The Ramsey Show (July 28, 2022)

quarters of ramsay solutions it's the ramsay 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 we help people build wealth new work that they actually love and create real amazing relationships dr john deloney ramsey personality number one best-selling author of the book own your past change your future and host of the dr john dolone show is my co-host today we'll be taking your calls at triple eight eight two five five two two five well john i don't get to say this very often at home and occasionally i could say it here i was right i was right we are in a recession but barely it's such a wimpy little recession it doesn't even count it looks to me like a rounding error it really is ridiculous i mean so the a recession if you don't know we've been laughing about this last couple days because the white house you know anytime somebody doesn't like a term these days they just redefine it so we made fun of you redefining anxiety and biden white house came out and tried to redefine what a recession is and you can't it's it's econ 101. they teach you in your first week in class in college i mean come on a recession is two consecutive quarters of the gross domestic product which is the adding up of all the goods and services produced in the united states shrinking it's a little bit less two quarters in a row it receded like my hairline yes okay that's what a recession is it receded however this one didn't recede nearly as far as my hairline okay this recession is such a joke that it's not even a real recession it's not even a good one i mean as it went down like one and something one and a quarter one and a half percent first quarter last quarter we got the numbers out just a few hours ago they it went down nine percent that's like a rounding error this is like getting a ticket for going 71 in in a 70. it's like come on man i was speeding 70 and a half that's right i was speeding come on man 70.9 in the 70. oh this is ridiculous so now the the uh democrats are all going to run around in circles acting like it's no big deal because it's really no big deal uh and uh the republicans are all going to scream at the top of their lungs we're dying it's in a recession biden has crashed the economy oh my god and no neither one is true by the way we are in a recession and the economy is not good but it is this is not like a hurricane recession this is a a light mist it's not like the last one we experienced it's not even a real rain storm in q2 when it hit in 2020 right yeah we shut down the world and the economy completely shrunk by like what uh 25 or 30 percent shrunk yes during quarantine right because everybody's sitting at home eating donuts right donuts went up plexiglas went up but everything else went down right and so then they came out of their caves and bought everything in sight and the economy exploded by 35 the next quarter so that was a bizarre thing in 2020 but what we are is we we are experiencing a slower economy it's not growing it's not a time of prosperity for sure but it is not chicken little you don't have to get your helmet out it's just 0.9 i was telling rachel that it could have been up like 0.2 i i mean the numbers we were getting there's a lot of precursor reports that come out that you can read and so i was seeing the indicators i knew it was going to be basically flat yeah but it could have been up 0.25 it could have been up a quarter of a percent and then we wouldn't technically been in a recession which would be like what 30.35 difference in where we are right and it would have been reversed the the the right would have been saying but i mean it's really a recession and the left was saying see look at how wonderful we bailed it out right and neither one is true okay it's not the end of the world don't let the right tell you that because they're trying to win the midterms uh based on the recession it they need to win it based on something else because there's not much of it in the left this is a wimpy little misty math isn't real again tiny recession okay so so in all reality but but it does suck because we're not booming okay so yeah it's obviously when the economy is not on fire all in all reality it's hurting i'm just a guy with two little kids and stuff's expensive stuff like that what do i do that's inflation right this means nothing as well that's helpful like just a regular other than the economy is not it's kind of you know it's just it's going for a walk it's not going for a run gotcha you know and it's and it's a slow walk but it's not had a heart attack in an icu either okay so there you go stretch this metaphor all we can but but you said something important for the average guy like me this number means nothing means nothing other than the idea of the economy slow so turn the news off the economy's slow yes okay but it's not a deep dark man i'm 62 years old i've seen some dark recessions they're not fun right that's a whole bunch of layoffs a bunch of businesses aren't doing business so they don't need people they're not buying stuff because they're not doing business so they're goods that they produce they're not producing them because they're not doing business and so it slows down it's not good it's ugly recessions are ugly uh but this one's a joke this one's just moderately unpleasant but the uh uh this one could get a date i mean it's not really ugly right so hey yes this is a recession like me and you and we both ended up getting married this is good this is good i could get a date but i do get to tell rachel cruz i was right hey this is worth something because she was dogging me on the air the other day because i said it might be up a quarter of a percent she said wait a minute america he just said he might be wrong it's like yeah right she'll calm down yeah i could have been wrong but i actually wasn't so i'm really kind of basking in this a little bit because i did call it a while back i thought we were going into a recession and we did but you said what it's such a joke it's going to be a minority missed it as easy as i hit it truthfully because it's basically flat line it's just right down the middle so that that's the thing so you're going to hear this all over the news and you're going to hear the fed increase the interest rates again yesterday to slow inflation which is stupid on steroids they're screwing around with the economy they need to leave it alone let it heal itself it's going to be all right but they're going to mess this thing up and uh just man when you start messing with supply demand stuff and you start messing and tinkering with pay no attention to the man behind the curtain yeah we can't complete a sentence it's not a good thing okay so let me ask you this so let's let's take this metaphor because that's my bigger concern um you have a couple and their marriage it's fine things are fine and you're going for a walk and you've got the one person who's saying hey we should probably talk last night um you i just felt and the other person's saying i was in a bad mood and we're gonna dig into this and well what if we just we're gonna we're gonna try to start well let's start doing this together let's do this and we need to go do this we should probably go sign up for this and let's read this book to get another person saying hey is he's tired there comes a point when the intervention becomes worse than anything that was actually going on is there a moment here so it's a long long drawn-out analogy here got lost in your analogy okay now i'm not caught up i got it okay is in other words you know you're making a mountain out of my wheel can you can we tinker with this and the tinker's gonna crash the car well it's not gonna crash it but it could make it worse instead of making it better um you know it's just their first rule is do no harm right and so exactly take your hands off if you don't know what's going on take your hands off for a second the beautiful thing about capitalism is it has a real tendency to heal itself if you leave it alone okay like crooks they don't make it because people quit doing business with them why because they're they're crooks yeah then eventually if your product is brakes on you if you if you if you make a crappy car eventually people call it a pinto i mean you know i mean you know that that's eventually the marketplace will punish you for being stupid and it will cleanse itself but then it does that with cycles as well but god i'm mighty we have to mess with it this is the ramsay show [Music] look i love real estate and i want you to have a house but i don't want a house to have you that's why you need to get in touch with churchill mortgage to make sure you do this right these guys are awesome they'll help you get on a smarter mortgage plan because they're committed to doing what's right for you that means they check in every year with free consultations to help you stay on the right plan they show you how to save money and interest so you can build wealth faster they walk you through the total cost of your loan so you can make the best choice basically they care that's why we call them ramsey trusted you can achieve debt-free home ownership and churchill is here to help go to their site churchhillmortgage.com ramsey to start your approval or get more information [Music] [Music] [Music] [Applause] dr john deloney number one best-selling author host of the dr john baloney show ramsey personality is my co-host today open phones at triple eight eight two five five two two five how many times have you found yourself saying one day when thinking about a goal that you have one day i'll be able to buy a house one day i'll be happy with my career one day i won't have to battle with anxiety one day i will set some boundaries stop waiting around whatever your one day is you need to start right now and that's why we created the smart conference smart conference is a one day event where we will tackle all the areas of your life and guys let's face it we could all use that kind of boost right now you'll hear from the nation's top thought leaders on money career mental health relationships marriage and leadership the event is hitting the road and will be coming to dallas texas on saturday october 22nd it is already 60 sold out event passes are selling fast the vip and platinum are gone and you can get general admission still for 39 dollars so dr john deloney will be speaking rachel cruz ken coleman all number one best-selling authors george campbell christina ellis best-selling author i'll be there i'm sold a couple books too and i had a couple ideas in my life not to mention our friends and leadership experts from life church life church is uh craig and amy groschell they're gonna be speaking on marriage and uh let me tell you guys there's big surprises all day this is a day-long event you will leave inspired and smarter it's smart conference october 22nd so jump online at ramseysolutions.com events get your event passes right now john is with us to start off this hour in cincinnati hey john how are you good how are you dave better than i deserve what's up so i'm going to give you a quick background before i ask my question so i'm 28 i have all my debt paid off except for my house and my house is about to be paid off here in about five weeks right um i've i've been working a ton of overtime i've been doing it going gazelle intense for about three years now working average 70 hours a week had a baby with my wife and so my question really is is about what kind of advice you give a young person like me that's in my position because i'm kind of lost uh on a and i don't really have a path and i'm i'm starting to be burned out um so just looking for some advice sounds like you got a path just like you got several sounds like you're a new father and you're a husband and you're working to pay off some debt and you're working a professional job are none of these paths are you not feeling a certain way cause unless you get some pretty pretty important pretty cool what path is missing i don't know i just felt like i worked so hard and now that i'm about to cross this finish line with paying off my house too at such a young age i just feel like i'm i'm really burned out and i can't light the fire back in me and get me going again okay number one you you don't need a light of fire back in you you're fine yeah um number two we don't tell you to we don't tell folks to do what you've done um once you reach the baby step four we don't say gazelle intense anymore we move from intense to intentional and work to systematically more of a marathon than a sprint be putting money in your retirement be putting money in your kids college and systematically paying off your house but 70 hours a week to stay gazelle intends to pay off your house is not what we tell folks to do it's okay that you did it you didn't do anything wrong but uh no wonder you're burned out in other words you fried yours you fried your brain man you put it on the egg and put it on the skillet on the uh on the dadgum uh stove so you know let's just say hey let's uh work 40 hours a week uh systematically save for retirement save for my kids college increase my generosity and um go on a vacation take go on a vacation put your feet up rock the baby oh my gosh i mean what's wrong with that number um what are you what are we missing here you need a new goal is that what you're saying no i yeah sort of a new goal um i just feel like after i've done this i'm just kind of settling and i don't know if that's what i'm saying no you're not sure so okay so you've seen the the marathon pictures where the runner comes across the finish line and collapses at the marathon yes you see the finish line and you're about to cross it and your body is failing you as it should after you run an olympic marathon and you're thinking what workout can i get in tonight because i don't want to waste this evening and what every coach and trainer on the planet would say you need to take a couple weeks off take some time i said rejuvenate relax your next goal and mission and purpose and thing it'll come to you man that's just who you are you're a driven guy you're gonna go make it happen you're not settling you are leaning into rest you're leaning into peace there's a reason why you did all this it's so you can put your feet up and go so you can give like crazy you're there now and you're gonna have to practice what that feels like because you've never experienced that it's an it's all new feeling what what we're saying is is there is as much dignity in running a marathon as there is a sprint and right now you think the only thing that is that is worthy is sprint so if i'm not sprinting i'm settling i see and you're playing a much different longer game yeah play now you're playing long ball man yeah okay different game and i'll tell you the key to all olympic workouts is not the workout program it's the rest program it's teaching these olympic driven athletes to put their feet up to rest to take get some peace so that when they get back into the game they are full in i'm gonna throw a book at you all right there's a girl an old book a buddy my name bob buford wrote called half time and the premise of the book half time by bob buford the premise of the book is that men in particular spend the first half of our lives in acquisition mode the second half in the in in search of significance now this is in the case of a god with a life well lived okay but what happens sometimes to men and you're not a candidate for this but what what you've observed with maybe friends that are a little bit older than you or i have when i was in my 20s or 30 late 20s early 30s is a guy will kind of be winning the quote success game and it's not it's not fulfilling because acquisition doesn't fulfill there's only so much of that you can you know eat enough lobster it tastes like soap and so there's only so much gathering of stuff that is fulfilling after that you need significance and so where you're going to find great joy and depth and soul refreshment is in working for significance rather than uh acquisition because what you've done so far is an excellent job on the acquisition stuff i mean crap man you knocked out your house you're 28 years old you killed it but now you got to have something that's a little little deeper a little more philosophical a little more spiritual uh and if and the guys that don't do that and again i'm not accusing you of this but just for the rest of your edification what happens to guys is they just keep going and going and going going think acquisition acquisition acquisition and then they get all this stuff and all these these accolades and it's still not enough and so that's when we then that's when they have what we call a mid-life crisis they go get other wives into their homes you know the red convertible and the blonde secretary and here we go you know and so or whatever the whatever the stereotype is of a midlife crisis right so um uh no disrespect to your blind secretaries but the uh but the uh uh oh my gosh but uh you that's what happens is you don't if you don't intentionally change that gear at that at that apex um your you will fill it up with the wrong stuff here's a fun uh adventure you and your wife can go on um go to take a half day retreat in the next week or two and ask her this question who do we want to become now that we've done all of this another half day serve soup at the homeless shelter there you go and let's get up three or four books that we want to read together over the next few months as we start thinking about who are we going to become and also let's make service a regular part of our marriage of our giving back to our community that'd be incredible yeah and yeah it's it is the best part of life and it's the best part of money yeah actually is the live like no one else so later you can live and give like no one else you got to do that second part yeah the live and give part you know enjoying things and continuing to embrace things and do things and so forth and um you know as with a group of guys last night one of the guys said hey i want to ask you guys some questions well couldn't we gather up and i just yeah i don't want to use him for that that's fun and real philosophical thing kind of thing on the back porch right but it was this whole this whole idea that you know what we what are we gonna do now that matters you know and man that's just you gotta live a life with that kind of intensity yeah that kind of intentionality that's a different thing that's where you are man you're in a really good place and your question is not weird it's an actually a very very good question and a very good place that you're in that you find yourself in but be intentional about the next steps [Music] if you're 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been living under a rock um but i um i looked through the baby steps and i'm kind of coming up with an issue right now um so my family um i was living in los angeles california i sold my home and with the profits i was able to purchase a home outright in uh well we live in kisame florida where i have a i take i took a position that now has doubled my income fabulous so we are really needless to say we feel incredibly blessed yeah but the problem i'm having right now is um you know we with the home we still have about a hundred thousand dollars left over we have about 150 000 between cash in the bank and we also invested in gold but my problem is my new employer we don't have a 401k and i don't qualify now for a roth so i'm kind of getting a little nervous as far as what to invest in what's the best way to grow my money i'm 30 years old right now and so let me get this straight you're 100 debt free you don't owe on your house you doubled your income i don't think there's anything to be nervous about except where we're going to throw the party i mean you are really doing it this is great it's good for you so um not to make light of you or anything but dave i might be wrong but should she buy a bunch more gold i i did buy some more but not like he's being facetious don't listen to the don't buy gold don't listen to him we tell people not to buy gold so here's the thing you are you are what we call baby step seven okay all the baby steps leads you out of debt while building an emergency fund while starting your retirement while starting your kids college do you have kids that you need to save for college for um yes i have one daughter she's 13 and we have about 20 000 which was kind of our yeah my husband i agree that was kind of our max as far as what we wanted to contribute put a little skin in the game but she also has to have some skin in the game yeah like a hundred and fifty thousand okay uh a lot of skin your daughter's gonna be putting in there but anyway there's yeah i'm probably doing a little more than that if uh i'm gonna argue with you guys on that even if you're not gonna pay for a hundred percent that twenty thousand ain't gonna touch it nope so um you need to compress a collar blow your mind but anyway the uh so here's the thing you're at what we call baby step seven which that step is build wealth and give so i want you to make sure you're you're doing all you can for retirement all you can for the kids college a good way to do that is to sit down with a good financial advisor you can do a what's called a back door roth ira and you can put 8 000 a year 6 thousand a year seven thousand a year wherever you are in the process they're into that each uh is your husband working outside the home uh no he's actually a paraplegic so i'm the sole income provider but you can but you can do a spousal ira and a regular ira and they can be roth iras and you can back door them okay what a backdoor is it's called a backdoor roth what you do is you open a an after tax traditional ira and instantaneously roll it to a roth okay i have a income that far exceeds the limits and i do those every year so it's perfectly legal it is a loophole but it's perfectly legal and moral to do that and you put it in good growth stock mutual funds like your kids college should be in so we have we're not in the investment business around ramsey but we have a group of investment advisors that we have vetted all over america many different brands meaning they work for different companies but they all share a couple of traits one they have the heart of a teacher which you want to learn about this stuff and two that they are going to give you advice that's consistent with what you hear around here and they're we call them smart vesters and you are you're the smart investor they're the smartvestor pro so you click on that at ramseysolutions.com it'll give you a list of three or four in your area you can interview all of them and decide which one you like which one you feel good about and you can do your roth backdoor roths there you can soup up your kids college fund a little bit in your 529 let's get that thing moving a little bit better than it is and you can do some other type of investing beyond that which you're going to be able to do with your wonderful income because you don't have any bills way to go and they're going to tell you what i'm going to tell you which is don't invest in gold it's a bad investment it's had a bad rate of return over the last 70 years it's averaged about 1.2 percent gotcha now it's had some big years that the gold bugs like to talk about but it's had a lot of down years and um it is basically a um it's a commodity and commodities are not things i invest in so you can do whatever you want because that's what i would do i have some gold cuff links and that's it um um yeah so yeah that's what i would do the last thing you can do is what's called a if you want to write this down as a lo you got back door you got to write down for roth the other one is a low turnover mutual fund and so i do a lot of those now too and what that is is they don't sell the stocks inside the mutual fund much so a low turnover ratio would be like a four percent turnover ratio meaning only four percent of them are sold in a year so there's hardly any of the gains are activated for taxes so it works kind of like if you buy a single stock let's say you bought a stock of home depot for 50 bucks i don't even know what home depot goes for but let's say you bought it for 50 bucks if it goes up from 50 bucks to 70 bucks you don't pay any taxes on that 20 gain until you sell it because they're not selling the stocks inside the mutual fund there's low turnover it's growing like that stock was growing and you don't pay taxes on it until you sell it because they're not selling it now if the mutual fund turns over all the time it's activated even though you didn't sell the mutual fund it's still activating the gains and you have to pay tax on it every year so you want this is capital gains growth and it's a good way to do that another excellent way to get at that is just a a no-load s p 500 fund will put you in that same thing almost all of those are low turnover ratio so just check for the turnover ratio or talk to your smartvestor pro about that um i do some through my smart vista pro and i just occasionally just dump some into a into an index fund uh and what i'm typically doing there nicole you do whatever you want but i'm a real estate goob so i'll just use that fund build it up till i got enough money buy a piece of real estate in it and then i'll cash that in and go buy some real estate and it's if i keep it longer than a year it's taxed at capital gains rates to the ordinary income rate which is half 15 for you 20 for me versus just on the growth only on the growth yeah yeah so um but it's an excellent vehicle for uh because you get you know a better tax deal if you hold it a year and you don't pay taxes if you hold if you just keep holding it just keeps growing so i remember back in the early to mid 80s dave my dad took me down when i started my little lawn business and he took me down to open up a savings account and my interest rate was 11 12 13 we were coming out of this that bad inflation i remember it and i remember circling back in college and getting a savings account and it was one and i remember thinking the bank was ripping me off and i didn't understand about economics can we expect with inflation with the fed rates that we can go down to normally we put money in index fund we put it in a money market account can we expect to go down to our banks and just get these elevated rates that we haven't experienced the last decade well fed was running uh when as high as 18 the fed rate did in 1982 and under jimmy carter and it was out of control yeah and so the fed the fed that's an example of government tinkering with the economy that they shouldn't have been so they ran the fed rate up i mean and what the fed funds rate is is what one bank borrows from another right so it's their cost of money so if they pay more to borrow money from another bank to loan to you then they're going to charge you more so industry drives interest rates up to the consumer so the fed funds rate's a big deal um but no you know you'd have to say i think interest rates in general the interest rate environment is going to go through the roof again and i got to tell you man it got they got carter booted out of office for sure that in the iran hostage crisis cost him the presidency and he was a sitting president one term yeah and that's unusual and it cost him that for sure as political suicide to do that so no i mean six percent federator you know i mean a six percent mortgage market is not a it's not a high mortgage market no no it's not it's not it's not anywhere near that kind of numbers so no you're not going to see a savings account that's going to pay much more than one or two percent in in your coming years this is the ramsey show [Music] [Applause] [Music] [Applause] [Music] [Music] [Music] dr john delaney ramsey personality is my co-host today thank you for joining us america savis sylvester is in new haven connecticut hi sylvester how are you how are you doing i'm doing mr deloney better than we deserve sir how can we help how you doing today sir i'm calling on behalf of me and my wife um we just have a question we would like to know should we sell our home right now do tensolation because it's up to pay off like that and move into apartments for two years and just try to save for another house it's my last choice if you can't do it any other way so uh how much do you owe on your home um right now we all got 114 000. what's it worth right now about 205. and how much debt have you got not counting the house um the debt is 70k uh 40 40 student loans which is my wife and she has another 15 and personal and i have 10 personal so we're around 70s no car debt no car that we don't know we own our car they'll be activating another car because we have two children yeah so what uh what's your car worth um it's uh um um insurance won't consider the total loss so they'll give us probably six thousand for it they won't fix anything on it so we'll get six thousand of these that's the one that totaled what's the other one worth no we don't have one we need an additional car oh so you have one that you're out of cars right now yeah we just have one car one car but we need another one every cell will be probably able to get another car i got you okay so what is your uh what's your household income um honestly um i i make over six figures with three incomes um so my wife brings in maybe um right now she's about to start a new job which is around 60 so she averages maybe 60 80 000 a year right now she's trying to find so you have a household income of like two hundred thousand dollars uh at least 180. yeah that's what i'm thinking yeah so no you don't need to sell your house how long your wife your wife's not been working until recently oh yeah she just stopped and she's you know job searching looking for the right job that you know how long has she been out of work um maybe the past two months you know she just needed me time dealing with the children and just you know no i'm just i'm i'm not picking on her i'm just trying to find out where these where this math is going so basically you've had over the last two or three years a household income of 100 to 180 000 somewhere in there i would say i was i i just got my high school job this year so you could say before that was w2s making 135 together because we owe every year in taxes yeah and now we're at 180s yeah well new haven connecticut 200 000 for a house is not a fancy house no it's a condo so that's why she she would like to sell take the game be debt-free i'll move into an apartment with our children for two years and hopefully buy another home you know we're just asking for recommendations because we spoke to other financial advisors and he was like uh use your line of equity yeah um you know it's up to you so here's that financial advisory yeah fire that person so here's what you need to do i'm gonna pick can i pick on you is that okay absolutely so okay you make too much money to be this broke y'all are disorganized out of control and overspending you make a lot of money especially if we get jacket all the way up to 180 thousand 180 thousand yeah will pay off seventy thousand in about nine or ten months but you know i granted you've not made 180 through this whole story while you got into this mess but the way you knock this out is not selling the house selling the houses the the debt is not the problem it's the symptom and you're treating the symptom when you sell your house i'd rather you treat the problem which is you guys get on a tight budget no eating out no vacations no life and you pay all of this off in nine or ten months i mean how would it feel to be ten months from now have no debt but your house be great that's that's the ultimate plan yeah and then guess what you can figure it out yeah then that condo goes up in value for the next couple years while you're saving some more money to add with that condo and you can move into a little better house which is really what your wife's trying to pull off here without dealing with the fact that you guys are overspending like you're in congress but you got to deal with that or dude you're going to be broke your whole life you can't out earn stupidity i tried it for a long time and you can't outlive disorganization and i've tried that for a long time there's a lot of stress in this story isn't there sylvester yeah my wife is extremely stressed that's why i have a job searching yeah hold on hold on hold on hold on hey you're stressed too i'm fine i'm fine honestly it's my wife i care about and i love him i just want to do that on your sword if you want but dude the numbers you're giving me are stressful if you're working three jobs you you think you kind of know what you're making what you're not that's a that's hard right and you're you're you're you've got you're strong you you go to work you work hard there's some ego there but it's okay to say man i want to live a more peaceful life too yeah if you had no payments and all your money was doing exactly what it was told you'd be breathing deeper and one more step you you mentioned your wife's got some debt and you got some debt if you were so in sync with her that this was y'all's debt and this will be y'all working together on getting out of this thing and then your marriage is you're gonna look up in a year after grinding this thing out and y'all will have accomplished a big hard thing together and then your marriage is going to be in a place that you didn't you don't remember it being so here's the deal you're a good guy i can tell by talking to you absolutely you're a solid guy um and uh i think you guys are almost ready to do the smart stuff if you are really ready i'll give you financial peace university the nine-week class for you to go through you and your wife go through it together find a local church and plug into it or get get on with an online group and go through it with your online group and then watch the videos and do the budgets and do the stuff we teach you and in literally in nine weeks i can show you how this debt should be gone in nine months and both of you be on the same page we can show you how to do it we've shown 10 million people how to do it if i give that to you for free can you get her to go along with you and the two of you do these lessons together well she's on the phone now if you don't mind clicking in okay what's her name what's her name my name is does she know about all this discussion we've just been having yes sherry shay shay yes hey i'm gonna give you guys financial peace university if you'll promise to actually go through it together will you break that promise yes if you guys will do this we can show you how to get out of debt in nine or ten months twelve months max and you keep the condo let the condo go up in value and then you can move over and jump into the better house later on that's about a three year plan or so does that sound good sounds good okay you guys make too much money to be this freaking broke you agree with that absolutely all right you hang on austin will pick up and we'll help you guys get through this you're you're the kind of people we like to help yeah she's on the phone this is bad this good good good news right here john i know and i love man if i'm smiling ear to ear i love talking to husbands who have run up against like i'm trying i've tried to flex my way through this and i need to go ask somebody for another plan because my plan of just go go go it's not working and i'm looking around i got a stressed wife i've got strife kids i got debt maybe maybe we can come up with a scheme to get out of this and then i'm gonna go to somebody and say hey i need some wisdom and you say i got a path for you that's got a path forward that's called a good man it's called wisdom that's a good man she married well good man and she's a good lady she's yeah yeah he jumped right in there i mean we have the dragon kicking and screaming so this this is the kind of folk that turn these things they'll be on the stage doing a debt-free scream in a year yep and um in in five years they'll be telling me their baby steps millionaires oh for sure they're on their way because they make 180 000. let me just tell you man new haven connecticut not a cheap place to live nope so um that's that's a big market there so uh so it's a nice market but um yeah wow wow very very cool and i'd love to hear those three i'm working three jobs and i'm making it happen here i love it yeah it's just so interesting that 98 of winning at this stuff is just deciding to do it yeah it's exciting i'm not gonna live like this anymore so i was hiking the other day um my wife and i were on our anniversary trip i was hiking up a hill and i think mental health i think financial health physical health i think if we distill it all down it comes into three words do it anyway let's do it anyway it's hard i need a plan just go do it do it anyway go do it anywhere anywhere i don't wanna have a conversation with good to have good without art williams talk just do it just yes just just do it do it just on the right love it i love it this is good stuff man good stuff thank you guys for joining us ah thanks to austin ben zach andrew james and will in the booth this is the ramsey show [Music] dave here you can find all of our shows with the ramsey network app on your smartphone it's the only place to listen to the entire back catalog of episodes download the ramsey network app in your favorite app store today [Music] [Music] live from the headquarters of ramsey solutions 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 we help people build wealth do work that they love and create actual amazing relationships dr john deloney number one best-selling author host of the dr john dolone show ramsey personality is my co-host today open phones triple eight eight two five five two two five lindsay's with us in columbia south carolina hi lindsay how are you hey dave i'm doing great how are you guys better than we deserve what's up in your world yeah so i just recently got engaged and my fiance and i have been following your baby steps for a few years now we are debt free um so now we are now planning and budgeting for the wedding which we will be able to cash flow but yeah um but i i am finding myself having a lot of guilt um over spending the money on the wedding um we are both anticipating we are going to need new cars soon we're at the phase of our life where we'd like to start saving for a down payment um i don't want to jit myself of the wedding um that i want but i am having shame about wanting to spend so much money well i mean it it wouldn't be shameful or guilt-inducing unless it is too much money and and the way we how do we say too much money it's in relative terms to your situation okay if you make two million dollars a year and you want to spend 50 grand on a wedding that's not too much if you make 40 000 a year and you want to spend 50 grand on a wedding you're crazy so what is it you want to spend on the wedding uh i think it's going to be about 25 to 30 grand tops nice wedding and what is your what is your income uh household income is probably about 90 000. well there's not a household yet but yeah okay yeah yeah all right but yeah that would be uh the numbers we're dealing with anyway so well the average household income in america right now is about 70 000 and the average wedding is about 25 000. okay okay now so that that's the average but we do want to keep in mind normal is broke so we don't necessarily want to aim at average but the point of that is you're not completely out of control but now you start to make value judgments and go every five thousand dollars i cut this accelerates the other goals and so it's the trade-off that you're going to make the rest of your life if i spend money on a i don't have it for b it's called opportunity cost and that's what i'm struggling with like i don't want to have the wedding and then what i want you to do is set a plan set a number stick to that number and never struggle again okay now you should uh i i do want some of this negative emotion to keep you from overspending your budget and so what would i do if i woke up in your shoes i would probably say you know we're i just don't feel okay about 25 i'm because you're not feeling okay about it by the way i'm kind of kind of keying off of that okay it wasn't like you're going this is because let me just tell you the difference in twenty thousand dollar wedding twenty five thousand dollar wedding no one that visits will know that's a napkin arrangement that's the chairs you chose for the reception you know i mean oh my god so and then when you start laying out the actual wedding budget you know so you put a big number on it and then you say based on that i'm gonna spend x on the uh videos and pictures i'm gonna spend y on the dress i'm gonna spend z on the uh reception i'm gonna you know and every one of the l the band the dj the the preacher the whatever and you just line item this out like it's a project because i'm sorry darling but it is and then you stick to that you say okay i've got this much budgeted for catering and they go well you can't get the sushi if you do that well then we won't be having sushi darling so this no is a possible answer to some of these questions and so um but the the thing that will give you great peace and no guilt is if you'll set a number detail it out and then stick to it you'll never think about it again but if it's constantly floating around and you feel like then i can buy happiness or i can buy joy for three thousand dollars more you're not going to find it there it's not there and it is a it's a wonderful thing to have big we have big parties we're we're ramsey's man we like to party all of our weddings were huge we love big weddings and everybody dancing and and good food and man it's a fun time and it is one day and it's gone it is it does evaporate but so is travel or so there's other things we spend money on so right but there is no you do know there is no correlation between the size of the wedding budget and the success of the marriage though right yes if anything there might be a negative correlation yeah yeah for sure well i'm just glad we're not going into debt for it but i do have that guilt you know you know what i'm saying i'm not glad i have i chose yeah not to go into debt for it mm-hmm you're like being a grown-up and stuff here yeah is is the person you're about to marry are they guilt-tripping you are saying man if we weren't doing it like a wedding like this like where's this guilt coming from me um i guess because we we have worked so hard the last few years to pay off our debt and now we're in a finally in a really good financial spot are you kind of a taiwan you have trouble enjoying money yes um and and i just i'm worried that after the wedding our cars are going to go and we're going to need they are they are 100 100 chance and you know what honeymoon when i'm going to fry in 15 years it'll be a funny footnote to a great wedding yeah let this be a great experience for you to you worked so hard so that you could honor this i like that this cool ceremony right that's why you're going to work so hard after this wedding to you're going to get new cars so that you'll end up on the side of the road you're going to work really hard to pay off your house so that you can give recklessly to people in your community you're going to do these things so that right and you all have worked really hard to get right here i would challenge you to dial it down to 20. absolutely 18-5 come up with a number yeah and then just then just lock it in and go based on that i've got to do the dress this way based on that i've got to do the catering this way based on that i got to have friends go pick some daisies out of the farmer's field because we don't have money for a flourish based on that i don't know what it is but i mean i've had folks on this team in the last two years three years four years many many many of them have had some incredible weddings for under 10 grand yeah but it involved it involved friends pitching in mom's cooking stuff for the rest i mean involved all kinds of different things you can do you don't have to do that you're not doing anything morally wrong or financially wrong if you just say the budget's 20 and we're going to hire it all out that's okay but my point is is that you can have a really nice wedding for 20k and one thing that helps me in these moments of spend and feel guilty is if you you had this 25 000 budget and you decide to roll it down to 18.5 make sure you take that gap money and you apply it to one of these things on the back end like i'm going to use this for a car i'm going to use this for those things and so you'll feel like you're getting ahead and you're getting this great wedding but i i'm like you dave we've i've seen some pretty inventive and creative weddings over the last couple years because of covid and they're awesome and they're all still married and they're not a hundred thousand dollars in the hole no no let me no you don't borrow for a wedding no no no no no but she's not doing that she's not doing that she's what a great young lady very incredible this is the ramsay show [Music] [Music] chaos that's what it can feel like when your business is growing so fast you've outgrown your financial and accounting software the faster you grow the more likely you are to lose control of the numbers and here's the reality if you don't know your numbers you don't know your business that's why we use netsuite by oracle the number one cloud financial system over 28 000 companies use netsuite by oracle including ramsey solutions because netsuite gives us a single view of everything we need to make daily decisions whether you're making a few million to hundreds of millions a year netsuite gives you the visibility and control of the things you need to grow like your financials inventory hr planning budgeting and more all in one dashboard go to netsuite.com ramsey right now to get their free white paper jump start your cfo career [Music] dr john deloney ramsey personality is my co-host today parents if you have school-aged kids the last thing you want is for them to be normal you want them to be weird like we teach around here and that's why you've already got them listening to stuff like the ramsey show in the back seat of your car you're raising next gen financial peace smart kids right hey we're on board with this so we've got tons of stuff to help you and even your kids teachers in our back-to-school sale my god back to school is here one of the biggest challenges teachers face is getting students to engage in a healthy classroom conversation and that's why dr john deloney to my right created classroom editions of his questions for humans conversation starters for elementary middle and high school kids help them build lifelong friendships through real in-person conversations at home keep the fun and learning going with the popular kids books the adventure pack is a family favorite includes the story time collection financial peace junior the smart saver bank all for teaching kids how to handle money if there's a teacher in your life or your kid's life pick them up one of the questions for humans classroom additions as a gift for them shop the back to school sale at ramseysolutions.com john i did not know you did i probably knew it but i forgot it classroom edition yeah for elementary middle school and high school classrooms elementary conversation starter sound like exactly is a conversation that would happen around a lunch table here at work [Laughter] conversation with me you and george on a boat i'll just leave it at that randy's in washington d.c hey randy what's up i'm doing well dave how are you better than i deserve what how can we help president i want to say thank you for accepting my call um my wife and i are pretty much and i would say a good problem to have so i'm active duty military um we just sold our home at the end of june we ended up with 184 000 in equity which we used to pay off the rest of our debt left us with about 130 left over so we maxed out the emergency fund i have increased my contribution to my tsp uh to 15 percent like i'm supposed to in babies and baby step four um the problem i have is i'm up for a promotion this year which is about a 450 um pay increase per month and what i don't know right now is whether i should increase my just basically do the percentage difference and contribute that to my tsp until i can retire from it or use it for a separate account okay cool cool uh i mean you can dump it into the tsp if you want you could dump it into a roth ira if you want are you in the roth tsp you need to be i am so i'm uh and this c plan 80 and 20 i-20s so i'm at 60 c 20 s and 20i that's good that's the mix we teach yeah that's good okay so you're already on track with all that yeah i mean you're in a baby step seven situation until you repurchase a home are you stable in terms of your location are you gonna buy again or are you just waiting to quit for the military quit moving around for you by again uh so right now we're going to wait until i'm ready to retire to purchase our forever home um that's actually like a second part to the question so the extra when will you be retiring in about 10 years okay all right yeah you need to be dumping the rest of that with a smartvestor pro then some mutual funds so it will keep up with the increase in value in real estate during that time you don't want it sitting there making nothing and still because 184 000 10 years from now won't buy 184 000 will buy now so that that that's the thing so hey man thanks for your service but yeah i'll load that tsp up load your roth iras up and then load your house fund up and that's really all you got left to do you're just making money and doing good good good work real quick what's it walk me through tsp dave what now what tsp walk me through that what does it what a tsp what are you asking about it walk me through what is i'll walk you through that oh okay it's the thrift savings plan okay it's 401k for federal federal government employees basically okay and uh but they have uh certain options and there have initials on them the c is the common stock the s is the small company uh the i is the international that's the three we recommend heavy in the sea because the sea is the highest performing of all their common options pretty much like an index fund it operates like an s p 500 index fund so the tsp does pretty well and they just recently have started offering it as a roth option and so fed federal employees of any kind including military ftsp so postal workers that kind of you'll see it there all all the time uh guys i want to uh i'm not gonna pick on you about this uh out there and you can use the word don't i won't i won't give you a hard time but i'm gonna say this uh really um because i appreciate the last caller a bunch but there is no such thing as a forever home except heaven i agree okay this idea that you're going to buy a home uh and i learn i have the benefit that that's going to last forever well everything freaking changes and so we share and i haven't moved a lot we've moved every uh 13 to 15 years roughly uh with rare exceptions a couple times we stayed two years in one place but i mean our poems that we've kept a long time but they they survived that stage of life and then we went to another stage of life that was another stage of life and then we did this is another stage of life and so um i i learned this i was selling houses uh custom-made homes we custom for a custom home builder when i was 22 years old and people would come in to build their dream home and it was kind of the first it was what people used to say instead of saying forever home right it's so i'm going to build my dream home and it was so disturbing that during the 14 or 15 months that we built their dream home that their dream changed that's right while they were the dream changed while within that one year period of time and so by the time they moved in it was no longer their dream yeah and it was dissatisfying so there's just there's forever home is such a millennial thing to say just don't say that because it's not true well it's like you're not going to be there forever it's like you're moving i'm going to get somewhere and then everything will be ah this is how life well there's like you can figure out one set of bricks and mortar one bedroom arrangement one great room kitchen arrangement and and you know honestly kitchens and uh living spaces are so much better than they were 25 years ago right the designs of homes across america are just way better you know it's so much more functional and livable and enjoyable and we live our lives differently now than we did in those days uh but the little house i grew up in was like 1100 square feet and it was the uh two and a den which is the bedroom that wasn't sure what it was that's right yeah it didn't know if it identified as a dent or a bedroom and so how many kids are there as to what it is so yeah and a bath and a half and holla core doors you could hear everything through the whole house it was gross and um but when you slam them they didn't they never had the effect you wanted if you slammed them hard enough they just kind of came off in your hand like also wood or something but yeah but the uh uh but the kitchen in that house that i grew up in my childhood was in yeah it was perfect for that but it was not a forever kitchen right it was a you know when you in comparison to today it was fine for them but in comparison so no you're not you're not going to find a forever home here's what here here's what i've come to believe with when it comes to forever home stuff and even less than forever home for me i keep thinking all right when i get this house paid off i'm going to do this with the deck i'm going to do this out there the driveway i'm going to build retaining wall over here and what i have found is these are all ways to distract me from living contently right now i keep thinking down the road things will be good down the road i'll finally get this thing down the road and if i can learn to be content where i'm at that changes the yeah it changes the the tenor of my life moving forward but it's it and and but you're never gonna get a nice enough big enough great enough home to live there forever because something's going to change or you're going to lose your job or mom's going to get sick or whatever by the way it i i built this monstrosity huge home it was everything yeah that we wanted and we fully intended to live there the rest of our lives because we were old when we built it already you know and so but we lived there 14 years and we went you know what we're selling it and it was it was it's a fabulous world-class house you know we sold it and we got a little house a lot smaller now and we like it a lot it's okay i mean gosh it's just not that big a deal you know you're not gonna there's you cannot build something that will change as your life changes yes build forever relationships not forever homes that sounds like a little millennials uh whatever those people's name is lying this is the ramsey show minimalists [Music] [Applause] [Music] so [Music] [Music] still on baby step number one huh how'd you guess with health care costs rising learn how christian healthcare ministries can help you make the most out of your budget visit chministries.org budget don't worry it's worth it [Music] dr john dolone ramsey personality is my co-host today in the lobby of ramsey solutions on the debt-free stage joseph and victoria are with us welcome to nashville guys thank you where do you guys live uh we live in minnesota we are about 45 minutes south of minneapolis-st paul area fine welcome to nashville and all the way to nashville to do a debt-free scream how much have you paid off uh we are at 76 809 i love it and how long did this take you 11 months wow and your range of income during that time uh we started right around 60 a year and we ended at 145. nice jumping one year did somebody go to work that wasn't working i did what do you do for a living guys um i actually drive school bus okay which is super fun too yeah that's cool i'm a truck driver a couple of drivers yeah you got it did you drive from minneapolis no no we didn't we flew you drive for a living you want to no we have five kids so oh yeah yeah they get interesting entire changes and that'd be fantastic all right guys what kind of debt was the 77 000 it was student loans for a little bit on my part then we had a camper a car and then a couple other random debts that we had to pay off so just a multitude of things what's the biggest thing you sold nothing yeah okay so you just busted into it yep and you had some money in savings you threw at it a little bit a little bit yeah how much i would say three to five thousand not much okay so basically you going to work and you threw it all on there yeah that was the main reason i started working was to pay off the debt and then down the road now it's fun money i was working just doing 80 truck driving and then uh i would do door dash on the side wow you guys are kicking it okay so you kicked it all the way from 60 to 145 and that and enables you in 11 months to pay off 77. you got it wow so what happened let you on fire man you all went off like fireworks uh honestly uh it's pretty wild story i was actually debating on whether i should commit suicide or not um and i wanted my family to be secure when i was gone and then just listening to your show and hearing the bible verses every day i came home and talked to tori and decided we should probably get into a church we found river valley up in the twin cities and gave our life to jesus christ got baptized october 31st which is kind of a joke and a half because our favorite holiday was halloween for a long time and uh just changed our life ever since yep amazing wow so was the financial pressure part of that or just other mental issues um i'm i'm a disabled veteran so i deal with ptsd and some traumatic brain injury from from some of that so wow wow what's your healing journey been like um you know it's uh it's been a process i i got into a big good group of uh guys at church uh some men's leadership courses um starting counseling with the va coming up on august 1st so very good congrats man very good it's awesome man i'm so proud of you guys i mean the money is is a big deal paying off 77 000 11 months yeah but you guys changed your whole lives and saved your life yeah in the process and the money was just a little part of that church right i started out listening to this this podcast on this radio show that's where it started yeah so talk to us about when he came and sat down and as his wife um i've sat with a bunch of folks in your situation and your wife you knew for a long time there's a gap here oh absolutely but then when he sits down and says here's how big that gap really is right that's that's a lot right yeah and it was an eye-opener yeah walk us through your next steps um it was essentially just trying to batten down the hatches so he said we have to pay off this amount of money we have to work with this amount of money so we went from having a grocery budget with five kids of you know 150 200 a week down to 75 to 100 a week so it was difficult but we managed to do it you know cutting down our cell phones cutting cable cutting everything we possibly could to fit everything in this budget while paying off as much as we could so it was a huge jump but it was definitely doable that's amazing i want to make sure i get the order of the occurrences so you started listening to the show correct yep um then you started attending church correct yep and then you started working on the debt yep we had to get our ducks in a roll yeah yeah in a way we i started listening to the show we started working on the debt and then after a while of that we plugged into church oh okay okay so it was kind of all mixed in together right i couldn't i couldn't get i couldn't figure the timeline okay wow wow it's powerful sounds like a good church it's a very good church it's amazing river valley is definitely a blessing to the twin cities yeah absolutely yeah and you are a blessing to the twin cities my man he absolutely is there's a lot a lot a lot of men right now who are sitting down driving a truck mowing their yard with their headphones in listening to this conversation and they have begun to tell themselves the people around me would be better if i wasn't here yeah absolutely too many men tell themselves that and you had the courage to say something out loud and now you're able to inspire millions of people because of your courage and bravery and the journey's still going and you're still meeting with men and you're still going to counseling like mandy i i was in honor of your service as a veteran i am equally if not more in honor of your service as a civilian saying here's who i'm going to be and this is what this looks like man that's bravery and courage and i'm proud of you thank you we're glad to know there's men like you in our community it's awesome and women who will that don't have a school bus to get us out of that that's right man there's a couple of rock stars up there wow you guys are amazing beautiful amazing you have really become heroes and changed your lives i'm so proud of you very very very well done what do you tell people the key to getting out of daddies you just gotta start go drive a school bus yeah go drive school bus it's actually really fun i know i'm not putting it down a lot of people do they think how do you do that i'm like you just do it yeah it's fun well you like people and kids oh absolutely i love kids yeah i had a school bus driver that hated people in kids 1960s and 70s where they had a cigarette hanging out of their mouth while they're driving right you people shut up back there yeah you know that kind of thing right so hey but a good bus driver will spot those two kids to get on the bus that have nobody and you will be their light for their whole like i have a few of them like that yes you do that's awesome good for you guys stopping the uh who was it the other day tell me about the bullying on the school bus yeah wow yeah that's a big deal way to go you guys so what do you tell people the key to getting out of that is you just got to start start you got to start you got to start starts in your head and then through the process it moves to your heart it goes to an everything i got mentality to a whatever it takes mentality yeah so with the journey you've the heart journey you've been on um suicide jesus getting out of debt a lot of transformation in your heart in a short period of time um talk about how that feels to because i mean you you did a complete double backflip here man um you know it's uh it's calming you know it's uh there's nothing to worry about yeah this everything everything's already taken care of you just gotta go out and make it happen right there's a word we use around here called peace yeah absolutely yeah the day we paid off our last day i was like oh my god financial university yeah wow wow that really is very cool well we've got a copy of baby steps millionaires for you that's the next chapter in your story i want to hear back from you and hear how your journey's going absolutely all right write in and tell us an email we'll read it and keep everybody up today you guys are very very impressive you have come a very long way in a lot of areas in a very short period of time right your income your your debt your spiritual walk your mental health everything is pretty impressive yeah so um got a copy of baby steps millionaires for you total money makeover for you give that to somebody get them started financial peace university a one-year membership to that get you going in that and that's got the new videos in it that include dr dalony and george campbell and rachel cruz and me and all right let's bring the kiddos up you said there's five of them what are their names and ages we have mason who's 16 madison and michaela who are 13. maya is six and maverick is three all right wow lots of m's they're all m m's they're a handful of m m's i love it very cool well done have they been practicing a debt-free screen absolutely so the whole gang knows how to do this because they know their family tree was changed yes all right well we're so proud of you and thank you for your service and we're proud of you guys being heroes count it down let's hear a debt free scream ready three two one [Applause] [Music] [Applause] man oh man oh man dave i've suddenly got allergies in my eyes this is the ramsay show [Music] [Music] dr john dolone ramsey personality is my co-host today chad is in augusta georgia hi chad how are you good sir how you all doing better than we deserve man what's up oh yeah i'm just calling and i'm uh i have i have a mortgage just about ready to pay at all good but i'm a real estate agent and you know with a real estate agent you got to kind of go get it i love going to get it but it's a big chunk and i'm just like i think i'm there but i'm looking for i guess maybe a final confirmation with retirement that i have what's in place to pay it off i've been a fan of yours for probably 20 years and i've hit bumps along the way to get my house paid off and now i'm at a position so what do you want 95. how much cash do you have do eleven good lord pay it off take it off what are you doing pay it off today you don't need to think about this you knew what i was gonna say jacob's in fort worth hey jacob welcome to the ramsay show hot dog is this really happening it's happening what's up hey so uh my uh in-laws bought a house in 2018 for 280 000 and they're offering to sell it to us now for what they paid for it then um and since it's a non-arms league purchase we're wondering who we need to hire to help us uh make that happen okay so they're selling you the house at a below market price yes and are you getting a mortgage uh yeah we were also wondering uh what would be the best way to pay for it and you have a down payment in cash uh not yet we're moving in their tenants just moved out we're planning to rent for six months to a year to build up uh down payment okay um work with a mortgage company to establish what you've got to do to do that so that you do that properly and then the mortgage company will require a formal closing with an appraisal a survey title insurance all the things that you've got to do anyway the title company that the mortgage company who can hook you up with to do the closing can also then simply prepare the deed okay the vast majority of the paperwork done at that closing will be around the mortgage all right but you just need a deed in addition to that a warranty deed in most states is what it will be and um but this is arm's length there's no weird family crap like you can't figure out you're not allowed to buy christmas presents for five years because you bought this from them or something they don't have any strings attached right yeah no strings touched real healthy people mentally yes okay all right so um just trying to help us out yeah and they're not going to like say you shouldn't have got you shouldn't have bought that car uh no we don't like what you do with the flooring i don't think so no all right all right just checking because you know this is a dangerous thing so sometimes that discounted price comes out of your backside instead of your wallet what comes out of your yeah it comes out of out of your soul exactly and affects your relationship with their daughter your wife and so on so yeah just want to make sure all that if that's all good but the transaction is fairly simple uh while you're getting uh i will tell you to get a uh a title policy the mortgage company will require to get you to get a mortgage title policy that usually in most states you can get what's called a simultaneous issue and you get an owner's title policy as well while you're at it the title company in order to execute on the mortgage probably will require a sales contract be developed but they probably have a form you can just fill out and do that okay so it's really most of the uh detail crap will be handled by the mortgage company and their tight and the title company that they recommend to get everything done you'll add to that probably a sales contract an owner's title policy and a which will probably be 50 bucks or 100 bucks or something and then uh you'll add to that the deed and in most states that's called a warranty deed i don't know what it is in texas but i imagine it is so uh the that's the actual title to the property and then the more the title company will charge a closing fee and the recording fee to record the mortgage or the deed of trust depending on the state and then they will also can record that warranty deed to you the warranty deed is of no value until you record it at the courthouse and that's every state and so if you don't if you're if you're walking around with a deed to your house in your pocket you don't own the house yet unless or until it has been recorded at your local courthouse the courthouse the recording of the deed at the courthouse is how ownership is established and transferred so that's what you want to make sure that goes through but that's a fairly basic thing that any title company doing the mortgage will help you do and probably automatically tell you everything that they're doing and all that it's most title companies in america do a really really good job or closing attorneys or whoever's doing the real estate closing which if it's a closing attorney they probably sell title insurance so it's all it's all tied in together there very very cool good good situation that's a great situation kyle is with us kyle is in chicago hey kyle what's up hey dave i'm good how are you better than i deserve how can i help i'm good hey uh i got a job offer to uh increase this uh lateral move from two companies but company a i've got a i got a loan in my 401k and i think that's going to hinder my move um i want to move because it's a substantial increase in pay um but i don't know what to do or how to make this happen how much is the 401k loan uh it's 15 000 okay and what's the increase in pay uh about a hundred thousand dollars lord that's nice what do you make now uh one 101 and you're going to make 201 about 200 yes so yeah what do you do for a living um engineer nice job well done man were you being underpaid before are they overpaying you maybe a little bit maybe a little bit of both i guess is there any signing bonus at all um i could ask for one and that's what i thought about doing but i don't want to be cooked on that you know what to say just tell them you got a 15 000 401k loan you need to clear can they give you that much of an advance and take it out of the next three take it out the next three checks okay that could work yeah and that that just takes care of it because you go if you don't repay this loan in full within 60 days of leaving it's considered an early withdrawal and you're going to get hammered with taxes and penalties that are going to make you wish you've done something okay yeah so you do need to take care of it i i you know you've already have one kind of debt if you move it to a different kind of debt over to a credit union loan that's okay but my preference would be that the new employers somehow help you make this move if i were bringing you on and i could advance your 15k um against your next three months pay or whatever or four months pay and take it out of that where you can still eat during those months but still get my money back pretty quick as the employer i would do that okay cool yeah like they said the change the increase in pay is definitely going to help me pay other you know other debt off but i just was worried about this you know probably not you get this unless they take if they take this out of your future check because they advance it it may take you maybe your get out of debt plan starts after that's done right because you may need that you may need to eat but against 200 grand five thousand over three months is that's not a big chunk yeah it should it should be okay yeah should be okay should be very very doable but yeah sometimes you just um just say uh look we got a deal but i have a problem can you help me solve this problem so as an employer would you think less of me if i came to you with that challenge no no as long as you don't come in demanding and belligerent about it like i gotta have that you know but instead uh help me solve a problem yep i would love to help you solve a problem you're a new team member i'm bringing you on to you know i am you know i'd love to do that you know i don't have the money to move so we pay relocation expenses you know i mean it's whatever there's problems to be solved when you're hiring people sometimes especially in this market where we've got almost no unemployment yeah um and so uh you know that they they probably are real happy he's coming well clearly for doubling him up clearly they're adding 100 to what he was making so they're pretty they're pretty happy that's important to say if they say no go down to the local credit union clear this thing yeah get that thing and then just put that in your debt snowball and knock it out that's right yeah that's simple the good news is you got an extra 100k to knock out your dead snowball now real quick ding ding baby this is the ramsey show [Music] hey it's john deloney co-host of the ramsay show did you know over 18 million people listen to the ramsay show every week a lot of those people listen on one of our 600 plus radio stations across the country to find a station near you go to ramseysolutions.com [Music] [Music] [Applause] live from the headquarters of ramsey solutions it's the ramsey show where dad is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice we help people build wealth do work that they really love and create actual amazing relationships number one best-selling author and host of the doctor john delaney show ramsey personality john deloney is my co-host today open phones at triple eight eight two five five two two five one of the benefits of this show being where it has been for 30 years in the city of nashville is occasionally we have uh actual big time stars drop in who also happen to be friends uh john rich of big and rich uh save a horse ride a cowboy fame is he and joan are good friends of sharon and mike drop by and uh he's got a rather interesting story you've engaged in my cousin hello well done brother well thank you sir well done you are a uh you are a juggernaut without a doubt and i've always pulled off some fun stuff you and i have talked many times on the air and many more times off the air about this stuff um including the whole redneck riviera movement and the whole the whole process but many years ago you've written and produced some songs and uh multiple multiple number ones over the years many years ago you moved away from the um well the industry the industry the radio industry the labels the publishers and all that and and the world that we're in today allows you to just get direct access to the consumer and um consequently you wrote a song so mike rowe and you this last time we talked i was talking to mike the other day about this yeah um wrote a song santa's got a dirty job that one went to number one for about about a hot minute yeah back at christmas and uh now you got another number one without a label how do you do this right well the the people are responding uh which is a great thing to see i was uh just so struck by the intense irony that all the things happening in our country right now that are so negative are being perpetrated on us under the banner of the word progress this is a progressive idea this is progress uh trust us it's gonna be fine let's send gasoline through the roof you need to be driving an electric car anyway trust me it's good for you progress progress and i thought man that is that's the opposite of what i would call progress the things i see going on in our country so i sat down and i wrote this little three-minute straight ahead country song called progress and i wrote it actually the beginning of the year and i waited to see what the summer was going to look like and i saw this poll that came out in early july that said 88 percent of americans agree and i went wow that's a big statement under its own they agree that the country's on the wrong track i said 88 of americans i said that's conservatives and liberals and moderate that's everybody i said it's time to put the song out so instead of going with the regular big platforms twitter facebook and youtube um i went with true social and rumble which are so much smaller than the ones i just listed obviously they're fledgling level at this point i said let's just see if i can beat the machine without using the machine let's see if it's possible to do it we put it out within six hours of it coming out the thing was the number one most downloaded song not just in country but in all of music and it has stayed there to this very second it's still sitting at number one and there's there's people like lizzo and billy eilish and harry styles and the biggest artists in the world are down below me i don't have a record deal it's not number one because i'm singing it i can promise you that it's number one because of what it says and it's it's connecting with people on a very deep level and people are sharing it like crazy and you've got a lot of media on it a lot of people it became a news story yeah because you've done it without a label but also the the statement in the lyrics uh progress is not progress i mean right the hook line is stick your progress with the sun don't shine yeah which is a that's about the nicest way you could say that dave and i didn't cuss at anybody i didn't i didn't do anything terrible it's not like a kid rock song or something it's i said it in a nice country boy kind of way but we've had enough and a song says uh stick your progress with the sun don't shine keep your big mess away from me and mine if you'd leave us alone well we'd all be just fine so stick your progress with the sun don't shine and i think what's happened is the moves that have happened recently have stepped so far outside of political differences it's more like just personal you have to do this or you can't go to work you have to do this you're we're the parents when your kids are at school not you we're going to tell your kids what we want them to know they stepped into our lives to such a degree under the banner of progress i me for one i'm just not going to accept that anymore and i push back with this song and it seems to be becoming quite an anthem for people that feel the same way yeah yeah it's especially devastating for dave uh he's a huge billy eilish fan you don't know this no doubt and so he can't wear a shirt around right now because the song is just messed up shaves good time yes massive harry styles fan totally just yeah watermelon sugar high that's dave all day all day i have no idea who these people are you too i've got a middle schooler otherwise i wouldn't either i do i do know who john rich is though well it's it's battling man it's it's it's still at number one but these artists these artists that are underneath me they're 100 times bigger than me so this is really just people like who are listening right now if you want to you want to see that sucker stay at number one it's a buck 29 it's not a big thing go download it on itunes and if you want to see can you beat the machine without bending the knee that's what i wanted to find out and thanks for all the support we've been able to do it yeah now there's there's a whole bunch of us figuring that out right now because um this idea that you will comply right to the mob's total and totalitarian rule um you will comply uh with your virtue signaling and if you do not we will squash you like a bug right uh is a very real thing out there yes and uh it's something that everyone that's in the public eye is navigating uh companies are navigating it people that are in the public eye are navigating it where ramsay we have to be wise and principled uh and decide which fight we want to pick where is it we want to stir up a ruckus you know and we want to be intentional about it and so but it's it's a lot different than even three years ago or even five years ago the environment the toxic environment and the culture is out of control hey john let me ask you this um we have one most common questions i get from young authors people who want to be songwriters how do you do this and how do you write something everyone thinks you got to have a deal you got to go with the big machine you got to go get a group of this and you had something that was on your heart that said no i want to put i want to put this out there and obviously you're a good singer or someone you know how the the recording process works but what would you tell that young person with an idea who thinks they have to go this quote-unquote traditional route to make it to be heard to to do what i want to to say what i want to say right well i think today's point earlier we have routes now to get directly to the people it really comes down to your content at that point yeah if you come with something you could be somebody we've never heard of before but if you come with something that is that is inspiring enough that hits hard enough uh and it starts getting passed around it can turn into an absolute avalanche let's let's fire the song we want to hear it as we go into the break [Music] [Applause] [Music] there's a hole in this country where it's hard used to be and no glory is divided on fire in the street they say building back better make america great if that's a wave of the future all i've got to say stick your progress where the sun don't shine keep you a big mess wait for me and my name is [Music] [Music] [Applause] [Music] last couple of years real estate market's been tough we've all felt it if you're scared well you don't have to be the market seems crazy it has slowed down but it's not going to crash if you're ready to buy it's a good time to buy if you're ready to sell it's a good time to sell it's just not as wild and crazy and white hot as it was a few months back so what you've got to have somebody with knowledge and skill to help you navigate this this is not amateur hour you need a high octane high protein real estate agent if you're going to list a house right now this is an excellent time to list a house but you need to get in touch with one of our endorsed local providers that are ramsey trusted these are agents that are high producers they know what's going on they've got their finger on the pulse they're doing lots and lots of transactions every month it's not your uncle charlie who just got his dad gum license don't list your house with your uncle charlie who just got his license that's dumb because you're going to put your largest asset that you own with a newbie with a beginner don't do that get somebody that knows what they're doing ramsay solutions.com agent get with one of our elps that are ramsey trusted ramsey solutions dot com slash agent lisa is in grand island nebraska hi lisa welcome to the ramsey show hi thank you it's an honor to speak with you both you too what's up i have a thank you i have maybe a couple of questions my husband and i i'm 60 and he's 63 and we have about 30 000 left on our mortgage and i am wondering if we could uh take 15 000 out of our roth and 15 000 out of our 401k to just kind of rip the band-aid off how much is in your roth total um now it's about 5 20. why don't you just take it all out of the wrong well 401 k is 50 and our roth is at 22. 22 000. yes yeah and the the balance on the mortgage was 30 yes well you've gained money in savings that's not in retirement um d savings how much is in that uh 15 okay all right i'd probably clean out that roth just for simplicity okay that's 22 of it and then pull the rest out of your 401 k and you're going to pay taxes on that but no penalties okay and i'd be debt-free like by the end of the week oh good all right because my our advisor is kind of thinking that we're not going to have really enough to get us through if 30 000 keeps you from getting through when you have 525 000 in your account your advisor is an idiot okay i feel much better i mean think about it you're not if you're 30 000 off you got other problems i think a great gift you could provide your um advisor would be to swing by a cvs and pick up a calculator and when you go visit you could just hand that with a bow on it it's an old-fashioned thing that people used to use yeah our question of the day comes from blinds.com find out for yourself why blinds.com is the number one online retailer of custom window coverings free samples free shipping new promos they run every month you'll save even more use the promo code ramsey to get the best deal all right today's question comes from jason in texas jason writes i've been a huge fan for 20 years but have not been able to implement any of your strategies because just take a pause right there my wife thinks tithing and the rest of your methods are too restrictive she stopped going to church a long time ago and refuses to forgive me for things that happened in our past the ministers that i've consulted with say she is emotionally and spiritually abandoned me years ago oh man my 18 year old watches your videos and loves them she keeps asking why didn't you and mom do all this stuff it seems to work really well i'm trying to explain why but don't want to throw her mom under the bus is there a way a 52 year old can start over in life and help a daughter be a calm all she can be yes as our i do it all the time yeah all the time um i don't want to minimize jason i don't minimize your pain here's what your daughter really needs um to quote our friend jocko she needs you to take ownership uh you look back over your life and it's because your wife did this your wife didn't do that it's because of this what she needs you to say is i didn't i made some choices along the way and here's where i find myself and here's what i'm gonna do with these next steps and here's what you can do too and there's something about that ownership that's really powerful so it sounds like there's a a chasm in this relationship is this due for an ultimatum like you go see a marriage counselor um and you say uh i'm gonna go see a counselor and if we can't begin to get on the same page and resolve some of these things then we're gonna call this um it it the the way it writes is is there a way to start over i was just assuming that they've called it yeah they've called it so it sounds like he has the ministers have given him permission is in his mind right but i don't think he's looked at her and said this is done it's time for me to move it it's um unless we can heal right this is done that's right um just zero chance of a healing or yeah i mean if somebody if if your spouse left you emotionally and spiritually and physically years and years ago then yeah these kids have grown up in a home and that's their picture of what love looks like that's their picture of what marriage and partnership and communication and connection looks like and so healing starts with i didn't i should have had a hard conversation a long long time ago and i didn't and this is the law the uh basically they've been divorced they just need to actually formalize it they they've been divorced for a long time and they just need to formalize they've modeled modeled what that looks like to their kids and so it starts with ownership here's some choices i didn't make right a long long time ago um and here's the more importantly or as importantly as here's what i'm going to start doing now and i'd love you to join me and i think i think it's that complicated that hard and that simple yeah when we went through bankruptcy and lost everything it um terrorized me and traumatized sharon um and so that's a thing i did that she had to forgive me for in a sense because i basically you know she i always laugh and say she thought she married sir galahad turns out it was goober but um but that's you know the the truth is she was left um with situation but i was not going on nor but i there's a period of time that we can uh recognize the terror that she felt the trauma from having little kids and no money in the water got turned off because her husband's a buffoon right okay granted but five years later we're not still talking about that no then she's choosing to carry that stuff around and i'm not gonna i'm not gonna be at the other end of that weapon i didn't find infinite right once i'm staying so dude 20 years ago you did something you know after four years of that everything after four years is your fault if you choose to carry that thing around no you know he put he he accepted the paralyzation of the household for 16 years longer than he should have that's right that's right he should have dealt with her that's right a long long time ago lack of healing that's right and it was not that she didn't have a valid reason for being pissed i don't know what he did right but i know what i did i lost everything it was my fault sharon had no idea what was going on it wasn't her fault i didn't hide it from her i just didn't ask her right and she didn't know and so she's left feeling uh you know uh like you're driving down the road in the middle of the night and you hit a patch of ice and the car starts spinning yeah you know you're gonna hit something you just don't know what or when and you know and that's where she was for a year and a half period of time as we went down the the the toilet financially and the round and around we go you know and so yeah granted and today even um you know we've got checks and balances in our relationship in place so that um she's not left feeling like i'm somehow out of control again because because that little seizure that was 30 years ago that's right and uh how old was rachel when all this happened born baby she's a baby so when i think about my friend rachel we've talked about this when she has a uh emergency fund for her emergency fund those seeds were planted in money could be scarce so money's a thing right and that's those are long ago right so she steals that attention from her mom sit with your daughter and have that conversation right here jason's back one take ownership brother yeah time past time to take ownership this is the ramsey show [Music] so [Music] [Music] [Applause] [Music] dr john deloney ramsey personality number one best-selling author is my co-host today in the lobby of ramsey solutions on the debt free stage lorraine is with us how are you lorraine i'm nervous but i'm good i'm i got this i got this you got it you got it we've never lost a patient okay good so you're gonna be okay so we're so glad you're here thanks for coming where do you live thank you i'm from l.a california oh fun welcome to nashville how much debt did lorraine pay off i paid off seventy thousand dollars very good how long did that take it took me three years good for you and your range of income during that time i went from 219 um to 234. whoa what do you do for a living i am a heavy lift operator i work for the ports of la and long beach um closer to the city of san pedro for a company uh called apl yeah yeah so you're sitting in one of those cabs lifting those cartons on and off the ships all day you've had a boring few years huh it's been hectic it's been crazy yeah the last few months trying to play catch up yeah wow been a lot of work have you ever dropped one yes yes okay i just needed to know what was in it actually i um not the can but the whole machine tipped over because it was too heavy yeah i've had you in it oh yeah i had a rescue team come and get me out you were in the did it go in the drink it went in the water no no no it was on the it was on the yard but it was uh not facing how many stories did it fall over this is it i get back to the debt in a minute but oh my gosh it was about oh my goodness um five high she's the reason we can't get glass that was the one full of glass yeah it was full of sand it was gravel oh that's why it was really heavy and i stack them up they're uh 40 feet high each can so i did oh my god it was it's pretty high yeah it's pretty high yeah so it wasn't a straight drop it kind of like yeah yeah like a tree oh my gosh yeah wow and then you next day you're back in there going again huh go and do that again go do it 200 000 a year this is awesome yeah so what kind of debt was your 70 000 so i had credit fever i had a big relationship with my credit cards um mostly credit cards kind of a toxic relationship abusive relationship yes um i had uh two personal loans i had a car loan and i paid my son's um tuition on a monthly basis you were just kind of normal i was very 200 000 and broke very broke so what happened what woke you up um i just um i had just bought my car and i was you know excited going through the channels i stopped listening to music and i said i'm just listening to you know radio uh podcasts and stuff like that and i accidentally heard you on one of the stations say are you sick and tired of being sick and tired and i was like what what is he talking about like switched it another time i heard it again and you said are you living paycheck to paycheck and i was like what and then i switched it again and just got following me around what does he want what is he talking to me around and then the last time i heard you you said um you know most americans don't even have a thousand dollars saved in their savings and i was like okay he knows too much this is too much he knows way too much about my life like this is me and so i tuned in your shoe size is nine and this new car has a spy thing in it yeah it's a tesla feature i tuned in and i said oh my god all these years i've been doing everything wrong everything wrong i was told the more money you make the more money you spend the more money you make the more money you spend and that was my that was her mother's voice did you hear it i heard a tip i heard it actually that was my dad's voice oh okay my mom was that as a high voice yeah my mom was a frugal one she was like uh debt is the devil you know don't get no credit cards that's horrible don't do that don't live like that okay so she was you know a lot more okay so you started listening to the radio and that that kind of you start going i've been doing this all wrong then what did you do you just kept listening more or you got the book or what'd you do i got the book total oh yeah okay oh yeah i i said i gotta go get this book i need to read it i this guy knows what he's talking about he knows everything about everything that i've done [Laughter] yeah you became my financial father and you know and i just said wow like i never you know my dad never really talked to me about finances we were raised do as you're told and don't ask questions so i'm hearing you talk about your kids and how you you know raise rachel and how rachel's like me i'm rachel like i'm like oh my god he would be so mad at me plus or minus being in a tower lifting brakes i was like father dave would be so mad at me right now i was like i need to make him proud so now you did it i did it what do you tell people the key to paying off seventy thousand dollars yes i say get on a budget um getting on a budget was new to me um i knew how much i had to pay but i never knew how to get it done and the book just guided me and it took me there and about a year before i almost finished i wanted to be debt-free by the time i was 50 but you know life happens and a lot of things happen in my in my family that held me back so i um ended up um going into your website and i got a financial coach and she was excellent cynthia stringer she's watching i told her to watch me the most beautiful voice very calming very soothing she became my financial therapist at the end wow and i told her about how i felt um i to be honest with you i didn't cut my credit cards until i was done because i was so attached to them you know you do have a wicked relationship yes will you ever go back never you're sure because um yeah they were abusive and you enjoyed it i have um five children at home i have um [Music] um anthony rubin alvin anderly and alan and elena and they look at me and we're we're all on the same page now they are all way better than i am and they are already at their emergency fund they're already at ten thousand so they're doing great and you know they're only working you know little jobs here and there and they're doing amazing and so i owe that to you because you changed my family tree oh you did yeah well you're a hero girl with your steps and your health hero and um you know you're used to lifting heavy things but you lifted a whole life change thank you pretty important thank you yeah and don't minimize i i watched my mom do hard things from 40 to 50 and it's changed generationally my kids are different because of the work my mom did when she was in her 40s and your kids watched that happen and your grandkids are going to pick up these messages about freedom and living without this debt so good for you it's been it took 10 years and you changed the entire legacy i did i did and um i'm just so proud i i have more than a thousand dollars saved now i've never had that before and after my journey um in in january i had um i've always had kidney stone issues and i had this huge kidney stone it was like an inch and a quarter and i had already saved some money in my emergency fund and i was off for a month and i was whistling the whole time i was just you know recovering at peace and it was beautiful an emergency becomes an inconvenience yes when you got your crap together well done that's incredible well done that was great yo we've got a copy of baby steps millionaires for you that's the next chapter in your story for sure and another copy of total money makeover you can give that away when you're talking about this sometimes and somebody says how'd you do that total money makeover did it it's done it for about 8 million people by the way yeah and financial peace university if you've not been through it yet we're gonna give you a membership for a year if you have been through it give it to somebody the brand new videos and the course plug into the community there you get people around you like you did with a coach and all that changes everything in the whole process it's pretty pretty stinking incredible so so proud of you kiddo well done well done seventy thousand dollars paid off lorraine from los angeles three years she did it making 219 to 234 more importantly she changed her whole life count it down let's hear a debt-free scream three two one i'm dead free yeah [Applause] that's how that's done boom wow [Music] [Music] [Music] our scripture of the day isaiah 41 10 fear not for i am with you be not dismayed for i am your god i will strengthen you i will help you i will uphold you with my righteous right hand eleanor roosevelt said do one thing every day that scares you there you go every time i'm on the air with you dave every time you're on the air with me there you go hey and by the way the last time i was on the show i was with rachel and i'm glad you prefaced this with the scripture of the day um this the you know there's a bunch of different segments here and i didn't realize what segment we were on the last one and all of a sudden rachel starts talking in this old isaiah old testament language and i heard if you ever feel sad and i was like what's happening to rachel's brain and i started turning quietly and look and i know what's happening and then i realized she was reading scripture the day was fantastic so thank you for prefacing for everybody i thought we were losing a patient yeah it could happen bill's in scranton pennsylvania hi bill what's up hey dave thanks for taking my call um my question is uh my wife and i have been in baby step 3b for almost two years uh in that time we've been in the same home we've had a second child and you know the reason for being in 3b was because our house was getting too small but after all this time we kind of decided that we were going to stay with where we're at and looking at the route of putting on an addition during that time we've uh saved up roughly 70 thousand dollars and we have about uh 150 of equity in our current home that you know now that we're not selling we're assuming we don't have access to so just looking to see when can we what what's our best step to get that make that home renovation in addition and when can we what are you going to spend on the addition six uh well we figured the addition would be roughly about 130 thousand dollars okay two story all right what's your household income uh my wife 150 000 and what's the home currently worth today um roughly 300. okay so what do homes on your street generally sell for so we have one of the smaller homes in our neighborhood in our street um but houses range from 350 to 450. and um you said your current home is worth 300. right you know within with the market today yeah yeah okay i would not renovate it i would sell it yeah i mean that's what we were our original idea was two years ago it's a better idea here's why you're going to spend two years of your life in hell that's called a renovation it's purgatory it's right next door to hell and um it's not hell but you can see it from there and you can hear it and um on top of that when you finish if you do a good job with the design and that's most of the time a big if because you're getting ready to change this home by 30 to 40 percent of its structure right that's such a large renovation that's almost like building a house and the chances of you doing that with good architectural when you're done the house isn't just weird is fairly low it's very hard to do what you're doing well very hard um and if you do it well and it all comes out perfect after you go through the two years of hell now you have the most expensive house in the neighborhood which is never where you want to be at the top of the market so if i woke up in your shoes i would sell that sucker and i would go buy a house it's got the stuff in it you want in a neighborhood where you're in the middle or the bottom half of the price range where you can get the most future appreciation take the equity out of your house the seventy thousand put it down take out a fifteen year fixed rate where the payment's no more than the fourth you take home pay and i would move to a four hundred and fifty or five hundred thousand dollar house you make enough money to do that with uh 220 000 down payment for sure and um guess what you don't have to go through two years of hell um because i can tell you man building a house is difficult building a house while you're living in it is grounds for divorce i mean it's just it's it's jeez we can have a big fight hanging curtain rods building a whole hot no no i would not do it i i would not do it i i am am i am i being clear about advising against this before we before we go to this next caller what are your thoughts on renovating a home yeah no sell your house man you know i tell you the other thing is i we've done light renovations a couple times like while we were gone on a two week trip or something they would come in and tear out a wall and redo a bedroom and change the carpet out and put hardwoods down or something like that i mean you know but you know some substantial renovations but no it's not major knockout entire things where you have to move out of the house kind of crap and um you know what happens about six or eight months after i finish that we move i love it yeah i just i have i have a yeah i have a thing all right brendan's with us in idaho falls hi brendan how are you doing well good how can we help my family's preparing to move overseas in a little over a year what should we do now with our possession should we start selling things or look into long-term storage what do you want to do with them um probably store them why why what what is so valuable about that couch oh yeah probably not the couch but this is some bigger possessions i guess okay well i mean there's there's two categories of possessions there's garage sale crap that you're about to pay money to store that you should have sold and then there are things that are family heirlooms or keepsakes that you would never want to get rid of for any price of course but i wouldn't pay storage fees for a used couch or a kitchen kitchen table we'll just get you another one later unless it was grandma's kitchen table dude i did that one time man i put a couch in storage when i was in an apartment and a year later that guy at 50 bucks a month i realized i'd paid 600 i mean i paid more than a new couch was worth back then it was so ridiculous man i would pair my stuff down as bare minimum as you can and get rid of it and if you have a few things that are legacy pieces then yeah hang on to those yeah yeah or stuff that you you know that that you well i mean there there needs to be a real reason that it can't be replaced with a better one newer one when you get back how long you're gonna be gone uh at least five years are you going on the mission field or what uh just working uh doing higher education yeah overseas what are you thinking about storing what what do you want to keep a few vehicles uh things that would be a little difficult to get right immediately once we look back don't don't keep a car in storage for five years unless it's a classic it'll depreciate out from under you sell it man gotcha uh the car that you have now how old is it 2010 okay so it's already 12 years old and when you get back it'll be 17 year old car yep that is not a no yeah sell it man sell that no sell that for sure okay it there's no there's no if there's not a sentimental a deep sentimental hold on something there's going to be very few things in your household that are not going to be ridiculously outdated when you come back in five years five years in our world of rapid change is an eternity i mean can you imagine getting a tv out of storage that was 10 years old have you seen five-year-old pictures of yourself dave well five-year-old pictures of me look about the same but yeah that's the thing i mean five-year-old pictures of your kids i mean things change your five-year-old cell phone i mean anything like everything is five years is ancient for most things no i would not hardly keep anything here here's an important thing have some money so that when you when you start planning on your return put some money away so that you like i said with a sinking fund so you can walk um land here and go buy a car yeah i mean take the money from your cars and stuff and park the money the money can sit there it won't deteriorate um assuming you don't put it in bitcoin i mean but other than that it's going to it's going to go up and go don't go with it but you know put it in a savings account it'll be there when you get back and buy another car and um you'll be pretty close on that good show john thanks for hanging out well done will austin ben zach andrew james in the booth 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 [Music] dave here you can find all of our shows with the ramsey network app on your smartphone it's the only place to listen to the entire back catalog of episodes download the ramsey network app in your favorite app store today [Music] you

Channel: The Ramsey Show

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Id: ToU-jgKTzPs

Length: 122min 35sec (7355 seconds)

Published: Thu Jul 28 2022