Let Your WHY Motivate Your Money Goals!

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 balicar rental studio this is the ramsey show where america hangs out to have a conversation about your life and your money i'm chris hogan and hosting along with me this hour is ramsey personality mr anthony o'neil and we are excited to be with you we need to light up these phone lines i know you're out there i know you've got some money questions i know you've got some things on your mind that you'd like to talk about and we're here for you so ao are you ready man i'm ready man you properly caffeinated yes sir well you know caffeinated for me it's just waking up you know i'm just a young energetic guy okay you're not that young all right uh we're excited to take your call get on the phone and pick it up people call us 888-825-5225 again that's triple eight eight two five five two two five kelly's standing by she's ready to jump on the phone to take your call also find us on social media we'd love to be able to hear from you all right ayo let's get on the line uh we've got uh looks like we've got william on the line william how are you i'm doing chris how are you i'm focused and not finished my friend how can we help you today yeah so i've been uh doing dave's plan well started dave's plan uh the beginning of last year during the pandemic i found him online and i'm having trouble getting my wife on track with starting the baby steps and being gazelle intense like you guys say and i just wanted to see what you guys would think would be the best way to get her you know motivated to be debt-free well what's her issue what's the problem well i don't know i think she's not she she knows about dave dave's plan but maybe she's just not feeling like it's doable to pay off the debt that we have okay well hold on william let's back up a second so talk to us like we're your wife what did you come home and say hey we're your wife come tell us what you said how did you go home and introduce this to your wife well she knew who dave was because her mother tell me what you tell her i told her that i wanted to do the plan that i read the total money makeover i wanted to do start the baby steps okay why did you want to start the baby steps because we make too much money to be broke okay that's what i told her that was my exact word that we're really blessed with the incomes that we're able to bring in okay and we should be good stewards of our money all right william how many kids do you all have kids yeah we got two uh ones two and one seven how much money do you make a year william last year 2020 we made 140 000. okay oh okay all right now let's get to the nitty-gritty they will come back to this wife situation what kind of debt do you have um well we have her student loans which are 58 000 i have a 401k loan that's uh 70 uh 7 800. what kind of loan did you say that was 401k a 401k loan i took it out to buy a car after release okay that's all right what else you got uh then we have our mortgage that is a hundred and seventy thousand okay all right ao where are you going what are you gonna tell me i don't know if you wanna come to me first everybody come on uh i'm a little different man i'm ready for it now because i don't even know i don't even know my answer is the right answer because i've never been married uh you know but i'm in a safe place i said it's a respectful way i think now i'm not even gonna play with you like that here's the thing man i think one of the reasons why ladies uh or why and i'm not married so i'm trying to be careful what i say hogan right i understand um see i'm a little different i'll say hey this is what we're gonna do and here's why we're going to do this i think sometimes men we have to step up and lead with love lead with compassion um but i don't i think you say bae we're going to do this because i want us to be financially well i want to start building legacy i want to start building wealth i need to trust me on this that's how i would have started the conversation not just by saying it but also by saying it followed by the explanation and just taking the lead yeah william i i think it's one of these things where it's not talking at her it's talking with her see that's a problem and what i would do is sit down and really talk about because i'm going to tell you right now i know the number one thing that you all are united in i know the number one motivator for both of you or common ground that you all can lock horns and get serious about this and it's those two kids you see you talking to her about the legacy and the mindset and the things you want your kids to have because i don't know a parent or a grandparent on this planet that don't want their kids or grandkids to have better than what they had and the only way william for your kids to have better as if you all do better so i would sit down and talk with her you're talking at her right now and that's that's that's a good start but if you want to get on the same page ask her about her dreams ask her about her hopes and desires and what she wants to accomplish how does she envision the future for the kids how does she envision the future for you all and uniting in that dream will get you all talking and communicating and then you can start to say you know honey i've seen this plan or i've seen this bald man dave ramsey there's another bald man but he's nicer that's for me that's me that's me but they've got a plan that's helped millions of people and i want us to start helping ourselves no let me ask you is there hogan am i wrong and i it's maybe why i'm still single well i would have told my wife what we're doing okay well no i mean i'm just saying we're gonna get our money right we're gonna get our money right yeah this is what we're gonna do yeah this is what i think we should do now this is what we're going to do this is what i think we should do yeah see okay boy we got to help this young man over here he knows better now he's just harassing he's messing up but but i'm going to tell you this ao for real when we start talking about the things we have in common yes and the dreams that we have in common now you can start to move in a direction it's all about unity it is about unity man and so if you're out there and your spouse isn't on board what you have to do is begin to talk and find out why i don't know why we're hesitant to ask questions why aren't you willing to try or what is it that you're scared of most people in getting serious about money whenever you start talking about working a plan people automatically start to think of what they can't do they see it as handcuffs yes and it's really not it's really a matter of a budget gives you permission to spend now you're going to spend without guilt or without having drama and so now you start to get united so sit down with her and have a conversation yeah and i think too when you're having a conversation hogan ask yourselves each other why and i always say if your why doesn't make you cry then the price of commitment will make you cry and figure out what is that deep why you said your the two kids could be their common ground well get down to the y like why do you want what you want for your kids and when you start getting emotional on the inside man those two coming together will go after it even harder and even better she'll actually start taking the lead more than him he'll be like yes this is the wife that i've been wanting yesterday that's right uh so i mean i i totally agree joking earlier uh just for radio but honestly i think if the both of them can come together i'm being real nope you were being bossy my future wife may be listening right now oh she's listening to think that ah she's listening and she's gonna call me at the break but here's the thing william you guys make a hundred forty thousand dollars you've got fifty eight thousand dollars in student loans 7 800 and a 401k and 170 000 in your mortgage if you all will lock arms and get serious and she's probably also feeling a little little regret about this student loan debt she's feeling a little regret having such a large amount of debt standing in the way but i love your pronouns brother i love you you said we have yeah she has this but we are this and that kind of mindset you guys can knock this out if you get serious yeah if you lock arms and get intentional this is a 18 to 24 month thing and i'm talking about all the student loan debt gone so get connected with her sit down hold her hand talk with her not at her and watch what happens when you all get united y'all gonna start moving some stuff brother you can do this and we're here to help this is the ramsay show [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 [Music] budget [Music] welcome back everyone this is the ramsay show i'm chris hogan and hosting along with me this hour is anthony o'neil and we're taking your calls about your life and your money uh we got we got some folks in the lobby uh just want to remind you that if you're ever in the area uh come by the office and uh you can check it out miss melissa over there will have coffee and cookies and stuff for you but we got folks in from colorado there's a little gang here hanging out idaho california's in the house i mean this is amazing uh so come on check us out we'd love for you to see the new building love of an opportunity to be able to meet you uh up on the ramsay show stage all right we're going back to the phones uh remember if you're out there and you've got a question pick that phone up and call us uh the number to call is triple eight eight two five five two two five again that's eight eight eight eight two five five two two five we would love to be able to talk to you and find out what's on your mind all right we're going back to the lines uh phone lines we got mercedes uh calling us mercedes how are you i'm good thank you chris ah focus to not finish how can we help you today um hi anthony as well um just a question to clarify about baby step number four um i know it's 15 of gross income my husband and i have a household income where marginal tax rate is 53.5 does that still apply 15 growth or would you do something different in that case okay well now the fifteen percent is still going to stay the same uh what's you all's household income um net after tax sure up about 700. okay all right and let me ask you do you all have any debt right now yeah okay so your home is paid for and everything uh the home is not paid for no we do have a mortgage okay well that'd be debt so what how much do you owe on the home yes uh 1.5 okay all right so uh what what line of work are you all in um my husband is an investment advisor okay all right and so looking at this yeah the income side uh welcome to texas uh but but you guys are in canada i'm correct right yes okay so even in looking at that yeah you're going to get in that habit of the 15 of their household income from an investing standpoint uh your husband being an investment advisor he knows you know there are options and things that you guys can do obviously pre-tax but post-tax uh you guys have a little bit different investment system up there with rrsps but you still have the opportunity to be able to save and invest but also you guys would look at opportunities to really throw i mean get hyper vigilant and gazelle intense at chopping down that mortgage yes and that's what we've been doing like we're paying it unfortunately i found you guys after we bought the place so we're not on a 15. but we're paying it as though it is at 15. okay well and mercedes you know how often people continue to do that consistently rarely okay no i'm serious everybody's got intentions but i thought i heard something over there you guys have kids i just want you yeah how old is the baby uh almost a year and a half okay see i knew i heard that sound i got that paternal instinct uh but you guys be in focus i would i would tell you i advise you i'd go refinance to a 15-year fix uh you guys have the income you can do it uh you're gonna see it then and it's going to be five six seven hundred dollars more but just getting in that habit refinancing it down to a 15 is going to lock you into that so now it's not a matter of if you feel like it or not uh you guys are going to have to avoid what's called income stupid meaning because you do have a higher level of income you can tend to do stupid on a larger scale can i get an amino amen brother and so you got to be careful with that uh so you guys locking in on a 15 being intentional and also ao with that little one they can start saving for college absolutely man i would definitely start looking at 529 if they're already not doing it because it sounds like they're they're doing the right things you know they're asking the right questions so i would definitely open up a 529 and start stacking away some money for college yeah they're in canada so you'd have to look and see what's the equivalent up there of you all being able to put money away but then at the same time being intentional and i mean attacking this mortgage at your income level this house can be paid off in two to three years tops without you all sacrificing lifestyle mercedes so sit down talk to your husband uh he'll either see that picture or he may be too wise to see it right now because a lot of people ao try to convince themselves because there are people out there that don't know how to count that having a mortgage is a good thing so you can write off the interest you've got to be kidding me you know i people when i hear nerds say that i want to grab them by their pocket protector and just shake them but i can't do that because that's assault but i want people to understand you know you pay it off you remove the risk of the mortgage in your life you're getting rid of risk you're freeing it up and now you can donate money to charities or causes you believe in and use that as the tax right off man you teaching good today you okay hogan i'm i'm fired up today what's in this drink leave it alone there's caffeine in there baby i'm rolling all right people listen to me if you're out there you got a question pick that phone up uh pick it up pick it up call us triple eight eight two five five two two five again that's 888-825-5225 or find us on social media you can find anthony at anthony o'neil you can find me at chris hogan360 or the ramsey show uh as well so you've got ways you can reach out and we'd love to hear from you all right let's talk somebody else we're gonna keep it rolling john from tennessee how are you uh somewhat focused but not finished all right i'll take that what's on your mind i i need a little uh focus help all right so i landed a new job last year and moved from washington state to god loving country of tennessee okay and um the company threw in a lot of benefits for this move where they helped sell the house in washington helped me buy the house here okay uh with my income level as well and all these benefits uh my combined income ended up putting this up about a quarter of a mil for the year surprise surprise we were contributing to a roth the whole time okay so my investment professional said we had to pull those funds out of the roth and send it back to you because we can't make those contributions because i made too much money apparently last year to do the law well now the question is is since they pulled all those funds and send them back to me um where do we put it well here's the thing you could have done all they had to do was utilize it and and do what's called a backdoor roth yeah where you open up the traditional yeah go ahead and pay the taxes on it right converting it back over uh so i already have a uh ira that's open i already have a traditional one right absolutely so but you have go ahead the way he explained it to me was um we would have to uh figure out exactly the percentages and everything else to be able to roll it out of the traditional right to put it into the back door roth and uh it got to the point where we're like we're really confused on how do we do that if i already have an existing um ira okay so it's two separate things my friend uh you need to reach out with the smartvestor pro uh go over to daveramsey.com uh and we're gonna get you with connected with a smart investor pro your traditional ira that you already had open that's fine that one is there what i'm saying is is the money you were putting in for the roth that they're now saying income level you can't do you can do a back door roth which means you're opening up another traditional ira and go ahead and paying the taxes on it which converts it to a roth so you you guys you still have options buddy uh we got to get you with someone that can walk you through this and show you uh the the process higher income earners uh you know if you're making over 150 000 or over 200 000 if you're married you still have opportunities to use investment tools uh and it's so important to get with the right people john so thank you for calling in uh go over to dave ramsey.com we're gonna get you connected with one of our smart vester pros uh that'll be able to walk you and guide you through this uh you know the the crazy thing is is as your income increases so does the government's hand in your wallet uh it's called taxes i'm still searching for fica to this day i don't i don't like them i don't like them but but we got to deal with it and we got to be on the ball and make sure things are ready and speaking of this uh it's time for taxes my friends we got to get these things situated uh and i know you've got a lot of irons in the fire you've got a lot of life happening but what you don't want to do is put this off so if your taxes aren't complicated you can file online we've got a thing called ramsey smart tax so do me a favor text the word tax to 33789 again text the word tax to 33789 and you can get started on your taxes today let's go on to get that out of your way so you can sleep easy and let your hair down this is the ramsey show [Applause] [Music] [Applause] [Music] [Music] [Music] welcome back to the ramsay show i'm chris hogan and hosting along with me this hour is anthony o'neil and ao is out there all over the place on social media if you've not found him on youtube you need to check him out at anthony o'neil uh he's on youtube instagram facebook twitter all the things uh but he's got a a a show and it's called the table with anthony o'neil and it's now available as a podcast so you can subscribe to wherever you listen to podcasts uh but with every new episode and again on mondays he's gonna talk about how to set a clear vision for your future so you can start winning in your life your money and your relationships and he's going to give you everything you need to know to be successful in what it takes for you to make your dreams a reality now ao i i love those two things love what you're doing with the show there it's point number three where we got to have a discussion uh this this is the third thing that ao's doing on the show how you can go from looking fake rich to becoming real wealthy oh yeah um are you are you going over into the wealth lane yeah okay well that lane is is taken that lane is it's busy already my friend hey well brother you know what i'm saying i mean do your thing brother cause you know that's what i thought we were on the same page hey man listen man just when i thought we were a team it's all good that's we are a team man that's fine you talking to older people i'm talking to younger people no seriously it is one of those where you know if you've not seen ao uh on video or on stage you need to uh he's high energy uh very focused very effective in his communication uh excited for the show uh you need to check it out it is the table with anthony o'neil again you can find that on youtube and look it up but check it out and also if you're out there and you've got cousins nieces or nephews uh that are millennials and you're going boy i wish i would have known this stuff earlier you've got a great opportunity as an uncle an aunt or a parent uh to send the young people toward this young man uh to give opportunity to connect and we've got a great opportunity to impact the youth of this country we just have to we have to do something we do man and i think sometimes i'm really and the reason why i'm going this path hogan is because i remember when i was young i remember when i was in my young 20s i didn't have someone in their 30s 10 years older than me who was just having a real relevant and a relatable conversation that made me want to be debt-free that made me want to look at life differently because everyone who was older than me made me being dead free look kind of boring you know look look kind of old and so i was like you know what being debt free can be sexy it could be cool it could be popular but you got to have a cool young person in space and so that's why i said hey this i believe god has called me here to to really have that real relatable and relevant conversation and i keep it 100 about my struggles even today sometimes i'm like yo i i don't want to wait but then i gotta i have to talk myself into waiting and go back to my deep why so the conversation is not for everyone but it's definitely for uh young people i would definitely say in between 18 and about 39 years old who really want to start taking control of their finances but you've been on my show um and once they get through with me i'm always pushing them to you i'm pushing them to rachel i'm pushing the can to get a career we are a team yeah i'm just trying to bring in that young adult oh i know it man uh and it's it's helpful and you know we can start having these conversations with young people and start to plant those seeds yeah you never know what you can help them to avoid absolutely uh watch this all y'all in the lobby raise your hand if you've done something stupid with money okay see we got real people out there people yeah you didn't put your hand up bail you need to put hands i'm 99 okay that's true don't don't get technical with me okay i'm bigger than you don't get technical with me on this radio show hey but listen people we are a team uh here at ramsey solutions we are very focused on helping people in all phases of their lives have hope and it's really important if you've not engaged with ramseysolutions.com get over to the website take a look at all the things that are going on real quick before i get back to the phone lines i also need to let you know we are hiring yeah okay we are hiring we are always looking for top-notch quality individuals i'm looking at one of the gentlemen out there we were talking at the break i told him i said you better come on you're gonna apply so if you're out there and you go boy i'd love to work in a place where i'm valued where they want my opinion they want my input and they're gonna let me work they're gonna let me do my job uh you've got a great opportunity uh by going over to ramseysolutions.com uh to do work that matters and that's one of the mantras we have here and it's one of the things we say and if you've ever wished that you could wake up on sunday happy about going to work on monday this is a place you need to check out uh you can do it you can find all the information and especially if you are uh uh in the digital space again we're on the hunt for many software engineers right now with expertise and i'm about to tell you a whole lot of things that i've heard of and have no idea about so bear with me if you've got expertise in ruby on rails java oh i've heard of that one c-sharp and front-end technologies we want you or if you're a ux designer seo or content marketing specialist we'd love to talk to you as well uh go over to ramseysolutions.com you can see all of the openings we are having people relocate coming in and loving it but you have a lot of areas that you can see they've got it up right now if you're watching on youtube you can see there are probably about 12 areas that we're looking we have open active open positions in so definitely check that out and make this the year that you start to move in the direction of your dream career or your dream job uh and it may not be here maybe you're wanting to find that somewhere else and i'd also want to encourage you to listen to my friend ken coleman one of our colleagues here who's helping people find that dream job and let's start life is too short uh ken is helping you fig find your career you can go to kencoleman.com and learn more about his show life is too precious to waste let's move forward in the right way that's right let's get on the phone lines uh we've got danielle on the line danielle what's your question for anthony hey anthony this is uh danielle i'm uh 29 years old my husband is or sorry i'm 30 my cousin's 29 i apologize for that we just completed baby step number two okay congratulations i'm just trying to figure out um i'm the spender and i'm always like wanting to find the next best thing which is kind of bad but i've gotten a little bit better with it that's great and i used my why as the reason to help pay off my debt yeah yeah yeah it was mostly just like student loans and whatnot love it how do you get the motivation to keep going like we've paid off our debt we're getting ready to go davis member number three and i'm just like i'm seeing what we want and i want to just go for it yeah yeah and i'm trying to keep myself to slow down no i'm with you daniel i'm the spender too you know i really am and so you know uh i want to relate with you on that part hogan you're not on this call so don't worry about this uh so i want you to know 101. i'm with you okay i when i see something i want it now and i want the very best of it and so uh i'm with you in that part but then your why still needs to carry on through all throughout all baby steps and so if your why is not as passionate to get you through baby set number three then that means your why hasn't you haven't gone deep enough for your why okay so any very quickly what's your why in 10 seconds what's your why it honestly to change my family trading okay cool here now follow this why do you want to change your family tree i was tired of being broke my whole life and i don't want to be like that when i grow up got you why do you why are you tired of being broke your whole life couldn't do anything couldn't go on trips couldn't just go and get something to eat with my kids okay why do you want to go on trips with your kids i was never able to do that when i was younger i always got told no you see what i'm saying so your why is you don't want to tell your kids no your why is like me i grew up with with tennis shoes that had holes in it and i had to put tapes on the bottom of my uh tennis shoes to prevent water from getting in it and i never want my child to go through that my why is so deep that if i start really breaking down my why i'm gonna break down in here with two grown good old chocolate brothers and i don't want to do that right now okay and so for you i'm saying you got to go deeper deeper deeper deeper i asked you four whys you and your husband need to go down deeper so this way you can get your three months you just paid off how much debt it was forty seven thousand eight hundred fifty two wow so you just paid off all of that debt that's not easy that that required intentionality it required determination and you did it so now what you're doing is okay these three to six months is gonna help me not help me but help my husband and i to not go back there but it also will set us up to where we can start giving our kids wealth we can start giving our kids kids freedom we can start giving our kids um joy you know i really want you to spend time tonight danielle do this for me tonight it's the weekend you and your husband sit down and just keep asking yourself why when you answer a question why do that question and get emotional you get that you will get your three months knocked out uh in your emergency fund within the next three to six months all right when we come back from break i'm going to talk to you about one of the biggest lessons we should have learned in 2020. you want to know what it is stay tuned we'll be right back this is the ramsey show [Music] [Music] welcome back to the ramsey show i'm chris hogan and hosting along with me this hour is anthony o'neil and i tell you we've had some some some spicy conversations already and i absolutely love it got people calling in asking real questions about their life and their money now before we went to break i told you when we come back i'm going to talk with you about something that is you really should have learned in 2020 and anthony was just talking to a caller about this and i'm talking about an emergency fund if you didn't understand the importance and the value of an emergency fund last year you learned it right you learned it understanding having that money set aside to protect you and your family from life happening because life is gonna happen and so having that cushion well you know ao i think about you know what an emergency fund is it's a it's a bodyguard oh yeah it's a lifeguard it's a big boy it is just sitting there ready to protect you so i want you to get serious about making sure you have that the problem with us is in america today is we can get amnesia we can live through something and say i ain't gonna forget this but guess what'll happen you blink your eyes five or six times and we tend to forget so get an emergency fund for you and your family and place asap we talk about having three to six months of an emergency fund and ao people say well why do you say that three two six well i want you to know if you're working a stable job and you've got a stable income then a three-month emergency fund is suffice for you yeah but if you are someone who's commissioned uh you're seasonal yeah then you definitely want to look to have more of a six-month emergency fund and so what that'll do is again provide cushion between you and life happening so it's important get your emergency fund i'm hearing from a lot of people ao that they've learned that the hard way and they're getting it in place absolutely i'm telling right now man i love it last year when some things happened like for an example okay i just got in the car accident yeah and uh when i walked away from it i was shook that morning but when i woke up the next morning called the insurance company and found out the car was total i wasn't i was upset but i wasn't like oh what am i going to do because i have my emergency fund right in place for situations like this that's right you know and so it just when you have that emergency fund not only is it a bodyguard but it's also just some cushion to your life you know you fall back on it you're like all right cool so it's it's an inconvenience but i'm not stressed i'm not struggling i am upset but i mean hey at least i can move forward well and the main thing is you're all right and and but you're right having that emergency fund it changes the game so again get it situated and if you're out there and you go all right hogan you're talking about this emergency fund thing what do i do well i wanna i wanna i want you to know you can get plugged into ramsey plus uh which will help guide you on the process of not understanding just how to budget yeah but also the threat of debt but it's gonna show you the importance and how to go about that emergency fund and so you can do this all you have to do is go over to ramseysolutions.com or go to ramseyplus.com that's what you do it's quicker ramsayplus.com go on over there right now get in your free trial and watch what happens you're going to start to change your financial life all right enough of that got to get on the phone i got ann on the line and how are you hi chris hi anthony thank you for taking my call yes ma'am how can we help you today um i'm finding myself you know not disciplining myself enough to try to pay off my home my home okay i'm on a fixed income a disability retirement income and um i'm only the only debt that i have is my mortgage and but i'm kind of stingy with letting extra money go so i'm just trying to get some guidance on how i can do that okay well hold on a minute uh what what what do you mean you're kind of stingy what do you mean well i i know i have enough to send you know to extra to pay on my mortgage what if something happened right so and you know you know what your answer is i just said why don't you send in extra on the mortgage the straight up answer is because you don't want to mm-hmm am i telling the truth yeah i'm not sure right and so what we got to do ao was just talking about digging in and finding the why so why why should you pay extra on the mortgage because i want to get this paid off and why do you want it paid off to me i get to be debt free why you want to be that free i don't have to really worry about worry about a lot of things that's right there you go you see and so looking at this now what you can do is be real with yourself and now you can start to figure out okay what's the plan now yeah so tell me this how much income do you have coming in each month um about 35 70. okay and how much is your mortgage payment uh 11 30. and how much do you owe on the house about 155. and listen to me anne because i tend to talk fast what else do you owe on nothing okay now people get amnesia on me and sometimes so let me just double check you gotta eat credit cards i have one how much is on it all the only thing i owe is eight dollars on it it is that's because it's a it's it's one of those ones where they have a maintenance fee every month with eight dollars okay so we're going to close that out and get rid of that all right got any car loans no all right now what i'm saying is looking at it do you have an emergency fund in place um i'm gonna have savings how much do you have in savings about 12 000. okay so you got an emergency fund we got to see for you you need the structure yeah did you do this alone all right and listen to me my i got one here on top of this head tell me this do you have a 15-year mortgage or did you do a 30-year 30. it's a 30-year all right what's your interest rate on this mortgage okay so it's a conventional so actually the law it allowed me to finance the 20 percent and so the 20 percent is 4.75 and the 80 uh part is 2.24 you did an 80 20. they gave you a heloc didn't they a home equity line of credit is what that was i don't i don't know if it's a huge yeah it is it is i'm not sure oh yeah it is and so they gave you a big old credit card attached to your house is what that is oh okay so okay all right here's the reality for you you are sitting at a point you got 3 570 coming in a month you've got an incredible opportunity to really zero in and get focused yeah and i say that because you know the eighty percent loans at two point i think you said two point two nine but if you zero in and get intentional quote pay that little eight dollars on that little dirty credit card off today okay the little maintenance charge shut it down shut it down get it out of your life but turn your attention over to this 20 now and get this thing serious and get it paid off uh you can do this is anybody else in your family ann ever owned their home free and clear i know everyone's just financed did you hear that yes you want you want you want to do something new for your family tree yeah you really you would you would you love to hold them grand babies on your lap one day and talk to them about how you paid off that house how that deed is over there in a frame and you can go over and grab it so yeah yeah and and i think hopefully you heard hogan earlier you know when i'm listening to you i don't really feel the depth in your motivation and i really want you to spend this weekend really just asking yourself what's my why it sounds like you you want to be safe and i totally understand it i don't need to know your age but by the way you're sounding it sounds like you would rather be safe than be aggressive but i think that's okay but at the same time if you're making that kind of money and you can be a little bit more aggressive and still be safe and go ahead and create uh some wealth for your family so what i really pray that you you do from this phone call is hear hogan hear hear me um spend this weekend just digging in why why why why do i want financial freedom why do i want financial peace and when you get that deep enough why your motivation is going to be so good to i think you may even start leaning more on the aggressive side than safe side yeah ao's being nice i'm being coach hogan and get fired up let's get intentional and start changing your family tree be that story that your great grandkids get to talk about because you got focused and not finished young lady you can do this and we're here to help this is the ramsay show [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 [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studio this is the ramsey show where america hangs out to have a conversation about your life and your money i'm chris hogan and hosting along with me this hour is anthony o'neil and we are excited to talk to you about your money questions so here's the deal i want you to pick up the phone but call us triple eight eight two five five two two five again that's 888-825-5225 we'd love to be able to hear from you kelly is standing by ready to take your call you can also find us on social media at ramsey show or at anthony o'neil or at chrishogan360 we'd love to hear your questions and be able to talk to you about what's on your mind uh ao are you ready to help the people man let's do it man i'm ready to go to the phones all right let's do it we're going to get to the phone we got michelle michelle's on the line calling from denver colorado michelle how can anthony and i help you hi chris and anthony and company i appreciate your time and i'm so grateful to speak with you well thank you thank you what's on your mind i am 49 self-employed single and i have zero debt um and i want to know what the best method to pay for our first home is okay i love it talk to us you're self-employed so how much money are you making a year um approximately 40 40 000 okay you're making 40k a year all right and do you have any other income as far as outside of your your business coming in no i don't i do have approximately 600 000 assets saved how much 600 000 600k now wait a minute i like this where did this money come from was inherited did you just save it no this is saving oh i love it investing lots of investing uh michelle how much of the 600 is invested for retirement so approximately 200. okay and so the other 400 is just in a savings account no it's divided um with stocks mutual funds oh okay okay got you so real quick 200 of it is in a 401k you said how much of it is in single stocks well it can't be in the form um it's yeah it's not an affordable 1k it's um it's in a retirement fund yeah oh retirement fund okay i thought it was a prior 401k how much is in single stocks um not too much quite a bit in mutual funds okay okay go ahead i have approximately um about 180 in between an offshore account and um another yeah 180 offshore account so okay very good i like it like so let me ask you this question because you're you're in a good position i kind of like the fact that you have some money i'm gonna let hogan talk about that because i would really love to get your retirement uh package and portfolio up a little bit more but what's your dream situation do you want to pay cash for a home um or are you okay with financing at a fixed rate with 20 down i would be completely happy to get a mortgage but i can't get a mortgage at the moment because of the pandemic qualifying during the pandemic which is very difficult yeah especially with the forty forty thousand dollars a year of income um now what do you do i'm curious um i'm a mariner i work on uh sell selling yachts yup yup selling them but selling them okay okay okay because i would definitely say the very first thing is i'm thinking is and correct me from ron hogan um i want to see your retirement go up a little bit more and so i don't want to pull 400 000 from your investments i actually would prefer for you to move some of that over to into your retirement so it's covered for retirement but i don't have a problem with you pulling some of it out because i have some money in a in a mutual fund as well that i'm saving up for before i purchase a home so when i'm ready to purchase my dream home i'm a pull from that uh but you're right it's gonna be hard for her to get approved for a mortgage right now at 40k with the pandemic um and then to pay cash for a home in a denver area you're going to need about two to two to 280 to get a decent hole um so what are you thinking hogan michelle is this 40 000 is this the most you've made or was your income higher before my my income was higher i was working overseas for approximately 10 years oh you're working overseas routinely and so what were you making during that time um anywhere between about 60 to 75 000. okay and have you do do you have an emergency fund in place yes how much do you have in an emergency fund um approximately 30. okay and what other debts do you have i have zero jobs zero debt it's fantastic i do have a roth ira with approximately 80 000 as well okay so in looking at this you have done a great job of saving yeah um and and then looking at it i do want to get you connected to one of our smart vester pros to be able to look so you can start to earmark some of this money that's over the offshore account uh beginning to look at it and calling it retirement yeah um i i think you know it is going to be a little tougher right now to try to qualify but you don't have any other debt and you are making 40 000 so if your income has been stable i would call around begin to talk to these banks and lending companies because your asset position is strong now it's just a matter of okay how much of that in looking at those accounts are you going to use for a down payment because a good down payment would put you in position uh to really be able to qualify so that's what i do i begin to kind of think it through sit down with the smart investor pro but have a time frame on when are you looking to buy right and so that way you can understand you're not going to be renting forever you're going to have an opportunity to be able to grow forward it's just going to you're going to need a plan now from a practical perspective hogan this is your space this is where you're the expert at um i would say that out of hundred thousand i'm gonna air mark five hundred thousand for my retirement take a hundred thousand to put down on the two hundred some thousand dollar home that means that leaves me with a hundred and twenty five thirty thousand on the mortgage she can't afford that forty thousand dollars yes she could and and and looking at that and putting that on a 15-year fix yes she's going to be fine matter of fact she might she might be paying exactly what she's paying in rent absolutely you know so that's an option for you michelle uh again think it through begin to have some guidelines uh get all your statements together of your different accounts uh you could do a zoom meeting or skype meeting with one of our smart vester pros go to ramseysolutions.com uh it'll get you connected and then what you can do is start to see this picture for yourself and then you stay in control of the time frame uh but i love your saving spirit young lady you're not scared to work and you also save which is phenomenal it's putting you way ahead of the game at 49 years young and we all know the income has the opportunity to be able to go up uh just as things open up more yes all right speaking of this a lot of people are stressed out about retirement accounts right now in this year this past year was crazy uh maybe you're close to retiring and now you're wondering do i work a couple of more years to try to make up for the difference uh or maybe you weren't investing in the right things and you're thinking okay it's time for me to make some changes and i need to get a little bit more aggressive or maybe you pulled money out and you're looking back on it going i wish i should i didn't do that what can i do about it bottom line if you're in one of these situations i want you to know you don't have to face this pain alone working with an investment professional is crucial and our smart investor pros aren't scared they've seen stuff and they're not there to judge you they're there to help you so go to daveramsey.com smart bester or do this my friends text the word invest to 33789 again the word invest to 33789 this is the ramsey show [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] [Music] welcome back to the ramsay show i'm chris hogan and host along with me this hour is anthony o'neil and we are very excited to be with you uh if you've not had a chance to check out the website i want you to go to daveramsey.com uh we have a lot of openings uh and talking about that i was just talking about this more in the break in the lobby with someone and so you've got a great opportunity to be able to find a position that you're passionate about and get plugged in go to ramseysolutions.com and check out the openings that are out there uh we'd love to have you join the team all right we're getting back to the phones if you're out there and you've got a question this is the day to pick up the phone and let's talk about it uh the number to call is triple eight eight two five five two two five again that's eight eight eight eight two five five two two five we'd love to hear from you all right we're gonna go to georgia uh looks like we got sarah on the line sarah how are you i'm good guys how are you oh we're focused and not finished what's on your mind today well we we got a little crisis going on so hopefully you guys can help um what happened my husband and i we are military so we're finally home and we brought a home va loan of course and we didn't know about you guys so don't bite my head off we didn't know about you guys until january so we bought the house in december okay so we started the we're doing babysitter run because we're doing financial peace university so we're doing everything and we're in baby step two okay however the crisis is that has to be bought the basement flooded and it's been flooding in february beginning in february and we've had three plumbers come in and they're telling us we need to one they're saying that the sellers probably did the work themselves and did not do it correctly all three of them are saying that and also they're um telling us the work is going to cost about between 10 to 15 000 to get it sick okay so hold on a second so it's 10 to 15 to get it fixed have you reached out to your realtor yes it did and she looked at it and saw there's a bathroom that was remodeled and so there was no planet food and then got us in contact with a lawyer trying to figure out what to do with the lawyers yesterday and they're saying that they're gonna write a letter to the sellers hoping that they would cover the damage but if they don't it will take you one year because they'll covet there's a you know a delayed in court oh the court thinks yeah let me ask you this did you all get a home inspection done yes he did and this was not on it at all like the realtor also double checked okay well here here sarah first of all i want to thank you and your husband for the your service in the military i'm grateful for you and i like that you have been hyper proactive uh everything that i've asked you you've got an answer for you've been moving down the path now the main thing is we got to get this fixed right right so what's true all's income we bring him uh eight thousand dollars a month okay it came up and what else do you owe on outside of this home okay um i have it right here my loan rental plus um i have a government credit card 2400 in my car which is 36 000. i'm sorry you faded out on me on that how much is this car 36 okay you didn't fade out i was just making you say it one more time how what's what's the payment on this thing um 800 how much is the payment on your mortgage about 15 45. do you see a problem there sarah yeah all right so guess what one of the first things you all can do to help you with this finding this money to fix this basement is this vehicle what kind of car is it it's a tell you that okay all right i want you to go out there and tell it to ride all right ride on off into the sunset it's time to sell this thing it's time to kick it to the curb you're going to free up 800 a month in your budget right and so this is that mindset listen to me i love that you guys are in ramsey plus and how hey i want to get your thoughts on this but i love that y'all in ramsey plus i love that you know your numbers you're proactive and what i would say is right now you're on the cusp of being able to make a change but one of the sacrifices i would make is getting this vehicle sold go to kellybluebook.com find out the value call up the lender get a 30 day payoff so you know what it would take to get it out of your life you guys go get a thousand or two thousand dollar car you're gonna free up eight hundred dollars to fix this water problem yeah sarah i'm curious do you have any uh savings right now we have um about 5 000. about 5 000 in savings okay okay um here's my suggestion from i agree with hogan we got to get that car but right now we we need to really figure out this whole flooding thing because that can cause some more issues and so while you're going through the process with your attorney i will reach out to maybe one more uh one more plumber one more person to see what they can do and try and figure out will someone work with you okay while you're talking to your attorney why are you looking to get out of this car uh to create some free some extra income there but even if you sell your car today it's only x it's an extra eight hundred dollars but right now um which you need to get rid of that car so you can get on your journey but how do we get this flooding fixed so that way we don't have mildew issues we have to worry about a lot of a lot of other issues so i would you got five thousand sit on that five thousand and moving forward i want you to pause paying your debt okay i want you to pause paying your debt i want you to put that on top of this money that's gonna all go towards fixing this water leak all right because this is a this is a true emergency that could impact the family and cause more issues you mean paul's paying extra on yeah paul's paying extra on the day i want you to pause i don't want your paws paying your bills but i want you to pause paying extra so pause babysit number two but then figure out okay talk to winner extra person and then ask all three of them hey listen we got seven thousand dollars what can we do to uh fix this issue we can give you seven thousand dollars cash right now can y'all come down can you help us what can we do but do what hogan says you guys a kid i mean 800 car note that is uh 50 more than 50 of your mortgage payment that is ridiculous but you're right ao the water's got to get drained out yeah we got to turn off the water down there or fix like you said get seven thousand dollars worth of it done the good thing is is you all are making 8 000 a month yeah so you know you all paying the mortgage payment make the minimum payment on the credit card paying that car note until you can get that thing sold you guys could can get this done in phases absolutely uh and get it fixed i agree uh but yes definitely pursue the legal options on this because this is uh this is an issue and uh this is a major dollar repair that you all are dealing with uh but don't lose hope uh this is the thing one of those things that life happened ao was just talking about his car issues and i've walked through some issues and it's really easy to get so frustrated and irritated that you lose hope and you don't want to do that and so sarah i'm glad you reached out you're talking about this is on your mind uh believe me you know you you can end up giving other people hope by being honest enough and open enough to talk about your own situation uh thank you and i'm glad that you're plugged into ramsey plus it means you're connected and getting the right information now it's the the execution of of the the process and trying to get this thing resolved i agree and that's you know it's irritating man i tell you when you deal with a setback when you are moving forward and trying to go down the path to the next destination and deal with life throwing you a curve it's frustrating it's so frustrating hogan and i understand her pain man because i'm literally going through it right now like i didn't ask for this i didn't want this but when you that's this is why you got to get out of debt have a fully funded emergency fund for when stuff like this happens it sucks but you are prepared yeah for it that's right and people are dealing with this in all phases whether it's in your apartment whether it's in your home a car repair yes i mean it's always something popping up but you know here's what i've learned when you have an emergency fund an emergency fee and turns an in an emergency into just an inconvenience yes where you just go like this oh well i mean all right so this is what i got to do this is what i got to do right i'm going to deal with this but if you don't have an emergency fund it turns it into oh my goodness like where do i turn what do i do and then you get panicked then you get desperate and then that's when stupid can creep in right so again get to emergency fund be clear on what it is you're doing but be certain of what you're not gonna do this is the ramsey show [Music] so [Music] [Music] welcome back to the ramsay show i'm chris hogan and hosting along with me is anthony o'neil and we're excited uh you all may not be aware but there is a ramsey network yes we got a ramsey network uh all of us all the person ramsay personalities here uh have shows uh whether it's dr john deloney uh rachel cruz myself christy wright uh you know we ken coleman we have a ramsey network uh obviously the ramsey show and so you've got an opportunity to be plugged into content that actually will help you change your life uh anthony o'neil has a show called the table where he's having real relevant conversations with people about life and money and so you have my show the chris hogan show the christy wright show so i want to encourage you out there i know people like to watch certain shows and be entertained whether they're talking about maisel or yellowstone or whatever else is out there but you've got an opportunity to get some content to help you change your life and this is different so we need to be about business about making progress about being intentional and not just having fun well hold on wait wait wait wait wait wait they're gonna have fun with my show bro i said not just having fun oh okay i was about to say you're gonna have fun and you're gonna learn something now on your show they they may not have as much fun they're gonna learn a whole lot you know but they you know i beg to differ i'm just keeping the one hundred well i see your show i learned a lot i had fun on your show you had me on there we had fun dude it was one of my best shows i need to come back yeah bro it was a lot of fun you haven't had me on yours so i just want to call that out i beg to differ when that free degree launched you were on there that was a business move man i want a fun move but we'll figure out something we'll figure out some fun moves ao and i will arm wrestle or something i don't know we'll figure out what's going on who will win that one you sure do deep down in your little bitty heart you know who's gonna win that but here's the deal we want to take your calls about life and money uh don't pay any attention to us but we are here to help you call us the number is triple eight eight two five five two two five again that's triple eight eight two five five two two five want to meet you right where you are and talk about the things that are on your mind and on your heart all right coming up we got james over in baltimore land of real seafood james how are you i'm good how are you doing today oh we're focused and not finished my friend i what's your question for us yeah so like the previous caller i am also active duty military um myself is an optometry technician um currently we make about i'd say roughly around six grand a month combined um and my wife has forty seven thousand dollars in student loan debt okay we recently just paid off our second vehicle i just made a payment with our tax return that came in um and i'm just trying to see if i'm taking the right approach to paying this student loan debt off currently my wife solely works to put her entire paycheck towards the student loans wow and so i'm just wondering if while these loans are in forbearance apparently with the current situation the pandemic if it's worth um paying the loans off or building up our emergency fund because currently have nothing in savings pay the loans off man pay the loans off and i'm gonna tell you why and i try not to be so aggressive when i hear this when i hear people say this but they're in forbearance this means that they're not racking up interest right now all right and so for you what i'm saying is you want to go in ahead and take advantage of this like i'm trying to figure out how to get all of these student loans knocked out before the interest is activated uh again and so with the way the government is looking right now it may be a little bit of time you know but i'm saying take advantage of this i get it you want to have a savings account and we want you to have a fully funded emergency fund but i want you to be debt free before you have a fully funded emergency fund because what you're doing is yes you're going to put more money into the savings but long term you're going to spend more money into debt that you didn't have to do because you was trying to save money so what i'm saying save yourself true money by paying off all these student loans which is forty seven thousand dollars thank you so much for your service but i promise you uh when you pay these student loans off uh my brother i promise you you'll thank yourself down the road now um now so yo is he all listening i mean he ain't the only one hogan who's asking that question no not at all i mean this is a question that you get all the time me and dave get i get on my show well why why pay why pay when i don't i don't have to pay right now well you do have to pay if you want to save money like that's how i look at it i have to save money i have to change my future so i have to pay these student loans off so i can get my life back and start focusing on the future not worrying about my past no you're absolutely right and james i would tell you you know my friend you want to get a thousand dollars and have that as just the starter emergency fund yeah and then that way if something happens car repair truck repair whatever you've got money you can reach and not have to utilize that but anthony's right you need to attack this debt with a vengeance uh and delete it and get out of your life anthony this brings up something else what's that we'll have to go here because people are having their ears tickled out there hearing about loan forgiveness yeah hearing about how the government is going to save the day they're going to roll through on the on the little horse with the with the student loan ferry and they're going to sprinkle dust on people's student loans and forgive it yeah you know hogan man and i'm trying to be sensitive when i say this because you know and this is what i study you know right now i studies are showing as of today that the student loan forgiveness program is not working nearly 85 of the people are being declined um i think a higher number came out here recently today but the government is talking me and dave talk about this um earlier this week that the government is there there probably will be something in the future but we don't know so for me my thing is because we can't say yes or no we're sticking with the no we're going to take care of our responsibilities and if it comes then take advantage of it but as of right now past experiences are showing us the government will not forgive the student loans right well and they're definitely going to do it to the level that people are expecting no like i've heard 10 grand yeah but here's the thing have you heard this yeah if they do this they're talking about a community service component exactly well i'm paying the 10 grand you ain't about to make me sir but how long and what what are you going to have to do so my point is is for people out there i'm with you anthony i don't want you to have fake hope in a false plan right let me say it again i don't want you to have fake hope and a false plan i want you to deal with the known right and so you know you have in the mindset of you digging your way out of debt i know the moratorium on student loans is through now september yes uh and so you know you not being on hold because here's my fear ayo people that have gone without paying it yep and you already know what happens with people if you're not on a budget come on now all of a sudden in september you're going to be like you're going to hear that knock yes that this payment is now active again yes yes yes yes yes and here's the thing hogan and correct me if you if you disagree i we're not saying that we we don't have a problem that we need to fix but the problem is not forgiven the problem is stopping it from even happening so i think when people hear us like oh dave and anthony is just don't they're not no no what we're saying is okay yes this is a problem let's fix it but i can't fix the leak if i don't fix what's causing the leak okay so i can't stop the water from dripping if i don't fix the hole that's inside of it so for me it's like let's stop the student loan program or let's put a cap on it let's do something because if we forgive like what they're talking about the ten thousand dollars would be close to about uh 600 billion dollars we still have 1.1 trillion dollars in student loan debt that is still a major crisis and will we will be back to 1.7 in the next few years so what i'm saying is we're going to be back well let's pause over here let's go to the front end and fix the issue so my kids your kids our great great grandkids do not have this issue going into the future yeah no i agree i mean it is certainly a massive issue and you know financially as you start to look at it you're impacting 44 million americans yeah with student loan debt and you know the thing that i get riled up about is that you know we got young people walking into financial aid offices signing documents they don't understand for payments they can't afford zero can't afford it and so now you start off life in the hole and behind so that's why again that's why you wrote your book debt-free degree uh how to destroy your student loan debt and so if you're out there and you want to know how do i get this out of my life i want you to check out anthony's book but at the same time staying plugged in understanding that we're here to help you and you're going to battle your way out of this we're not going to just sit and wish right no no no we're going to work and we're going to battle and we're going to strive for progress because that's what people do when you're focused and not finished let's go this is the ramsay show [Music] so [Music] so [Applause] [Music] [Applause] welcome back everyone this is the ramsay show i'm chris hogan and and this young person over here beside me is anthony o'neil uh he he's helping young people all around the place he's helping people deal with money he's helping people attack student loan debt and i'm helping people too on the chris hogan show helping people understand that your retirement is about you being focused and not finished uh and you can come over and check out the show uh you can find me on youtube apple podcast google podcast uh we have a lot of fun over there with the segments uh with did you know where i try to stump you and give you some information we also do a segment called panicked or pumped and that's where we talk to people that are feeling panicked about a certain situation or even pumped about a milestone that they've hit so got a great opportunity come check it out uh go to chrishogan360.com all right anthony and i have had a blast taking calls and so kelly is relaxed over there we need to get her hair on fire so i'd love for you to call in triple eight eight two five five two two five again that's eight eight eight eight two five 825-5225 we i i need kelly to get frazzled so if you can call it i didn't say that you're such a brown nose all right listen people want you to call in let's get these phone lines cracking and talk to you about your life and your money uh next up we've got rachel in little rock arkansas rachel how can we help you hi so i am 19 years old okay and i moved out of my parents house officially in september and i have a full-time job i tried the college life and decided i wasn't going to waste money if i didn't have a plan okay um so i have no debt my car is paid for i paid for my car um i haven't had any type of credit card um but i'm trying to make a decision of if i need to buy a newer car first for stability's sake okay or if i should get a house and stuff renting because my car is 2008. okay 2008 how many miles are on it uh 151. 151 what kind of car did you say it was again rachel it's a subaru impreza okay gotcha you have to laugh don't make fun of your car it can hear you yeah okay don't you don't want your car to get upset so be nice here okay uh rachel how much money do you have in your bank account right now um so i have my one thousand dollar emergency fund and then um on a separate thing i have a i think 2500 when you say a separate tax return for 2500 because i didn't get a stimulus check when they came out since i lived in my parents house they're giving me those as well so when you say a separate thing are you talking about a separate bank account or do you have this invested like one of those outcomes just want to make sure it's not investing one of those little apps that people are saying we're saving up for so you got 3 500 saved up what are you making annually right now um annually 28 000 before tax 28 000 before tax all right correct all right so i'm gonna give you something you may not like okay cool great so here's the thing here's the thing you're doing great i want to say this right now you're 19 years old you have no debt uh you got 3 500 in your savings account uh so let me go let's talk about the car i think that you the car is great you have 150 000 miles on it it's a reliable car i'm gonna tell you just keep up with the maintenance if you take care of the car getting it properly maintained as far as oil changes tire rotations making your fluids are good as long as you stick to that that car will last you to about 200 220 000 miles you know then from there on the flip side i want you to really start getting don't worry about a house right now all right i want you to skip over to baby step number three and i need you to set aside three to six months of your expenses then while you're doing that i want you to go connect with our good friend ken coleman because we need to get your income up you're at 28 000 a year right now which is okay i'm i'm okay with that at your age but we need to get you up to right around 50 000 then we can start talking about purchasing a home but once you do get your three to six months of expenses i don't have a problem just going over to 3b start saving a little bit uh but what i really want you to do is get your your shovel a little bit bigger and ken coleman if you go to kencoleman.com and listen to his content he'll teach you how to get into that career space and figure out how to really do that uh but that's what i really want you to focus on at 19. getting your income up getting a fully funded emergency fund but i love it i expect to see you in the house by 22 by 21 22 if you really do these things over the next two years but i think you're in a perfect place my little dream is to have a tiny house so the house i want would be like twenty to forty thousand dollars it wouldn't even wait hold on rachel what do you mean a tiny house yeah they're that's popular how big are they they're tiny what really they're like hold on ayo hush what how how many square feet like 300. listen man it's popular within this younger generation 300 and she can pull it it's about my size i'm living that minimalist life y'all hey there's nothing wrong with that listen don't you let the world try to tell you what you need to do it's good that you have your own dreams uh you know but at the same time i think you move at the at the speed of cash like anthony was telling you and you having that down payment uh is big here's another thing this subaru which you need to go out there and give it a hug and tell it you're sorry because you was making fun of it that might be able to go 200 250 000 more miles but here's the reality it doesn't have to be miles that you put on it you can move at the speed of cash and so you thinking of side hustles you being intentional you could come up with money to replace that car sooner than later but don't don't get caught up in it the car's job is to get you from point a to point b it's not to try to impress people and when people get that confused that's where they end up overspending that's where i did my stupid uh and so you want to be smart and avoid car payments absolutely like the plague uh it's that important thank you for your call i love it you know what hogan i want to say this on the show i want to learn more about this mini house so if you're listening right now um i want you to dm me at anthony o'neil go to anthony news instagram and if you're living in a mini house and you're a millennial i'm going to bring you onto my and i want to talk about this i want to know i want to know i want to learn more about it i want to come let me come on there with you yeah let's do it because because i resell this is it like can you do you just pick it up no bro it's smaller than this and i'm like okay i purchase house to resell right so i want to learn more about it so if you have one no don't don't hit me up if you thinking about one i want to know if you have one hit me up on my dm i'm gonna bring you on to the show and hold on i'm gonna make sure you on the show too let's talk about it because if it's 300 square feet you can't get all your shoes in there i'm going to tell you right now because i know i can't get mine in there so but yeah i'd love to know more about it i don't know if anybody that's living in one and i've got a couple of friends that work at hgtv and they do some stuff so we need to get them all right that's what dmao tell them your tell them your dm how'd they do it go to instagram just hit me up anthony o'neil okay and you'll see my information there dm me uh and i promise you we're gonna make this into a show yeah we're gonna find out more we're not gonna go crazy but we want to learn yeah i mean we may have to go out and and go to one of these oh bro let's do that hogan and ale on the road yes we are going to check out this tiny house situation and we're going to find out how they really work you imagine you walking into what okay well we have to get that on camera this is going to be fun what if we spent the night in water oh no i ain't doing that bro that's exactly what we're gonna do we're gonna do an overnight camping trip i love this all right listen to me if you're out there see we're willing to talk about whatever you want to talk about you just gotta call us the number to call is triple eight eight two five five two two five again that's eight eight eight eight two five five two two five don't forget dmao if you're out there and you have one of these little tiny houses going on you can kind of tell us what it's all about uh i've been talking to people uh time and time again and they oh we're going to do the the the blinds.com question of the day real quick blinds.com 100 satisfaction guaranteed means even if you mismeasure or pick the wrong color they'll remake your blinds for free you get free samples free shipping and the new promos they run every month you'll save even more use promo code ramsay today's question comes from luke in colorado my wife and i are currently paying off her student loans a wealthy family member of ours offered to pay off the loans for us and have us pay them back interest fee we started off with 124 thousand dollars and are down to 34 000 in just under 18 months should we take the loan from them even though we are not currently paying interest on our loans as is and should we continue to pay off this debt as fast as possible uh i'm gonna say pretty much hey you guys do it on your own yeah paid this thing off you've already chopped it down from 124 to 34. you don't need anybody to try to save the day now you've got this thing yeah so keep throwing money at that debt keep chopping it down get it out of your life when you get out of debt you give yourself a raise come on now this is the ramsay show [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 [Music] live from the headquarters of ramsey solutions broadcasting from the vala car rental studio this is the ramsey show where america hangs out to have a conversation about your life and your money i'm chris hogan and hosting along with me this hour is anthony o'neil and i can't tell you how excited we are to spend the next hour with you talking about your life and your money now the key is is you got to pick up the telephone i mean ao and i we can't just hunt you down so call us the number to call is triple eight eight two five five two two five again that's eight eight eight eight two five five two two five we'd love to be able to hear from you you can also find us on social media at ramsay's show uh all right ao you ready for some phone calls you know i am all right i am as well so guess where we get to go we're going to kansas city oh we get a chance to talk to gene gene how are you i am good how are you today oh we're focused and not finished what's on your mind um i just have a question we are praise the lord finally in baby step seven all right and we are we are piling up cash um because we'd like to buy some rentals um hopefully that's something that you know we can still have an income after um we retire so here's my question we have been piling up cash and mike i don't know which way to turn now should we go ahead and pull the trigger and buy a rental or should we use some of this cash that's piled up to convert some iras into roth ira okay now gene tell me what's this pile of cash how big is it well it's not that big yet it's about um sixty thousand dollars okay and about how much do you all have what how much do you have in 401ks right now well all together um with our roth and arena are it's about 6.50 um so the um non-roth is about three 325. okay all right and you guys you said you're on baby step seven correct yes sir okay so you paid off your home already correct yes all right so what type of rental property are you thinking about buying um just a single family home okay and about how much i would start with a smaller one and then you know as we build a portfolio excuse me portfolio and get nicer ones so you know probably probably around a because where we live i can probably get a decent rental for about 75. okay so about 75 000. and so right now as you look at it uh what kind of income do you all have right now each month 100 oh each month i'm sorry uh we make 120 000 a year what we bring home after taxes is probably about um 5 000. okay all right so in looking at this are you and your husband both excited about rental property are you all just looking for income uh basically just looking for income because um yeah we both have a little way we're a little way out from retirement but i understand and i asked that question i really appreciate you answering it how you did because you get some people that are very excited and passionate about real estate and they want to have some real estate but you were clear for you it's about no we're just looking for the income so i in this situation and i want you to sit down with the smart investor pro as well as a tax elp so you can run the numbers but i would say you guys would be best served starting to convert some of the old iras and go ahead and pay in the taxes on it so now this money is shifting and it's going to become tax-free growth for you moving forward yeah right okay and so again running the numbers now this doesn't mean that you all can't eventually buy some rental property right but i want you to do only do it when you're passionate and here's the other thing only do real real estate with cash so good yeah i i don't i want you to pay outright cash for it like none of this going back into loans no more going back into debt y'all been there done that got the t-shirt flip-flops and the sun visor right there's no reason to go back no more yeah no no and so you all when you're passionate about it then go that route if you're not real estate is too expensive ao to be dabbling in hey you teaching good hogan i love everything you just said brother that was good yeah no i'm serious it's just we got to slow down because when you own a property guess what you get to repair it all the stuff leak toilet issue whatever it is you get to do it and ao you know you're not good with tools i know i ain't either if he goes beyond a screwdriver i ain't worth a penny like don't give me no pliers i don't even know what i'm supposed to do with them things okay but but when you own it outright yeah you get to fix it and so uh you know you want to be smart and you got too many people anthony that are running off and you know taking out loans for rental properties and man oh man if you get a tenant that doesn't pay you got a problem got a huge problem and a lot of people found that out last year brother yeah i mean it's a it can be a big issue so be cautious um gene and thank you for calling in again go to daveramsey.com and you can click on the smartvestor pro and you've got an opportunity just kind of run the numbers and look at this uh but i like the idea of you all spending some of that money converting it's not impacting your emergency fund and it's really going to set you up for the future speaking of investing listen to me you know we got a lot of people that were stressed because they didn't have their money in place or didn't feel like they had the right kind of guidance financially uh a lot of people were working side hustles last year and having extra income or maybe you pulled money out of your 401k uh they said close to 62 million people pulled money which breaks my heart because you can you can undo many years of deposits and that compound growth that's happening but again what's done is done but for you to be able to work with a conscientious pro somebody that's not there to judge you someone that literally wants to sit down with you and understand where you are and more importantly where it is you want to go see that's where the smart investor pros are different they're not there to judge you they're not there to sell you stuff they're there to help you get to where you want to go they want to help you reach your destination so here's the deal you don't have to run around looking for the right people we have found them for you yes you can go to dave ramsey.com smart vester we have found professionals that are going to guide you the right way or you can go to chrishogan360.com click on the dream team and you can start to build the dream team you need tax professional insurance professional real estate professional as well as a smart investor pro smart people don't do it alone you get the right guidance so here's what you do text the word invest to 33789 again text the word invest to 33789 and you can find a pro in your area today and i'm going to tell you ao when you get the right people on your side it's a game changer man it's a huge game changer you know hogan and here's one of the things i was telling dave earlier this week man it's you know i'm looking to build like the ultimate dream home by when i turned 40 right so when i told that to my financial advisor my smartbester pro it was like hey instead of putting that money in a savings account you should just open up your mutual fund because i started this you know years ago he was like so you can get a little bit more interest not gonna be a lot but it'd be a little bit more and it's a great place and they educated me on that and i was like yo thank you for educating me giving me the wisdom and the guidance on this journey and that's what you want your financial advisors to do to not just tell you what to do but educate you on why you're doing it that's a strong smart vester pro no you're absolutely right and getting the right guidance man i tell you it can make a game-changing difference all right people stay tuned don't go away we're coming right back this is the ramsey show [Music] folks it's an honor to tell you about the army national guard not only are they big supporters of our high school curriculum but they also give you the opportunity to impact your local communities whether your goals are to get an education serve your country or have a better life the army national guard can help you get there plus they offer unbelievable financial benefits secure your future today visit nationalguard.com ramsey to find out more [Music] [Applause] welcome back everyone i'm chris hogan and co-hosting along with me this hour is anthony o'neil and i can't tell you where how much fun we're having uh and we appreciate all the phone lines blowing up thank you for calling in if you've got a question about your life or your money or a financial situation uh maybe you're dealing with something with your parents or trying to help them or maybe you've got a question you've always wondered about uh should you keep the credit card uh is it time for you to buy a home or how do you deal with the student loan situation what i want you to do is pick up the phone let's talk about it uh call us triple eight eight two five five two two five again that's 888-825-5225 we'd love to be able to hear from you and what's on your mind all right so we're gonna go to the phone lines and i got adam on the line uh from texas adam how are you hi i'm doing good how are you all oh we're doing fantastic buddy yeah we're looking forward to talking to you what's on your mind so i'm uh 23 years old um but i'm trying to get my finances corrected now before i get into anything later on so i had a question you know i have a serious girlfriend and you know i'm looking to get married you know um soon she doesn't know that wait a minute how serious adam how long have you all been dating like about a year and a half okay no and uh uh all right and so face your face all right about a year and a half go ahead yeah about a year and a half and so i want to buy a ring cash but i have a car note uh and i have some money saved already and i just wanted to know should i buy the ring first um or should i like pay off the car i mean i'm trying to save money for a wedding i don't have another job offer that might pay me six thousand dollars more you know or a pending job that might have been making me sick would you call in to let anthony and i decide what you get to do no well the first pressing thing i should ask is that what should i do about the car should i pay the car buy the ring or what what yeah that's what i'm saying that's what we want to weigh in on so how much money do you have saved up about six thousand okay dollars just been saving all right and how much do you owe on the car i owe um about with the payment that i just paid it's going to be about nine seven so ninety seven hundred so nine thousand seven hundred okay and how much is this car payment it's about 265 a month okay all right what kind of car is it a toyota rav4 okay okay all right and now tell me this this is the big question here this is going to tell me if you've done your research or not how much are you anticipating to spend on this ring about uh uh one month worth of income so probably about three thousand dollars okay all right how much do you make a year man i make about forty thousand a dollars a year base we get over time that's before taxes as well and i just started an operation at night with some people where i'm also making about 50 an hour just doing some accounting stuff on the side gotcha and adam best case scenario in your mind when is the wedding happening uh well i spoke to her mother and she wanted us to at least wait until she's done with her bachelor's so maybe next year by june by may well adam i was thinking about a year engagement dylan give it adam no disrespect your mama she don't mother-in-law don't have the right to tell you when to get married uh so i think once you propose you're gonna talk to your uh you're gonna talk to your fiance and y'all two will come up with that date and it may be after she graduates which i think is possibly a good idea um but uh sure yeah i thought i just wanted to be considerate no i agree i mean hey i think it was i think it was i think it was a smart play for you to be considerate in that and it's okay for the mother-in-law to have an opinion come on man an opinion it's not a vote yeah y'all got the vote right so you got the opinion but i'm going to tell you this adam i i like the idea of you attacking the car and getting this thing paid off now i say that again this is this is one of those you looking at it uh and figuring out you seem very intentional uh could you buy the ring and propose and still attack and pay off the car yes you could yeah but i'm not sitting on the fence ao is waffling over here yeah what are you gonna do i mean i'm not saying i completely disagree you know what i'm saying you know i'm just saying i kind of like the fat bruh of maybe you getting a 2500 ring two thousand dollar ring right you don't have to stretch it at 3 000 because it sounds like you listen to our stuff and we say about a month to two months of your salary so i'm saying you can find a good quality ring for about two thousand dollars um and then i will leave you with four thousand dollars to put down towards your car and then i would attack your car while you're starting to also um think about once you figure out when you are getting married so i love the fact of you paying off the car but what i do not want to tell you to do is prolong love yeah because that's the debt will be there but you i don't want you to miss out on something amazing and i say that because of a life experience that i've been through um you know i prolonged it and i and i missed out because i want to have my money right i want to be this and that and this and that and she walked away because she's like if you love your debt more than you love me then we have an issue and i was like i don't i was trying to get rid of it she said but we could have did that together so what i'm saying is you know i agree with hogan i want you to attack the car but i also want to make sure you don't miss out on the love of your life in that process no that's a good point and and we never tell people that you're going to let a financial decision yeah uh determine your relationship or you starting or adding to your family yeah uh so you know that that's nothing adam we would ever tell you to do yeah but you know like i said you have the opportunity to be able to buy the ring yeah propose and still be determined and intentional and attacking the debt the main thing i would tell you guys is to be very hyper intentional with this wedding yes like this is the financial thing that can get out of control because unfortunately people end up trying to have the wedding for all of the family meaning you're trying to throw a party for both sides of the family and everybody's got opinions it's like yesterdays everybody has those too but not everybody gets an opinion on this you and your fiance will get to determine what's going on uh with the wedding and and the kind of ceremony you want to have no joking you said it right man i thank you for saying that because weddings man the average wedding right now is in between 20 and 25 000 unbelievable and even with our income what we make i'm not spending 25 000 on my wedding i'm gonna tell you that right now my wife listening in the future don't even ask me because i ain't doing it oh are you gonna you're just gonna go there i'm gonna go there okay that's ridiculous well 25 000 so someone else can come eat my food to celebrate me no well the main thing to remember is spending that kind of money this is one day you got the rest of the life ahead of you yeah and so be smart and i say this because i've heard of people ao i did coaching years ago and i worked with a couple that spent around 55 000 on a wedding and i was ridiculous you know it was absurd and so it was all a matter of trying to do things for other people and what we have to do is be really really smart all right i want to take a social question for a.o uh uh presley asks i ended up with a degree with no market value would it be a good second option to bounce back meaning do they go back to school and get a different degree no i'm saying i'm gonna say well i can't say yes or no what i'm gonna say is connect with ken coleman figure out what is your sweet spot and then what are the requirements to land your job yeah so if you know your job let's say for example you want to be a barber uh have your own barbershop well that doesn't require you know a four-year degree but there are requirements to get there i think the main thing people have to do is identify what do they want to do i agree what are they strongest and then figure out what what's the direction i need to take to go there yeah don't don't just go to school just for something to do right like go to work yeah like go to work and get some money and then you can go to school at night at a community college uh it's going to be a whole lot cheaper while you knock out the prerequisites while you're figuring out what it is you want to do yeah but you know don't don't make being you know a full-time edge in education being your full-time experience when that's not going to pay you you're paying for it yeah you're talking good yeah it's just you know so i agree ken can help you yes uh over there help you to dig in and drill into this and understand and there's a good place to go when you're confused and it's called work go to work pile up money that way you can attack debt or avoid debt moving forward stay tuned everybody we're coming right back this is the ramsey show [Music] [Applause] [Music] [Applause] [Music] [Music] [Music] welcome back everyone this is the ramsey show i'm chris hogan and hosting along with me this hour is anthony o'neil uh we want you to know that we want to talk to you so if you're out there and you have a question pick that phone up give us a call triple eight eight two five five two two five again that's 888-825-5225 and i also want to remind you if you've been out there and you've been intentional and you've been working this process and you get yourself to debt-free status we want to know you've got an opportunity you can connect with kelly you can come in and do your debt free scream on the stage i just met some folks out in the lobby allure earlier that chopped down and and and evicted that out of their lives gave himself a raise you should have seen the smile on the face got the happiness and everything going because it's not an accident when you make sacrifices you can make progress and so if you've done that we want to hear from you and also if you're on that journey i want to remind you listen to these debt-free screams listen to this visceral moment where people are claiming back their financial lives and that will keep you motivated keep you incentivized to stay on the journey we can all fall off the wagon we can all get tired or frustrated or fed up or have some life happen it doesn't mean you can't try again you just gotta climb back up on that wagon and start moving forward all right we're gonna get back to the phones we got steve on the line uh steve what's your question for anthony and i hi steve thanks for taking my call yes sir thank you i've got i've got a an inheritance coming by approximately 170 000. and i want to know if i should apply that to my mortgage or should i invest that no hail what do you think man let's ask some follow-up questions here see uh excluding your mortgage do you have any other debt i do not okay what's in your savings account right now about twenty thousand okay you got 20k in the savings how much are you investing right now uh i have total invested right now between uh 401ks 457s stuff like that probably about 285 000. 285k okay what are you making a year i make about 100 okay let me quit 100. combined income uh is about 140. okay and how much is your mortgage it is one it's the the remaining is 234 000. okay 234 thousand dollars sounds like you're already putting the 15 percent into your uh your investments you already have a fully funded emergency fund man for me if i'm in your shoes say it again all right you're correct okay cool so for me i'm taking that 170 and i'm putting it towards my house dumping it towards the house all of it single day so i so i keep getting i'm asking all kinds of different i'm asking everybody so if i can make if i can make 12 or you know 10 or 12 in the stock market and the interest rate on my mortgage mortgages 2.8 isn't that counterintuitive uh we me and hogan both laughing go ahead hogan what uh um in looking at this steve what we're talking about um and and i i don't want you to we can go down the r the rate and talk about the the rate of return and things of nature but i want to hit you with one word that is the word that will really be the difference in that equation and that word is risk and when you owe on a mortgage you have debt and debt brings risk and so what what i like is the mindset of you throwing the 170 toward this mortgage balance and you staring down at your statement and now only owing 64 000 on your home how much is your mortgage payment each month uh 1800 so 1800 so you looking at this and the the reality is is by 2022 you could own your home outright right and now you don't have 1800 a month leaving you now you could be investing an extra 1800 a month and what would that bring you you see it's all a matter of perspective now another thing that you could do as you look at this is you could put a large majority of this toward the home right ao i call this the pie graph approach i used to do this when i'm working with entertainers and pro athletes if they were getting a big bonus or a big thing coming in i would essentially say okay let's divvy this up like a pie okay like how much of this are we going to invest how much of it are we going to apply to usefulness okay and how much of it are we going to enjoy okay so looking at this the enjoyment factor maybe that's five grand maybe you're going to take a trip in honor of that family member that left you this money okay or you're gonna buy a new watch or a necklace to remember them by that's the enjoyment side but now let's the use side this is where i'm either gonna apply it toward debt okay apply it toward the house college savings things of that nature okay and then how do i invest some right and so again uh steve you could sit down with your wife and you guys could look at that i think your hold up is man i'm getting this inheritance and i ain't gonna get to do nothing with it right if i'm using it all toward the house right so that pie graph approach could work i mean yeah i like that pie i mean it's a great example i mean five thousand dollars take a nice vacation with the family um you know he can apply something towards that and invest it but me i'm i'm investing all of it oh no you're you're going to use the debt you're going to use off the house as far as an investment into my house that's right i'm with you now you and i are on other levels yeah we're we're strange yeah because we go oh no we know the value of being gazelle intense absolutely and so but again having that mindset you start to think steve in just about a year later yes 1800 didn't leave in you right so you could use that money toward renovations you could use that toward all kinds of things for the future and it just requires us thinking a little bit different sure it really does all right let's stay on the phone uh oh i get to go to the mother state kentucky i got eric on the line eric how are you doing well guys how are you oh focus are not finished what's on your mind buddy yes a quick question uh my wife is an occupational therapist she's a 1099 contract employee she works for company and she is but she's considered self-employed when we go to file taxes right should we be filing quarterly or as long as we save up uh throughout the year can we pay at the end of the tax season oh okay how much is she making in her job uh 35 to 40 000. oh you definitely want to pay quarterly yeah yeah okay yeah because the irs could actually penalize you all because you're not paying quarterly and so if you wait and do it annually you could get hit with a penalty um i i want you to reach out to one of our tax eops and clarify because she's making real money um and most of the time people like your wife or or who are realtors or things of that nature and they're making you know upwards of 30 40 grand or more the quarterly is going to be the best way now it's going to require some structure right because you got to be disciplined enough to make sure you're setting aside the money but to avoid the penalty you definitely want to be paying quarterly my friend so good yeah so um and and it's again you just you know you set aside 25 to 28 of all the money she has coming in and you can figure it out you know all right let's see let's go let's stay we're doing good jenny how are you hi sir how can we help you today i i have a little little dilemma i don't know which one to pay first if i have a tax return of 8 000 should i put it towards my mortgage which i'm at less than 40 000 or should i put it towards my school loans and don't fall off you're dead which i i'm at 61 000. i might go wrong school loans yeah school loans yeah school loans here's why real quick because we bout to go to commercial break uh your house you're good okay you're good there uh your student loans is hitting you with interest left and right well right now you're not paying the interest if they're governor right now yeah but what i want you to do is go ahead and get that not down as much as you can before you do start paying interest back on it but so take that eight thousand dollars take any extra money you have coming towards it knock out those student loans and then go to uh your mortgage okay all right so regardless of the balance regardless yeah yeah jenny and like ao was saying the house is separate we want to knock out all consumer debt yes loans credit cards car loans all of those things everything except your mortgage apparently want that deleted out of your life then build up a fully funded emergency fund then you can start working on the house so that's the order and again just you know and also talk to your tax professional we got to figure out why your refund is so high you can get more of that money each month as opposed to letting the government have a tax-free loan but i'm not going to get started on that right now because we're going to commercial break this is the ramsay show [Music] so [Music] [Music] [Music] welcome back to the ramsey show i'm chris hogan and hosting along with me this hour is anthony o'neil uh we're excited to be with you but i want to start off and i want to do today's scripture is coming from proverbs 9 9. give instruction to a wise man and he will be wiser teach a righteous man and he will increase in learning today's quote tell me and i forget teach me and i remember involve me and i learned that's from benjamin franklin all right we're having a blast hanging out today taking your calls we have hit many topics uh and we want to keep talking to you keep connecting with you right where you are so we're going back to the lines and we have jessica on the line jessica how are you um i'm okay how are you i'm doing all right young lady what's on your mind um the reason i'm calling is because i am 36 years old and my husband passed away three weeks ago um unexpected oh jessica it's very awful i'm so sorry well thank you um we've been following the dave ramsey steps since about 2018 and so we have no debt and i did get life insurance um and it's for 1.15 million dollars okay um and so i'm not of course i have like people giving me financial advice yeah um but i know because of the steps that i need to pay my mortgage off and top up my emergency fund yes ma'am and but i'm just wondering beyond that like do i need to keep contributing to 15 every year for my retirement okay jessica there are many steps that uh you're going to be uh facing yeah uh decisions to make uh but right now it's all a matter of the timing of those things and young lady i'm so glad to hear that you all were plugged into the plan and you got life insurance in place uh what happened to your husband um well it's pretty crazy but no they don't know like basically i found him collapsed in the bathroom in the morning and he was fine the day before okay so there's they did an autopsy but they still don't know and they think maybe he had a heart arrhythmia that's very rare right i'm so sorry uh do you all have any children we have no children okay do you have family near you i do okay i'm glad and that support network is really important um here's what i say jessica whenever i bump into somebody and unfortunately i have encountered many people going through different phases of life in my 20 years of doing this uh but typically what i advise people to do is when you have life insurance come in i want you to park that money into a money market account uh i just want you to park it right over there it's not a time to try to make decisions it's not a time to be moving forward and just let it sit there for two to three months uh while you gather yourself you're going through so many things walking through so many trying to make decisions and dealing with all these things coming at you you need a clarity of mind and a peace of mind as much as possible while your heart hurts and so parking that over money market account uh like you said you've got a lot of people coming at you and unfortunately you've got a lot of sales people coming at you and you can also have some people that have the right heart to guide you but you want people to come alongside you and be able to point you in the right direction and so yes you do want to keep working the steps one of the things i would ask you to also to be really as my grandmother would say be prayerful and careful about is what's the future of this home look like for you and i say that because it may not be a place you want to be it may be too painful of a reminder for you and so putting that home on the market might be something you consider doing or you may want to stay there and pay it off so you're gonna go through and make some decisions for yourself uh moving forward but i want those decisions to be on your terms i don't want you to feel rushed or feeling like you have to hurry up and do something uh just because you've had the thought you may want to put get a notebook and start to jot some things down some ideas and questions and if you want kelly will get your information i will get you connected to one of our financial coaches someone that can walk alongside you and help you kind of begin to make the list of questions not do anything just yet but somebody you can talk to about the thoughts and ideas you have so you can begin to kind of make a game plan for yourself and so i'm going to take care of the first three meetings with that financial coach for you um and just know i'm praying for you i want you to make sure that you get connected to a therapist and a counselor uh you've got some grief that you're gonna have to walk through uh and get people around you just don't isolate that's what i wanna tell you uh as a former master isolator uh when you isolate yourself you're only with your own thoughts and your own feelings and it's so good to have somebody to be able to bounce that off of no that's so good man and i'm trying not to be emotional man because you know two weeks ago we just lost my cousin they're dead as well and one of the things i want america to hear is life insurance is so important she was a she was a steward and an avid listener of me and she had a very healthy life insurance policy in place and it felt so good uh to see my aunt and my my cousins her siblings to be able to bury her in peace not be frustrated with how we're going to provide for things i'm hoping to pay for things and to hear her that now she can pay off her mortgage she can mourn in a joyful way not in a how am i going to survive way and i just want to hear america i can't remember our information on how they get life insurance checkups and stuff like that man but this is so important my cousin was 28 years old hogan you don't know what tomorrow promises but if you have a family if you have loved ones just make sure that you do the hard work today get the life insurance policy make sure you have a will in place make sure you have your things in place so if the lord does call you home at least your family can celebrate your transition and not not not not just be hurt and don't hear no you're absolutely right it adds not having life insurance adds headache and heartache to already a hurting heart yes and so you know we say all the time here at ramsey solutions life insurance is how you say i love you to your loved ones yes and so i want to do a teachable moment here for a minute we tell people to get 10 to 12 times your income in term life insurance so that that 10 to 12 times so if you're making 50 000 a year you're looking at 600 to 700 000 in term life insurance not through your job hear me you're not going to do that don't check the box for two times your annual income in term life insurance no you want to get life insurance outside of your job 10 to 12 times so if you lose or leave that job you don't lose or leave behind your life insurance so it's important to have this in place if you have people depending on your income dependence maybe your parents are sick and living with you if you've got somebody depending on you then life insurance is necessary however if you are a individual and you're single and you've got an emergency fund to take care of your final expenses then no life insurance isn't something you need so it's really important to get it and a lot of people say hogan i don't understand it so i'm going to get it well guess what i'm going to break it down for you exactly what's going to happen in order to get term life insurance they're going to set an appointment they're going to come get your height your weight they're going to get some fluids blood and some other urine and all the things and they're going to send it off to the lab and in about six to eight weeks you'll have a policy full and in effect okay that's the deal and so but you have to apply for this you have to be proactive with it and i don't want people putting it off anymore don't no don't tell me you got too busy you can't get too busy to get this in place it's really that important come on man thank you for teaching that yeah and by the way people don't understand ao if you get term life insurance of a million dollars and someone passes away and they had a million in coverage a check for a million dollars is coming yes in the mail yes and so that's why i was given her the advice of parking that money just to collect yourself you know what you don't want to do is try to medicate buying stuff that stuff won't replace your loved ones right and when people end up trying to make money decisions when their heart is broken that just leads to more headache and heartache way more a lot more regret yes and so i want people to be intentional with that uh be really smart you know and uh i tell you man it's amazing you never know what people might be going through you don't man and here's the thing what you said hogan is life insurance is your way of telling your family i love you and i will miss you and um man and i'm just trying to get emotional myself so thank you for teaching it man oh absolutely well listen i want to thank all of you all for tuning in to the show uh i want to thank producer james childs associate producer kelly daniel i want to thank all of you for tuning in ao thank you for hanging out thank you has been fun and until next time stay focused and not finished you can do this and we're here to help this is the ramsay show [Music] you

Channel: The Ramsey Show - Full Episodes

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

Id: SGYaQZHSk1s

Length: 121min 20sec (7280 seconds)

Published: Fri Feb 26 2021