what do I want to be doing maybe you want to be owning a trade show company where someone else walks the floors by the time you're that age I don't know but you know what is it you want to do and what is it that's brought you to this point I'm going to send you a copy of a book we sell a lot of on that subject it's called start and I want you to treat your emotions in your mind like you're 19 or 20 years old you're just coming out of high school or college and you're just starting and you say what could I do if I could do what would I do if I could do anything because you need to ask yourself the exactly the same question what could I what would I do if I could do anything because you know what you can do anything all you gotta do is just aside just like that just do it just decide today I'm going to not do that this is America we don't live in Russia you can just decide and so begin deciding to do something and be something different over the next ten years and double or triple your income I really do think you can just you won't though if you think you're old hey you guys Rachael Cruz here hope you are enjoying the Dave Ramsey show and did you know that I have my very own YouTube channel yes that's right kind of better I'm kidding I'm kidding so subscribe and there's lots of videos about life and money so while you're at it if you want to check out a video then you can check out how to do a monthly budget it's one of the best videos out there you

Channel: The Ramsey Show Highlights

Views: 116,155

Keywords: i need motivation for baby step 3, dave ramsey, budget, money, cash, baby steps, debt, baby step 3, dave, ramsey, show, dave ramsey show, dave ramsey budgeting, the dave ramsey show, ramsey solutions, dave ramsey baby steps, dave ramsey 2016, living a debt free life, debt free living tips

Id: r2GeOmvNMDg

Length: 6min 21sec (381 seconds)

Published: Wed Jun 15 2016