May The Force Of The Debt Snowball Be With You

is the ramsay show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host anthony o'neil ramsey personality number one best-selling author of the book debt-free degree is my co-host today we'll be taking your questions about your life and your money the call is free and some say the advice is worth what you pay for it the phone number triple eight eight two five five two two five that's triple eight eight two five five two two five stephen is with us in hudson wisconsin hi stefan how are you hey dave ramsey hey hey how are you guys great man what's up uh not much i've been just started listening to you guys both of you actually um back in early march uh me and my fiance are both working our baby steps we're in baby step two so our question is we get married next may and we're trying to figure out how to save that money for that um or if we should start finding our expenses and using that as part of the snowball uh because we want to run you know we want to basically cash for our wedding that's smart very small congratulations a year from now that's correct yep okay cool how much debt do you all have in baby step two well how much that do you have and how much does she have yeah i'm i'm i'm about 45 000 and she's a just under just under 40. we've already paid off 10 total between the two of us so far since march good okay you're making some progress then and on that schedule you'd be debt-free almost by the time you get there right yeah that yeah that's what we're really trying to do we just know that we have that coming up and we want to make sure we're not adding more debt yeah absolutely so what's your income and her income um i'm about 60 and she's about 50. okay so what are you two thinking you should spend well we've already got um most of the area started we're getting married in montana we were able to save some money by getting married at a friend's house um and we've already got a few of the more expensive items already paid for now it's just the finalizing um food you know the catering side of things so we're figuring i'm figuring between five and ten remaining um to pay remaining how much have you spent already uh about three thousand and so what is she what is she thinking um we're pretty much on the same page of that it's our our more of our concern is food because catering can get ridiculously expensive really really quick well yeah i mean we've done some done some big ramsey weddings and we like a big party and i can tell you from experience the reception is the big ticket item it's the most expensive part of the whole puppy like all like all of it's there and so um uh just about i mean compare percentage-wise so um correct so you're you know i think the thing is you set your budget and then the food conforms to your budget you don't set your food and then make up your budget yeah okay yeah okay that's fair that sounds good i could do with anything else you don't say i'm gonna i'm gonna go car shopping and then figure out what i'm gonna spend yeah you go i'm going to figure out where to spend and then based on that i'm going to know which car lot to be on yeah and then also too i mean i don't want to kill the the wedding dreams and dave may disagree with this one but you know i think you and your wife need to sit down and figure out what's your priorities is it going into this marriage debt-free is that the priority or is it like hey let's eliminate some of the debt and have a real good wedding and then attack uh the debt when we get out of it i think you two sit down and have that conversation but in my personal opinion i love the concept of paying off as much debt and having a good wedding my sister got married with no debt and they had about a 5 000 wedding and it was beautiful at a mansion outside but the majority of the money was for the food but it was a reception and wedding all in one so have the conversation uh but i would definitely figure out what are the priorities and stick to the priorities going into the wedding yeah i think based on that i i don't disagree with him i i would just say tinger your limit yeah i like it i like that 10 doesn't feel completely out of control making 110 right you're gonna get to between the two of you you're going to get to the debt pretty quickly if you said 20 i probably would be dialing you back down yeah um you know if if i were and you know the way we're talking this through stefan is what we would do if we woke up in your shoes it's not a there's not a like a one smart and one's dumb but you know so that the main thing i'm wanting is to make sure that the two of you really are in agreement on this because i can tell you this as soon as you start shopping the items and you've already discovered this with some of the things and that's why you made some of the choices you've already made the sky's the limit on what you can spend and so if you don't have boundaries before you start shopping you're going you're going to really yes uh end up going yeah well we could we could do a little more yeah right yeah and here's what yeah and here's what i love dave when you set boundaries you'll find what you want inside of those boundaries yes yeah but you won't if you don't exactly yeah you'll get you'll get scope creep yeah you know on this thing the scope of it will creep up and all of a sudden you're going that 20 thousand dollar card drive better enough ten thousand dollar car i'm just saying and uh if you don't that this is how people impulse and he's not he's got yeah because what he's doing is you can tell by the way he's asking the questions it's very thoughtful right very intentional there wasn't a flightiness about it there wasn't a you know an immaturity about it so i think he's going to be real good but uh yeah so i'm in agreement with and anthony's grudgingly in agreement with your dollar amount yeah yeah ten thousand he's trying to cut you back to five bucks but somewhere in that range is going to be about right and don't let it creep up to 12. and here's but see here's why i said five though dave because it's going to creep up and your 10 is going to creep up to 13. no it's not if it's me it's you know this i i there's a lot of stuff i do but when i set the budget done that's the deal trust me that's the deal i know man yeah it's um it's a problem you know that because you know and i think that's a great question because it does help us jump off into even a bigger subject anything having to do with the subject of money 90 of people lose with their finances because they don't tell it what to do it happens to them yes instead of them being intentional and happening to it right so when you get a guy like stefan asking the question yes and he's already put thought into the process yeah he is happening proactively to the situation he's not a victim of my wife my my fiance and her mother are driving us off a cliff with what they're spending yeah and we're in a reality show he's not a victim yeah you know everybody's being grown up and is on the same page and this is when boundaries actually you know our budgets with amounts actually work and they cause you to become wealthy over time absolutely and david we just did a study and released it here uh yesterday we found out nearly six out of ten people in america do not even budget right now and so i can't believe and another ten percent of them lie yeah so it's probably seven or eight out of ten probably so you know probably so that's uh i mean it's just you know people because listen here's the thing if you don't do things on purpose to win you almost never win yes sir winning is not an accidental act yes it's an act of intentionality yes sir and that's true of every part of our lives and it's it's the biggest thing if we can get you to do this with money is just be going i'm going to make it behave it's not going to tell me what to do and i'm not going to wander into chaos and wonder how i got there so good this is the ramsey show [Music] so [Music] stop paying your overpriced wireless provider and switch to puretalk they use the same network as the larger providers for much less for just 30 a month get unlimited talk text and six gigs of data with no contract the average family saves over 70 a month by switching to pure top just go to puretalk.com and enter the promo code ramsey to save 50 off your first month pure talk simply smarter wireless [Music] so [Music] anthony o'neil ramsey personality number one best-selling author and host of the table on youtube and as a podcast be sure and check out the table there are lots of interesting people coming to the table to have a conversation with anthony and be sure you tune into that check it out our phone number here is triple eight eight two five five two two five if you're tired of feeling stuck with your money like you'll never get out of debt or you'll never be able to save it doesn't have to be that way you can make progress with money and faster than you think but the only way to make it happen is with a budget and that's why you need a ramsey plus membership you'll get access to the premium version of our ever every dollar budgeting app where you plan out every dollar you'll ever spend before the month begins this is that intentionality that anthony and i were talking about before the break you connect your budget to your bank so you never miss a transaction you get custom budget reports and in ramsey plus of course you can go through financial peace university several of our other classes are there several quick one-off lessons are there and when you budget and you get intentional with your money you will make progress fast and you can start budgeting for free today to start your free trial at ramsey plus text trial 233 789 text trial two three three seven eight nine alex is in los angeles hi alex welcome to the ramsey show hi dave it's an honor to talk to you i appreciate you taking my call sure what's up so i'm just looking for some general advice here on starting an e-commerce business specifically white labeling products on amazon and i'll just give you a little background on my situation so i currently run an auto detailing business but i broke my foot and i luckily just finished baby step three and this month i'm able to get by without dipping into my emergency fund and still having a little bit of money to invest in amazon and i'm allocating exactly a thousand dollars to get this business going and i do have good guidance around me i have some mentors uh therapists facebook group uh you know i definitely have good guidance around me but really i'm just wondering if there's any general advice you can lend me to uh you know so i can have my best chance at succeeding so what is it um where did you discover the idea of doing this about a year ago i actually stumbled across a youtube video that it was marketing a software and the guy that makes the software was you know just talking about the amazon experience and what it really entailed and it really interested me so i've actually it wasn't just because i broke my foot i wanted to get it started i've been wanting to do this for a while with that guy's software yes so he sold you a business idea um well it's this so the software is something that you you do the product research and you do accounting and it helps you run the business um but really what sold me was you know him talking about what the you know just what white labeling entails and uh so uh yeah i mean the basically it was it was kind of the culture of this you know his company and the software and you know the the facebook group that i'm involved in also is a group of these people that are you know they they also use that software too but there's just you know different amazon sellers on there and uh so um but yeah i mean i can't really pinpoint exactly you know anything that sold me on it it just sounded like uh it was just an opportunity i got excited about once he started explaining it and uh you know the youtube video okay well um is white label labeling on amazon real is drop shipping on ebay real yes they're real there are real ways to do that um but more people make money doing what he's doing than what you're talking about doing right um right yeah and so i worry about how you got into this and what it's really led you to uh it's not to say the whole concept is invalid uh but uh you know i i would not end up i would not want to end up paying him more than you are making and you're really going to be close to that if you're not careful so and here's what's happening is you you found a concept and now you're backing into it and really the only passion you have for this is making money yeah you've already paid him more well alex oh i'm sorry uh what'd you say anthony you already paid him more so actually so basically what i paid for was the subscription for the software and it he sells a curriculum that i had bought a year ago and you have lifetime access to the curriculum that teaches you the ins and outs like a to z what it takes to do it and um so i already i i already paid a year ago for the curriculum and then it's a yearly subscription for the software yeah well here's the thing i i am not an expert on white labeling on amazon i mean we sell a ton of product uh on on all kinds of web based things and amazon's one of them so uh our marketing team does a lot of that we don't do any white label on amazon today uh we have we produce our own products so we don't need to but the uh but they're products we're passionate about and so forth and uh so so what i would the only thing i can counsel you to do is is this smells like a get rich quick business in a box thing that somebody has promised you a bunch of stuff and it just scares me the way it feels yeah i'm not 100 so to where i'm ready to just slam my fist down the table and go you've been had uh but but i'm worried about you uh and so if i'm in your shoes based on that if i get that feeling and i'm in a situation what do i do i get some more information yes about this and i'm not anthony i don't know enough about the actual subject to advise you but what i can advise you is the life and business acumen part of this is you need some input from someone outside of people dealing with this guy yeah you need to find someone outside of this guy's i was hopeful when you said the facebook group that wasn't his facebook group but it's his face yeah so you're not got anybody outside of this uh guy and his influence that's telling you that this can be done yeah and telling you where the holes are and the upside is and the downside is the pros and cons of what you're looking at doing uh so you need to get with some e-commerce people that uh that know more than i know yeah uh but also are not in his camp and that's before you give him another dime yeah absolutely so uh um yeah we need to go make some money now so uh yeah so the i'll tell you what alex let me tell you what this lines up with the reason i'm when i was your age um i went to a weekend or to a one night seminar on how to get rich in real estate and this guy was 25 it wasn't free and um he their main pitch at that seminar was not how to do real estate their main pitch was that everybody's doing it it can be done and for three thousand dollars this weekend at our boot camp we will show you how to do it and then when you went to the boot camp i didn't go but i know the guy that was running it years later i got to know him and basically what he sold was when you went to the boot camp the next thing they sold you was well get in our subscribe to our thing and when you find a property we will buy it and we'll go in partners with you and uh and but you have to cut us in and so it just kept going on going and going and going in layers instead of ever really just saying hey i'm going to learn how to buy foreclosure real estate and i'm going to do it right which is actually what i ended up doing right uh aside from this but and the guy got me started to his credit like this guy could get you started alex in e-commerce or white label uh with amazon that are very real things buying foreclosure real estate is a very real thing running it through that system where i paid twenty five dollars to get to pay three thousand dollars to get to bring him in on all my deals yeah that i find for him yeah and he puts up the money ha ha um which never really happened it never did i never found anybody who ever did a deal wow i know lots of people went to the boot camp and lots of people signed up but i never found anybody who actually got hit the guy to put money into it and um you know and then later on and nothing down real estate he went broke like i did i went broke too so both of us went problem but you know that you so the thing is you just you need to get something other than this guy's system because this feels kind of like that yeah i don't know if that makes sense or not i'm not saying the guy's bad but it just feels like that hey folks i got a great option to help you pay for your education the army national guard the army national guard believes you are the next greatest generation because you have proven that even in adversity that you have what it takes to succeed that's why they offer benefits like tuition assistance career training and a paycheck to help you avoid debt no matter what your goals are the army national guard can help you get there visit nationalguard.com to find out more [Music] anthony o'neil ramsey personality is my co-host today here on the ramsey show open phones at triple eight eight two five five two two five andrew is in fort collins colorado hi andrew how are you doing well thanks for taking my call guys really appreciate it sure what's up so my new family and i are looking to close on our very first home at the end of may in nebraska we're relocating to a more affordable area and to be closer to in-laws however we got a call from our realtor yesterday saying that the home now has three feet of flood water in the basement so what we're trying to do is just get some perspective like we're trying to figure out is this a blessing to say hey you know what this wasn't meant to be like we should back out of it we may have to negotiate with some costs that we talked about with the seller prior to moving in you know if we exit but there may be some homes in the area it's not as hot of a market as some of the other areas that we were looking at or b is this something that you know it's a chance to renegotiate the cost with the seller and or is this just going to be this a mountain of work ahead of us with three feet of flood water i just i don't know you know we're kind of it kind of just threw us through a loop because we had a crazy 2020 and we were like you know what we're going to be settled we know we're going to be it's our first home got this nine month old and we're out of the state but now we get this thrown at us we're like okay we just really want to think with objective opinions and just what's the best decision to go forth on this yeah so is the um the property in a flood plain you know it's in a low risk area and it's never really had anything happened to it before it really surprised everyone and our realtor is getting more information and you know there's a federal floodplain right is it in a floodplain it's technically not it's a 3 out of 10 score on the fema risk that's the best information that i could find um and our realtor said no it's not and she seems to think that they've been doing some paving and like redoing of the roads in that neighborhood and it may have changed the flow of water and it could have just been this freak thing that happened to this home and like one or two others but we just don't know whether it's a freak thing or not you know now it's on the history of this has been flooded and you know we wonder if it's even worth staying in or maybe it's just a free thing and it's an opportunity we just we just don't know you are a brand new married you have a nine month old and it's your very first home purchase you don't need this absolutely not right i'm getting out of it man right now now you said i think it's just that oh it's just a house deal yeah it is just a house deal and the house flooded yeah and they lost their buyer that's it now you said you may lose some money what money will you lose well it's not much so like what we you know they didn't have a radon system installed and when you talk with the seller and said hey you know if we you know end up going to this home um we love that a radon system installed they said sure you know we decided to pay that up they were going to give us the credit at closing which is about twenty two hundred dollars and um the rate on system is only sixteen hundred and we said yeah we pay for that you know now and then we get that money back at closing we're just you know wondering would we have to eat that cost and and you yeah that money yeah and the lesson you learn is you don't put you don't put systems in other people's houses right you know you shouldn't have done it that way they should have done it period if they wanted to do the deal got it but um okay if you wanted it that bad but um yeah that's your lesson right here but you know they they've got a flooded house with a new radon system in it bless their hearts you know yeah that's uh uh it's just a hot crazy market it doesn't matter yeah it doesn't matter your life is already crazy you're moving you have a nine month old and a new marriage the last thing you need is a flooded basement man absolutely man yeah it's a week that was kind of my instinct i just kind of needed to hear that objective now five years five years now today you'll be glad you did not insert this hassle and mess and clean up and potential future problems into your life while you have all these other things on your plate that are much more important right even if you rent for a year whoopty dupty right right yeah we just because they were saying you know maybe we'll lower the cost like significantly and i was like it's not about the cost it's about it's about you're you give up a huge chunk of your life in an already chaotic life it's about peace man yeah you know you want peace right you need peace yeah right now if you call me up and said i want to build a house yeah i would tell you don't build a house for your first home don't build a house in your first year of marriage and don't build a house with a nine month old this is a good way to get a divorce you know but why it's peace it doesn't mean it doesn't mean building a house is a bad idea it means in your situation you are asking for crap you're asking for trouble man and just don't do that i wouldn't do it yeah andrew i would just call you real to say hey let's get out of the deal asap yeah just end it man i'm sorry and start fresh and go look for something that's not in a flood plain yeah or not a 3 out of 10 on the fema risk even all right alyssa is with us in oklahoma city hi alyssa how are you i'm good hi guys i have a quick question um my husband and i just finished baby step two march 20th and we are on baby step three but we are having a military move coming up um in july so we're kind of putting that on pause for now but my question recently came to me with an idea of his is to sell his truck that we just paid off um and downgrade quote unquote um to a about a ten thousand dollar less vehicle and i don't i want to make the right decision and i just kind of that's where i'm when he says gas mileage and it just it's not a truck because you have a truck and so he wanted to downgrade to an suv um what kind of trucking why no this is where i'm kind of worried suv is not from a truck is not a gas mileage move yeah yeah uh yeah so from a it's a 2018 silverado and he was looking at a rav4 toyota so i don't know that probably would change gas mileage yeah yeah now that just how much does he drive um we right now we live we he's a drill sergeant so we're very close to where he works um but when we move it'll be maybe a 30 minute drive um one way um i was not sure is he trying to use this extra money to put inside of baby step three is that what he's trying to do yeah we if we pocketed the 10 000 difference and from my understanding um it would go to our fully funded market we'd be done with baby sensory so so you're like dave you must really like the truck huh uh it's my husband not me but i think he he really liked the truck and now i'm kind of thinking it's a monkey wrench because we just paid it off and kept with it and now he's talking about downgrading i don't know if he says it's because he's seeing the big picture and i just i don't want to just make a decision very quickly and i don't know if it's silly to downgrade or just keep it i don't know facility to keep a trick as well when he says he's seeing the big picture what is he gaining by selling the truck ten thousand dollars in the baby step three that's the big picture move that's what he's wanting to accomplish pretty much he values that more than he does this truck over a rev4 i'm not sure well that must be why he's wanting to do this unless there's some other reason he wants to do it yeah i think he just wants a downgrade is what i'm saying but i know but there's nobody vaguely wants to downgrade i mean there's a reason absolutely especially once y'all just paid it off well how much do y'all vaguely want to upgrade i don't vaguely want to downgrade is around 47 a year [Music] yeah you need to downgrade yeah he's been actually listening to what we teach yeah you have to you have a truck you have a truck that's too expensive yeah yeah that's what he's seeing yeah you've got too much tied up and things going down in value okay i'm assuming that that's what's happening is that he's a little more plugged into what we're talking about in teaching than maybe you are because we tell people not to have more than half of their income tied up in vehicles and you probably do absolutely so yeah i think that's probably smart he's right [Music] [Applause] [Music] [Music] anthony o'neil ramsey personality is my co-host today open phones a triple eight eight two five five two two five nancy's with us in birmingham hi nancy welcome to the ramsay show hi dave thank you for helping us be better stewards of god's money well thank you i'm calling no thanks i'm calling today with a question about what you would recommend for the amount of an umbrella policy to protect your nest egg we do have two kids on our auto policy we are everyday millionaires and we just want to make sure that we're making a wise decision as far as total coverage i'd pick up another million as an umbrella policy you can do that for usually two hundred fifty three hundred dollars a year and uh just check with your uh property and casualty insurance uh provider whoever's got your homeowners and car be probably the least expensive way to get it um and uh it's uh what that does is it attaches to the top of adds to the liability limits on your homeowners or your car so those those things stay in place plus a million is what the million dollar umbrella does because as soon as someone discovers if you if you're if you're in a car wreck and someone discovers that you have some money you have a target on your butt yeah yeah well that's what i'm worried about so it's not based on how much your nest egg is no i mean they're they're you know i i have had a million dollar i had a 5 million i got a 10 million now uh so which nowhere near is sufficient you know if you want to go the size of my net worth uh it's not even close but basically what i'm buying there is lawyers right because the insurance company is not going to want to pay out 10 million and so they're going to fight to the death with someone that unless there's a true liability unless their client me has truly posed a liability but if there's just somebody that's trying to be an um some ambulance chasing lawyer so to speak that's uh just they're trying to get money quick and easy out of somebody then they're not getting it out of me okay so we have two million currently do you think that's enough then as an umbrella i won yeah oh good yeah that's fine well what's your net worth uh about four million yeah you're fine you're fine because here's the thing that you're not going to lose a lawsuit uh the the law the light the likelihood of you losing a 5 million lawsuit and not losing a 2 million lawsuit is zero okay so if you lose the two million you know the insurance company is going to fight it and if but if you do something that's completely negligent and you know you're completely out of control or something uh and you cause a wrongful death due to hit head-on dui or something like that then you know you're going to lose your stuff and the amount of insurance in the world is going to take care of that okay right but the uh but if you're if you're just the main thing i'm after here is somebody bumps into you or you bump into somebody and they try to act like it's something that it's not not not a legit or even a small claim that was uh you know say a half million dollar claim or something like that you wouldn't want to absorb that for no more than you paid for the 2 million but a 50 million claim this is not going to help you with that right that's my point well i mean if if your kid gets drunk and hits a car full of people and kills eight people and there's a 50 million dollar claim on you um for wrongful death then uh on your kid or whatever then you know you got other issues that that an umbrella is not going to solve right okay so this is for this is for the smaller or the medium-sized ones the uber small ten thousand dollars you probably got that as a deductible you know so you know you're gonna take care of that anyway so what'd you pay for the two million dollar umbrella uh we pay i think 600 a year that's about right okay good i hadn't priced a two million in a long time so that's good who's it with you want to say uh state farm okay all right good yeah that's a that's a very good price it's not it's not a you know you're not getting ripped off and you're not overpaying by double or something like that that's not a not a bad price at all on a two million dollar umbrella so good hey thanks for the call open phones at triple eight eight two five five two two five so anthony one of the things we teach around here is that once you start to do once you start to build wealth you hit that uh baby steps millionaire everyday millionaire status you've got your million dollar net worth we you start having to do things to get rid of the risk yeah yeah you got to play defense and offense yeah and um defense includes extra insurance uh offense includes high deductibles which keeps the extra insurance cheaper yes yeah yeah yeah yeah and if you start buying other things like you start buying some real estate or something maybe you put that in other names other names uh meaning a comp open llc's which is what i have my real estate in uh and those sorts of things and uh you know you're it's called just risk management at that point you're managing risk spreading it around so that the target on any one of these things is small enough that it's less uh it's less attractive for some attorney to spend all their life trying to get your money trying to get your money yeah yeah absolutely now let's say dave why would you say cause this is some of the questions that i get like from younger people well why not llc why not go get a s-corp well holding real estate in s-corp you can't do yeah it won't work from a tax standpoint okay um they're about the same thing if you're running a business they're very similar the llc in some states is easier to operate yeah but for holding real estate uh you can't hold uh passive income like real estate income you can't hold rental in an escort okay that has to be active income like you're on like you're running a business right and uh rental properties different kind different classification of business so you put your real estate into an llc this company ramsey his own is the lampo group is the formal name was an s corp originally technically still is an escort but we rolled it into an llc because of tennessee's tax status oh they tax llcs differently than s corps uh and it keeps us from being taxed wow because tennessee does not have an income tax exactly yeah but on the s corp we were getting into all these other side angle taxes and stuff and we had to move away from that but on the federal level it's exactly the same it's passed through to your personal on a federal level i just learned something but from state to state you do that and so i've had you know this company started as a sole proprietorship which is my name my social security number yeah moved it to an s corp and then later have wrapped that into a an llc because of local taxation okay okay local tax law so you've just got you've just got to constantly be looking at that stuff as you're building wealth risk management tax management all those kinds of things start to take up more and more of your time um to keep the government's hands off of what you've off of money you've already paid taxes on now dave they'll go effort again so what do you say to people who are debt free have a half a million dollars in savings and investments should they still start to start like start covering themselves a little bit early or wait until you hit that seven figure i i think you're fine to go because it's 200 bucks to get you a million dollar right umbrella i'd probably do it okay once you start to worry about it but i mean up until half a million i wouldn't i would just not because most people it's they're not coming after a hundred thousand dollars in a situation like that they're coming after millions millions is what they want or they see a half a million into them that's like hitting the lottery yes uh and so it's um i mean i literally one time i i caused a wreck okay i was going across a bridge it was raining like crazy like it has been today here in tennessee and i was half watching what i was doing and i slid and i hit and i bumped a car from behind now the car i hit in front of me i hit them pretty hard not not like super hard but hard enough they were sitting still at a stop light that it pushed them into the next car the next car was this had a den in it the size of a softball i mean it that they barely got bumped and they came for you and that woman comes out holding her back like she was dying and she wanted more hurt than fly the moon she just thought ding ding this is my ticket and uh you know the stinking insurance company my insurance company decided to pay her against my you don't have any rights they're going to do what they're going to do because they didn't want to be sued by her and so they paid her to get rid of her they gave her five thousand dollars and she was not any more hurt than fly the moon but that taught me people out there you know because if i get hit like that and i'm not hurt i'm not gonna try to i'm not i'm not i'm not gonna commit insurance fraud no you know but i'm telling you when it's the size of a softball you do not get a back injury okay it's just common sense so but people are out there and so you've got to you got to be thinking like she's thinking so it's very very wise ah that puts this hour of the ramsey show in the books our thanks to james childs our producer kelly daniel our associate producer and phone screener anthony o'neil is my co-host today i am dave ramsey your host and we will be back [Music] hey guys this is james senior producer for the ramsay show did you know over 18 million people listen to the ramsay show every week and a lot of those people listen on one of our 600 plus radio stations across the country to find a station near you head to thermzyshow.com [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host anthony o'neil ramsey personality best-selling author of the book debt free degree how to go to college without that he can show you how he's my co-host today as we're taking your calls about your life and your money open phones at triple eight eight two five five two two five monique is in trenton new jersey hi monique how are you hi i wonder if you can help me figure out if i can afford this next move i am 75 years old single i own my own home which i can sell for about a third of a million i thought i was going to stay here forever it's a two-story home however three months ago i suffered a one heck of an injury which made me rethink things and now i want to sell this house and get into a senior living complex and i'm wondering if you can help me figure out if i can afford this thing long term my uh assets my net worth is approximately one million dollars the initial buy-in for an apartment that i like is about 270 000 with a monthly fee of 3000 that is going to be going up historically they say by approximately four percent now my monthly income is approximately thousand dollars that includes pulling out of my stock and bond portfolio the rest of it is social security and an annuity you mean your annual income yes i'm sorry what did i say you said monthly i was about to say yeah you could clearly afford it yeah so you have you got about 50 grand a year to live on you're going to put most of your house back into this deal and you're taking on an extra three thousand what do you get for 3 000 a month after you've already paid for the apartment just about everything okay all utilities uh you get 30 meals a month all the social stuff that goes on now that's just independent living they also have what they call a continuum of care where you can move into assisted living and then later into nursing home or memory care and those monies go up assisted living goes to 55 fee a month 5500 a month and memory care at 85 100 a month so what happens to the property what happens to the property when you die they keep 10 of it and the rest of it goes back into your estate okay and they go up in value i assume no i don't think they do okay no they're they're keeping all of that okay okay so now you can if you start to run out of money the deal is they can't throw you out once you're in they contracted to take care of you forever yeah but they're looking at you they're looking at your net worth for that so they know they got you covered and also they're looking at that money that they have up front the buy-in money which they will start to chip away from in the event that you lose the ability to pay so is this something which is reasonable for me to think about they're asking what they're saying for financial requirements assets approximately two times your initial buy-in including a house and they want an income which is you multiply your monthly charge by 1.4 now see i don't know what income is well sure it's your 48 000. so four thousand four thousand dollars a month and they want three times 1.4 so you're okay but you qualify believe me they're going to sell you this um okay so what is an alternative you know the way to look at it is say okay what other options are there and um do i you know where am i at risk and what else can i do so if you bought a similar property and bought your own care for three thousand dollars a month including food uh but that property went up in value but you'd have to mess with the potentially you know if it was a condominium maybe you had to take care of the inside of it the exterior is part of an hoa but the asset doesn't you know it does go up in value and they don't keep the appreciation you keep the appreciate your your estate keeps the appreciation so you're 75 other than this accident you're in good health right yes that's correct so let's say what 10 or 15 years worth of appreciation on a piece of real estate yeah so 15 years ago what was this 350 000 property worth i mean 25 years ago it was 150. yeah so they're worth 200 it's gone up from 200 to 350. it's gone up 150 in 15 years yeah and that's you know that's what you're giving up um but what you've got is a system and a group of people around you to take care of you and all kinds of different stages so it's how much um obviously they're running a business they're not doing anything evil it's not a scam but this is one of the ways that elder care is structured these days and it obviously has a profit built into it there's no question about that and we don't you know i don't mind a restaurant making a profit on me i don't mind my car repairman making a profit on me and i don't mind your nursing home making a profit or your assisted living making a profit on you we don't mind that the question is just do you have a different way you can do this that'll give you the same services at a better uh transactional rate maybe not it doesn't sound like it's nothing's killing me here with the numbers are you anything scaring you with the numbers no i'm not i'm not up i'm kind of like okay out yeah what you're giving up what you're giving up is a sense of control and ownership yes yes that's true and what i'm gaining primarily is socialization because they've got five million clubs five so you can you can go stay in another one if you want to go travel you can just is that what you're saying stan and no no so they they've got lots of people there that would be my age that i can say hi to and have coffee oh okay but i thought you said they got five i mean million clubs like what do you mean what does that mean oh you're exaggerating you're saying there's a bridge club and a so a bunch of social things on site okay good lord i thought you were joining a timeshare or something i didn't know what you were getting me too okay i was like where are we going all [Laughter] you know what that's that's secondary all this money that you built up is first and foremost to take care of you secondly yeah to leave an inheritance right we don't be wasteful and you don't want to be ripped off right but um you know the only i i you know i've looked at these things like 10 times i'm not an expert on them so i'm kind of waiting in this like a little bit newbie like you but i'm looking at just the math on it i think what you're getting is a system and a process around you that gives you more comfort than what you're paying because i'm looking at this point because this scared me badly yeah the injury yeah the peace the peace that you're getting what you're giving up is what you're giving up is the appreciation on the real estate yeah and uh and a sense of control you're you're pretty much gonna do their thing at their price that's what they're gonna do and you know you're stuck with that so uh but you know just run the numbers out and go you know can i pay this yeah you can pay it and it gets rid of food costs and utility costs out of your budget and housing costs out of your budget so i it's not it's not bothering me i i think you want to do it and i'm that's part of what makes me want you to do it 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] [Applause] [Applause] [Music] anthony o'neil ramsey personalities our co-host today our question of the day comes from blinds.com find out for yourself why blinds.com is the number one online retailer of custom window covering you get free samples free shipping and with the new promos they run every month you'll save even more use the promo code ramsey to get the best possible deal so dave today's question comes from bill in south dakota he says we are debt free except our house and have six months of expenses in our emergency fund we invest 15 percent and have the 53 thousand dollars in non-retirement investments my kids will be in college after um i turn 59 i would like to help them with college expenses by using our retirement funds as needed instead of setting up a is this a good idea no i would not use your retirement funds uh to so support your kids i would still invest into a 529. yep yeah the 529 is going to grow completely tax-free so is a roth ira but you want to leave that roth ira and let it grow leave it alone and let it continue to grow throughout your retirement years tax-free and so the 529 is a better vehicle it's more tax efficient for you than messing up your retirement nest egg so anthony's exactly right yeah yeah it's um it's seldom a good idea to attack to to use a seldom like almost never a good idea i would go further to use the wrong vehicle for the wrong thing absolutely you know you just don't use a you know a sports car to be a bulldozer i mean you just don't there's a reason that they're different and so i'm making up something there they weren't even good but that's good analogy though i mean you know you're just using the wrong tool for the wrong job and and if you're using a card or to be a bulldozer you're hurting the car and so and you got an inefficient bulldozer exactly you know so if your retirement is set up to help you retire what you're doing is you're only hurting yourself at retirement age and then you're putting more headache on your kids to now help you and so focus on your retirement keep your retirement go ahead and start investing into their 529 and hey what if you're too late right now what if you're not you know ahead of the game and you won't have enough to cover the college expenses well sit down and have a conversation with them get a copy of my book debt-free degree and put a lot of the ownership on them focus on your grades focus on the s t scores the a-c-t scores and we can find the money to make up of whatever you don't have but do not sacrifice your future isabel is with us in san angelo texas hi isabel hi dave how are you better than i deserve what's up awesome so i recently married the my soul mate and sadly my soul mate had lots of debt so we've been gazelle intense about paying a car and his credit card bill but we still have 90 000 left in student loans and my question is we have a rental home in san angelo that is really close to angelo state and i was planning on keeping it so my kids could use it i have five kids and the oldest is going to college in four years so we're renting it i figured they could live there when they went to asu but if i sold it now while the markets we could probably get out of that in a year so i just don't know what does your soul might make i'm about 85 what do you make i am just a substitute right now okay so how long do you think it's going to take to pay off 90 making 85 um at this pace three to five but i'm just i didn't have any debt except for my mortgage before the marriage and so i'm just ready to get back there okay and since we're making headway right now because we're uh not being charged interest so everything is going straight to the loans what is your uh what yeah but what what's your um fiancee do for you i'm sorry your new husband do for a living he works oldfield okay now do you plan on being a substitute teacher for the next three years well that's the other thing um i could get a full-time job it's just that i tried that at the beginning of this year and my kids had they had to spend a lot of time alone okay and so i just decided to stay home okay and now i sub at their school i'm in a classroom with one of them right now okay that's fair well i mean the the trade-off is this are you guys can he pick up any extra hours where can we cut the budget and get on a written detailed plan i think you're debt-free in three years thirty thousand a year out of eighty-five is doable yes and that's that's times three is ninety yeah times three is ninety so three to five is not an option three is an option i like that um or sooner uh by by cranking up something income or cranking down expenses so you're trading three years of struggle for this rental house rental house is paid for right no it's not okay what do you owe on it a hundred and it's worth how much uh my my realtor says it may sell for 180 right now oh so it wouldn't quite pay it all off then no not quite and you're saying your kids can stay there when they go to college yes and you you know for sure they're going there that's where they want to go how long you been married um since july of last year yes and everything's going good there everything's great i'm selling the rental you are yeah okay yeah i want to because i want to but he doesn't want to i want out of that okay yeah but he he's basically making you lose your investment for his student loans so that's a bit of a shaming issue for him but we're not dealing with him and you anymore we're dealing with you as a couple and what puts you guys in the best position 10 years from today versus what makes you feel good today uh and and so i'm i i love rental real estate i'm not gonna fight this hard with five kids in the house and live on nothing for three years just to keep a rental property right it's just not that appealing to me i'll get another one later yeah i thought it was debt-free that's why i was yeah okay all right and you got payments on it and you got a screw with renters and you got a and you got five kids yep so we got rid of we got rid of hassle and we got rid of debt and uh because rental property is work i mean you don't you have to mess with it and so it's not it's not going to the mailbox and picking up a check it's not that simple so um now don't take three years to pay off the remaining debt though once you no do it in 20 minutes exactly yeah i mean we're cleaning up getting every nickel out of every couch in this house and we're getting out of that right now yeah right now very aggressive very aggressive and then the part his part of it is that you guys say okay as these kids go back to school as these kids go off to college well let's try to get in a position we can just pay cash for a rental over there yeah and put them in it if it's across town yeah uh but um you know there's no requirement listen i own a bunch of real estate zero ramsey kids stayed in one of my properties while they were in college zero i did not go to knoxville 200 miles away and start buying properties to put college kids in i just put them in there daniel and i were talking about lunch at breakfast this morning my son and i have breakfast he goes you remember that old ratty house we rented and you wouldn't let me co-sign so we pre-paid the rent i'm like yeah because i'm not i'm not signing a co-signature and neither are you that's a lot more dangerous than prepaid rent so i just you know i paid his portion of the rent for uh uh uh two semesters and then he was on a budget you know we were supporting him going to college and he you know his portion wasn't that much it was uh 2-300 bucks a month or something because it was not a fine property and by that i don't want to be the landlord of that bunch of goobers i mean do you want to be their landlord no but it's like college boys in one house shoot me and get it over with there's smells there you'll never get rid of as a father that as a wealthy father i'm just surprised to hear you say that dave because most wealthy people will be like yeah i bought a house that's cool yeah but i mean the thing is then i got to get rid of it and i got to deal with the crap i got you know i got to detox it that's fair no i'll just let somebody else deal with that a little bit of rent money's a cheaper that's a cheap out man this is the ramsey show [Music] [Music] how many of you when the pandemic was going and 2020 is happening and you're watching the roller coaster of the stock market you kind of got your stomach up into your throat going i my retirement i'm scared some of you you watched it go down and then you watched it come back up and maybe you're close to retiring and you're wondering if you should work a few more years to make up the difference maybe you weren't investing in the right things or maybe you weren't investing at all or maybe you pulled your money out which is really stupid see folks if you're in one of these situations i want you to know you don't have to face this pain and this uncertainty alone you need people in your corner now more than ever seek out the advice of an investment professional a conscientious investment pro like one of our smartvestor pros is not going to tell you to invest in something dumb like gold or bitcoin they're going to spend a ton of time looking at your current situation putting you in a conservative investment with a proven long-term track record and they're going to show you what you're doing and teach you so you're making the real decision you don't have to let something like 2020 kill your confidence for investing go to ramseysolutions.com smart vester find an investment pro in your area never again face a global crisis alone ramsey solutions dot com smart vester so anthony the stock market dove a year ago and in a matter of a couple months it was back and the people that dove out of the stock market when they because they were at home being quarantined one year ago right now are upset were freaked out yep and they thought oh this pandemic is truly the end of the world the stock market i mean you know they were really there was terror there was a lot of real fear yes and you and i are undoing a lot of media then all the ramsey personalities we're doing streaming events out of here the message of hope went out we did all these different things trying to get people to calm down and just go back up pan out have a long-term perspective this too shall pass and it passed from an investment perspective faster than the actual virus passed absolutely i mean i i thought the investments might take a year to come back and the kova to be gone in a month yeah and it's quite the opposite yeah it's taken a year to get the covet stuff out of most people's systems it's not out of everybody's system yet right and uh uh but the investments have been back a long time yeah they came back quick and if you have all the data tells us that if you have a professional in your corner that talk you off the ledge keep you from panicking that you have a higher probability of making money it's not that their investments necessarily are better than you would have picked on your own right it's that you don't jump off a cliff absolutely you know my investor today when i when i called my uh smart investor he said hey and this is something i've heard you say but he said do not forget on paper yes it's going to go down but when you take it out that's permanent it will go back up it has to go back up and he said i he said it was probably like around last september he suspected it will be back up within eight months and and dave it went right back up and the numbers were very well and i remember all of us begging people do not touch your investments do not touch your 401k even though the government was giving you a way out do not touch your roth iras do not touch none of the stuff and now i have friends who have called me and said i messed up yeah oh yeah yeah they wouldn't they wouldn't listen to you wouldn't no listen to me wouldn't you know it's like and that's your your smart mr pro was correct when it goes down and you sell you actually have locked in we call it you locked in your losses you guaranteed that you're going to lose money yes sir because you just did yeah you know and so versus i remember uh somebody said to uh warren buffett one time his you know the price of the stock portfolio that he had went down uh several billion dollars uh in a you know in one of these downturns and they said you know mr buffett you you just lost several billion dollars and he said no i didn't hold the old paper i haven't sold it yeah when i sell it that's when i've lost it yep when it comes back up and did i gain it you know no not until i you know you did you make several billion no not till i sell it right you know so it's just you know you and me anything until you actually put the money in your pocket or put the loss in your pocket and lock it in yeah and so you know but the the data tells us that just like having a personal trainer gives you a better chance of winning just like having a coach inside ramsey plus gives you a better chance of finishing your dead snowball yeah a smart investor pro in your corner gives you a better chance of staying in the investment which is actually the statistical key yeah the secret sauce is not figuring out the perfect investment the perfect so the secret sauce is keep investing and never stop never stop yep and also one of the secret sauce david i think which i love hearing you you know even at your level of status you still have a smart investor pro that just educates you on certain things when you meet with them on a yearly basis and i was like man i'm constantly learning even when i was even a little fearful myself last year dave i said all right cool i'm gonna trust dave i'ma trust you all i'm not gonna touch this thing and dave i'm i'm trying to tell you even a small fear that did hit me for a quick second i ain't gonna say sure sure no it does i mean it hit you're not human if you're not facing some big blow up thing like a pandemic and you don't go oh my god what's happening here yeah i mean in 2008 i remember distinctly sitting i had done three shows on fox yeah in new york and the the stock market has gone off a cliff i mean it went from thirteen thousand sixty five hundred i mean it's going off a cliff and i remember sitting in the steak house there right next to fox sharon and i went over there for lunch after i just finished neil cavuto and i've been in there with neil neil smart as a way up and he's like aren't you scared i'm no i'm not scared no i'm not scared i kept saying no i'm not scared and then i'm sitting there in that in new york city in this steakhouse and i'm watching these big red letters go across the side of the fox building watching the stock market drop minute by minute by minute it's dropping and i know this stuff i teach this stuff right i'm going every people that are smarter than me are scared maybe i should be scared and i said sure am i dumb we're not being scared and she said no we actually know what we're doing we've been through these kinds of things before and we're people of faith we don't place all of our all of our happiness based on the size of our stinking bank account exactly anyway and we've been broke before and we didn't lose our minds then we could be broke again and we'll be all right but we're not going to be broke it's going to be okay yeah yeah i mean and that's how i felt too dave honestly i was oh okay get over this fear and keep on moving and i'm so grateful that i didn't do it great so great grateful my family didn't do it but i i have to be honest i was sad and hurt that my friends didn't listen yeah well you got to have somebody in your corner to talk you off the ledge that's what it comes down to jude is in tampa florida hi jude how are you how you doing mr ramsay mr neil i'm good great man how can we help great uh well i find myself actually in a good situation just looking for a little bit of advice um currently my take-home household income is 150 000 a year uh about 83 000 of that between a military pension and va benefits and then the rest between myself and my wife's jobs i'm about to change jobs this coming summer within the next couple months just don't have a firm date yet and i am debt-free except for uh our house which is we owe about 258 on the mortgage so my question is the job that i'm going into the 401k that they offer without me having to contribute they do 15 um so i already contribute to my retirement 15 of everything good my question is is can it would it be wise at all i really want to pay off the house to just contribute 15 of my non-pension income because that pension is going to be there you know for my life um would i be able to just contribute to 15 of the non-pension income and the money that i'm saving dump all that on the house to get the house paid off quicker dude you're a grown man you're able to do whatever you want to do okay well i'm looking for some advice as far as what you would recommend i would recommend putting 15 of your income into retirement absolutely and all these other things just because the answer to the question is how rich do you want to be right right okay you know i mean i i don't want to be quite as wealthy okay well then no i mean you're putting it all towards the house so it is going to work out but um but the interesting thing is is that you won't change the date you pay off your house but by one year by doing all this wow maybe two years but you're not gonna change it by eight years and so it's not changing it as much as it feels like in your emotions it's going to change it so you can do whatever you want to do obviously we recommend you put 15 of your income away take your kids college and baby step five and pay off your house with anything you can scrape up past those two and baby step six and i don't think it's going to change your house payoff date as much as you think it's going to change it when you run out the math actually [Music] [Music] [Music] thank you for joining us america anthony o'neil ramsey personality is my co-host today open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five amy is with us in cincinnati hi amy welcome to the ramsay show hi thank you very much um i just have a question i'm uh my brain just keeps shutting down when i try to process it where i live in ohio we are putting our will together with the mom of their legal forms but our son is incarcerated in a different state and that's where i sort of hit the block of i'm not really sure how to deal with that in our will like it'll be a few more years and if something happened before then i'm not sure how that works okay so um what you're saying i think is is that you should want to leave him money anyway but you don't know how how it will be handled while he's incarcerated right and then when yes yes okay so you're you don't have any question about whether to leave him money or no based on him based on his crime or his life or anything else it's just how to do it how to do it okay all right how much uh how much longer is he incarcerated amy um at least probably three more years okay and um i've been modeling this over for two years already like i've got to get this done in case something you have you have other children i do yeah two they're all grown they are all grown yes okay um a couple properties and we're everyday millionaires but um i'm just not sure you know how to how to proceed with him incarcerated in another state well the other state doesn't matter he doesn't need money now right and he would need access to it on a limited basis however you want to limit it coming out um how is his relationship with his siblings um it's good so they are as supportive as you are yes okay why don't you just leave his portion in trust uh with one of your one of your other kids as the trustee okay and then that trust could be dissolved at uh on whatever terms you wanted it to be dissolved um if you feel like he's responsible enough to just be handed the money when he walks out of jail which feels a little weird but i don't know what he did or what's what's going on so it's hard for me to tell but uh i would want to protect him from himself right blowing the money right blowing the money but uh how old is he uh 23. okay so yeah i i don't uh i guess could i could get a neutral person if not one of his siblings i don't want anything to have to fall on one of his siblings you know uh as far as managing it but well you can you know you may if you want to get that if you want to get that complicated you may want to get an attorney to draft this and you can set the attorney up as the trustee oh okay a state attorney estate attorneys often serve as trustees okay and so then you just divide everything up into his third goes in the trust and then that exactly that's right or whatever you're going to leave him can go into trust and it could just simply sit there and be managed for his benefit until he's released and then it's turned over to him or it's turned over him a little bit at a time after he's released however you prefer to do that right but you're going to leave this kid a half million dollars it sounds like um probably around there yeah so on the actual physical property like house and things like that i've been told that you should have it on death the being transferred to like one of our kids yes yeah i wouldn't put them on the deed but you can just you can have a transfer to them upon death okay that gives them a stepped-up basis in it and you don't want to okay you do not want to put their name on it prior to death right okay so just haven't transferred to them upon death yeah yeah and okay hopefully you've got properties that you don't have to have them being like partners in that you can give one on one property one of them the other property and so on right right right yes that's how it's it is yeah and then kind of even it even it out even out the differences with cash right right right because they don't want them to have to get into yeah all that i'm curious uh because you seem very very sure that at a he's 23 he'll be 26 when he gets out that he's going to be capable of managing this and yet he did something that landed him in jail what'd he do um well it was um he went off his medication and committed a felony so but normally this is not an issue there's been but it's all he's medication what was he on medication for um for um like the depression and i know that's okay he's bipolar yeah okay uh yeah that's part of it and so it was just uh okay i'm trying i'm trying to think with you here i'm not trying to shame him or you i'm just trying to think with you how we can best be a blessing to this young man because the last thing because money magnifies people the good and the bad in them right and uh so in all of us it happens so the more money you get the more you are of who you are uh because you got more power to do things with and more margin more tools in your hands and so uh i would if i were you i would consider prayerfully something like he needs to have six months after he's out that he's on his medication yeah right because it's not it's not gonna be good for him to have a half million dollars if he's off his medication nope right because last time he was off his medication it wasn't good you know this kind of thing because i i don't want him i don't want this to be a curse to him rather than a blessing right that's all i'm thinking i agree so think of think through some ways how you can help him be protected against himself until he has the character structure or whatever to carry this yeah and you know what dave i was um going to chime in you know unfortunately i have a cousin that was in a similar situation and his mother uh left him some money and she did for five years every one year anniversary he had access to more money yeah yeah and so i mean and it worked for him now unfortunately after the fifth year uh he made some more bad decisions and landed back in jail but i agree with you that if he gave him the best shot exactly yeah that gives them a bit a gradual thing because otherwise you get lotto syndrome yeah when somebody you know you come out of jail and you got a million dollars you feel like you hit the lotto yeah yeah and um you know and it it doesn't bode well for the mental illness that he's struggling with so uh you need to get on top of that because you're always going to have money problems and other problems too obviously as long as you do that so it's a struggle but i mean listen to this mother's heart though like very sweet he messed up i still want to be a blessing sure that's very sweet i got no issue with that at all i'm not saying i'm not trying to punish somebody further that's not the point the point is to do the opposite to make sure that we're not um enhancing their ability to screw up is there like a is there like a law dave because i'm not familiar with this but can can you extend it like a long period of time like over 15. whatever you want on the trust ah you can put you never get the money you can only take the income off of it your entire life that's where trust fund baby comes from yep they live off the money of the trust fund but they never get the trust yep that's where the concept comes from yeah so yeah it's you can set it up however you want i wouldn't recommend that though yeah i think that's uh it doesn't bode well for everybody involved at some point the people need to be able to carry the weight of the wealth without it being a damage to them or they need to relinquish it one of the two this is the ramsey show have a friend or family member that needs a daily dose of ramsay advice in their life let them know about the ramsey call of the day podcast it's a quick hit of advice about life and money in under 10 minutes check out the ramsey call of the day podcast wherever you listen to podcasts [Music] this is the ramsey show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host this is a small business entree leadership theme hour if you own and operate a business or you're a leader in a business and you want to talk small business any questions you've got about business this is your hour we're going to talk to you because you are heroes you are the backbone of the american economy most of the jobs in america are provided by you most of the job growth is provided by you you were the last to shut down and the first to open up because you have to you don't have a choice you get up every day you leave the cave you kill something and you drag it home and at ramsey we love entree leaders we are entre leaders the combination of entrepreneurs and leadership that's where i got that name i made it up and it's the title of a new york times best-selling book number one best-selling book entree leadership how to own and operate a business it's our playbook of how we run ramsey and uh continues to evolve as we take on new challenges running ramsey new things to run ramsey with and so we're here to help you today open phones at triple eight eight two five five two two five you guys make the world go around out there you gals make the world go around out there the ones that do this are are the place that this is the free enterprise system your proof that capitalism is alive and well that the free enterprise system works and we love you for that so we're here to help you today triple eight eight two five five two two five amy's with us in hayes kansas hi amy welcome to the ramsay show hi how are you dave better than i deserve what's up in your world well i have a question i am a small business owner and i'm wondering to know when to quit my full-time job and follow my massage therapist career i'm wondering if this is a good economy to depend solely on my business my full-time job has a 401k that matches up to six percent and has really good health insurance i can get health insurance through healthcare.gov healthcare.gov or chm though is staying with my full-time job worth the six percent matching funds on my 401k currently i'm okay no you go live your dream you don't keep a job for benefits currently now what you do have to have is you have to have money okay so you can't be making three dollars as a massage therapist and walk away from 103 000 as a job no i don't i make i make just as much with my massage therapy as i do my my full-time job how much i make um last year through my taxes i made 43 595 at my full-time job in massage therapy i did have to close for two months so i only made 38 153 but the last year i made the exact pretty much the exact same amount and are you single it sounds like you are no we i'm married okay so what does your husband make he makes um he's actually retired this year what does he make he makes uh 36 000 a year okay so if your income goes from a hundred thousand to seventy thousand are you going to be okay because that's what's gonna happen uh yeah we're we're actually taking doing the baby steps now and we're in baby step two and we should have baby step two done in june okay well it'd be good to have that done and have the emergency fund in place right right yeah and then so probably a september kickoff or something like that but and here's the thing obviously you're going to make more than 38 000 at massage therapy because a you'll be full time and b you don't have the pandemic to deal with like you did last year right correct yes okay so kansas is open you got no you gotta not have any issues except for the handful of people who are freaked out still right yes exactly okay cool good for you very good well i mean you're going to see a drop because you've been running this side hustle that's very profitable and you're going to lose the full-time income and be down to the side hustle income but you're at the point you should do this okay yes in september you should do this and between now and september you should go bananas and pile up as much money as you can pile up and be debt-free okay and just set yourself a goal of september one my emergency fund is complete and then some extra just for the fun of it and because we're just going to go bananas here through the summer and we're going to be debt-free have a big emergency fund plus a little extra slush and um then we're going to go boom boom and and go ahead and have a big marketing launch and a blowout plan to go to go big or go home september october november december uh like i want all of your customers giving certificates for your services as christmas presents next year all of them you need marketing plans uh yes i have that already started you're fine you're going to do this you're incredible well thank you get them i love it see that right there is what causes business to happen right there and listen folks there is no benefit on the planet that causes you to want to work for somebody else the rest of your life if you have in your gut to be an entrepreneur listen i can i i love the folks we have a thousand people on our team i got some people be with me the rest of their lives here and i hope they are and they're very entrepreneurial inside this building and they're happy with that i don't want anybody staying here because we got a good 401k plan you need to go if this is not your dream anymore go dream somewhere else go you know when your spirit leaves this building you ought to take your butt with it and that's true of your job too and did you hear her spirit her spirit is not in a job anymore hasn't been there in a long time and so let's let's lay out a plan here get the boat up next the dock and jump baby get in the boat make her done i love it that's so cool this is how it works right here this is entre leadership this is what we do every day inside of this brand and we're pumped right now we're going to do our summit event probably the leading leadership event in the nation maybe in the world and that's not an exaggeration this is freaking incredible it's going to be in dallas may the 16th through the 19th and you can watch it as a live stream it's sold out of course but you can watch it as a live stream if you want and uh it's got listen listen this lineup man this is unbelievable all the ramsey personalities so you know ken coleman christy wright dave ramsey not all of us but a bunch of us are going to be there marcus buckingham jocko willing i can never say jocko's last name willink i'm just he's fabulous he's fun craig rochelle pastor of life church uh pat lincione best-selling author of the ideal team player and many other books the advantage everything else good friend my good friend john maxwell's gonna be there john is just like he's like the grandpa of all leadership sorry john but you are i love you man we all i mean we're all like your grandkids we all learned from you and now we're out here teaching leadership you're just incredible i talked to him yesterday morning on the phone on my way to work and dr adrian sternberg is going to be speaking as well dr john deloney is going to be speaking the lineup for this thing is unbelievable you want about you want to join about a thousand other business owners watching this online you can three days my entire leadership team is gonna be watching the live stream event not working they're gonna be watching the live stream event so that when they get back to work they're going to be smarter that's how this works baby text summit to 44222 text summit to 44222 [Music] we were drawn to christian healthcare ministries because we both had young families and we wanted to have more children and we had also just started a real estate company and needed to find health care coverage that would meet our needs we were attracted to chm because of its low monthly costs and the ability to negotiate medical costs down established in 1981 and accredited by the better business bureau chm is here to meet the needs of your growing family or small business check us out at chministries.org backslash budget we absolutely believe in it [Music] so a small business entree leadership theme hour i'm dave ramsey your host here on the ramsey show if you have a small business and you have a question about business you want to start a business you have a question about business you're running a business you've got a question about leadership we're here to talk to you this hour open phones a triple eight eight two five five two two five i started this business on a card table in my living room and i've grown it with the help of a lot of wonderful people in god's blessings over the last almost 30 years now to a 350 million a year business never borrowing a dime and having an absolutely incredible culture inside the place it's a place everyone wants to come to work the people love each other they drive for excellence we strive we argue positively not because of politics but we argue because not corporate politics but we argue because we're fighting to win we're fighting to be able to serve you guys better open phones here at 825-5225 brendan is with us in richmond virginia hi brendan how are you i'm doing wonderful thank you dave how are you better than i deserve what's up so my wife and i started your baby steps back in 2019 and it couldn't accommodate a better time because while everyone else around us was sweating through the pandemic we were in a better position than most cut two here we are 20 21 my family and i have been running a business together since 1986 and i was looking at our finances recently and i'm starting to wonder where the parallels between your baby steps might find themselves in line with small business finance that's a great question we don't use the baby steps in business but we use the principles that formed the baby steps to form a financial strategy for business now what are the principles the principles are the easiest way to become wealthy is to get out of debt and stay out of debt so i don't borrow money in business either the principles are in the house of the wise or stores of choice food and oil smart people save money businesses have retained earnings right uh the principles are live on less than you make businesses need to live on less than they make thus create a profit um and and so these are basic principles that we kind of all know we would call them common sense but how do we weave them into a business situation then well we're going to avoid debt number one and that's a hard one because there's always some kind of crap to buy and your personal life or in business there's always some piece of equipment there's always something that's going to make it easier there's always a piece of software there's always a new hire there's always something that costs money that i don't have today that i'd like to do to move this business tomorrow and that temptation to go into debt is always there would you agree with that no for sure yeah so you've got to draw a line in the sand and say no debt so how are we going to do it well we're either going to do it slower or not at all because we're going to cash flow this puppy so if you've got if you've got debt and when we're teaching entree leadership this is what i teach people and a thousand people 2 000 people 3 000 people in a room and by god they're about to be there again go figure um and so i is i tell them you know if you've got debt you need to put yourself in your case it sounds like your family is eating out of the business on a basic living wage not minimum wage a basic living wage and so let's say the business is making a profit of 300 000 and the owners are splitting that up don't split it up anymore live off of a salary until we get a retained earnings in place and until we get the debts cleared off and so what i tell people to do is take your run run your profit and loss with a salary a basic living wage and all profits then should be divided uh the lion's share of the profits going towards clearing off any existing debts and then a smaller portion going towards the continual building of retained earnings and so in my example a minute ago let's say a 200 000 profit after you paid yourself a hundred thousand dollar salary instead of taking home 300 we're taking home a hundred with our salary the other 200 then we're going to put 80 percent of it 160 000 towards debt and 20 of it towards retained earnings and so we got 40 000 in retained earnings this year and we've got 160 in debt because you're going to need the retained earnings to do the next thing to avoid future debt while you're cleaning off the old debt it's different than the baby steps is that logical to you it is there are certainly parallels to it but you know we wouldn't call it baby steps exactly it's more of a formula but what you do need is you need the principles in place and out of the principles of the principles are debt-free live on less than you make or save money but then and then we're generous and so those principles are in place and with those then we develop a formula where it's almost automatic since um let me think here 1998 four years five years after we started the business we put the formula in place we've never any debt but every single month we run our profit and loss statement and every single month we take a percentage of that profit and grow retained earnings with it for future growth and for possible downturns we were really glad when the pandemic hit that there were millions and millions of dollars in that with a thousand people on payroll because it became our emergency funds that make sense yeah and it's exactly uh well that's one of those principles that senior baby steps have an emergency fund as a business a small business uh that's absolutely essential yeah now you've got other family members in your business right correct are you one of the owners or you just work there i'm one of the owners who owns it with you your parents uh so it's shared between my mother my father and my sister and myself so four of you are owners okay and can you get all of the owners on the same page on these principles i'm slowly getting there they have all seen what my wife and i were able to accomplish in 2019 in less than in less than 10 months we're on to baby step six excellent uh we got crazy about it and they looked at us a little strangely but they get it now they're starting to understand yeah and it's just you ask yourself the question in business you know when the pandemic hit if i had no debt and had millions of dollars in retained earnings would i feel differently than i had millions of dollars in debt and no money because millions of dollars are no of debt and no money is called closed now they're out of business and so those companies didn't survive and that's the the question you ask mom dad's sister is like look we've got to always be ready for the upside for growth what's the short what's the best way to continue to grow in good times and when the bad times come and the big bad wolf huffs any puffs and he tries to blow our house in we won't be the third pig baby we won't be in the brick house and um uh you know so you that's how you get ready which is exactly what you did at home brendan and now you're trying to transfer that into the business very wise to do very wise to do dylan is in indianapolis hi dylan welcome to the ramsay show hi dave how are you better than i deserve what's up in your world all right so me and my father have just recently decided to open up a small business um we do stone masonry work um and right now i have one builder and then another yeah another builder that is a very good chance for us to make a deal with them now we're still stuck on the fact of the marketing and making connections with people to get more consistent work for us and i didn't know if you had any tips or advice on being able to make more connections or stuff i could do to try to get my name out there you know our business and or anything like that okay um well the first thing i would address is i'm not really wild about partnerships i would prefer one of you own it and the other one get a percentage of the profits as their pay and i'm guessing i'm guessing that you are the one concerned about marketing your dad's more concerned about laying stone uh actually we both play stone i mean i love to do it it's sort of in the blood i didn't say you didn't know how i said he didn't call me asking about marketing you did no yeah yeah that's me you're thinking more like an owner he's thinking more like a product guy and that's what i'm thinking here so anyway be careful with that that's dangerous but as far as marketing goes man in your world as shoe leather i'm going job site to job site to job site and putting my word out and uh putting a bid in and then once you've done a few jobs lots and lots of pictures and a nice website showing your work if you're wanting to do work for builders it's one set of pictures and work and details and specs you're doing work direct to consumer it's a whole different marketing push and so that's what you need to decide which or how you're going after both if you're going after both but it's it's straight up shoe leather man go to the job sites [Music] it's a small business theme hour here on the ramsey show we're here to talk to you small business people and business people about your leadership and business questions open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five our entree leadership summit is our largest event of the year for business owners and leaders it's happening may 16 through the 19th you will not find a bigger or better leadership event i promise you that it's absolutely incredible of course i'll be teaching marcus buckingham will be with us chaco willink will be with us u.s navy seal officer best-selling author marcus of course best-selling author of strength finders and many other books wonderful communicators both of these guys along my friend craig groeschel the founder and pastor of life church or life.church we used to call it lifechurch.tv i think they're rebranding i also started a little thing called the youversion bible app which has only got like a half a billion users now craig is an incredible leader and good friend um and pat lincione is going to be with us best-selling author another good friend and great friend of the entree leadership tribe all of you love pat he's always one of our top rated speakers when he comes the grandpa of the leadership world the dean of the leadership world dr john maxwell good friend of mine for a couple of decades is going to be there is always an incredible honor and pleasure to have john speak anywhere he is a wealth of knowledge probably written 80 different leadership books many many multiple best-selling books absolutely incredible and an incredible friend of incredible human being dr adrian sternberg will be with us leadership expert and speaker she is incredible ken coleman ramsey personality christy wright ramsey personality dr john deloney ramsey personality we'll all be there the event is sold out however you can still attend via live stream and you'll be joined by over 1 000 business owners and their teams who have already registered to attend online you can get touch with our team and uh they will set it up to where you and your whole team can sit and watch this and we recommend that you set aside a couple of days and watch these incredible leadership think thought leaders incredible leadership communicators these lessons are absolutely amazing let me tell you what i've got 174 people on our leadership team here at ramsey all of them will be sitting and watching all three days they will not be at their desk they will be watching all three days some of them will be in attendance live and some of them will be here in nashville in our offices and we've set aside just you know you're you're not at work you're at summit and you're going to be watching the live stream because it's too important uh i mean you leave on fire your team leaves on fire you get new ideas there's nothing like an event like this to get you moving again especially after something like a pandemic we need to heal and move on right we got stuff to do here so to register text summit to 4422 that's summit to 4422 and we'll see you on the live stream uh i'm telling you this is world-class speaking world-class content world-class production values this is the leadership event in america this year uh and it's absolutely incredible we're so thrilled to be in dallas we'll be there at the at the omni uh wonderful company to work with they are absolutely very customer-centric they take great care of us and we're excited to be there with them we were scheduled in nashville but the nashville mayor uh comrade cooper has got us all screwed up up here on covet so we had to move it and uh so we moved it to dallas and we'll be broadcasting it from there it's gonna be absolutely fabulous angelo is with us in asheville north carolina hi angelo what's up hi dave how are you better than i deserve how can i help i have a couple of questions for you i'm 67 years old and i plan to retire in perhaps two years at 70 when i get my full social security i'm interested in starting a miniature golf course which would be on my main street in my hometown which is a tourist town i've run the numbers and everything looks good and speaking to my wife of 43 years i hope she's not listening because it could be 44. but i think uh i got everything squared away the one thing that we cannot agree on is who's gonna do the books so my question to you is dave can i just hire a retired guy with a calculator maybe a a cpa retiree to do my books and does he have to come in daily to pick up the receipts and i have a guy who does my taxes so i guess at the end of the year we just bring it over to him so i i don't know how we could settle that issue who does the books what is your wife wanting to do she does she wants to sell the land oh she don't do this at all um i don't think so no well i mean selling the land would kind of keep you from doing it so yeah and you know and she says if if you do it it's you got to do it and so she doesn't want to get stuck doing the books and i'm like she didn't want you to die in her own a miniature golf course that's what she doesn't want yeah well sounds like my wife that would happen that sounds like something sharon would say sharon has figured out i'm going to die first so we have to plan everything that way yeah that that could be my case too but it's more if i want to go go ahead with this out number one i don't go ahead against my wife's wishes so you need to get an agreement on this that you're going to put together a system by which she has an exit strategy on this if you pass away before she does we're laughing about this but she's seriously concerned about it and you need to solve this because very few people are successful in business against their spouse's wishes so we need to get to some conclusions about i i think i think she's probably concerned about not running a golf course after you're gone so you need a way to exit her from it if something happened to you before she passes and so that's thing one then thing two to answer your question on who runs the books i don't want you to think that the person that runs the books is running the business you've got to go run the business if you're going to open this or you're going to hire a manager to run the business on a daily basis and the manager is going to take the receipts and put them in the bank and and you know and and enter the stuff into the computer is what it amounts to right okay and so um what kind of profit are you projecting on this dave i low-balled everything and had the business running at 20 calculation 20 capacity and i figure uh it will be open from april 1 to after thanksgiving and that's 200 days i cut it back to 150 considering weather days and i figure 69 000 net take and that is not including t-shirts ice cream water a possible food did you pay a staff out of that pro forma no who's going to run it you're going to run it by yourself i would like to 150 days a year you're going to do everything there by yourself that's not realistic well um i mean if you get the flu the thing's closed i see your point while you're taking tickets at the front there's nobody sweeping up the mess somebody made in the back good point so you're gonna have you need to rethink this you need to go visit some people that are running miniature golf courses and see what their staffing looks like and and and get advice from them somebody in a different area that's not a com future competitor of yours and just go around and take a little road trip and go visit uh you're in asheville north carolina run over to uh pigeon forge in gatlinburg run over to tennessee and there's probably 73 of them up and down that strip and uh you know talk to some of those guys in those resort areas like that very similar markets uh very similar area you know what what are they doing for staffing what's their profit look like what are they doing for their pricing model study their businesses for best practices and then you'll find you'll learn a bunch that you don't know today because you don't know what you don't know so you need an exit strategy for your wife you need some better best practices to build your business on and you're gonna have to look at your staffing because zero staffing is unrealistic in a retail thing like this even in a resort community you're not going to want to do this by yourself every day dude that just doesn't sound like fun of anything no matter how much you love it this is the ramsey show [Music] [Music] so [Music] our scripture of the day romans 12 12 rejoice in hope be patient in tribulation be constant in prayer albert einstein said in the middle of every difficulty lies opportunity dave ramsey said in the middle of every opportunity a small business guy showed up this is an entree leadership theme hour thanks for joining us and uh we want to hear about your opportunity we want to hear how we can help you and serve you at entre leadership uh we thoroughly enjoy working with and are honored to work with business people from all over america particularly small business people john is in tulsa hey john how can we help today hey dave it's pleasure to speak with you today how are you better than i deserve sir how can i help yes sir so uh just a little bit of background here my wife and i are both 30 years old we're on baby step seven we have an opportunity to take over a family waste hauling business long story short i walked away from the business in 2014 to do some toxicity with my father and he passed away unexpectedly in 2015 and left it to my mom i came back to help run the business in 2016 and we now have it running somewhat smoothly she's looking at transitioning out of the company and i'm the only one out of uh 30 siblings that has an interest in continuing to run the company so my wife and i are 15 owners in the company we're not extremely passionate about the work that we do but it allows us a good income uh time off should pursue the things that we're passionate about the ability to give and you know i went to school for you know heavy equipment operation and you know truck driving and stuff so i'm i'm pretty good at what i do with all that being said do you think it's a wise choice to pursue purchasing and running the company and trying to make it into something that my wife and i both enjoy running or should we what prohibits it from being something that you enjoy is it what you do or how it's done well i think my mom and i got just kind of thrown into it uh like since my dad passed away unexpectedly and we were both removed from it and so um i just i don't know if i mean you've been running it for four years why what is it you still don't like um i think it's probably just more the the people issues and things that i'm not very skilled in dealing with i think is probably one of my you mean your team yes sir yeah okay well let's pretend for a second trying to do the culture shift yeah you it sounds like you've got some cleanup to do yes sir uh and you've not been able to do it due to your ownership position um yet but if you owned it and ran it and you trimmed the dead wood out and the thorns out and you replanted and grafted in some beautiful vines would you like running it with people that you wanted around i really think i would i think you know it would be it's a profitable business you know we're that free and i i really i think we can make a go out of it you know i think you can make a go out of a lot of stuff i'm just asking is it what you want to do is the toxic people situation your only thing that's stealing your joy or is it the general space that you're in you just don't want to do this every day i think yeah i think it's more of like the it's not necessarily toxic i think it's just you know shifting the culture and getting it getting it to where you know we would uh maybe not be as stressed and dealing with the personnel issues i think would probably be the well you know here's what i will tell you as a guy who's done this for 30 years and again started with no team members then i had 10 and now i got a thousand um the folks on my team are my biggest joy my biggest blessing my biggest heartache yes sir some of the stupid butt stuff some of these people do to each other and to me is ridiculous and then i just have to fire them and it just it just breaks my heart because i love people and i pour into them and it it's always going to be a source of pride a source of love some of my best friends work inside this building and i i truly i mean there's some of my best friends and we work together we argue we fight through things together and then some of the meanest nastiest things in my life have been done to me by employees and firmware former employees and so it's just and some of them claim i did that to them which i didn't so but you know that there's there's all that kind of stuff that goes that goes with the territory of managing people leading people there's gonna it's gonna be a dance between the the ugly and the beautiful and the and the reason you know it's beautiful is you have ugly just look at it to compare it to so that's gonna come but you can make it where it you know i got a thousand people and truly i i don't have anybody in the building i want to keep because i wouldn't kept on past sundown yes sir i i've given up on trying to make people behave so uh you know that is we're gonna we're gonna work together we're gonna love each other we're gonna treat each other with respect and dignity or you're not gonna be a we and uh so i think you can do this i think you should do this um so yeah i think you need to start talking about how you're gonna buy your mom out how are you gonna do that uh we listened to some other you know podcasts about you know what your advice was about you know you know giving them a percentage of the profits till the business is paid off and i think that's probably the route that we would go good how long will that take uh probably five to seven years maybe you're paying her too much okay if you're giving her the lion's share of the profits you're living on almost nothing in order to clear her out and it's taking you five years you're overpaying her the business is worth after salaries are paid including your salary and her salary because you're there running the businesses every day after a basic salary for you to a reasonable salary for your two management role is paid whatever the net profits are after all of that times four maybe times five is what this is worth so you should be done in four or five years if you if you just live on your salary and her salary disappears yes sir okay you see how that formula works out yes sir i don't know y'all work that through and that's fair to her by the way and that's fair to you um yes sir because you want this cleared off as soon as possible in the meantime you own 100 of it you and your wife and you guys can begin to learn this people skill thing and it's the um it's the art of healthy conflict lovingly saying this is the goal this is the excellence mark we're all going to work towards excellence together i'm not perfect you're not perfect we're all going towards that and we're going to treat each other with dignity along the way and if any of you can't do that then you're not going to be a we because we are doing that yeah that's good and so and we have that talk around here every day every day and sometimes somebody doesn't they they forget it and so we have to sit down explain to them again this is what we're doing and we don't talk we don't talk about each other behind each other's back we're not trying to cut each other's throat we're not trying to climb on each other's body to the top or something like that we're not going to use up people we're just loving each other we're team we're working together we're trying to score touchdowns so we can win the freaking super bowl and if you're doing something other than trying to score touchdowns to win the freaking super bowl you don't get to be a wii you don't get to stay and we're not mean or nasty or sarcastic to people but we will let you leave and work somewhere else if you decide you're stupid enough to run to sit around and tell everybody all your friends how dumb you are how dumb ramsay is or your husband or your wife's dumb enough to tell everybody how dumb ramsay is we'll fire you because that's not that's not people don't do that to people that love each other you don't you don't do that that's wrong that's morally wrong and so we will fire you and you know you gotta you gotta be willing to do that kind of stuff john and it's like you're going to be on this team we're going to work together we're going to love each other you're going to treat each other right you're not going to misbehave you're not going to make ladies be uncomfortable in the building you're not going to you know we're not going to have that we're not going to talk we don't have it's not a matter of being woke or politically correct or something like that it's a matter of loving people well and reaching to ring the bell of excellence together and if we can't be unified on ringing the bell of excellence together and if you're going to be an impediment to that rather than a cause of that then you don't get to be a we we will move you on somewhere else and if your husband or your wife decides they hate where you work the place that pays you money to feed your dad gum kids then you don't get to work here anymore and rooms is a cult well if you want to call that a cult that's fine but colts don't usually tell people to leave and we tell them to leave pretty regularly around here so this is how it works folks it's a real freaking world that puts this hour of the ramsey show in the books we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus hey it's kelly associate producer and phone screener for the ramsey show if you would like to do your debt free scream live on the show make sure you visit theramsieshow.com and register we would love for you to come to nashville and tell dave your story [Music] you

Channel: The Ramsey Show - Full Episodes

Views: 40,300

Rating: 4.8333335 out of 5

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

Id: 0ep3nPHxroI

Length: 121min 45sec (7305 seconds)

Published: Tue May 04 2021