Say NO Now So You Can Say YES Later

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 ken coleman ramsey personality number one best-selling author and host of the ken coleman show where we talk where he talks about getting you a job getting your career on track getting into work that you love joins me as my co-host today so we can add that to the list of things we'll talk about i'll talk about anything because i'm an expert on my opinion so you jump in the phone number is triple eight eight two five five two two five that's triple eight eight two five five eric is with us in raleigh to start off this hour hey eric what's up in your world yeah hey dave i appreciate you taking my call sure um i actually called last week and they said this was a call for dave oh wow to call back i hope you brought your a game i'm sure be an easy one for you i own a business and so i have two bank accounts i've got my personal bank account and that's where i keep my three to six months emergency fund um and then i've got the business bank account and that's really where my question is is how do i approach how much cash to leave in there is it the same three to six months is it all expenses is you know kind of get your idea i'm on baby step six so i look at this lump of money in there and i'd like to put it on the house or do something with it but i also want to be safe you know protect the business yeah okay well that's very wise so um i i use a separate savings account at home just for an emergency fund there's nothing in it but an emergency fund it's a money market account and i keep three to six months of expenses in there okay just for home emergency phone it's not in my checking account i don't recommend combining them the same is true in business and i use we use a fairly sophisticated tool we have a float account in our business operating account that floats anything out of the uh checking into uh overnight and it earns then money market account rates each night uh and then whatever is needed is automatically pulled back in and so it floats back and forth but i i in a traditional checking account i don't leave the emergency fund in there in business in business we call it retained earnings and uh of course we recommend you run a business the same way i run mine and uh i'm consistent with i do run it this way we don't borrow money here and so however much cash we can get in there is our line of credit we're our own line of credit because we don't have a line of credit our savings account is our line of credit so if we want to buy equipment we want to expand we want to launch into a new product line we want to buy another company we want to build a building we want to do anything we have to have the cash and so uh with all of that in mind uh we if you're gonna live that way then you're gonna want about six months worth of cash in your business of what it takes your business to operate and um i gotta tell you that didn't seem like a lot of cash at this time last year when everything stopped and everybody quarantined and everybody went home and the world stopped and everybody sat in uh trembling before their televisions and did nothing uh that didn't feel like a lot of cash it didn't it didn't feel like a lot of pad i was wishing i had a year's worth of cash uh because i'm looking at a thousand team members and i'm thinking if i burn through this cash they're not gonna have a job because i don't borrow money to keep them either and so i don't borrow money so given that then the more stringent you are on that subject the more you cash you'd have and i mean ken you were sitting here as we're having these discussions with our own team members about cash we've got you know here's we told the team here's how much cash we have yeah and um and here's the real here's the burn rate and uh we have to have more money coming in than going out or we start to burn through that cash and as we burn through that cash because we're losing money uh then that you know that approaches the drop dead date in which people will not be paid and we won't have a place to work and so we're talking reality wasn't it it was very real and i think eric here's what i would tell you i don't think there's a wrong answer for somebody who's on baby step six you've obviously put a lot of cash away in your business i don't think there's a wrong answer i think you have to do what dave saying here and let's put a real emotion on this and you have to ask yourself you know because pam the pandemic was something none of us had ever faced including dave or anybody was like what we don't even know what's going to happen it's unprecedented yeah they're you know your favorite word but here's the deal eric i think you put away uh if you feel like a year makes you really really comfortable with this kind of pandemic if this were to happen again if it's a year put a year away if it's a year and a half put a year and a half away because you're already in such a great position that you're going to be walking through baby step six pretty soon anyway don't overthink it just put an emotion on and go this makes me feel good when i lay my head down at night and then move forward and i you know we felt pretty good until there was absolutely you know full stop and i think that's what you have to look at for a small business owner you have to look at that what does full stop look like yeah how would it affect us it's hard to imagine a scenario where full stop occurred but we then we walked through one 12 months ago that's right and so uh the good news was we never actually had a single month that was not profitable and so we never even got into the cash uh but i could tell you our cash position today is a whole lot better because we have we've been building up cash because it scared us yeah i mean you know it's like wow yeah and here's the thing our company has we save a percentage of our profits to grow retained earnings every month it's a formula that we use out of our p l when we do profits before we disperse the profits to the various uh people that are paid off the bottom line we set aside a percentage of it to continue to grow and we have never our growth curve has been faster than our retained earnings growth and so we've never been able to get up to a full six months worth of cash and eve but we were close but even then it wasn't enough and it was millions and millions of dollars oh for sure but it's still it's just you thought well i got millions of dollars here in cash and it's just sitting here and then all of a sudden it's like that's not so much no it's got to be gone yeah you know and it gives you these this uh this uh you know tightening of the stomach as it climbs towards your throat and so the beautiful thing is with no debt uh you know we were able to keep that number fairly low that changes everything and so we don't reverse those trends we don't borrow money we always save money we're always generous and we always live on less than we make these are biblical principles for finance well i'll attest to this folks i mean because we don't have debt as a business dave said all right we're going to cut expenses we're going to we're not going to do the things that we've normally done because we're gonna batten down the hatches and see how long this storm takes and you can do that when you don't have debt you can say all right it's uncomfortable but i can cut i can i can save i can do those things and cutting and saving without sending people without sending or laying people off versus a lot of small businesses weren't in a place where they could do anything and so now they're taking the ppp loan and we everybody knows what we think about that and what that does to you so i i think as a small business person i think it's okay to go i want to have a goal of having a year's worth of cash operating cash in the bank don't have to we're not saying that's a cardinal rule but it certainly doesn't hurt when you're a small business owner where you've got a team of 20 or 10 but here's the formula the less debt you have and the more cash you have the more options the survive the higher your survivability probably that's absolutely right the higher your probability of survival is and so and let me tell you who wins those that stay open it's the truth when you ride the roller coaster there's a down the fittest and there's an up there's a down and there's an up welcome to business and oh by the way you're not the exception out there some people think they're smart enough to outsmart it nope it's coming for you this is the ramsay show [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] ken coleman ramsey personality is my co-host today now heard on over 75 radio stations across america sirius siriusxm and an uber popular podcast oh and youtube channel he's everywhere so check him out kencolman.com ramseysolutions.com you can find him there anything you need along those lines the phone number here triple eight eight two five five two two five you wanna talk about jobs you wanna talk about career you wanna talk about life and money we are here for you tyler is in denver hi tyler how are you hey can you hear me okay absolutely what's up great um hi i'm a huge fan of your show i've watched almost all your clips on youtube so i'm really excited to talk to you right now um got a bit of a career question for you um my name is my name is tyler i graduated from college in 2019 in engineering school i'm 24. i uh i work for an engineering company i make about a little under 90 a year and um you say this oh thank you a lot of times i hear you say this quote on the on on youtube um you know it's bad to have a mentality of oh oh god it's monday thank god it's friday kind of thing and i'm just kind of wanted to elaborate on that a little bit um i would say i'm kind of in that boat um i really enjoy where i work you know i work with good people i think the stuff i do is technical and interesting but you know obviously if i had the choice i i obviously wouldn't work in nine to five at a desk all day um so i'm just wondering you know is that a bad mentality to have how can i get out of that or or what can i do about these feelings well let's just play this out you're 24. you've got an engineering degree the work interests you but you gave us a big clue i don't want to sit at a desk all day and that's not wrong to feel that way but let's look at what the future what what you want the future to be so let's fast forward 34 44 what kind of work would you want to be doing at this very moment what would you say yeah i mean i love what i do um you know i love i love tech and i love engineering and i'm a computer programmer essentially but um you know so i move up in those ranks you know start taking on project leads and and stuff similar to that but um but like i said you know it's still a nine to five thing um i think i'm conflicted more you know the idea of like well i'd rather be doing this or that you know i'd rather be outside i'd rather be you know with friends and stuff like that and i'm not saying obviously i don't like my job because i do i i do so you're all over the place so i want you to say it's just like you just don't want to go to work yeah because outside and be with outside with my friends that's great but that's not work um what do you want to do i mean you started to give us a clue there you up the ladder you're 24 first of all so you need to relax you're in that entry position uh and you're making almost 90 thousand dollars a year so you're in you're on the ladder so what does the ladder look like what do you want to be doing at 34 44 you want to work for yourself have your own tech company what is it i know you've allowed yourself to think about it say it what is it sure um i mean i've never even really considered the possibility of starting something where i work for myself i just kind of am under this assumption that i'll be in some some corporate structure okay forget assumptions what are you what do you wonder about when it's just you what is the 45 year old you doing professionally what have you allowed yourself to imagine say it now let's assuming you're working at something yeah not playing with friends like badminton in the backyard yeah exactly no i i you know i obviously i i enjoy having a stable and steady income um so that i don't want to change obviously tyler um you know what is the dream what i want to do say it say it i know you've thought it i've done this enough tell me what you dream about what i dream about when i dream about i'm not going to be panicking here uh no no okay so here's just moving up in that moving up all right so moving up tell me what moving up looks like what are you forget about job title forget about how much money you're making forget about how you get there you're letting your brain run i want your heart to answer this question you love the work of engineering you love that creative technical aspect to what you do is that true or false true okay then so if you want to keep doing that kind of work and moving up the ladder you need to begin at 24 to go what does that ladder look like way up top start looking at that stop focusing on well i'm at a desk eight hours a day well you're 24 man and paying dues for you is really good right now i mean you're making almost 90 000 a year you're overthinking this start to talk to engineers who have been at this for 10 years 15 years 20 years what's the kind of work you would love to do and if you want to retire at 40 great there's nothing wrong with that i mean are you supervising engineer products in the field in the field which gets you out of the office in the future uh no i i work for a website company so i'll be indoors most of the time no i'm saying you might not be working for the same company dude yeah yes got it got it if you're doing injury what kind of engineer are you i'm a computer engineer a computer engineer okay all right i had i had you engineering buildings for a minute i'm sorry okay um okay so you know you've just got to decide i don't know of a situation i can't think of a situation but i i'm not an expert on your field uh i've got about 300 of you working here but none of them work outside they all work in the building um and so we don't have any computers out in the amphitheater or the park next door or around the fire pit or the various places i mean i actually have wi-fi out there you can go out there and sit but um yeah but uh a nice day but the vast majority of them work inside the building so um yeah i think probably what i would leave you with is this um a there's nothing wrong with paying your dues for a few years and sitting there and while you're making 90 grand paying your dues to ken's point is not bad uh b and and so just plan on that b it does not just because you do that for two the next two years does not mean you have to be doing that for two decades you get to choose i'll tell you one thing that i know one thousand percent chance over the scope of my career i'm one thousand percent chance your world is going to change computers are going to change i mean when i when i was your agent starting there weren't computers the personal computer was not very personal and so i mean back when the dinosaurs roamed the earth it's hard to imagine that but uh feels like 20 minutes ago and then i've watched the computer evolve into these tiny little things in our hands which will do more than a whole building full of them would do just a few decades ago so fast forward your thing a few decades uh you may be doing stuff from sitting outside working on holograms i don't know something's going to be different yeah and so and and we're not picking on tyler a lot of people get in this situation dave this is what we do every day on the ken coleman show people get a little bit locked up and so what we're pressing for is this allow yourself to look out and say what's the kind of work that i think would fire my soul up and at 24 you might not know that's the reality he's really young today you might my point is with technology curve today you might not see how you're quote working outside unquote uh doing your job but two years from now it might be going everybody's doing that and here's what they're doing that's exactly i don't have any idea what's going to happen but so you're the point is you are not locked into this for 40 years yeah there's no chance you can't do what you're doing for 40 years it won't exist right it won't even exist five years from now that's right so start problem solving in your head as an engineer as a computer technology he really enjoys the work there are clues there so if you want to work outside allow your mind to wander a little bit and then go do some research here's what i mean what are some problems you want to solve that are more outdoor in nature maybe one day you've got your own company that is anywhere you're in the truck and you're moving around you're going from site to site who knows but you've got to start to look into that and you don't overthink the fact that well i'm in this indoor job right now and i get it he's young but you've got to allow yourself to explore some things and listen to those clues if you like being outdoors a lot all right then well then how are you solving the type of problems you like to solve and how do you take that creative solving and that technical solving ability and go okay how could i do it out here in this world and again not to pick on him but it is a normal thing in today's world to go from high school to college and your first job is you go to work every day and you work all day yeah and that's a new emotional experience that's exactly right because you've not done that you know you and so literally what is occurring is you're developing a work ethic that you've not had to have previously it doesn't mean you were lazy before but you're experiencing the emotional bending of i've got to have the discipline to go to work and work while i'm at work from nine to five and deliver results so i can keep on working amen i mean there's that's that's grown-up land right there this is the ramsey show [Music] [Music] [Applause] ken coleman ramsey personality is my co-host if you're feeling stuck or disengaged in your current job if you dread getting out of bed and going to work if you're searching for a new job for any reason our get hired live stream event on tuesday april 27th is for you it's a one night event and you'll learn how to get clear on what you do best get qualified for the job you want and get connected to real job opportunities time to take the next step and no matter where you are what your situation is there's hope join me and ken coleman tuesday 20 april 27th to take control of your career and start working towards what you're born to do tickets start at just 20 text hired to 33 789 text hired to 33 789 ken this is the second get hired event you've done yeah we pulled one together in june of last year just as the pandemic was really starting to rock the job market and had a great attendance and a lot of a lot of people helped and here we are now just a year outside of when things begin to shut down and we have 16 people that are unemployed for every job that is available that's quite a juxtaposition from a year ago where there were more jobs available in february of 2020 than there were people who are unemployed so it is a competitive market we got a lot of young people as you know dave coming out of college and it's very very competitive a lot of people who want to switch and it's going to be a great night i should mention too there's a lot of migration yeah so uh we're going to have a live crowd limited live crowd but we're excited about that we love talking to humans face to face so if you're in driving distance of the nashville area uh those two tickets are going to go fast but we are having a live crowd that's going to be a lot of fun right here in the gorgeous lobby of ramsay solutions world headquarters so do join us just check ramseysolutions.com events events and the tickets are there right there you can get the tickets for the live audience if you want to be in there if you want to do the uh again the live stream it's only 20 bucks ken will be covering a detailed fun and funny but very clear path to go from where you are to where you want to go yeah we're going to give you the edge so you can beat the competition because it is a competition yeah there's a lot of competitive out there action out there right now for any position and uh we've got thousands of applications coming in at ramsey uh we're hiring 300 yeah you know in this calendar year and we've got we'll probably get before it's over we'll probably have 30 000 applications for those 300 positions true and so you've got to learn how to set yourself apart you've got to learn how to push through to get hired with the company you want ken can walk you through all of that it's the get hired event text the word hired 233 789 it's tuesday april 27th 20 text the word hired to three three seven eight nine adriana is with us in san diego hi adriana how are you hi thank you for taking my call i have a question um we have a hundred thousand dollars saved and we don't know what to do with it um we just started listening to your show a couple months ago so now we're lost okay um what do you suggest we do it's a wonderful place to be lost yeah i'd like to lose myself in a hundred thousand dollars not a bad thing yeah so you know what we teach is the shortest path from where you are to wealth uh and the goal being that when you're wealthy you have margin in your life you have the ability to be generous you have the ability to uh spend the time doing the things you want to do and serving others in the process so that that's the reason for this whole thing and so we teach a thing called the baby steps so wherever you are on the baby steps is what i would do with that is your home paid off yes sir and you're 100 debt free um well we owe about 12 000 on the car and that's it okay so now we have 88 000 because we just paid that off uh do you have an emergency fund other than this set aside of three to six months of expenses um no we have a dozen i mean six thousand dollars inside of that okay okay so you need to figure out what three to six months of expenses are what's your household income about 120 okay so if we said three months expenses might be twenty five thousand dollars we'd set twenty-five thousand in a separate savings account just for emergencies i just made that up you decide what you wanna do you paid off your twelve thousand dollar car that's thirty seven thousand uh so that leaves me uh sixty three thousand dollars to do something with uh do you have fifteen percent of your income going into retirement yes sir good do you have children yes we have two uh nine and twelve how's their college funds um well we're saving for that too we're doing a separate account for them but i don't know how much is in there but just putting there i would sit down with your investment advisor and see if you have enough on that already done if you don't we might use some of that 63 000 for that otherwise you're what we would call once you've done these other things you would be at what we call baby step seven which is the last step there's nothing left to do but they're there but build wealth and become outlandishly generous and so uh you know if you don't need any money for the kids college and so you have the whole 63 000 available then you're down to investing that in some way uh and or being generous with that money in some way and so i personally only do two kinds of investing i buy real estate that i pay cash for so no mortgages and i invest in good growth stock mutual funds uh 63 000 in san diego will not buy you real estate and so you'll be investing in mutual funds uh you don't have enough to pay cash for a piece of reasonable piece of real estate there uh and i don't recommend long-distance landlording and so uh in your case 63 000 almost if you even if you want to buy real estate later i'm going to invest this for now in some good mutual funds with the goal of adding to it over time to buy some real estate with cash later on but follow a clear detail path it's called the baby steps and you can find it at ramseysolutions.com it's got everything there that you need scott switherson fort myers hey scott welcome to the dave ramsey show no it's not his ramsey show my bad what's up uh you guys are the tag team that i've been waiting to talk to so i appreciate your time um i've been with the same company for about seven and a half years and i am part of a key employee group and i was offered a business succession plan that i signed up for just over a year ago you were offering a live stream a business succession plan so instead of a family business being turned over to the two sons that work there there are two other employees myself being one and someone else that will be buying the business in about eight or nine years so he's giving us stocks or shares of the business to get up to fifty percent of the ownership and then in about eight years we'll have to buy him out okay and i no longer want to do that uh the direction of the company in the last year and four months has been horrible and it's definitely run more like a family business and i am not the family name so i'm looking to start my own business so i need to be able to get out of this business succession plan the only issue is there is a three-year 150-mile non-compete that i found out about after i signed how did you find out about it after you signed you mean you signed something you didn't read uh he wouldn't allow us to i asked if you signed something you didn't read what are you in congress i have done every every wrong move since uh since birth so unfortunately yeah i just found you guys about four months ago and i paid off my 401k loan because i did that without thinking about it so now i'm debt-free with that i have paid off 37 000 out of 73 000 in the last 10 months so i'm almost debt free i'm getting there but the business aspect of it i'm going to start my own business and i just need to know well is this guy the type of guy that if you go in and just uh fall on your sword and beg for mercy he'll let you out uh from what i'm understanding no no judge would follow a three-year 150 mile um oh i disagree none competing absolutely a judge will do that okay that's absolutely unfortunate it's in writing it's absolutely that's absolutely enforceable yeah okay ken coleman i don't know if he's yeah yeah i don't know if he is it's more than 150 miles too yeah i wow we're running into a break here yeah i'll tell you what hang on we'll come back from the break we'll talk about a little bit more yeah and let's think about what we're getting into here oh my goodness what a mess uh as a matter of fact we're not gonna do that so uh you wanna take him after the other well you'll figure it out we'll announce it when we come back [Music] [Music] [Music] [Music] [Music] all right ken so scott and fort myers signed a succession contract that included a non-compete for three years and 150 miles away he wants to leave that and not do it and open a business that would violate that non-compete um right quick before we do the debt free scream what are we telling him i think he's got to go in and beg the mercy of the owner and say here's why take the high road and the directions change for me and uh because you didn't allow us to read this i didn't know about this and i just i don't want to burn the bridge i don't want to blow it up i want to go and live my life can we come up with a gentleman's agreement and tear the agreement up if he doesn't do that you can consult a lawyer but you sign something that's in writing so you gotta you know you gotta talk to a lawyer yeah and i i don't know about florida law but i do know about tennessee law it's completely unfortunate it's in concrete and so then the third thing is you may have to day job this i appreciate the fact you want to go start a business but i'm guessing at the level that you are in as you describe you're making good money i'm always skeptical of somebody saying i'm just going to go start a business and i'm going to be able to take care of my family and my finances if you can do that and you do it 151 miles away or whatever the deal is great i'd be very very careful about putting all your eggs and starting a new company basket that makes me nervous you're either starting a day job and riding your three years out or you're moving on and or number three you're starting a different field that's right to open a business that is not violating the non-compete i don't think you're going to beat this non-compete you could try and you can ask for mercy and you can ask an attorney if you want to get in a fight but um but i you know it's just my opinion and again i'm just a business guy i haven't do not have a law degree so you'd have to check with someone that does in the florida market in the lobby of ramsey solutions on the debt free stage corey and elise are with us is it elise yes it is how are you guys we're great how are you dave welcome where are you guys from we're from cincinnati ohio congratulations you're debt-free how much have you paid off we paid off 136 026 good for you how long did this take about three and a half years all right i love it and your range of income during that time started out right at about eighty two thousand and we're ended at about 150. whoa wow excellent so what do you guys do for a living so i'm a senior digital program manager for a really big global manufacturing company and i'm a personal training manager for a big global gym so wow lots of big global things happening very cool what kind of debt was this hundred and thirty six thousand a mixture yeah so a hundred over a hundred thousand of it was student loans obviously so big sally may and then the rest was a lot of ankle biters between small cars uh uh consumer debt credit cards um we also had two kids in this time frame too so it was paying off the medical debt so you're kind of normal very normal just bopping along what happened three and a half years ago what was your wake-up call well um i actually grew up listening to you talk my mom went through her journey it turned into a her own journey eventually but she started with your plan so when i married him um he was our he's my nerd but he's also the spender so when we started working when i was working while he was finishing school he was starting to buy a lot of big ticket items like thousands of dollars worth of things that we did not we could not afford so it was talking to him and saying hey we should look into dave ramsey he has a great program and he was like no no i got this and then he got bored on a flight one day and it was delayed i think so he's like i'll check it out he ended up binging your podcast catching like almost all the way up and he was like yeah we're doing this plan so he got back and we set it up and my mom bought us financial peace because again she went through it and uh so we started there and then he i mean every single app everything that you have promoted he's got he has set up he has walked through and uh we've just been going forth ever since because we knew where we wanted to be something about staring at the face of the 136 000 i mean i always knew that the goal was to pay off the debt and as fast as possible that was something i always grew up with but it wasn't you know it wasn't your plan and so it wasn't until i went and faced all the numbers and added everything up and i was like it was just this mountain staring at us and i was like i can't do this by myself anymore and we need to figure something out do you remember the conversation in your head when you listened to the first minutes of a podcast of one of our podcasts and something happened and you start going okay i want to learn a little bit more okay i want to learn a little bit more oh god i got to do this i mean tell me kind of how that worked yeah so for me it was it was just thinking about um i was it was always day to day it was how do i get to the next day how do i get to the next day and something in the first podcast that you that you spoke to me was really focusing on kind of the the future and the why and when you started talking about retirement and kids college and trying to change your family tree that was what kind of changed me and realized that i need to stop looking at tomorrow and i need to start looking at you know the next 10 15 20 40 years from now yeah we want to make sure that we break the mold we break the chain from where we've grown up where our parents have grown up and that we set our kids up for a much better future than we originally had thought so here's what i want to ask because people get this they listen and they the baby steps make so much sense there's really no denying them yeah but there's a difference between i i i see how that works to i believe i need to do that there's an emotional trigger i'm just curious you're the guy that built that buying the big toys she kind of ratted you out there and i saw you smile you liked the big toys to big sacrifices what did you got what was the emotional change to where you guys said all right we're all in on this um i think it was realizing that i could get much bigger toys after after everything paid off you know what i mean that works i like it i like it there's a little like no one else so later i can live and give like no one else that's very cool and he literally spent one of these sessions watching financial peace because you talk about beans and rice rice and beans he literally made rice and beans and was watching one of the videos from financial peace because he's like i gotta do what dave says i gotta live like no one else so i can live like no one else i said that that does not mean literal beans so i saw you win we can do more than that did you put a little spice in them did you try to make him taste better now not by much i don't think he's like i gotta do what dave says i gotta get there we gotta get there so fast and he hit it hard and it was truly a big change a very it hit him hard you keep talking about him hitting it hard were you on board were you doing with him on this i was the one that first brought it up i know i played that part yeah yeah then it sounded like he turned like the tables turned a little bit no he uh okay so you guys were you guys were working together in sync yes it was um because i'm the saver and i'm the free spirit so all you're saying is it was easy for you it was just kind of clear yes it made sense it was logical to me when my mom first started going through it so that's why i had mentioned it to him it was just making sure he saw the same logic that we were both on the same page with that and then it was from that point on keeping him calmer about it because like i said he's sitting there eating rice and beans and i'm saying honey we can go buy a little bit more from the grocery store we can live a little bit more so it was just about then working together he's go big or go home he oh yeah it was hard in the beginning but as we you know as we started to get lockstep and we started to kind of build and grow our relationship it got a lot easier as we got towards the end and yeah yeah we were able to see once once the light was at the end of the tunnel i mean the last 50 just really rolled out very very quickly right and it helped our communication in a lot of things too because finances are obviously a big struggle and we had only been married for about a year or two when we first started so it was just it had really beefed up our communication and we went forward from that all right well let's get cason and miles into the picture how old are they cason is three and a half miles is 16 months all right very cool all happening while this was happening yeah very good stuff all right it's corey and elsie and cason and miles from cincinnati 136 000 paid off in three and a half years making 82 to 150 i'm so proud of you guys we got a copy of rachel cruz's new book new york times bestseller know yourself know your money as our gift congratulations count it down let's hear a debt free scream three two one [Applause] that's how it's done you have to have you talk about all the time your why needs to make you cry you have to have something that's more noble than just i want to feel better yeah that desired future is so huge and if you as a couple can get on i said we want to change our family tree that's what it's always been about when you say that you're gay and you mean it oh yeah you will sacrifice today to win tomorrow no question adults devise a plan and follow it children do what feels good and obviously we're looking at a couple of adults there very very well done what rock stars that's amazing it's amazing by the way you feel good when you do all the good down the line it'll feel good when you're hustling when you're sacrificing when you're being diligent but it feels really good when you cross the finish line and every time we see or hear a debt-free scream i promise you folks those folks feel real good yeah i mean 136 thousand dollars lighter fantastic that's a lot and uh and by the way there was no student loan forgiveness no they paid it off dug themselves out there you go that's a neat idea i mean wow pretty incredible that puts this hour of the day of the i did it twice this hour well you've been doing it for 30 something i know this hour of the ramsey show there it is in the box [Music] 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 ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host ken coleman ramsey personality host of the ken coleman show where he talks about career and jobs every day is my co-host today and what that means is you can talk about career and jobs as well as money or anything else you want to talk about we're here to help you with your life open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five amet is with us in buffalo new york hey eamon what's up hi dave thank you for taking my call sure how can we help um so so i had a question about uh finances so i'll explain the situation uh me and my wife uh were both residents my wife graduated residency last year i'll be graduating this year so during our residency we were able we had whatever money we were able to save we invested it it's a small amount of money so i was okay doing it but with my wife getting a new job and me graduating and soon to get a new job the amount of salary we have uh i i find it difficult handing that amount of money so my question was like when should i get a financial uh advisor because i have talked to a few people uh but i i just i'm not able to trust them but at the same time i'm afraid handling that much amount of money which i have never seen in my life good for you you're being very wise on a whole lot of fronts so here's what the mistake that um that a lot of people fall into and it sounds like you're starting to uh and it'll solve both of your problems sometimes people want a financial advisor in their head they meet that means they have to take over and run their life and uh we have to trust them um instead i use a a a financial uh to do investments with but i make the decisions and the way i make the decisions is his job is to present options to me ideas to me and to teach me something i didn't know before and so much like you've studied in your medical career to learn to be an expert in that you won't have to study nearly as hard on money it's not that complicated but you're going to have to learn a few basic things from a good financial uh from a good investment broker or investment advisor and they say they are advising you they're not telling you they're not it's not a babysitter you're not turning your money over to them and just hope it works out they're saying this is advice and with advice means you're going to learn a little bit okay i don't understand that and by the way the rule is you don't work with a financial advisor that doesn't have the heart of a teacher if they have the heart of a salesman they're slimy run if you feel like you need to have a shower after you met with them run and the other rule is don't put money in anything you don't understand and then you don't end up with being one of those broke doctors and broke doctors are there's more of those than there are broke musicians right that's that's what my fear is because on your show you'd say that doctors have doctoritis you know they do uh so that that's what i'm afraid about that you know i i'll squander the money that i earned and that's why i'm looking for a financial advisor at the same time i had talked to a few people and i i just i just have difficulty trusting them with my money yeah you don't trust them with your money you trust them to teach you because you trust you yes right and you must trust what dave just told you let's just rewind what he said you should be writing this down going okay wait a second i'm in control if the if the financial advisor gets frustrated with you and they don't want to teach you and explain the questions that you've got you don't understand the financial move that dave said then don't do it and and you get to interview several people you need to be meeting with some smart investor pros yeah click through ratesolutions.com click smart vester at ramseysolutions.com and that will help you line up with someone that has the heart of a teacher now here's the other thing i don't want to squander my money you said now let me make sure you mean you don't want to make a bad investment that you didn't understand and it be and lose the money is that what you mean correct yes okay not squander it like i'm going to overspend and be undisciplined hold on no no both of us are are quite frugal so i'm not worried about that i'm worried about like if i put in the wrong investment and i lose that money yeah exactly because you know sometimes i've run into and you were not saying this but just for the sake of our audience sometimes i run into someone who comes into a lot of money and uh uh sometimes i uh someone who's very young for instance in uh in the music world or in nashville they become very popular and they got a lot of money also and they don't have the maturity to control the situation and that's no one can give you that that's called growing up but you've already got that obviously okay so we're frugal we're not going to overspend we're not going to do something stupid but you don't want someone you know like i've heard people say stuff like well i called my financial advisor and he told me i couldn't buy a car well it's not his job to tell me whether i can buy a car or not i'm going to decide if i'm buy a freaking car i put the money in the dadgum account i can decide i'm a big boy i can decide i'm a grown man i can look at the numbers and go i can afford this car i can't afford this car i don't need to ask someone's permission to do crap with my money that's right and so that's when you that's when you handed it over and somehow you've gotten someone who's babysitting you and that is not what you do that's how people get screwed that's how they lose all their money and they make a lot of money and they end up with none so here's the trick don't put money in something you don't understand don't work with anyone in the financial world real estate agents insurance agents investment brokers estate planners tax people don't work with anyone in the financial world that does not have the heart of a teacher my poor tax guy has to explain our infinitely confident complicated tax returns enough that i i'm not just signing them because he put him in front of me and that's the key dave still has the power and and and i'm you have the power as a doctor here would be the analogy i'm sure you've had somebody show you how to use a medical device before and you don't use it on a patient until you know that you know that you know that you know how to use it and you have the same control i'm not going to do that until i understand how to use it you are in control here you're not giving over any control and i love your spirit but again there should not be a spirit of fear here go to ramsey solutions.com interview three five seven smartvestor pros until you get a good feel a good chemistry and that they're willing to explain things to you because as dave said he doesn't sign on the tax form until he understands what he's signing yeah so amy you can just pile up the cash that's true too if that's all you understand until you understand more i had a young man that was a nfl football player come in and sit down with me about two years ago he and his beautiful little wife and uh i mean they were like ken and barbie right and uh he said i gotta tell you dave you're just gonna kill me i said why am i gonna kill you what'd you do he said i'm so ashamed i'm like what are you ashamed of and he goes i'm such a horrible investor and i'm so how are you a horrible investor what did you do and he goes i have 35 million dollars in a savings account i'm not gonna kill you i'm gonna kiss you you're a he goes yeah well i i could have invested it and i went yeah you probably should have invested it but guess what you didn't do you didn't freaking lose it yeah you got 35 mil in the bank you didn't lose it yeah in the nfl that's called touchdown right unbelievable baby now we can teach you a little bit about investing and wade out into the shallow end of the pool and learn to swim into the deep end it'll be all right that's a good starting point son we're gonna be okay all right goodness gracious this is the ramsey show [Music] you know healthcare has gotten to be ridiculous it puts people you know on the brink and so it would have put us on the brink had we not had chm chm saved our life same document financial life christian healthcare ministries or chm is not health insurance but it is a budget-friendly option and the original health cost sharing ministry for christians get started today and check us out at chministries.org backslash budget [Music] [Applause] [Music] ken coleman ramsey personality is my co-host today april is here folks and you know what that means it's national financial literacy month we celebrate financial literacy every year and we want to celebrate the hard work and dedication that teachers give every day with our teacher appreciation giveaway it's sponsored by mint mobile the affordable premium wireless provider teachers can enter to win some amazing prizes like five thousand dollars cash to use however they like and you can go to daveramsey.com teacher to enter there is of course no purchase necessary if you're not a teacher share it with a teacher you know ramsay solutions dot com slash teacher ramsey solutions dot com slash teacher now can most people i was doing this at my house one night at a dinner party not long ago i said tell me about a teacher that you remember and a few people out of a whole bunch standing around remember negative teachers but almost every one of them brought up a teacher that changed the trajectory of their life teacher is a big deal big deal uh joy bryant my high school speech teacher uh probably outside of my parents had the biggest impact on me and uh write about it my first book one question you can get at ramseysolutions.com yeah but uh i write about that and she to this day taught me a very important lesson and speaking of great teachers we've got one from north high school in uh dillsburg pennsylvania shannon trussell is with us hey shannon how are you hi dave i'm good how are you good is trossel correct did i pronounce that correctly it's true okay thank you i didn't want your i don't want your kids making fun of you later yeah yeah right yeah i better get it right because it's my fault okay cool so tell us what's going on with you so um i've been teaching personal finance now for seven years and um we started out with less than 50 students in the class and now we're up to over 200. wow yeah it's really great and it's grown so much a few years ago i petitioned our school board to make this course a graduation requirement and now it is wow look at you wow so foundations and personal finance our curriculum you've been teaching it for seven years and it's grown to 200 students now to grow 200 students because it became popular or because it became mandatory well it only just became mandatory it grew because of its popularity parents and community members saw the value in this course and you know students were talking with their friends and hey you got to take this class and it it's really snowballed it's great yeah and guess what you're one of those teachers that we were just talking about that's how i mean because let me tell you you can take our wonderful curriculum and screw it up if you mail it in you don't mail it in girl you bring it you bring it in the classroom you bring it all the way to the school board the parents know about you the students know about you you're one of the teachers they want to go to your class i know that that's why i grew right yeah that's right dave i appreciate that look at you how long you've been teaching um 17 years wow we really appreciate you what are you seeing the kids getting most out of foundations and personal finance our curriculum um i think i think the thing that's the most important is i do what i'm asking them to do my husband and i have gone through um financial peace years ago and when the opportunity came to teach a course in personal finance i volunteered immediately i knew exactly what i wanted to teach and exactly the program i wanted to use and that was yours and i just i have a personal connection to the course and to the material so when i'm teaching it to my students everything i'm telling them is fact like this is what i did here's how you can do it and the the questions they ask me are more personal but i'm i'm giving them information and you know tips and tricks that i know have worked because i do what i'm asking them to do no that's everything so what is what subject out of the curriculum do you think resonates the most with them on average um boy that's a great question i think um the one on income and careers yeah where we write out resumes and we practice interview skills we have such a great connection with our community that i reach out to several different community business leaders in our area they volunteer their time and they come in and we do mock interviews with our students and it's really it's really neat the kids dress the part the guys come in in suits and ties the ladies come in you know looking on ten it looks great and then um i had one student actually about three years ago with his mock interview it turned into the real deal and by the end of the interview i kept thinking why is this taking so long so i i stepped in the room to check out what was going on and they're shaking hands agreeing on a starting salary i'm like what so a senior in high school has a full-time job as soon as he graduates he's been working there for three years that's what it's about that's what it's about so let me ask you what do you remember the job what kind of what kind of business or industry did this kid go into yeah it was um he was working for a general contractor in construction oh wow that's the truth electrical specifically yes yeah yeah that's fabulous that is a great story i want to ask that's a great professional story i was just curious in the seven years you've been teaching foundations in personal finance is there a kid a story uh whether it happened recently or they came back later and it's it's a real testimony to them doing what you taught them absolutely um i mean i could give you lists i'm sure um i mean i got an email probably right around christmas from a student who just thanked me for you know he he took the class but he even said in his email you know i took it but it was like oh i heard it but the one thing i like about the course that we do is they get to take their textbook with them so he was telling me in his email you know i pulled out my book and i was flipping through and i'm looking for the section on you know roth iras and investing and he got a new job and he was like i wanted to do this right and started his retirement savings from day one because of the information he had in his hand that is so cool he's going to be so wealthy all because of you that is so well done well shannon trussell in pennsylvania at north high school we salute you as one of those teachers that uh thousands and thousands of people like you all across america that change people's lives and we honor you and uh it is financial literacy month and we are honoring teachers with a five thousand dollar cash giveaway no purchase necessary if you're a teacher just go to ramseysolutions.com teacher and sign up we want you we want you to be in the drawing for that we want to say thank you we want to salute you and uh there's lots and lots of shannon's out there yeah instructing all because they want to impact the lives of young people and i gotta say you know beyond just what she's done in the classroom and impacting these young people to go to the school board which as you know local politics is about as tough as it gets in politics and for her to take that to the school board and sometimes that's a tough proposition and kudos to the school board say you know what this is the kind of stuff that really is going to have an impact long beyond the high school diploma good on the leadership there and the principal in the administration yeah and you know since we teach kids to not borrow money i'm sure that's popular with a local banker that's what i'm getting at yeah there's there's always some politics you know plus there's that dave ramsey guy you know he's a controversial he's a cult leader and leading these kids astray you never know man that guy that guy he's a rough old boy yeah so that's fun way to go shannon thank you so much now 48 of the high schools in america are teaching wow and we've taught millions and millions and millions of students with personal foundations in personal finance our high school curriculum and so that means half the high schools in america don't have it still we've got more work to do yeah so some of you guys if you're a teacher your administrator out there get in touch with us we'll help you get the curriculum into your school and get it done because uh i love having these people on the debt free stage just say you know when i was in high school i went through your stuff and when i got out of college i thought i better do that stuff and here i am doing my debt free screen so there you go this is the ramsey show [Music] [Music] in the lobby of ramsey solutions on the debt free stage marcus is with us hey marcus how are you i'm doing great how are you guys doing better than i deserve if you're on that stage you can only mean one thing you're debt-free that's right that's right way to go man how much you pay off so i paid off 21 000 and the total of the loan was actually 32 000 but my parents had paid off that first portion but i didn't want that burden so i went ahead and paid off the 21 000 on my own way to go very cool and uh your how long did this take you it took about 10 months 10 months and your range of income during that time so i was a full-time college student and i got a job at a coffee shop and i was making eight dollars an hour plus tips but i was also running my own kind of part-time business i do wedding videos any kind of marketing photos and stuff and so i was finding anything that i could do to just make money and put it towards his debt so uh and how were your living expenses taken care of so i was actually really blessed my aunt on my mom's side lives in corpus christi as well and she let me live with her for free for the entirety of my college wow and so it was it was a really sweet deal i had my own car so you just had to make two or three thousand dollars a month and you could throw it at this and be done in 10 months exactly wow good for you man way to go and so is that about what you made during that 10 months about uh 25 000 or so i would estimate i made around a little around 30. okay all right very good man congratulations how old are you i'm 21. wow have you graduated i did i graduated in december a degree in what communication way to go man yeah and corpus christi so which school texas a m corpus christi go islanders gotta give a shout out all right very cool that's good man way to go and that that is a reasonably priced tuition i bet yeah and it was really helpful not living on campus or in housing and not having to pay an extra eight thousand dollars yeah a year or a semester yeah eight thousand dollars helpful yeah that's awesome man congratulations so have you landed the big job uh yeah with myself there we go i i saw i run my own business down in corpus cool doing photography and weddings yep photo and video all right and the communications degree helped you probably probably got some skills doing that didn't you yes yeah and so it's kind of funny i have a degree sitting in my living room and i work for myself so it's hilarious i love it [Laughter] way to go probably gonna make more money than you've ever seen that's the hope hey well done and actually people are starting to get married again so they and they might like to take a picture of it yeah so good for you man congratulations so what put you on this journey ten months ago so i i went without a car my freshman year of college and my aunt is a police officer and she drove a unit all day and so i would drive her to work and she would let me use her car throughout the day so i would uh drop her off and pick her up that was the deal and then i could use the car whenever and then going into my sophomore year my parents helped me finance a brand new car 32 000 uh 2019 in 2018. at the time i knew absolutely nothing about money and so neither today yeah and so i um i was just happy that i got a car yeah and i wasn't thinking about it we had a 535 car payment whoa and they were making it and so to me it was it was in my name but they were making the payment and so then a couple months later i was kind of just sitting around thinking you know i really don't know anything about money i'm a sophomore in college and i didn't learn anything in high school about money i learned what slope intercept form is but i don't know how to pay taxes i don't know how to write a check come on and so i've got the pythagorean theorem but i can't balance the check right exactly and so i figured i should probably learn a little something about money now that i'm you know in college and so i looked up finance podcasts this guy named dave ramsey popped up so i listened to it i listened to the first episode about 40 minutes and i was hooked and as soon as i heard you mention something about car loans i said what have i done and so that really just lit a fire and then i kind of did dave ish for a little while and then my senior year i set a goal in february of last year to pay off uh the entirety of my debt which was the remainder on the car the 20 21 000 wanted to pay it off before i graduated because i went to school paid for uh took out no loans i got grant scholarships lived with my aunt um and then anything i mean you were smart all the way until you did a 35 000 32 000 car yeah yeah and so i um yeah it was it was anything out of pocket i paid you know i was paying about 800 a semester just out of my own pocket um to not take out loans and it was definitely worth it and so i paid off the car the day before i graduated college last december so yeah that's fun it was really fun that's that that's uh man that's like a rim shot like yeah you're right i love it good for you man congratulations how does it feel it feels awesome it's so nice man you ever go back into it absolutely not you're done i'm done forever forever cool well your aunt gave you a wonderful gift she did i'm so thankful so i know when she sees this just hey no i'm so thankful for you guys yeah that's pretty incredible very well done who was your biggest cheerleader during this 10 months um i would say my closest friends were my biggest cheerleaders my parents of course too um i got two of them sitting right here everywhere every i had so i had a little chart a little paid off that chart that i would color in blue and green the colors of my school yeah and uh every time i got they were little increments of two hundred dollars so every time i got 200 400 just mark one off and i would just be so excited like hey i'm this much closer just that visual representation of i'm this close to paying it off and so it was such a blast i have another friend at the church we go to her name's amanda and every she's actually debt free she's working on paying off her house oh wow so anytime it was really clo it was really cool because it was like hey i just paid off 400 more dollars and so i would show her and it was you know it was just an awesome time very cool well congratulations all right when people ask how'd you do that how do you pay off debt what do you tell them the secret is a lot of self-discipline yeah i think so i think my self-discipline is is really strong yeah going after you know after those 10 months don't be afraid to say no and if you look at it this way you're saying no now to say yes forever right and so i love uh very good life i love taking people out to eat lunch and you know just hey let me take you to lunch and let's hang out right um at the church i go to if someone's new i would love to you know let's go get coffee let's go get lunch and you know being able to do that not have to put on a credit card or worry about paying something off so what's your church you attend it's called the net fellowship in corpus christi great yeah very cool i want to ask you this because you you said something about self-discipline i think we all get that but i'm also impressed that you swallowed your pride maybe you don't even think of it this way but for a young college guy to live with his aunt yeah right college you know for some people i want to get out on my own i want to live with roommates i want to do the whole college life and this was not just a sacrifice financially and hard work you also said i'm going to live with my aunt what would you say to a young person who's going and i want to do all the things was college less for you are you any less excited because of that no college was a fantastic experience for me i could have easily my dream school is tcu texas christian sure and you know it was it was just something i couldn't afford and i did not want to take out loans to to go there and pay off loans for 30 years rather than go to a paid for school and live with my aunt for three years with no loans to pay off afterwards well plus you got built-in security she's a police officer that's nice it's actually her her and my uncle are both police officers fairly safe they're there i'm thinking we're in good shape and you got to behave yeah yeah yeah lots of good accountability there yeah well well done marcus we're proud of you brother congratulations very very well done and you got a great start man i mean you're coming out of school completely debt-free starting your own business it's the everything sounds bright and rosy we just need shades man for your future life is good yeah so well done marcus from corpus christi texas we got a copy of rachel cruz's latest new york times bestseller for you know yourself know your money 21 thousand dollars paid off in 10 months making 30 000 during that time count it down let's hear a debt free scream quick shout out real quick i know we don't have much time will choi tim stowe josh gavin cece and april we're going on a helicopter tour tonight i told them we have a surprise and i would tell them on the show helicopter tour downtown nashville paid for in cash three two one i'm debt free what a cool guy i mean he's a giver i'm gonna live like no one else and so later i'm taking my friends on a helicopter tour of downtown nashville that's right live like no one else so later you can live and give like no one else man he's so set up it really is i i hope he caught what he said now i take people out hey can i go to lunch with it can i encourage you probably teaching them the steps as well the baby steps so you truly can give not just your money but your time love his story love is lots of margin in that lots of margin that's right lots of generosity he is so set up that's he's gonna do so well oh man what a great guy this is the ramsay show [Music] [Applause] [Music] [Music] [Applause] [Applause] [Music] ken coleman ramsey personality is my co-host today our question of the day comes from blinds.com they have a 100 satisfaction guarantee that means even if you mismeasure you screw up you pick the wrong color they'll remake the window blinds for free you get free samples free shipping and new promos all the time to save even more always use the promo code ramsey it's magic it'll get you a good deal today's question comes from andrea in tennessee she asked i'm moving into a different role at work but there hasn't been any discussion of a salary change if it doesn't come up soon how should i bring it up humbly and clearly now you want to walk into that and say hey i just want to follow up we've been discussing this different role and we've yet to talk about what the comp looks like for that role when you think it's the right time we'd love to discuss that you know you can do that face to face or via email i always prefer face to face so they can see your humble spirit this is not an abnormal thing to bring up so the next time you're with that leader i would bring that up and you know if they're going to keep kicking that can down the road that should be a bit of a red flag but assuming that everything's healthy and we're serious and the conversation continues to progress you need to bring it up that way you know the longer we've been discussing that without making any discussion in comp change the more and it's not anything she needs to do but it's just for the rest of you out there listening if you're leading people uh you need to do a better job that's leading than that that's correct so all you gotta do is just think like you would think if you were in this situation so you're talking to somebody about a different role if you were if the roles were reversed you'd want to know what the comp is hello everybody does it's the first thing someone thinks about well what the responsibilities are can i do the job can i be competent can i am i going to screw myself up by taking on something i can't do and what are you going to pay me that's correct i mean what's the comp and it's like golly you get way down in some discussion and you know i actually had that happen one time uh where they were going to give me a pay cut oh yeah i've heard you tell that story yeah so i quit right they were getting me after i was their number one sales guy they were giving me more responsibility going to pay me less per deal and i was gonna i mean i had to do more deals to get the same number of dollars into my household and they were all happy that they were promoting me and i'm like you stupid corporate people can't add right and you know all they do is just talk about that real early in the process and i would have truncated it but no it gets all the way down into the thing oh sure that's a leadership failure at some point now if it's been one discussion about it that's not a leadership failure but but just keep in mind leaders that your people won't know why they're gonna get paid that's really not rocket science jennifer is in tampa florida hey jennifer how can we help hi good afternoon thank you so much for taking my call dave and ken um i thought you guys were gonna be the best people to answer well give me help with my predicament so i'm trying to figure out if i should keep my current job or if i should start pursuing another opportunity so um a little bit about my situation is i currently work for a non-for-profit so um the work that i do is really good as far as giving back to the community but the pay is um pretty low compared to what i got paid in the past but there's no benefits but a lot of flexibility versus um finding a job at the hospital which does pay more but it's a lot more rigid but it also has benefits and could be a little stressful so i kind of wanted to get your guys take on that well i got to tell you when somebody calls the ken coleman show i never make the conversation about compensation and benefits because that eventually wears off it always feels good when we get an opportunity it feels good somebody wants me and when there's more compensation that feels good when there's benefits that feels good but right now you're talking about how the non-profit job you've already given us a little bit of a clue that that the values line up that you're doing work that's creating a result that matters deeply to you but it's low pay but i have flexibility so this is all these these extrinsic motivators that you're mentioning these are like outward things i want to know where do you want to end up do you want to continue to do the work you're doing uh that that is aligned with this non-profit or do you want to get into health care and work in the hospital what's the take the money out of it for a second what do you want to do 10 years from today i'm so sorry um so um so the end goal is ultimately i want to go back to school to be a dietitian so regardless i am going to be doing a career change the reason why i was considering the hospital is because um for your after you get your master's you have to do an internship at a hospital regardless so i figured that if i put my foot in the door yes ma'am allow me to allow me the opportunity plus um after six months they start paying for your tuition ding ding ding jennifer that's a no-brainer that's a no-brainer here's why you need more money are temporary everything's temporary and you're going to go back to school to be a dietitian so this gives you the money you need to cash flow your school more money i make i'm saving and i'm cash flowing school to be the dietitian secondly they start paying for things you start getting in the door in the hospital so when it comes time to get out of school and get that experience this is a no-brainer take the hospital gig don't even think twice about it it's the right move it gets you to where you want to go that's right which is is to become a dietitian uh it pays for the school it gives you the internship and it gives you more money in the process and oh well a little bit of stress but that's part of the price you're paying to get all this other free stuff for a short period of time 10 years from today the likelihood is you're not working in either one of these if you live your dream goal right yeah that makes sense so let's take the shortest path and the least expensive path sorry about that um how do you guys handle like stress because i've never been the greatest at handling stress let's define that because everybody's definition of stress is very personal what are you worried about in this hospital job you've heard something or you've created something that may not be based on fact let's break that down what is the stress you're worried about so um so me as a person i'm a very big free spirit so i work for corporate america for for many years and i felt like i was just draining my soul away which is kind of why i decided to go a different route and try the non-for-profit and i felt like i was um giving back to the community which i am so you felt yeah that's true you're not stuck now you're on a plan yeah the stress is the rigidity you said the word rigid early on in the phone call and so you're worried about the rigid schedule you also mentioned what you love most about this non-profit is the flexibility you're gonna have to get over this i'm just gonna be really honest with you and say that there is a great line from one of my favorite movies that says the the the father's talking to the son he says you do what you have to do so you can do what you want to do and this is the price of admission you want to lose weight you're going to have to exercise and eat healthy if if you want to put on muscle you got to get to the gym and you got to really work out and it's going to be hard so this is part of the deal i'm not hearing anything that to me is is considered really stressful here's what's interesting that you should kind of think through looking on the looking at this from the outside looking in from our perspective you want to sign up for dietitian school which is really rigid you have to go to the freaking class and pass the dadgum test or you don't become a dietitian and if you don't show up for class that counts against you that's very rigid but that does not stress you a bit uh that makes sense the reason it didn't stress you was it was taking you towards your goal and you were you knew it wasn't permanent gotcha okay am i wrong no you're not okay and so just look at the nursing job is the same way it's not permanent or the hospital job is the same way it's not permanent it's getting you to your goal it's a temporary thing and as ken said it is the price of admission it's the price you pay to get there so well done well done that's thank you for letting us talk that through with you that was an honor the future you're gonna be a big deal yeah i think you're really gonna i mean five years from today you're gonna be sitting in a really really good place something jennifer i want you to hear and other people that are in her boat when you're paying the price you got on those tough days where you feel like i'm in the slog and i'm not doing it you better start to envision some people in the future that you may save their life or their health because of the work you're gonna do you better start to look to the future i'm doing this now that's not fun that's very rigid so that i can give dietary advice and maybe prolong someone's life maybe save their life absolutely the number one disease in america is obesity we need dietitians so no question well done that's very cool i mean listen there's a difference in stress and just being tired that's right yeah i mean i get fatigued a lot i don't have a lot of stress because i just if i don't like what i'm doing i just change it so it's fairly easy it's you know it's a wonderful thing and the good news is guess what all of you have that same opportunity that puts the ramsey show this hour in the books [Music] hey it's kelly associate producer for the ramsay show this episode is over but if you heard about an event product or service and didn't have a chance to write it down don't worry we list everything you've heard about during this episode in the podcast show notes section or head to the ramsay show.com thanks for listening [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental 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 this is the ramsey show ken coleman ramsey personality host of the ken coleman show which is a show all about your career your jobs and doing the work that you love is my co-host today so we'll take calls about your money your life your job your careers we're here the phone number is triple eight eight two five five two to five so guys over the last 13 or 14 months even pre pandemic we have been planning the largest tech project that this company has ever worked on and we want to make sure that we can be there to help you guys to serve you guys with the website with technology platforms and so forth and we're always looking at ways to do that and why we do this is we take all our possible resources we point them at making you guys get better it's what we do every day we want to help people and like i said over the past 14 months our team has been really working hard and i'm telling you hundreds of people with thousands of man hours tens of thousands of man hours have been working on this to make it easier for you guys to find great content tools to help you products to help you services to help you help you get connected to other people in the financial world that can uh serve you and take you you know make sure you get the best possible deal on things improve every aspect of your life and it launched today we've done the conversion from daveramsey.com to ramseysolutions.com and again that involved tens of thousands of man-hours there's over ten thousand links that had to be done there was two thousand blogs that had to be reset there were hundreds and hundreds and hundreds of pages that had to be reworked and set to make this when we flipped the switch last night to ramsey solutions.com it's slick it is working they did an incredible job all of their hard work and planning made the transition to the on this massive website i mean it's freaking massive uh they i'm so proud of our tech team yeah they are they were heads down man they were hustling and grinding it was really fun you know after our time together as a team uh on monday morning this afternoon he's like hey training room's gonna be full this tech team is coming together it was fun to see the pictures uh circulating these smart men and women i don't even belong in the same room with they're so smart but them all coming together and working hard because you're right it's a massive undertaking and uh it's fun to see all of that uh it truly is extraordinary how much work was done to change a site like that um and so now it's a one-stop shop you can find everything you need to know ken coleman rachel tell people why we did anthony o'neil christie wright dr john deloney dave ramsey everything about ramsay plus everything about all the elps and no wild goose chase very very easy to navigate lots of detail study went into the design the platform the relook the reskin uh the the graphics team the creatives team on the thing or just um the digital creatives were just amazing and i got to tell you we're really proud of our tech team and it's about half of our company almost between digital and creative i mean it's uh it's you know hundreds and hundreds of people here at at all levels of expertise uh from entry level to extremely see extreme senior programmers and so go check it out check it out for us go to ramseysolutions.com surf around a little bit um no salesman will call nobody will bother you we're not going to force you to do anything uh but your go see how much easier it is to find what you need to uh to to go win with money to do what it takes for you to do what you're supposed to do so you're going to hear us from this day forward referring to ramsey solutions.com and uh not daveramsey.com because it's a whole lot bigger deal around here than just dave ramsey these days uh thank goodness uh that was a fairly limiting factor well you know it's everything you come to expect from daveramsey.com but so much more as dave just said so you know it's the same stuff you've always wanted needed and it's just better better more of it easier to navigate it is a gorgeous site on top of just functional great looking site super easy to navigate so spread the word ramsay solutions.com robert is in baton rouge hey robert welcome to the ramsey show how can we help hello gentlemen thank you for having me on sure what's up my uh my wife and i are 2010 fpu graduates who are living the dream thank you by the way awesome i am currently suffering from a severe case of powder butt syndrome 73 she's on a fixed income and she's in a losing battle with math um i i've given you your book i've told her the baby steps and um i am failing miserably i was actually on your website i like it i like it a lot i was looking at ramsay plus and i just want to know if i put her in front of that and click go can it help her that's my question well um it can help anyone who wants help so my question is does she want help or do you want her to have help well i mean yeah she's giving me signs that they're to me a cry for help you know i mean there's always been we lost my father in in 2019 they've all been very close with their thank you i've always been very close about their financial situation but you know she's she's approached me in tears she's made some very poor financial decisions so is a lot of her uh hesitation just shame possibly yeah very very possibly she it was for me when i did stupid stuff by the way my biggest thing was i just felt stupid i felt ashamed and i didn't i didn't want to tell anybody yeah i just wish your kid gotten some advice before doing but yeah but she's there now and she just feels bad right yeah and your dad's con you know and and so i mean she's not even getting anybody left to blame at home she got to blame it on herself now she's stuck yeah we can help her i think she's more ready than than the than than she's able to verbalize and we'll give it to her we always take care of widows we're christians and so uh you know she's got ramsay plus for a year on us thank you dude and um that'll put her into financial peace university uh does she use a smartphone she has a smartphone and i i actually bought her a use a computer yes sir okay so you know you help her download the every dollar app and let's get the budget system going on the uh online uh you know there's lots of 73 year olds doing this stuff and it'll give her a sense of peace when she to these extent she has a sense of control i don't hear this woman being obstinate i hear her being scared and ashamed and i think that you've acknowledged that it's a cry for help acknowledge it with her and say mom i'm going to walk through this with you it's still scary talk about the times that you did some stupid stuff robert so she doesn't feel alone in it and hold on kelly'll pick up will get her signed up as our gift [Music] 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] [Applause] ken coleman ramsey personality is my co-host today open phones here at two two 825-5225 as we talk about your careers your jobs your money and your life shane is with us in cincinnati hi shane how are you hi i'm good how are you better than i deserve how can we help well i'm 22 and uh recently married and my wife and i are on baby step number two and we're wondering if we should use the money that we have saved to buy a rental property to like beef up our annual income and attack the debt then or to use the money that we have saved now and just going all in right now how much money do you have saved shane um about 16 000 okay no under no circumstances you wanna know why yes you put fifteen thousand dollars on a rental property you're not gonna make any money by the time you pay the payment after the rent you have expenses you're going to lose money every month you don't have enough equity in the property to actually freaking create a cash flow it's an illusion dude you need to stay away from get rich quick channels on youtube okay so let me tell you what let me tell you what happened to me okay i graduated from college at 22 years old with a degree in real estate and i worked for a real estate company for a little while and i started buying and selling real estate all borrowed money with almost no money down like you have almost no money i was broke when i started and with all borrowed money i bought properties like crazy and by the time i was 26 i had four million dollars worth with a little over a million dollar net worth and i was making 200 000 a year doing flips and then rentals i grew a portfolio but i had almost no money and a lot of real estate the bank got sold to another bank and i spent the next two and a half years of my life losing everything i owned because i did with extra zeros on the end what you're talking about doing uh and now i own hundreds of millions of dollars of real estate you know 30 years after going bankrupt uh and i paid cash for every bit of it with wealth that i built and it has made me even wealthier real estate is something to make you wealthier it is not something to put fifteen thousand dollars down and make a monthly income on you're going to make a huge mistake if you keep going down that path there is no shortcut in this process that makes sense to you at all yes yes yeah and let me tell you let me tell you something else you said you're married yes your wife thought this was a dumb idea didn't she um actually she's the one that thought of it hello okay i'm sorry i threw her under the bus all right i'm a little shocked okay well here's the thing here's what happens in our culture um and it it happened to me um and the way we grow up and see if this sounds right to you we all if you grow up without money which i grew up without money and i'm kind of thinking you did shane okay okay we're looking at these people with money and they all seem to have real estate and so we think then the connection that we make in our brains because we don't know any better because we didn't grow up around wealth is that real estate is what made them wealthy and actually the data that we have on millionaires says that very few people become millionaires with real estate now here's what they do do they do buy a lot of real estate as they become wealthy and it makes them wealthier but very few people start from broke doing real estate deals become wealthy and retain the wealth because they usually have so much debt that there's actually no cash flow lots of risk and one little hiccup one little covet gets loose and um you know and you get all kinds of problems and you you end up in a worse situation and so um there there's quite a um a movement happening among people your age shane that says real estate is the way to get rich starting your own business is the way to get rich and when in reality you can start your own business if you want uh you spend a few dollars and make a bunch of dollars if you want with a lot of hustle but but uh but real estate usually you should buy later on in your wealth building process and it accelerates what the wealth you've already built but very very few people statistically become wealthy from nothing starting with and only using real estate to do it does that make sense ken it makes total sense shane here's the deal a young married couple i would be working a lot of more extra hours you want more income get a better job or work another job and that increase income gets you through baby step two faster you move into baby step three and now all of a sudden you get to a point if you walk the baby steps out you guys could be there and you could be saving up money then buy your first house you could have your house paid for and buy your first rental by the time you're 30. in cash if you just start walking these baby steps and working your way out hold on i'm going to send you a copy of the book the total money makeover and show you what we're talking about you read it and then you decide for yourself chris is in new york city hi chris how can ken and i help hi dave thanks for taking my call always appreciate it i've been a long time watcher of yours i've been watching you since i've been about 17 18. but my question is how do i set myself up for a better future currently i'm a college dropout i work part-time jobs i make under 30 000 a year and coming up soon i have to help out with rent because uh my family's finances aren't really the best i'm basically the only breadwinner how old are you and i'm 20. okay and you're the only breadwinner like you live with your mom and dad you're going to be supporting them and you're 20. i live with my mom and my grandmother my mom is currently on disability she hasn't worked for the past couple of years and i'm the only one that works all right can yeah so a couple things here you what what do you want for your future because i understand the short term you gotta you gotta make more money to help mom and grandma out with the right you're gonna be doing when you're 30 living with mom and grandma that's not your vision no my my vision is to you know get out of the house i i learned very late while i was going through school what my actual career path uh what i want to do which is what i learned that i want to be a pilot i look through all the steps look through everything that i have to do great but financially i would you know be looking at you know eighty thousand dollars in loans and that that number just kind of scares me well no it's not eighty thousand dollars in loans uh i will tell you it is very expensive no question about it to to get that license but there are a couple ways to go about that and i think for you you want to be flying and i think there are multiple ways to do that and so you've got to look at do i need to do this type of training to get in there or can i work my way get in the aviation industry make some great connections start making more money you go any industry you want to because it's the day job that's going to fund the dream job so why don't you investigate the international guard i i agree i think you're looking at that to to get that flight experience or even the air force the air force they pay for your for your education uh you've got to get real serious right now you're not stuck you're scared there's a big difference and let me tell you what people get scared of the lack of a plan you don't know the details you need to look at international guard the air force you need to look at multiple ways that you could eventually get that pilot's license to do what you want to do the more information you have now the less scary it is and so you're absent of knowledge you're not stuck but then i will tell you as a young man right now you better get after it you can be doing more you could be making more money to help out mom and grandma and i'd be encouraging mom to be doing something from home too even in a disability situation yeah i would sit down with a recruiter for the air national guard and i would sit down with a recruiter for the air force and learn about what your options are what they will pay for what kind of sign up bonuses and processes that they have that will get you out of the house and that will turn you into a pilot if you're qualified and air force pilots you know uh they walk into commercial air not it's not unusual at all no into a career in flying and so um and for that matter chartered air and other miscellaneous jets that you have the opportunity to fly so i would investigate that and at 20 years old it might be the answer to a whole lot of structure and a whole lot of things that would be great for you this is the ramsey show [Music] [Music] ken coleman ramsey personality is my co-host today zack is on the line in fort worth texas and my screen says you're debt-free zach congratulations thank you so much well done well done how much have you paid off uh 38 six hundred seventy dollars and twenty one months phenomenal and your range of income during that time uh fifty five thousand to sixty five thousand cool what do you do for a living i am a teacher and coach oh wow well thank you we're doing our teacher appreciation giveaway right now at ramseysolutions.com so you need to sign up for that man we're going to give away 5 000 bucks to say thank you to some teacher so it's uh well done man so hey so what kind of debt was the 39 000 uh it was all student loans okay cool how old are you i am actually turned 26 today today is my birthday oh cool so you got out of school and 21 months ago something happened and lit you up to knock this out fast what happened coach uh well i had just graduated and my parents paid for me to go to uh fbu and me and one of my best friends from high school is one of my groomsmen at my wedding that i have in 18 days as well is we went to the class together and i had just gotten my first paycheck with a comma in it and was excited and so i had all this money that i had never made before and i needed a plan i had always been a saver my dad taught me from a young age to save 10 of everything that i ever made and that's exactly what i had done and it gave me a game plan and i'm greatly greatly appreciative of you and your course and how it helped me get myself out of debt and it has really set me up for my future uh with my with my future wife i'm really excited about it very cool well congratulations man debt-free and getting married in 18 days life's pretty good so where's the fiance on all this subject well fiance is actually she became debt free about a year ago and so we are getting married i'm 26 she just turned 25 and getting married and neither one of us have any debt we're already through baby step three with our six-month emergency fund and we have a pretty good sized uh down payment on a house for when we get one well done man touchdown i love it baby that's awesome very very cool so uh mom and dad give you the course when you come out come out of college and go okay now get this student loan cleaned up how was it you didn't i mean a lot of people might have bowed up and said i'll do whatever i want to do why did you believe that you should do that well i i always i always believed that i could do things that nobody else could and i knew so many people who were paying off student loans 10 15 20 years down the road and i did not want to do that i actually listened to one of your podcasts a couple years ago and you had said that you were going over the top five professions that end up everyday millionaires and teachers are one of those top five yep and i thought you know if if they can do it i can do it and i take pride in doing something that people say is impossible and that's exactly what i'm going to do i'm i'm planning on becoming an everyday millionaire everyday multi-millionaire and being a teacher all the same wow i don't think there's any question you're going to do that with that what you do to increase your income by ten thousand uh i took up coaching so i started off and i wasn't a coach and i uh i'm now coaching three sports i coach football uh powerlifting and uh track and field and actually as soon as i get off the phone i'm headed to a track meet tonight nice wow well congratulations so obviously mom and dad were big cheerleaders the fiance was a big cheerleader who else uh my i have uh i have co-workers that that listen to you and i have multiple friends that have actually led your fpu class themselves um and i've been keeping them updated with what i've been doing i was keeping them updated that i'd be on the show today and everybody's super excited for me and i've had people i posted on facebook that i was debt-free and they were very excited i had messages coming in how in the world did you do it and the the number one thing i told them was the budget and i gave them the every dollar app that the every dollar app has been a great great tool in staying on track and sacrificing things that a lot of my friends were doing i couldn't we didn't we don't go out to eat very much we don't we don't go to the movies we don't go on a whole lot of trips um we we stick to the budget and that's the plan and it's really easy to do how does it how does it feel now that you did it it feels like a huge weight off my shoulders i'm i can look forward to the future i can look forward to getting a house with my with my almost wife and having kids and being able to help them with college and help pay for their college and give them a life that i've always that i've always wanted to give them i actually wrote one of my college entrance essays was about a long-term goal and i wrote about the long-term goal about being a good dad and this is this is my first step on being a good dad being financially stable and being able to provide for them that's so good zach i you said something earlier about the co-workers i thought that was so beautiful talk to people that are listening right now about the importance of community people that are like-minded on this journey and that they can encourage you when everybody else is still going out to eat and going to the movies and what's in what what is the effect that it has on a person when they've got community well if i think that and even i do the same thing with my students is if you give them encouragement and tell them they're doing the right thing rather than telling them what they're trying to accomplish isn't possible it makes it a lot easier mentally um to be able to accomplish it if you've got people in your corner telling you man what you're doing is awesome you are setting up your future you can absolutely do this i'm rooting for you please let me know every step of the way if you ever need any help or anything that kind of support behind you goes miles oh it does uh and it's it was really awesome to have yeah i have a button you have a lot of positive a lot of positive peer pressure around you instead of people telling you all the time you can't be done exactly yeah yeah you surround yourself with people in any situation that are that are that way you're gonna you're gonna much higher probability of success so well zach we're very proud of you brother congratulations very very well done thank you so much for calling in to do your debt free screen we've got a copy of rachel cruz's latest new york times bestseller it's called know yourself know your money and we'll send that out to you to say uh as a wedding gift and a as a a prize for doing your debt-free scream so very well done what's your fiancee's first name ashley all right so zach on behalf of zach and ashley 18 days away fort worth texas 39 000 paid off in 21 months making 55 to 65. count it down let's hear a debt-free scream [Music] way to go coach i love it man future's so bright absolutely incr incredible very very well done uh misty is on facebook uh and she says i'm 42 years old and i work as a respiratory therapist i really want to go back to nursing school for better advancement do you think i'm too old no for heaven's sakes you're not too old you're 42 years young um you know when people ask that am i too old question there's a lot bottled up in that day number one it's an insecurity and it and and it comes from you know you're advancing in age you're in your 40s now and you go i'm not 22 anymore will they hire a 42 year old or in this case maybe a 44 or 46 year old nurse uh if i'm competing against gals that are 25 and 26 and that's a false narrative you know they're gonna hire the person that they think is best for the job whether you're 42 32 22. so no you're not too old not at all if you're 82 we'll talk about it yeah that that's going to be an issue i think hiring 82 year old nurse is probably an issue for reasons that i'm unable to articulate with intelligence but i mean seriously not 42. yeah no no you're you're able-bodied and you'll bring a lot of maturity and wisdom to the job that um that the youngsters might know you're fine freaking 42 is not old i'm 60 and i'm not old so shut up seriously there you go my gosh this is the ramsey shadow [Applause] [Music] [Music] so [Music] our scripture today jeremiah 17 7 but blessed is the one who trusts in the lord whose confidence is in him jerry rice said today i do what others want so that tomorrow i can accomplish what others don't chris is in orlando hey chris welcome to the ramsey show how can we help hey dave thanks for taking my call um been a long time listener and your program has helped me and my family out tremendously my question today is really on behalf of my mom um she's in a bit of a pickle she's never been the one to handle financial stuff and my father just passed away about two and a half weeks ago oh my gosh trying to figure yeah it's been it's been pretty rough and she she's just now me and my sisters are we're working with her to get her you know kind of get financial things in order um my question is that she was just served some papers regarding a past debt from 2005 that has gone to collections and has now been assigned to an attorney it's now passed judgment a judge has signed off on it so she's getting ready to be hit with uh have her wages garnished the um the original amount was about 12 000 um but it's now gone up to it's about 24 000. um so my mom contacted them today and i kind of coached her through you know don't give out any information no checking account none of that just let them know that you're just asking questions and that you receive the paperwork and um i know that we'd like to try to find some way to settle but their first offer was about 21 000 which my mom doesn't have um she has a little bit that i think we could scrape together but seeing how this situation has already is about to go that she's about to start being garnished i know that we don't have a lot of who said she's about to be garnished so my my mom was about two hours away from me and my sister took pictures of all the documents she sent them to me and so i have um like the court orders in front of me in fact my mom thought it was she she thought that they could have been fake they went to the clerk of the court they verified all the documents and the the paperwork that she's been given is saying that she has you know um x amount of days to file a response if she's going to claim exemption on the garnishment based on the available options i don't believe she will qualify for an exemption does she live in florida yes okay and how old is she 66 and what kind of money does she have she's still working she makes about thirty thousand dollars a year um i i do believe that you said that you said she could scrape together some money and it was a little bit and you guys could help and it was a little bit what's the total the um i don't know exactly what we could put together just yet because with my dad passing she's not she's a renter she's not going to be renewing her lease and so we're going to be looking at trying to downsize to save her as as much as much as possible so there's going to be a move happening but i i do think that we could probably get you know between five and i think between maybe five and ten thousand dollars put together between what she has and what me my sisters could throw in i just i'm gonna go down and spend some time with her next week i just didn't know if you had any advice in terms of like if this does go to garnishment which it looks like the judge has signed off on it it's been verified by the clerk of the court unless she files an exemption she's going to be garnished so we don't have a lot of you know there's we don't have a dog in there what does she just saying what does she do what's her job she's she worked for a hospital on the you know the front end staff doing she's a receptionist she helps out in the in the child's care um she's been with them for you know for years and um okay so uh here's here's what i want you to try um first and you'll you'll need to jump online and pull a form or just make up on giving you permission to discuss her account and have her sign it and your name and her social security number and everything on it that you can fax to this attorney and then you get on the phone with this attorney and here's how it sounds all right that you need to remember this attorney is not a um this is not matlock this is not some real big attorney this is a collections attorney and your mother's account is one of ten thousand accounts that they're working right now she's a widget in a factory there's no emotion there's no big drama there's no big uh anything going on here okay and so uh they're they just want some money that's all they want and they have no soul at all when you're talking to them all right and here's what you're gonna say my mom is 66 my dad passed away two and a half weeks ago she makes only thirty thousand dollars a year so let me tell you what you folks are gonna get zero because i'm taking her straight to the bankruptcy attorney and we're gonna file a chapter seven and you're gonna get nothing or we're gonna come to terms with a deeply discounted settlement on the phone today if you screw with me i'm leaving with my mother in five minutes to visit the bankruptcy attorney chapter seven you're gonna get zero don't screw with me i've got six thousand dollars you need to take it because it's all you're gonna get from this broke little widow don't screw with me chapter chapter set chapter seven yeah chapter seven bankruptcy is a traditional bankruptcy in which all unsecured creditors get zero you're not gonna follow chapter seven you're bluffing okay but get all up in their face and explain to them this is a 66 year old widow it's my mother i'm highly offended at this situation my brothers and sisters and i've scraped together six thousand dollars we can offer you that and that is all and you will take it in this phone call don't screw with me because let me tell you when you get somebody on the phone on the other end what you have is a collector and you're dealing with a credit card collector which by definition is scum and so once you do get agreement and you're going to have to pound them are you ready to roll up your sleeves and stiffen your backbone because it's going to be a mean tough conversation because you're dealing with soulless human beings you with me absolutely yeah i'm with you you are fighting on behalf of your mother in this conversation and then you get it in writing from this soulless creature that they will accept six thousand dollars from this 66 year old widow and then you send them the six thousand dollars and you do not give them any information on her nowhere are you going to find her now your worst case scenario is she goes and gets another job and they never find her if uh and that would be like a money order that you would just yeah money order you could get a you could get a prepaid debit card and a single usage but no electronic access to her checking account or yours okay and then what you said a paper that has to be facts of the attorney that gives you rights to speak on my mom's behalf do you know the name of that paper it's just you're just it's a simple paragraph that says that right there oh okay okay just something that is in-house okay yeah there there may be did you go through financial peace university at any time i did not go through that we used to put those forms in the back of the books a thousand years ago there might be one in the back of an old financial peace book out there uh that we never put them in the total money makeover books so if you've got one of those laying around but it's not that big a deal you just write up a paragraph says i so and so give so and so permission my social security number so and so to act on my behalf uh and please just and uh you know permission to discuss this account and negotiate on my behalf my son my son chris and just and your name and her name and it doesn't have to be a big deal just something that you can uh scan and email to them so that because they're not supposed to discuss your account her account with anyone but her it's illegal under privacy law but dude that you're about to enter the you're about to enter a whole different world here be ready for the fight ken good show today thanks for having me always good fun james childs kelly daniels in the booth thank you for a great show i am dave ramsey your host 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 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 [Music] thermsyshow.com you

Channel: The Ramsey Show - Full Episodes

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Id: BpthWn77SAs

Length: 121min 10sec (7270 seconds)

Published: Tue Apr 06 2021