The Ramsey Show (September 23, 2022)

foreign [Music] ERS of Ramsey Solutions broadcasting from the PODS moving and storage Studios this is the Ramsey show where America hangs out to have a conversation about your life and your money I am Ramsey personality Rachel Cruz hosting the show today with next to me fella Ramsay personality Ramsay show co-hosts and smart money happy hour co-host that's right of the new podcast George camel wow what a day Rachel good to be here we launched a new podcast yesterday called smart money happy hour and George and I are sitting down having you know friend a friend conversations about things going on in the world that revolve around money yes but we thought let's just put a microphone you have a mixed drink and just enjoy the conversation and you all get to listen in it's what we would talk about off mic but instead they're like let's record it and see if people enjoy this and the good news is they have they love it one person said it was like Regis and Kathy Lee so I am like the old curmudgeonly soul and you are Catholic you're not Ryan Seacrest you are no I'm racist which I appreciate that I'm a little more radius than me Factor yeah he's a little snark I see that old soul but the feedback's been amazing yeah and I just found out we are number one on the business charts on Apple podcast the all business podcasts and out of all the podcasts which two and a half million podcasts yeah we are number 33 overall is it 33 now oh I thought it was like in the fifth 50s we are just climbing the charts thanks to all of you out there time in the charts so huge thank you to all of you who have listened to have shared your feedback who have subscribed and followed and left five star reviews continue to do that how cool would it be if we're in like the top 10 and the world was like got to hear some of this money message that is so desperately needed out yeah well and that was part of our thought of doing that is here on the Ramsey Show which we're about to do is take calls from everyone Across America and the world really uh in regards to their life and their money and we get really tactical but we thought man if someone doesn't really like care about a money podcast how do you kind of rope them into this because we're both very passionate about helping people so we're like okay so how do we get the people that really don't care about money but I want to have a you know hear a fun conversation just casually in their car and it gets you thinking we kind of rope them in so it gets you laughing gets your guard down get you thinking differently about money and that's that's the goal of this so we got two episodes out right now one is all about uh is convenience culture worth being broke and the second one is all about the TV network that brainwashed us all and new episodes are coming out every Thursday uh through through November yeah season one yep and see so if you've enjoyed it thanks again for listening and if you have friends or family that you're thinking gosh any kind of rope them in to learn about money they may not read The Total Money Makeover or listen to three hours of the Ramsay show but they might listen to 30 minutes of us yakking it up with a drink in hand who knows who knows but we're here on the Ramsey Show today taking your calls at AAA 825-5225 so we'll start off with Kate and Philadelphia hey Kate welcome to the show hey thanks how are you we're doing well how can we help so I'm a new listener probably in the last let's say eight months um trying to kind of get a handle on how to start um always has kind of saved money but spent money gave you a little bit here and I but I don't feel like I'm all across the board hand stretched wide open and kind of don't really have a control on anything but I would say that we maybe aren't in quite an alignment as far as being full in family-wise as far as actually really following the path so I'm just trying to get some insight on how to really make that complete shift to follow the steps to make a difference in our lives yeah well when it comes to the family unit you know what the biggest relationship that you really do want to talk through is your spouse so I'm assuming you're married correct yes and then you have kids two yeah two and how old are they they're College age okay okay and a little buy-in from them would be nice not required at this point right uh but yeah but you just don't get much of a say yeah well College in high school but they will have their say for sure um but I don't know yeah having having your husband on board for sure is is the key so Kate what's what's probably the biggest hesitation do you feel of just like just jumping in and just doing it all um just putting that kind of restraint we've you know not necessarily lived beyond our means we're kind of middle of the road on everything but although I was going on vacation uh purchased things we want to move you know we have really done whatever we wanted because we've had the funds there but you know we still have been able to save along the way okay so how much debt do you guys have um about 9 500 right now 9 500 okay is that credit card debt is that car loans Mr car loan Jessica Carlin so one Carlo no credit card debts no student loans just that one car loan of 9 500 okay and that's the thing we use credit cards but we pay them off every month so we have switched to using debit cards solely except for certain things that we have automatically coming out every month okay okay so Kate I don't know yet not all in yeah okay so I mean there's there's multiple reasons why people kind of jump all in and one of the biggest reasons that we hear in George correct me if I'm wrong is they get to this kind of I've had it moment they get to this point that they feel like oh my gosh I should have more money than I do right now or I'm sick of living paycheck to paycheck I'm sick of having the credit card companies call and bombard me right so like that's a lot of people's stories and they get to this kind of extreme point with their lives and they say I'm done I am done I've had it you you don't feel like that you're there okay it's not enough you don't I don't I don't feel like you have enough pain so here would be my encouragement uh doing the plan where you guys are at debt wise I think you're still going to be able to enjoy life Kate like our planet is not that you it is there is a sacrificial part of this right to get out of debt but I'm assuming you guys have some extra savings uh the way that you've been talking and that you'll be able to throw at this 9 500 get it paid off just get some more savings and then fund retirement kids college uh pay off the house early you know the steps that you're probably going to be transitioning into are not the beans and rice rice and beans we take calls on the show with tens of thousands of dollars hundreds of thousands of dollars of debt and it's years of this journey of paying off debt you guys aren't there so I think you're still going to be able to enjoy life Kate even doing the Ramsay plan where you're at um but also it's like you have to you have to have intentionality around your money Kate or you're gonna look up in five years and be like man we could add a whole lot more in retirement or we could have we could have done so much more but we kind of just yeah there's a lukewarm kind of attitude for that kind of middle crowd who's not at this Rock Bottom which makes sense because you're not in dire pain so yeah but part of that is going we're not where we should be with retirement we could be doing so much better we worked so hard and yet we have so little to show for it because we're doing 17 things at once and so I think laying out a vision for the next five ten years when do you guys want to retire could we retire early because of our decisions we start making today what could we do with that car payment every month if we weren't sending it to the auto lender what could we do if we're using a debit card how would that change our spending and start to challenge ourselves not in a way to you know sacrifice just to feel some pain right but in a way to see the progress like you've never seen before so hang on the line I'm gonna send you Financial Peace University for you and your husband and the kids to watch that is going to get you fired up and show you what life could look like if you went all in on those plan so hang on the line Jenna's gonna pick up we're gonna send you guys one year of Financial Peace University thanks Kate and again it's AAA 825-5225 I'm Rachel Cruz and George Campbell and this is the Ramsey Show [Applause] [Music] [Applause] 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 churchillmortgage.com Ramsey to start your approval or get more information foreign [Music] welcome back America I am at Rachel Cruz hosting at the room show today with George Campbell and up next we have Anthony from Canada hey Anthony welcome to the show hey thanks for taking my call how you guys doing we're doing well thanks how can we help hey so I uh I was in the passive uh income scam with real estate and like I was there's nothing passive about it so we like realized we got to sell um some homes that we have and we had a house from hell in particular that's what I had a problem after problem after problem and it was like it was like it was going to take my life um but you know we sold that and we still made a profit um so I'm happy about that but uh we have about 160 000 from this rental property that and and we have our personal residence and we have about 170 000 in there so about 300 to 320 000 and we just purchased our like our dream home uh we really like it it was five hundred thousand dollars so my question is what do I do with the 300 to 320 000 do I put a 20 down payment and then invest the rest or do I pay it off as fast as I can especially with the um really high interest rates for mortgages um I just I don't know in this situation what the right thing to do is so let me recap here your personal residence you bought for 500 is it paid for or do you have a mortgage on it you have 170 in equity sorry we just we just bought it um on Saturday and and and so we are we don't know exactly what we're gonna put down yet uh if that makes sense oh you haven't closed on it yeah we're not gonna close we're very confident we'll close but uh um but yeah we have a boat we have about 300 000 that we think will have I guess okay we have 160 000 from our rental for sure okay so you'll probably have about 300 in cash that you could put down on this 500 000 home that's right yeah so why wouldn't you do that well I just I I keep thinking about retirement and you know like the you know the younger you are the better it is to have more uh at the at the beginning to to work on that compounding uh take that Compound Effect in into play do you guys have nothing in retirement um well we have we have uh we have other rental properties that we do plan on selling but the terms aren't up yet um they're about two to three years away and we think we'll sell those as well and have a 200 to 250 and we would want to put that into retirement and we have we only have really thirty thousand in our um uh uh rsps or tfsas which is like your 401k yeah sure and uh Roth IRA well we would tell you to start invest 15 of your future income into those how old are you two uh 28. you've got plenty of time you're going to be multi-millionaires in those accounts if you just follow these steps 15 in there let's pay off the primary residence then you can save up cash and buy rental properties in cash in full and that will create all of the passive income if that's what you want to do and if you don't want to be in real estate you can sell those get out and use all that income and start building real wealth once your homes paid off that's baby step seven you can increase that 15 and really start to ramp up that wealth building yeah Anthony I totally hear you on the compound interest I mean I was taught at like seven years old to look at charts to see what would happen if you invested in 18 years old versus 38 and all of it so like I totally hear what you're saying and the sentiment is great because the math for sure is on your side when you start early so we're not saying not to start retirement I would definitely put money in retirement but there's also something to be said when you don't have a house payment and this 300 000 to a 500 000 house gives you guys a massive head start and working to pay that off while still funding retirement like George was saying but there's something about Anthony when you don't have any payments like when that when your primary residence is paid for and you guys are get out of this whole rental thing and all of it right and and you have no payments your income is freed up so much that you guys then can double down and say hey we're gonna throw even more at retirement than 15 uh or we're going to take some of that like George's saying if you still love real estate yeah let's go let's go find you know a cheap house and and start there with all cash and get that passive income going and all that right you can start playing with all this because you actually have money and you have the freedom and that's something else that doesn't get put into an equation or that you won't see on a chart is just the mental margin that you're gonna have in your life and the peace and so much when you don't owe anyone anything it just frees you up so much so so I hear what you're saying about the compound interest that's what we teach here so we still want you funding retirement 15 of your income um but man I would I would put a chunk towards that towards the house for sure and that's part of your retirement plan right I would put on I mean if you guys are out of debt within a fully funded emergency fund every other Penny I would throw into this down payment so you could go that hardcore and then I would say George and I may differ a little bit on this if you wanted to take a little bit and and and enjoy I would take some and be generous with like you know it doesn't have to be this legalistic all 300 has to go at the house but I do want you guys to like do the math on that side that if you did put all 300 how far ahead you would be and how quickly you would pay off your house how much interest you would not be paying when you don't have a house payment like play with the numbers uh but I would say if you want to take a little bit and be generous maybe enjoy you know some of it too because baby steps four through seven we always say is you know your foot's off the gas you're not hardcore sacrificing you can enjoy life uh but man there's there's a gift that you guys are ready to get of three hundred thousand that you can throw it off what's your income Anthony household um well we just had a baby so but congratulations absolutely thank you um so when she's back to work in a year it'll be about a hundred and eighty thousand amazing so then you go well how quickly could we pay off a 200 000 mortgage making 180. if we didn't have any other parents and that gets you fired up because you're focused on that one thing instead of dealing with 14 different properties and they all have mortgages on them and you're hoping the renters pay and you're hoping there's no issues and like you mentioned this is not passive income so I'm glad you called that out for all of the people out there who are trying to get into this real estate business and we love real estate around here it's a great investment when it's done right but there is no such thing as passive income it just doesn't work like that in real estate because of what you mentioned there's you got to hope the renter pays you got to go deal with the HVAC there's always someone to uh to have to go up to and go all right what's the issue how do we fix this and you guys are in this business Dave has been dealing with this for years and he's been rallying against this this get rich quick scheme of passive income through real estate I know so it's a lot of work and it's a huge huge financial Endeavor and it's a lot of work when you pay cash for it right so like even when you go out and say I'm going to be a landlord it sounds like oh that's so easy you just put money in the house and then you just get money back from rent that's so easy no you're dealing with people constantly like it is it's almost this like part-time job so it's wonderful and and I love real estate and I think it's amazing uh because there is a beautiful thing about passive income when you do it with all cash for sure but it still work still work George yeah it's good but thanks Anthony thanks for the call good reminder there so I love that Anthony they just had a baby so sweet and it's amazing when you kind of like enter into these seasons of life whether you just graduated college you got married you've had a baby maybe you're changing jobs like so much of this like adulting right like doing this life there's a lot of stuff and one thing people forget about a lot is getting a will and so you'll hear us say it all the time that you need to get a will it is just basic adult responsibility and there's no excuse not to have one and so we recommend doing one just online it's really fast it's cost effective and it's a way just to get it taken care of but I also get a lot of questions asking if a simple online will is right for everyone in everyone's specific situation so I get that so what if you need a trust you know what if you need a mirror will what about Powers of Attorney what kind do you need I mean there's so many questions so our team has actually built out a quiz to help you find the right options for you when it comes to getting a will you'll get a customized you'll get customized results based on basic information like if you're married single where you live even the size of your estate and you'll know exactly what you need to do for your specific situation so getting a will you guys it is so important so to take the quiz go to ramseysolutions.com Wills quiz to check it out for yourself worth it go do it today this is the Ramsey Show [Applause] foreign [Music] [Applause] [Music] [Applause] [Music] if you're looking for ways to update your home without blowing the budget I've got it for years I've been telling you about our friends at blinds.com blinds.com makes it simple to shop top quality blinds Shades and interior shutters from home with easy online ordering and free shipping with blinds.com there's no need to renovate your entire home just change out what's on your windows with upscale choices like faux wood blinds cellular and roller Shades or even outdoor Shades plus blinds.com guarantees the perfect fit whether you do it yourself or you have them measure and install everything for you shop their latest looks and see how much you can save at blinds.com today the easy and affordable way to make your home more beautiful is blinds.com [Music] thank you [Music] [Applause] [Music] welcome back to the Ramsey show we are taking your calls at triple eight eight two five five two two five up next we have Jackson in Athens Georgia hey Jackson welcome to the show hey thank you all for having me on absolutely how can we help hey I just had a question about I guess whether or not I should look to rent or buy right now I'm I'm 24 living with my folks and uh wasn't not in college no debt and I make about 72k a year and I was just wondering if it would be if I if it'd be wise to stay with them a little bit longer and just go straight to buying a small house or whether it would be better to just more quickly go and try to find a rental yeah it's a great question Jackson do you think you'll be in Athens for a while for the foreseeable future I think so I think for the uh foreseeable future definitely yes because that's kind of how I base these decisions it's a long-term decisions versus renting but I would want you to be in a good Financial spot before you bought a home and it sounds like you're at a you're you're for sure checking off some of the boxes and not having any debt do you have any savings or anything for a down payment uh I have about 20 000 right now okay probably if I stay with them you know I'm sure I can make that go up pretty quickly sure but and you know and I could afford to rent in the area most things that I see within a 30-minute Drive of work are probably like 1200 to 1500 a month which I could do but it was definitely cut into my ability to save so what's your take-home pay every month um I'd have to say maybe like it's partially commission based so it makes a little hard to say but um about 40 maybe 4 800 after taxes and health insurance and that stuff okay and so we would say you want that at your mortgage payment to be about a quarter of your take-home pay on a 15-year fixed and so that helps you determine how much money you need down that helps you determine how much house you can buy have you looked at small homes in the Athens area to see what they're going for yes um yeah and it just ranges I'd say most of them are probably like 250 to 300K some maybe around 200 yeah they might need some work you know or or maybe less than that if you want to do a lot of work yeah which I wouldn't be opposed to but um I also I'm not married you know so I I guess I don't really I'm sort of hesitant to just go straight to buying a home but I know I always hear people talk about you know just throwing money away renting you know so no don't listen to them that's a crap you know what you're buying patience my friend you're making a wise decision yeah and Jackson what I would encourage you to do honestly because of where you're at yes living at home is saving you money but there's just not a price to being on your own I mean truly like not having to walk through the front door of your parents house and go into your childhood bedroom and go to sleep like there is a level of dignity that happens when you're just on your own like just simply that it is your life and so a lot of people do go back home to save money which again I'm not it's not like a black and white issue for me but it gets to a point though where I really feel like there's a there's a level of stunts of stunted growth stunted growth thank you I was like what's my what's the word I'm looking for thanks George that happens that you just don't quite get to that place when until you're on your own and you're the one paying the bills you're the one having to figure out what's in the refrigerator I got to go to the store I mean it's it sounds so small but it just does something so almost Jackson I would if I were you I would leave I would rent next month somewhere just to get out on your own get your feet wet and just maybe sign a six-month lease and then kind of see okay where's life at now and then if you feel like you're still settled you're in a job still in that area that you love yeah that you haven't met someone and and those plans are changing then I think investing in a house is great I mean if you if you can be somewhere for at least five years uh buying a home is a great investment and so yeah the real estate Market's a little wacky right now but if you do those percentages like what George was talking about that formula to know that you're not buying a house that's out of you know you're not going to be house poor um and you can still you know make a make some Equity while you have it I think it's great but I honestly I would move out I'd move out and rent yeah I like that plan and if you jump onto ramseysolutions.com you can click on free tools use our mortgage calculator to help you get some real facts and figures because that gives you some confidence and Clarity it's hard when you're just going I think I'm ready I don't know when you go on paper and go okay I can buy a two hundred thousand dollar house if I can put you know forty percent down that'll leave me about you know ninety something thousand and that will be at a twelve hundred dollar payment and that feels reasonable in my budget that will give you some peace and freedom and so that's what I would encourage you to do and then go about the business of doing that if that means side jobs and extra income to get to 100K so that you can get here in the next three years that's great but don't just jump into a house because people told you that renting is a sin that's right that's right yeah so I I would rent Jackson but it's a great question and a lot of people are in that transition asking the same thing so thanks for calling all right up next we have Samantha in Atlantic City hey Samantha welcome to the show hi thank you so much for taking my call absolutely how can we help well I have started listening to um total Financial makeover um I've been listening to the podcast as well and I am really trying to be accountable and get started awesome um my question has to do with the thousand dollars um The Run don't walk to the thousand dollars versus getting caught up on everything that I have this past due um I've been sitting for quite a Time quite a long time you know borrowing robbing Peter to pay Paul doing this doing that and I have a good income it's just been circumstantial it's where I live is expensive um you know I have a child that I've been raising on my own and a lot of things are coming up now and I'm a little in a little bit of panic mode not and I don't want to become dramatic about this I want to handle it I want to do it but I'm a little I'm a little confused about the starting process yeah that's a great question and you're not being dramatic Samantha I mean when you're living paycheck to paycheck and you're behind on payments and you don't have savings I mean like that's a fee that's a scary place to be so that fear that you're feeling is totally justified so you're yeah don't don't say to yourself unless I'm just being dramatic no you're really not I mean this is a this is a really serious thing and you're feeling the weight of that so just give yourself permission to feel that because that's that is all Justified getting current on those bills is going to be your A1 so what bills are you behind on [Music] essentially the transmission went um with no emergency fund in place I am now behind on the loan on that vehicle and it's still in the shop um so I am in another vehicle that I am renting that I am actually I've had I'm a traveling nurse or a Home nurse um I'm a Healthcare Nurse and I have an on-call responsibility so I've got the extra work part covered um but I've been paying for this additional vehicle to get me around and um you know it's gotten me behind on everything uh there's credit cards there's utilities um my son's uh swimming membership that he needs you know because it's the sport that he does I mean you know I don't think I'm current on one thing right now wow well we start with the four walls which is food utilities housing transportation that gets covered before we pay the credit card company before we pay the auto lender we gotta get the swim lesson and yeah the swim lessons honestly yeah making sure you're caught up on those four things you got to keep the lights on and keep the roof over our head so once we're there then we can focus on the next priority and that might mean communicating with the credit card company and going Hey listen I don't have money for you right now but we don't want to do is just bury our head in the sand and not talk to them and then it goes into collections and then people are coming after you so be proactive with every single bill in your life and every single lender and explain to them the situation and go this is what I can pay and that might mean you give them 25 that month because that's what you can do until we can get caught up and so that baby step one it might take you a little longer than other people because right now we're in like baby Step Zero we're trying to get current and so that's where you're at yeah so okay so Samantha stay on the line um Jenna's gonna pick up and we're gonna put you through Financial Peace University and it's going to come with every dollar which is a budgeting app so the very first thing I want you to do is I want you to I want you to write out your your budget for the month and I want you to cut everything that is not necessary out of that to free up money I want you to look around your house I want you to sell stuff get extra cash in the door make sure you cover those four walls first get current on that and then look to get current on on your credit cards and everything else after that but it's going to require probably some more income or money that you can get from cutting in the budget and selling stuff [Music] foreign [Music] [Music] and up next this hour we have Kristen in San Francisco hey Kristen welcome to the show Kristen are you there hello there we go yeah hey Kristen welcome oh hi sorry about that I don't know it just there was no noise you're good no you're good technology things that are taking the time to talk with me for sure yeah what can we do for you so um I'm wondering if it's the right decision for me to change jobs um I'm in a very stable position and going to something that doesn't really offer the same stability um my situation is that I live in the greater Bay Area and so it's very very expensive and so um currently in a you know a great situation but want to increase my income and I work for the county and I'm currently like capped out at where my you know my income will be raised um and my husband gets raises every two years so in order for us just to like be able to feel like we can um live in our current house and support our two young kids and all the activities I'm just wondering if I should go to more of a self-employment situation um I'm a marriage and family therapist so I would be going from the county to private practice and along with increasing my income it would also allow me to have the flexibility to spend more time with my kids and you know take them to their day-to-day activities and whatnot for sure I guess my question is I guess my question is just how do I prepare for that shift when you know I have my current PTO and I have money going into um you know a 401K with with work but how do I feel confident in making the shift and knowing that I'm prepared financially are you guys out of debt yeah besides our house okay and we have we have our um perhaps probably about four months of emergency fund okay uh uh and my husband works for the government he's done that for 10 years so he's in a very stable position unless there's like a huge um you know where they shut down the government again but yeah you never know uh okay so Kristen do you is there a practice near you that you're gonna that you wanna join that you're thinking I could plug in to something someone else is already doing are you wanting to start just from scratch just your own getting your name out there and yeah so I'm actually going through a certification program now where I'd be like a court involved therapist so the referrals are coming from the whole the court and it's essentially mandated so um you know the work is there uh the the need in the community is there so I'm not worried about having to like build up my practice so to speak um but at the same time you know there is the anxiety about cancellations and just it's not a consistent paycheck it has the opportunity to bring in a lot more income than I'm making um but I guess I'm just trying to figure out how to plan for the money I need to put aside for taxes and how to you know invest and I'm not going to be working towards acquiring a pension anymore so right right yeah it just shifts from yeah so would this be like a 1099 that you would get instead of a W-2 as a contractor correct okay well you would need to weigh the the benefits that you're missing out on and go can I cover those now from this paycheck how much do I need to put away with taxes I would definitely be working with a tax Pro you can find one of those at ramseysolutions.com to go all right I need to put away 35 of each paycheck and after a few months you're gonna have a real good picture of what this normally looks like of what your income is going to be is this something that you can do on the side instead of just jumping and leaving this job and going straight into it I've thought I've thought about that but as I'm going through the program it really seems like they it's not necessarily just a uh you know a 50-minute clinical hour where you're working with a family you might have to go to court and be on call and all of that is kind of built for in the sense that how somebody would be working with an attorney um that that's built into the contract but yeah I don't think my current position would offer me the flexibility to honor and say I need Wednesday off you know yeah well and I feel like you know you have enough experience from what you're doing I feel like you sound like you you have really researched a lot on that side of kind of moving for careers it does sound like an interesting uh part when you look into that therapy side of what you're saying um that it's not just like oh you go sit down for an hour with a therapist Vin mom and they and then they leave like you're gonna be with these families going through some hard things and going to court and all of that so so I think on the money side you guys are good you're out of debt you have fully funded emergency fund like George was saying uh research some stuff with that 1099 talk to a tax Pro make sure you got your bases covered there because people do this that kind of stuff all the time but what I would look at too Kristen is just to have boundaries because I know one of the reasons you're doing this is to be with your kids more to have more flexibility and it's easy to let fear kind of take over and think I gotta say yes yes yes yes and you take on more than what you're even wanting and you end up working more hours and you're more stressed when you're on your own versus what you're doing now so that would be one of my you know just kind of words of caution just to say you know hey you know test out one or two with these clients to know how much bandwidth of my time does that take because it does sound like you're going to be doing more than just that one hour a week therapy session you're going to be in doing a lot more for these families and these people and I might bump up to six months for that emergency fund yeah as you're not sure there may be some regular income that'll give you some peace as well and look at the other side if it doesn't work out six months from now and it's not what you thought it was you can always go back you can do private practice you can work somewhere else you sound like you're a real sharp woman so I'm I'm not concerned about that so I would go for it this is what you want to do yep it's awesome you've done the right steps awesome Kristen well George you and I we've hosted the Ramsey Show together we now are co-hosts of smart money happy hour our new podcast yesterday it's out into the world and you and I together along with Dr John zaloney uh have put content our hearts our souls into the new 2023 Ramsay goal planner so if you love a goal planner if you want to know that I want to be you want to be in 10 functional with not just your time but even your spiritual walk your money your relationships all of that you need to start doing things on purpose and it's really hard because we want the we want good results in all those areas of our lives but that doesn't always happen because we don't have the motivation or the tools but the Ramsay goal planner is all of that for you yeah we we cover all the areas and at least the main ones here we got relational with Dr John deloney you cover the spiritual side and I cover the financial side and I think having one goal in each of those areas for the year is very doable so you're gonna say hey I want to get out of debt and I also want to have better relationships because we've been very isolated these last few years we want to have deeper relationships and we want to focus on the spiritual side and when you get those you know we call it a flat tire when you're not doing great one of those areas the car doesn't run as well and so we want you to be well-rounded and have goals in each of these areas and there's such power to putting it on paper and I'm I'm the most techy guy out there I love putting everything in my iPhone note but it gets lost in a sea of digital things and screens versus carrying around a goal planner wherever you go reminding you visually of what it is of what it is and so this is it's a great gift to give someone your life that you want to encourage especially for the guys out there like me who never know what to get the the women in your life yeah this is a win-win and it's beautiful it's like gold foil on the front cover all of it it's it's wonderful so they always sell out quickly these goal planners we only get a certain amount that's right every single year so make sure to go to ramseysolutions.com planner to get yours and you're right George I never thought about that but having all the important things in one spot written down that you're like it's here because then I'm the worst at the notes app I have like yes I can't I don't even want to tell you how many notes should we compare it's there yeah it's how many pull out your phone okay because mine get lost with my kids and they like put like sushi Emojis all down them I currently have 3030 notes in iCloud how many do you have 95. oh my goodness you just threw me under the bus I have 3 000 notes oh you need the Ramsey go planner I think they're making me like I need beyond the goal oh my gosh okay well thanks to everyone in the booth Ben James Jenna Zach Andrew all of them back there and thank you America for listening this is the Ramsey Show hey it's Rachel Cruz co-host on the Ramsay show if you want to do your debt free scream live on the show visit ramseysolutions.com set free screen we'd love for you to come to Nashville and tell Dave your story that's ramsesolutions.com debt free screen foreign [Music] [Music] live from the headquarters of Ramsey Solutions broadcasting from the PODS of moving and storage Studios this is the Ramsay show where America hangs out to have a conversation about your life and your money I am Ramsay personality Rachel Cruz hosting this hour with Ramsay personality co-host of the Ramsey Show and co-host of smart money happy hour with me the new podcast that's out George camel it's real Rachel we did it this has been an idea for many many many months and it's out there now for all to enjoy the first two episodes of smart money Happy Hour released yesterday proud to announce number one in the business charts number 32 overall out of two and a half million pods was it 33 last hour it just keeps on moving ticked up a little bit so thank you all for listening for your feedback for the reviews for the five stars we appreciate it hope you enjoy it have a little entertainment when it comes to schedule a conversation and some money while you're on your run while you're in the car you'll learn stuff you want to even know you learned it you learned something it's like Inception but you don't even realize you've learned like this show we give you the facts it's a spoonful of sugar yeah that's right but smart money happy hour you know it's great check it out make sure wherever you listen to podcasts all right so we're going to the phones this hour we have Claudia in Detroit to start us off hey Claudia welcome to the show hi there I want you to know I realized I have learned much from you and your father so thank you oh well thank you I appreciate that how can we help today George I'm not ignoring you oh it's fun I was just enjoying the sentimental moment between you guys I love it how can we help here's my dilemma uh my mother's 84. she has an 86 000 interest only loan on her home um I've been trying to help her since my dad passed six years ago to really be tight on everything she is tight she is not a spendthrift but the numbers are hard and you know with an interest only the variable rate it we knew it was coming right we knew it was going to raise I checked into last year trying to get it refinanced and the problem was she couldn't afford a traditional payment of a you know a true mortgage so my question is um should I take money out of my mutual fund to pay it off um you know assuming that then of course I would First Cash Out my emergency fund and the savings we have sorry but you can imagine a single shop yeah um but then I'm like I don't really know like what would be the tax ramifications for me like if I take that money out then where do I go from there um is that going to affect me I talked to her today I said Mom I could you know you and I could do doordash where I like I'm truly doing it but I'm I'm driving she's with me so she's gonna have it on her income level right she's 84. yeah uh I've got three brothers they all help they all are very good they're or United but at the same time you know I don't know what to do I don't even know what the smartest thing I'm so sorry Claudia well number one putting yourself in a terrible financial position is not the solution so we have to find more options here you looked into refinancing is there could could we downsize her is there an apartment or condo that we could move her into with a much more reasonable mortgage but then maybe the kids can help I you couldn't find anything cheaper than what she's paying in the interest only I mean right now it's like even though it went up it's 4 38. it went from 274 in January to now 438 but obviously they raised rates again yesterday so the problem is with the interest-only mortgage she's never going to touch the principal yeah I believe me I know that so it seems like it's a good number but we're not making any progress at all how is she eating Claudia like where is she getting where does she have money to live off of Social Security in a very small like 260 dollar uh pension okay so what does that add up to per month so we're talking 25.50 a month okay what other bills does she have so she does have the car and I try to not get her into a new lease but um we couldn't find something that would work for her and you know how often is she driving around at 84. every day like doctor or grocery store or hanging out with friends what's she doing church right grocery store doctor our church she goes and walks she's very conscious about staying as healthy and active I think we got to get out of this lease does she have any other debt no other nuts okay what if we could the kids could scrape together and buy her a used car and we get out of this lease situation to free up some of that income and see what she could afford then as far as housing yeah that would probably be a good idea I wish we would have done it before but yeah that might work because at this point we we can't just let her do whatever she wants while we Finance it because she's broke and so this isn't she's not that way I mean my parents are godly people but they had a major flaw as in money and they laid up treasure for us in heaven where it will never be destroyed and I get totally what you're saying there's no excuse making going on here but but taking out a lease at 84 is not helping anyone especially herself does she know that this lease is hurting her yeah I don't think you know you wouldn't be able to have a conversation without her knowing that yeah she she knows they screwed up major on finances that's okay and we're not here to shame her I'm just here to help her get out of this lease to free up her income because that payment could be helping her afford housing right so what is that payment every month the lease payment is uh let's see here the 314 a month so that extra 314 coming in every month would that help her afford a mortgage if we switch to a conventional mortgage what is the mortgage size eighty six thousand dollars what's the equity in the home is she sold it today how much how much could she sell it for today on Zillow it says 130 I would say we clear it by 120 for sure that's what I say man Claudia I mean that just given her situation everything um how terrible this mortgage is um I mean I I would be tempted just to sell get her out and free up her life out of this terrible mortgage uh yeah fix the car situation and then look to see okay yeah what is something just and again you know she's um you know she's in her early 80s so she still could have a great 10 years left right another decade if she's healthy um so finding something for okay we have 10 years left you know just just as a um as a math equation to say okay what's a what what's a small condo nothing fancy anything an in-law suite with one of the kids if she's able-bodied yeah driving around because because Claudia yes cashing out any retirement on your end would not be smart wiping out your emergency funds and putting your family at rest which is so generous and I hear your heart in it is so good but it doesn't help the situation because she's still gonna have this terrible loan still attached to her that she's gonna have to make payments on but it's not even hitting the principal so if I were her and you guys I would I'd sell everything the car and the house get the equity and go find something small [Music] foreign [Music] I say it all the time if you're a business owner and you don't know your numbers you don't know your business and when markets are shifting it's even more important you've got to know where you stand so you make your next move the right move and you don't have to be in the dark here over 31 000 businesses including my team at Ramsey know their numbers because they use netsuite by Oracle the number one Cloud Financial system netsuite gives you visibility and control of your financials planning budgeting and inventory so you can manage risk get reliable forecasts and improve margins having everything in one place has saved my team hours each week since we made the switch to netsuite netsuite is a game changer so head on over to netsuite.com Ramsey to get a product tour today that's netsuite.com Ramsay [Music] foreign [Music] hosting this hour with George camel we are taking your calls on your life your money your career your relationships anything and everything so give us a call at triple eight eight two five five two two five up next is Jared in Baltimore hey Jared welcome to the show hey George hey Rachel I am giant fan of the show I've been watching every day um you guys definitely set me up for my financial life I actually started taking the course in high school and so yeah I'm 25 now wow um yes so I wanted to ask a question um but I think I didn't really see a good answer on so I'm looking to upgrade my car I have a 2006 Toyota Corolla that's what's up and it's still it's still kicking but uh it's got 160 000 miles and that's it I'm looking forward to the future George stop needs a new car if he's been doing this since he was in high school he's gonna be fine I was impressed because it's an 06. it should have more miles than that so that's pretty that's pretty cool okay Jared well way to go man at 25 driving an 06. that takes so that takes a lot of swallowing your price George and I graduated high school oh six I was 07. okay that's all right we're young we're the young crew Jared you've been following this stuff since high school and so hopefully you have no debt and an emergency fund absolutely I love it um and I make about 80 000 a year love it uh and I have about 40 saved and my question is I I know I've heard Dave you know he he tells us to not purchase a car more than half of our annual income but it still just feels like a lot um spending 40 so I was like I was looking at the market and especially right now like used cars are still crazy I know it's going down but um like what would be a number that you guys would see just given my income and how much I have to save and no debt um how much would you guys feel safe I mean you're you're right on with your parameters there but again forty thousand dollars when you've been driving an 06 Corolla you feel like you're you're gonna buy a Maserati so do you have a car in mind I would more focus on what what's the car that I would like to buy and then what year make model mileage am I looking at to get it within a decent parameter so that's how we look at this is just those ratios we just don't want too much of your world tied up in a car yeah because it's forty thousand dollars includes your emergency fund Jared like is all of that or is this just for a car specifically oh no this is just this is just for a car and do you have any other upcoming goals are you in a house are you wanting to put a down payment yes that's the thing like that was the other thing that was floating around in my head was like settling down and getting into a house but I mean I'm kind of in a situation right now where um I'm dating somebody and we're getting pretty close to marriage and so like I don't know if I want to settle down for a house just yet no no I wouldn't no you don't need to buy a house right now but the question is how much of that could be used towards a down payment and in 12 months in 12 months 12 yeah 18 to two years from now when you have 20 000 sitting there and you bought a twenty thousand dollar car exactly yeah and that's kind of an idea I've been throwing around they um you're probably gonna laugh but the car I want is just another Corolla system yes right you don't laugh at that that was nice I love Toyota I was driving a Honda Civic and my dream was a Honda Accord that was me really dreaming big that's great and it's a I mean that's a great car so have you seen what those cost yeah so I wanted the new crossover that they made uh and I think they start at around 30 um for brand new but obviously like I could get the I think they're they're pretty new so I mean I think the oldest I could get is like a two-year-old used one I think those run between 30 and 35 but like I said you know the used car Market's kind of crazy but would you guys recommend spending less like you said in saving some of it it just depends on how so if you have no current plans to get into that house and obviously you have that savings muscle built up so when it comes time for you to get that down payment I think you're gonna do it really quickly and so I'm not as worried about that I think a thirty thousand dollar car is reasonable for how hard you've worked and how diligent you've been so the what I don't want you to do is feel guilty after you buy it and have you know buyer's remorse because you've you've earned this man you're doing it the right way hey can I get it for 30 instead of 35 let me try to really do my research do my due diligence and find that that quote deal and of course make sure you get a pre-purchase inspection uh and don't fall for any of their warranties and fees and all these things are adding on yeah because the hard thing is even if the brand new one's 30 so much of the markup right now still within dealerships is still insane so um yeah finding something that is reasonable probably used um how much do you think you can get for your for your current car yeah you know I thought about that too I mean it's in pretty good shape I looked at the Kelly Blue Book I mean I think it's like around 6 000 so right which is awesome yeah which makes you're gonna be spending you know 24 to 28 on this thing out of pocket yeah true so that'll make you feel a little bit better about it but I I would not feel guilty you're still gonna have money left over for a down payment that you can then stack on top of that you've done this thing so well man you're just a like the poster child of what it looks like to follow these steps early well done Jared some people take the high school class and they just laugh at us make fun of us don't listen oh yeah go rack up a bunch of debt and you Jared you listens and now you get to go by you reap the new car because you have no debt you have a fully funded emergency fund and you are just killing it it's awesome all right up next is Sabrina in New Jersey hey Sabrina welcome to the show Hi how are you guys today we're doing well how can we help um I just recently moved back home um I was in a pretty bad relationship and we were living together and I moved back home well like six weeks ago or so I just got a job but I have so much debt um I have student loans um foolishly I got two cars and both of them went into repo um I have a couple credit card bills some things and Collections and I owe some family members um and I don't know where to start and I don't know how to manage and it's a little overwhelming um and I just wanted to see how and where to start essentially well kudos to you for moving back home and getting out of the situation you were in it did not sound good from how you described it so I think that's that's a remarkable really courageous step that you've done and yeah and I'm excited you called because it kind of feels like this Fresh Start for you right um from that side and to say okay I'm ready to get my my money in order for the first time ever so can you give us some numbers Sabrina of where you're at I know you said you had a lot of debt you just listed them out do you have specific numbers for each of these um not all of them I have about 112 in 112k in student loans okay um uh the two cars just went to repo like maybe two months ago I haven't got letters to see how much I owe on how much roughly do you think it'll be maybe 10 to 15 each okay um uh my credit card bills I have 4 000 in credit cards um I owe family members around 8K okay um and collections I don't necessarily know exactly how much but I know it's a ballpark around two around two thousand are those is that credit cards that the things that are in collections no um the apartment I'm sorry the home that we were renting was in my name um and he stopped paying bills and things like that and because it's in my name you know yep you get the brand out of somewhere yeah so what are you making with this new job uh 70. great okay and is it in your field of the degree that you got um essentially I have um a master's in public health but I'm I'm I'm in the health care field but more in in auditing capacity okay cool um do you have any savings Sabrina any cash just in the bank no no okay okay so what we teach to start out your very first goals I want you caught up on anything so I want you dealing with the collections aspect um looking to see okay where can I throw any extra money to just get this house out the 2000 I want it out of your life because you're not connected to that life anymore and I want you out of that as soon as possible and it's one of the lowest on the list which is great and then your next goal is to save up a thousand dollar emergency funds and then after you do that you're gonna list out all of these debts smallest to largest So You're Gonna Knock Out the credit cards You're Gonna Knock Out the family loan you're gonna deal with the car loans after that and then you're gonna knock out that student loan and with your income it's gonna take you a little bit but I want you to get an extra job Sabrina and I want you to go crazy hold on Jenna's gonna pick up she's going to give you a 12-month membership to Financial Peace University which has every dollar a budgeting app to walk through it good luck Sabrina [Music] foreign [Music] [Music] 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 foreign [Music] welcome back to the Ramsay show up next we have Michael in Canada hey Michael welcome to the show hi thank you for taking my call I really appreciate it yeah absolutely Michael how can we help uh yeah no so um I am um a millionaire um and uh recently uh my mom passed away about a couple months ago and I'm not sorry yeah thank you I appreciate that um yeah so I'll be inheriting um about 500 000 and just trying to decide what to do with that um yeah wow well sorry to hear about your mom's passing it sounds like good money management uh runs in your gene pool which is really cool to see that she left that kind of legacy yeah well we grew up really poor so I you know it was just um I think we because we grew up poor we were just kind of uh you know learn to manage your money better kind of things yeah absolutely you guys have changed your family tree so five hundred thousand dollars what is your next money goal where are you at in the baby steps uh I guess I'm I have no debt um and just the mortgage um my personal mortgage real estate I do have business um real estate as well and there's debt on that but that is a new company and so it's managed differently okay what's left on your personal residence about 545 000. oh wow so you could almost knock this thing out do you have cash in the bank on top of that I do yes how much uh so um personally about uh 20 000 no actually with uh thirty thousand is that beyond the emergency fund or is that included that's including the emergency fund and then uh beyond that would be just that's 20 000 in a checking account okay so I mean if I'm in your shoes I'm throwing that most of that at the mortgage I mean of course there's only three things you can do with this money give it save it and spend it so I would look at giving some of it with generosity I would look at you know spending some of it and enjoying it and then I'd look at throwing the rest of it at the mortgage to clear this this thing what's your mortgage payment every month uh 2400 a month yeah think about that coming back into your life in the next probably the next six months you could have a fully paid for house what's the house worth uh about 845. wonderful and then what do you have in retirement um so I guess like the um so I have nine rental properties so that's kind of towards our retirement and Legacy planning and then in Canada we have rsps and tfsas um so um I have about 250 000 in that my life has about 200 000 and then we have our business accounts so in routine earnings she has about 275 in her account and I have about 73 000 in the end of their account wow and um yeah so just kind of so I was just wondering do I I I've gotten wealthy through the real estate business I mean I work as well so it's kind of something because we were poor I just started investing when I was 25 years old and just kind of it's amazing you went hard and nobody else right yeah so um so basically I'm like real estate is kind of where I'm comfortable like investing um outside of you know whatever's in the rsps and things like that sure so it was just kind of like should I buy more real estate as a rental so that you know for my retirement savings um Legacy planning you know kind of building my own pension kind of thing are the nine rental properties that you have Michael are they all paid for no they're um they are leveraged they're about 40 debt to equity so I have about 2.91 million dollars in real estate of that I owe about 1.185 so I have about 1.725 million in equity in those yeah yeah that's great I would still focus on the personal and start paying off that primary residence and then I'd work my way paying off the rentals right I want you to have that kind of peace right okay yeah so that's often actually stressed by I'm sorry go ahead no no yeah and I know and you guys are in a great position what you've done thus far I mean it's it's impressive um you've done an incredible job you have a great income you guys are Diversified you have real estate you got uh your retirement you guys are wise yeah you're feeling good you don't feel you don't feel the pinch um like you're saying but I would encourage you there's just this Factor when it comes to money and it comes to debt that it can't be put on a spreadsheet and there's just something to be said about this Freedom when you don't owe anyone anything and you have complete say over what goes on and so um that's that's the primary one of the primary messages we talk about about on this show and so it makes us a little weird because I know the real estate game and you know you can make great money doing it but you also have you have risk still into play um over a million dollars you know with the with the rentals even though I know they're great and you have I'm sure you have tenants and everything's working fine but there is still that level of risk there that you have and so to be able to use this money from your mom um to set you guys up even better um to do things that you probably thought were never even possible uh it it's an incredible thing that you can use this money as a tool to help get you guys there so I'm with George I would I would throw it at um I would throw it at your primary residence I mean I feel like you guys are enjoying life like you said you're like we don't feel stressed I'm sure you're enjoying life so you could spend some of it but I feel like you're spending some money anyways uh giving is always a great piece uh and a needed piece in this formula as well Michael so if you guys aren't in the habit of being generous this could be a great start and using some of this money um that your mom left to give some of that but I would throw yeah majority of it at your primary residence I paid off and just get that mortgage knocked off and just that freedom I mean there again there is just something to be said when you just don't have that mortgage payment and then start looking at the rental income so or the rental properties that you have and start working your way out of debt on those and and then the amount of money that you'll have coming in from not just your income but not having payments and the passive income from Paid For Real Estate I mean it just snowballs from there of what you can do and that's a that's a huge Legacy to leave uh your family because you guys are on the path I mean you're you're doing you're doing a great job when it comes to the numbers and I would just I would I would turn a few of those knobs and and get out of debt quickly it's a good word that's right okay so George we I feel like we have a lot of things going on from the smart money happy hour yep uh that launched yesterday our new podcast uh we also have some events that are yeah in the making which is so fun we had a great time in Phoenix with two sold out Building Wealth events yes we did two nights in Phoenix so thank you Phoenix that was a really fun uh a fun fun two nights uh with about 3 000 people each night and getting able to talk about Building Wealth which is uh always so exciting but one of the other events that we have coming up it's the big dog is our smart conference in Dallas Texas Saturday October 22nd and we've just found that when you do anything big in life whether it's Building Wealth whether you're losing weight whether you're looking for a total career shift and changing your job whether you want to overcome Stress and Anxiety that you've been dealing with giving all of these things can seem impossible but when you have a plan and you know what you're doing it helps in all areas of your life so whether you've lost your job or the credit card bills or eating up your payments or you're feeling alone in this crazy world whatever it may be I would encourage you to come to our smart conference again in Dallas Texas Saturday October 22nd it'll be a full Saturday event yes it does no joke all day event with Dave Ramsey Dr John zaloney Ken Coleman Christina Ellis George camel myself and Pastor Craig groeschel and his wife Amy they're gonna be talking about marriage so we're talking about your money your relationships personal growth career so join us live before tickets sold out before they sell out this is an arena event and it will sell out yeah ramseysolutions.com events to reserve your seats today I was joking with John yesterday on the show that he could say long keynote did you see his oh yeah yeah John is long-winded for about 45 minutes George and I don't get that amount of time but we'll be there we say more and less time 30 minutes I know but it's really fun it's a blast hope you've enjoyed us [Music] [Music] thank you [Music] welcome back to the Ramsey Show I'm Rachel Cruz hosting this hour with Ramsey personality George at Campbell you want to tell them what just happened Rachel add a mouthful of chocolate chip cookie that's right freshly baked from the Ramsay Cafe over here Baker Street so reminder to all of you who are coming through Nashville or want to make a trip we have guests every single day right here in our lobby we've created a Fan Experience you can buy books otherwise everything's free you get a free mug free cookies free coffee drinks and I'm gonna give out mugs yeah we signed one earlier you saw it I did yeah absolutely one for family I've been on an Americano as we speak and a fresh baked chocolate chip cookie and so Frugal it's all free for guests and for Rachel as well when we host we get to the Ramsey team members they did smell amazing out there I know tantalizing pretty fun but yeah come visit us for sure we're right outside of Nashville a lot of people that come to Nashville for just the tourism bachelorette parties Church conferences yeah there's a spectrum there's a lot uh there I need to show you the break but there was a funny Twitter or a video on Twitter about it was like this trailer and it sounded like the guy from Discovery Channel he's like a deep British accent oh yeah and he's like a nice you know as the sun goes down they start to come out and it's and it's about The Bachelorette oh my goodness we call them the woo girls because they're always going everywhere they go all right oh my gosh but come to Asheville it's pretty fun pretty fun it's a wild time it's a wild time all right go into the phones this hour we have Alex in Minneapolis hey Alex welcome to the show hey Rachel and George how are you guys doing we're doing well thanks for calling yeah thank you it's awesome to be here thanks so much I got a question um I am a 20 year old college student I have no debt and I'm looking to make my first car purchase I just want to make sure it's a financial responsible decision okay um so the car I'm looking at is twenty thousand dollars and I have the cash to pay for it um I make about 32 000 a year and I have about a seventy thousand dollar net worth um and I'm currently living at home what do you guys think you want my honest answer do you want me to make you feel good I can do either do both I want to see both somewhere somewhere in between in between okay Alex I answer these questions as if I was in your shoes and at 20 years old as a college student I would not buy a 20 000 car making thirty two thousand dollars with a seventy thousand net worth you laid out all the numbers for me and I don't I don't know looking on paper when you go should a guy with a seventy thousand dollar net worth have 20 of that tied up in a depreciating asset that goes down in value every single year that's a lot of your world and a lot of your income you know think about how many paychecks that took to get to twenty thousand dollars and now it's going into a car that's going to get bumped and dinged and scratched up especially at 20 years old that's when I got into the majority of my accidents was in that first you know five seven years of driving so I don't I don't think you need a twenty thousand dollar car right now while you're in college I would wait until you know maybe you're out of college now we're making 50 fifty thousand dollars now it makes more sense to purchase a twenty thousand dollar car you can upgrade sell the old one and get that newer one yeah how are you finishing College Alex how are you cash flowing it uh so the first couple years are covered by financial aid yeah so that's really nice and in the last two years my my parents uh are paying for it very nice how much how much more school do you have left I'm currently uh entering my uh sophomore I'm in my sophomore year you're in your sophomore year okay so you have two more years of school yeah that's great and you don't have a car right now no do you need a car on campus yeah do you go to school there yeah well I'm just wondering how he's been getting around myself George how have you been getting around so far so I actually so I actually do online school so I work it from home family car right now yeah I'm basically using dad's car right now okay yeah you need your own car what kind of car were you looking at that was twenty thousand dollars uh 2017 Audi A4 20 that's a nice car it's a great car so here's what I would do and so could you split the difference but the difference could you get a an older Audi yeah I could so originally my initial budget that I had set was anywhere from about 15 to 20 000 and 20 000 was you know my upper upper limit um I don't know something special about this car is that I found that I did that looked on Kelley Blue Book and it's actually several thousand dollars underneath the the fair market value or whatever yeah that's one thing that kind of tempted me into possibly buying it but I totally go through what you're saying it's not an investment so I wouldn't look at it as I'm getting a killer deal I'm going to resell it make a profit you want to drive this thing and it's going to go down in value over time so exactly I would I would lean towards that 50 as my upper upper limit and that's after all taxes and fees and also remember this that Audi the repair costs on those cars is astronomical so you've got to be prepared with a big emergency fund to cover when that car is in the shop and Alex here's the deal too uh and I don't want to like blame it on your age but it is like the season of life you're in if you were making a hundred thousand dollars or something you know then we'd be like yeah go get it that's great it's be partly because of your income so we would say to to spend no more than half of your annual income on a car so that gets you at that like kind of 15 16 000 range which you have to cash for which is great so I would I would look more there you're not gonna you won't go into Financial ruin if you spend 20 000 and get this car but what's the what's the wisest thing for Alex and part of it too Alex I would really push into which is not fun to talk about but it's true it's just this idea of like of delayed gratification a little bit of hey I have the ability to do this it's probably not the smartest wisest move so what if I did back off and I did something different you had a little bit of this kind of almost a self-control talk with yourself um just to say what what if I did something a little different and then I look up in five years and go get an Audi that's three years newer than when you're looking at now right when you're making better money but there's a there's a character building process too uh and when you can get that down at 20 years old and tell yourself hey what if I did kind of limit back and what if I made a smart decision and spent more like 15 on a car right now and then fast forward again three four years we could be talking something totally different because your numbers of your income are going up but you've done a fantastic job Alex I mean you're in a great position through scholarships and your parents hard work of getting through school debt free you have a net worth of seventy thousand dollars which is great you have twenty thousand saves I would just keep doing what you've been doing because so far it's working but I would I would watch it down the car sale a little bit more and and partly for the math but also it's kind of a great exercise as a 20 year old guy to be like okay I'm gonna do something different I want to do this and again it's not going to put you in financial ruin but I could do something a little bit wiser and go a little bit slower and that patience will get you far we're just talking at the Break um about the fruits of the spirit me and George worry about this new project that he's my he might be working on and patience is in there and there is something about patients that our culture doesn't have we want it now we want it now and that's even the debt snowball process like when people are getting themselves out of debt and some of you listening right now are in the middle of your debt-free journey and it doesn't happen overnight it feels easier to be like oh my gosh I just want to go take a home equity line of credit and just get rid of my credit cards you know but we say don't move your debt around pay it off like be focused and look and pay it off and it's a journey and it takes patience but every time people come on this on this stage George to do their debt free screams like you're a different person you're a different person something in your character happens when you take patience into the equation whether it's getting out of debt saving up and paying for something waiting to purchase a really nice car that you could do but it's probably not the wisest thing right now like there's something in your character that happens when you have patience yeah and I I practice what we preach around here and up until seven months eight months ago I drove a 2009 Honda Civic high mileage body damage all over and I didn't care because I had a priority delayed gratification I said I'm going to pay off our house and then I'm going to upgrade in car and I'm still gonna do it with wise parameters and it felt different when I bought that car because I know the sacrifice that it took to get to that point versus walking into the dealership buying a car that I really was a little too much for my income and just going it's fine I want to drive this car now yep and so I think that creates a different type of person it changes your character when you can have that level of delayed gratification that's right that's right thanks Alex thanks for the call thank you America for listening and thanks to James Ben Zach Andrew and Jenna man there aren't many girls back there anymore Jenna I respect you thanks for being here thank you America we'll be back [Music] do you love a good day brand want to see the latest Ramsay show videos going viral check out your favorite moments from the Ramsay show on YouTube go watch And subscribe to the Ramsay show channel on YouTube [Music] foreign [Music] [Music] ERS of Ramsay Solutions broadcasting from the PODS moving and storage Studios this is the Ramsay show where America hangs out to have a conversation about your life and your money that's right I'm George Campbell she's Rachel Cruz and we are taking your calls this hour the number is 888-825-5225 and we want to have some fun Rachel and so we thought we'd call out for stories from you our listeners on some of the stupid tax that you've paid in your life the dumb money mistakes that you regret you laugh about it we learn from it we've all never make it again we've all been there we've all been there George give me yours what's the stupidest thing you've ever done with money this is the most embarrassing I'm gonna go first and be vulnerable okay be brave I once shipped a pair of shoes that I was selling on Craigslist to Nigeria and I fell for a scam this now this wasn't one of those like Nigerian prince games where I thought I was getting a million dollars a guy wanted to buy this did you get a forwarded email forward he reached out and he's like hey I'm buying these for my cousin who lives in Nigeria I was like okay it's plausible that people have cousins in Nigeria right so you so he was like I'll pay you extra to ship these yeah and so I get an email from PayPal that has like an extra 50 bucks or whatever yeah and so I went cool and so I went ahead and shipped the shoes I later went back to the email on my phone clicked through the email address and it was like a garbled spam email and then I was like oh no so I went to my Paypal account there was no money in the PayPal account they had spoofed the PayPal email so well that I thought that they had paid me and so I just went ahead and shipped it oh George fun fact about six months later I got a Return to Sender shoes showed up back at my door no way I guess the address was bad so Redemption I only lost on the shipping cost essentially that's so good that's one of the stupidest things I did probably about 15 16 years ago a pair of Air Force Ones or something speaking of shoes I uh I spent I'm trying to think of how much money it was on Tory Burch Flats Millions but I it was a website that somehow I found on sale these shoes were on sale so I spent a few I mean I think I spent a couple hundred bucks was it like because I was like dot net I can get a yeah I mean I could get 100 bucks off and I got that package and I remember opening and just the smell of it I remember being like oh that that and that um smell like Tory Burch do they look like Tory Birds no uh I mean they had the fake logo but they were like hot I mean they were it was terrible it was terrible so I failed for that I don't know well we've all been what's our shoe game yeah but anyways if you have something even better I'm sure you guys don't know the better the more embarrassing the better just yeah tell us we just want to have fun with it so give us a call at Triple Eight two five five two two five and tell us you're stupid shame that comes along with money mistakes and one of the reasons we did our new podcast Cash Smart money happy hour was because we didn't want money to be this like shameful baggage ridden thing we wanted it to be fun and so we wanted to create a casual environment to talk about money with no shame no no regrets as we talk about in the podcast I taught you what that was so there we go I still don't quite so call us up triple eight eight two five five two two five we'll open up some lines for you all to share your stupid tax stories that's right all right we're gonna go to the phones and Clayton in Green Bay is up first hey Clayton welcome to the show thank you so much really appreciate you to uh show is awesome thank you thank you so much how can we help I understand the seven baby steps uh I'm older I've been taught my whole life to give 10 to church first does the Ramsey plan suggest you stop doing this and apply that to debt obviously and debt is taken care of the the last one is to do uh to donate so I don't know if we should stop giving that 10 to church first and apply that to debt yeah it's a great question Clayton um the answer is no we teach giving at least 10 percent regardless of where you are financially so even if you're saving up for your first thousand dollar emergency fund on baby step one when you click through even to our budget every dollar you'll see a mock budget and giving is still at the Top Line regardless of where you are so we believe in that generosity message um no matter what so no the 10 is still something that we would recommend but we would also say too you know some people go above and beyond even that which again if that's your conviction and that's where you want to go like we're not going to say not to but also when you give let's just say half of your income away we've talked to some people they're like I just give half my paycheck away but I still have credit card debt and student loans you know you can make a bigger impact with your money when it's not being sent to the bank and to your student loan and to your car loan and so there is something powerful about putting as much money as you can towards getting out of debt because it's going to free up your income to give even more but that's more for people that are giving you know uh you know 20 30 40 percent of their income no matter what they're doing uh and they're getting behind on their bills so we we still recommend giving 10 and then uh you can start to be more and more generous as you become debt free and have an emergency fund yeah and Rachel one of my favorite quotes from you is give a little until you can give a lot and so it's okay if you can only do 10 but the Bible's pretty clear on this if you're a person of faith if you're a Believer uh I just spoke on a church on this topic so I've got the verses up Proverbs 3 9 10 honor the Lord with your wealth with the first fruits of all your crops then your barns will be filled to overflowing in your Vats will Brim over with new wine and Malachi talks about that again of how the they'll open the floodgates of heaven and God says test me in this which is the only time in scripture you'll find that yeah test me in this with tithing yeah and so he wants us to test to trust to obey and blessings are on the other side of that that's right how does that sound Clayton well sounds great that's what I was hoping you were going to tell me to be honest with you because uh I firmly believe in that and I was hoping that yes keep the 10 and then funnel everything else you can yeah debt and then you'll be able to give more when you get done with the seven steps so I really appreciate your answer yep absolutely that's a great question thanks for calling yeah it is and this generosity piece I mean it is it's um it's a piece that a lot of people in the financial World they don't talk about but we say on the Rams show all the time that money is so much more than just the numbers in your bank account on paper it doesn't make sense Rachel right why would you tell me to get out of debt but then still give 10 when I could use that towards my debt you told me to be gazelle intense right but the issue with that is as Believers we know that we're stewards we're meant to manage this money uh on on behalf of God and so I'm going God's given me this money to manage and I want a reminder at the top of my budget to remind me of why I'm doing this of whose money this is and so that's why I love giving coming out first and even if you're not in person of Faith you know they're regardless of what faith walk you you follow uh I would I would argue too that giving no matter what is forcing your hand to be open and to let some go out and that naturally is going to cause you to be less selfish and more selfless and I just believe selfless people have a more joyful life you know I think when it's not all about you and that's our world right now I mean you go on social media you look around it's all about me me me me me me me me me me and when you just have this part of your financial plan with your with your hand open and just saying hey I'm going to give some there is Joy when life isn't all about you I think you're a better parent I think you're a better spouse I think you're a better team member a better friend a better sibling I mean all of it and it's contagious selflessness that comes from that is really big and again you're not going to see that on paper but something does to your character when you live without open hand so giving always thanks Clayton for the call [Music] foreign [Music] foreign [Music] [Music] [Applause] so opening up this hour of the show we did something a little different and we asked you guys to call in uh and tell us your story of something stupid you've done with money we call it stupid tax around here when you made a mistake and you thought oh that was stupid shouldn't have done that we've all done it right we've and so some stories are great better than others but we have to hear yours and so we got a call in George Dylan Dylan here from Terre Haute who's going to be letting us know about his story thanks for being brave stupid tax story Dylan thanks for being the first one up well thanks for taking my call um yeah this was uh this was back um let's say I was 17 years old and uh driving in my truck with a couple of my buddies and I had just got my first paycheck and didn't have any any bills or anything uh like that to pay for so money really didn't have any uh substance to me I guess and um I but what did have good substance to me was my upbringing of um giving to people in need and um one day we were getting off on an off ramp and I had my whole paycheck with me in cash and I feel so strongly for helping or wanting to help people that um I always hate seeing um people on the side of the road you know begging for money and stuff like that well I seen a fella that was uh you know had a sign and all that good stuff well um I gave him my whole paycheck that I worked for Wow and it was my first my first paycheck and um we me and my buddies we ended up going getting some dinner and we came back and went up the other um the on-ramp to get back on the interstate to go home and we seen that guy uh getting into a really nice SUV oh no oh boy yeah so this was like a scam artist yes and unfortunately for me I still will say a prayer for everybody who is in need but that is on the side of the road like that but as a lesson and a very hard hard lesson learned for me I do not give to anybody who is on the side of the road especially nowadays when you can just turn your head and see you know help one of signs anywhere wow you know yeah sure oh that's right how old are you now Dylan I am 30 years old so this is 13 years ago and it still haunts you to this day well wow it's it's you're a super tech story though it was out of just the heart of generosity George and I wanted nice shoes basically as well this is a very different motive Dylan's assault of the Earth yeah it was so good but that's a good lesson though and I've heard yes how much was that paycheck Dylan um it was about 275 oh man wow and till this day whenever I take my kids out to go out to dinner or something like that um you buy food or you buy something I tell them we they because they ask me can we give them a little bit of money or something like that I said no we can't but what we can do we can pray for them that they have a better life or that you know you know God could give them the willpower to help better their lives yeah for themselves for sure and Dylan thanks for calling in that's that's a heartbreak though because you especially when it's the motive of I'm gonna help someone and then man take off on in a that'll burn in a Suburban you know that is a worry whenever you see folks on the road well that's a good discussion I hear about these scams just like I know I know and that's what's so hard and and I always kind of balance it with like you know obviously if you feel this conviction to give in that moment you know I'm not gonna tell you that God's Not Gonna use that but also to be wise about it right is it is it food that they need is it bottles of water is it like what are things that you can give in those moments not just cash because at that point you have no clue what's going to happen there or do you give to organizations you know like the Nashville rescue mission is one of my favorites they do great work they do incredible work right and so kind of plugging in we're just talking about generosity in the last segments that's kind of even bleeds over to it but uh yeah Dylan that hurts hey I always try to do the water bottle on a hot day here in Tennessee no even if they're a scam artist it's a hundred degrees and they're just standing out there anyone can take a bottle yeah absolutely absolutely well thanks Dylan and you guys if you have a story of some lessons learned with money we'd love to hear all right up next we have Justin in Dallas hey Justin welcome to the show hey there can you guys hear me all right yeah yeah a little bit a little bit my foot a little bit noisy I think we got it is this better no that's even worse somehow all right there we go okay we got somewhere sorry um all right I I'm really looking for some kind of encouragement guys uh I have gone through the beginnings of the baby steps before I went through maybe step one I was like halfway through baby stuff too and then uh and then a whole bunch of stuff happened I lost my job and then I sat around feeling sorry for myself and it didn't work as hard as I probably should have and ended up taking him out or phpa loan and now I feel like I'm more in the whole than I ever have been before yeah and I'm just every time I see I watch a guy show like every day so inspiring um I see that that pre-screens people do and I know I want that for my life and I just don't know I don't believe that I can do it you know Justin it there is hope for you yet my brother I know when life punches you in the face that many times you just feel like well I guess this plan isn't for me it's for other people it's for people with less problems and more money but I'm telling you man this pla Bliss plan was especially made for people like you and so there is hope and if there's any resources we can send your way if there's any cheerleading we can do for you to tell you that you can do this we are here for you today yeah and Justin I think one of the the biggest things in your situation is I feel like even you you know mentioning the payday loan and oh I was that and I felt sorry for myself you know the even the wording the verbiage you're using in the call it feels like you have a lot of Shame around this topic which is very normal money is like this thing that just stares at us right in the face and it is so easy to get in the cycle of Shame and sitting in your regrets but Justin that's in the past those things yes you're going to have to face in order to move forward but that does not have to determine what you're going to choose today and that's the beautiful thing we all all of us get to wake up every morning and decide okay what decisions am I going to make today and we can either make decisions that end up harming us in the future or that help us in the future and everyone's story looks different Justin so your story is going to look different than another debt free scream call on here or another call we take later in the show because depending upon you know even your mindset right and and what has been spoken into you throughout your life what you believe about yourself to the actual numbers and the debt levels and the income levels I mean all of it's going to look different but we are all we are all people and we all get to make decisions and Justin I believe that you can because we've seen it all Justin we have seen every story imaginable on the show and so I would love to see real quick before we we gotta we gotta have we have a heart out here in a few minutes in a few seconds but um we want to be able to give you Financial Peace University so Jenna's gonna pick up and watch these nine lessons Justin okay and listen it's not going to be perfect okay you're not going to be perfect with it it's not going to be like oh one day I'm gonna watch these videos and know life's gonna happen and I'm gonna make every right decision yes your trajectory hopefully is going up but it's going to go a little bit down up down up I mean you're gonna feel it right it's not gonna be the straight line going forward but the decisions you make going forward are going to be so important but it's going to be okay because you've got this you can do this and Justin join a local class I want you in a community of people who are cheering you on because I can't be there in Dallas Texas to do it for you so join a local class when we sign you up for FPU and I want to see you on the stage and I'm gonna remember Justin from Dallas who thought he couldn't and you're going to inspire so many people who feel exactly the way you do right now I can't wait to see what the future holds for you brother thanks for calling foreign [Music] [Music] [Music] today's question from blinds.com blinds.com 100 satisfaction guarantee means even if you mismeasure or pick the wrong color they will remake your blinds for free you get free samples free shipping and with the new promo codes that run every month you'll save even more use promo code Ramsay to get the best deal today's question comes from Rhonda in Idaho I followed the baby steps so that I have no debt in a three-month emergency fund however I'm saving for a house currently renting and only have ten thousand dollars saved saving a twenty percent down payment seems so unattainable when putting fifteen percent toward retirement can any of the 15 be used to fund down payment since a house is an investment it's a great question Rhonda and what you're talking about is baby step 3B so once you're out of debt with the fully funded emergency fund 3B is saving up for a down payment now three B and 4 which is investing fifteen percent to retirement they can be a little squishy and so it's kind of a Choose Your Own Adventure depending on your age your goals and so we don't know Rhonda's age we don't know she's 55 or 25. but you can split the difference and go hey I'm going to invest up to the employer match in my 401k and the rest is going to go towards aggressively saving for the down payment some people pause investing entirely which is okay for a season I would not go more than about two years or so pausing investing to aggressively save up for the down payment I would say too we're under 20 is ideal because you avoid PMI but even if you're a first time home buyer I mean five ten percent down payment could work as well so you can even shift that 20 down if you wanted to to get in faster but again you'd save a lot of money if you hit that 20 so it's a great question I don't know what home prices are in Idaho but I feel like they'd be more reasonable than in some other parts of the you know country you would think right you would think you would now maybe it's if it's in um I don't know where what's the biggest city in Idaho do you know Boise is that right I don't know what do we think I was hoping for James to be our like Jeopardy guy but he's he's nowhere to be found it's fine Boise Idaho I'm going for it sure I'm gonna say it okay we're going to the phones this hour AAA 825-5225 and up next is Jackson in Wichita Kansas hey Jackson welcome to the show hey guys thank you so much for taking my call absolutely how can we help uh well I just want to start off by saying I've only been uh part of the Ramsay um podcast or I've only started listening for about a week so I'm brand new oh nice well welcome a lot of everything welcome to this crazy crew that you've joined it is it is crazy um and I just my question it's not really it's a question but not really but my me and my wife just kind of feel stuck right now um and I'll give you some context about in may we bought a house in Kansas we moved from Nebraska around the Lincoln area and we decided to go buy a house um uh fresh out of an apartment um and we made it down here and we just we don't really but it's not what we imagined uh you know I'd say that it's not really what we thought it was going to be like and now we're we're in debt uh and my question I have a couple questions kind of what we should do is should we sell the house move back to Nebraska because we have family there and we we love our family and we miss them most of all and that's kind of what we what we are striving to get back to is our family uh we're really close to both of our families um we're trying to figure out if we should stay here for two years to not have to pay that um that tax for not living in a house for two years or whatever it's called um or to throw out all of our money at our debt and stay here for two years or just turn up the tables go back to Nebraska use our profit from the house to to pay off all of our debt or I don't really know what to do okay so I may have missed that being a recall but what caused you guys to go to Wichita in the first place well it's Southeast Kansas not really Wichita oh I'm sorry okay but it doesn't really matter uh it's Southeast Kansas we have friends down here I've known them for about 10 years we're looking at buying a house we really wanted to buy one um if I would have found you guys sooner I would have realized hey this is way too soon we don't we're not ready for this but we found a place out in the country that was um underpriced basically it was 15 acres and it was underpriced and we decided hey we have friends in that area let's do this and we bought this house down here so you moved truly just for the house yeah yeah okay and how far are you guys from family now like five hours oh wow so y'all like and y'all are your jobs like local in Kansas yes that we we got jobs she works at a bank and I work at a an aircraft manufacturing plant yeah and you're just like this is not this wasn't as as exciting and adventurous as it sounded at the beginning now reality is set in and you're thinking wow this isn't this isn't fun now how how much Equity do you have and how much debt do you have um we well we bought the house for 225 um it was a five percent down payment so there's 212 left and according to Zillow I haven't had an appraised or anything but according to Zillow and the houses around this area it's worth about 260. so before the real estate agent like percentage and the taxes I'd be like about 50 000 in the house okay okay so you might walk away with closer to 30 on this yeah five okay and then how much debt do you have I I calculated it uh today it's about twenty one thousand okay now you would go back to Nebraska and rent for a while absolutely okay I mean it sounds like a good plan you don't have to move back to Nebraska to get out of debt and so I would only do it if there's a lot of other reasons to do this and it sounds like that reason is we don't like it here we want to go back be closer to family and part of that it's going to help us get out of debt we're going to rent for a year or two start saving up and get into a house with some wisdom and patience yeah that sounds good to me it sounds right to me give me some peace just talking that through yeah and I know my wife's listening so I I hope she uh found some peace in that um because you both want to right Jackson like y'all want out yeah we do yeah and it's a great place down here there's a lot of land were you super happy in Nebraska because I feel like there's a reason you left there to begin with Beyond just there's a great house in Kansas um honestly if I think back uh we were pretty happy we're in a little apartment uh I think we just wanted to get into a bigger space the apartment was like you're probably going back to an apartment in Nebraska yeah so I'm just saying I don't know that you're going to be in a much better spot other than being debt free so I just want to make sure that we get to the root of the problem because you go with it which is great because I think too though part of the discontentment is like we want something bigger and then when you get something bigger and not doing it well financially you're like oh wow maybe it was better back in a smaller place actually in control of our money so it's kind of almost like you learned your lesson which is great it was not a fatal move you guys are not like on the brink of bankruptcy or foreclosure so you're good you're in a good spot um but so yeah I mean I think a lot of the decisions in life it's agreeing with your spouse is huge financially doesn't make sense do we just want to our desire do we want to do this and when all those things kind of check off uh the boxes it feels like a right move and I feel like we just kind of checked all those off in this call Jackson so to me I think it would be worth it and I think it's an exciting place for you guys because you're going to be debt free you're actually going to have about nine thousand dollars in the bank saved that you guys can work for an Emer you know that can be your emergency fund you guys are going to start these new habits with money you're going to build up a down payment because I know you want to own a home again uh one day in Nebraska and you're going to be able to uh here in a few years doing it the right way it's just going to be a different experience you could just chalk this up to a learning experience and it might be a wash after you pay your capital gains taxes on the profits so make sure hold the money back but at least you'll leave this thing completely debt free and back to the place that you want to be closer to family so I call that an overall win that's great Jackson and it's a great it's a it's so it's so interesting because I think in life and we all do this but you have this thing of oh gosh you know like if we just if we did that like we want a bigger place so it all made sense the motivation but when things don't line up well specifically with money we'll look through just that lens right now that it's not a smart move financially it takes the whole exciting experience and puts a lot of weight on it and all of a sudden you're thinking oh God that was not good and now our life is shrunk down because we have no margin yeah and now it's more stressful than ever and it's just not worth it to discontentment is contentment but often we go the antidote is we see that house we need that car we need this kind of life if I can just do that yep I know it's never the answer Jackson thanks for calling this is the Ramsey Show [Music] [Music] [Applause] [Music] foreign [Music] thank you [Music] our scripture of the day comes from second chronicles 15 7 but as for you be strong and do not give up for your work will be rewarded the difference between winning and losing is most off is most often not quitting from Walt Disney thanks for putting a Disney quote in there for me guys loves Disney I do enjoy Disney future episode of smart money happy hour by the way we just recorded yesterday we both have very different thoughts about Disney and Disney adults in Disney World and in the middle class still make it to Disney World a lot of there's a lot of a lot of opinions out there it was therapeutic for me Rachel really I shared my Disney trauma George I had a traumatic childhood experience I felt like Dr John deloney on the show for a hot second and I thought I feel like I need to like walk him through this process of grief and like I don't I don't know what's happening a lot of stages there was a lot a lot and that'll be a future episode of smart money happy hour already podcast this is a great time to remind people if you haven't checked it out yet just released yesterday first two episodes and it's great because you can listen over the weekend it's easy listening very casual they're about 30 minutes apiece and it's at number one in business number 32 overall so thank you all for listening subscribing sending us feedback posting about it telling your friends it's a great casual money conversation yes all that helps yes it helps our egos saying number one it's very nice no no I'm not always number one but when you when you get these kind of charts even if you like for a book right when you hit a bestseller was all of it obviously yes it feels great as the author or the podcast host to see that but also the most important is it gets it in front of other people other people that never would have known can click on it and we want to sneak them into this whole thing that we're doing to help them to say hey hey plug in the Ramsay Solutions because then eventually hopefully they go through Financial Peace University they use every dollar they read Dr John zaloni's stuff and helps with their anxiety you just because our mission is to help people in every area of life and give them hope and so uh it's just a great it's a great way for people that normally wouldn't have noticed us to notice us and it validates the team's effort I mean we are such a small part of making this podcast happen there's like 40 people we didn't post yesterday the amount of people it takes to launch something and the amount of work they've put in for months and months and months from The Producers to social media to photographers and designers we just have such a talented team so I'm proud of them for all the work they put in to get us here it's a very small absolutely absolutely so great so check it out smart money happy hour all right up next we have Heather in San Antonio hey Heather welcome to the show hi thank you both uh for taking my call today and thanks to the the bigger Ramsey team for bringing my family peace uh my question is part career and part Financial some context I'm 47 my husband is 52. uh this goes back to the the quote from Disney about quitting um it might I may have missed out on that um we are debt free except for a mortgage we actually became debt free in May of 21 thanks to the Ramsey plan congratulations from thank you we moved from California uh which was very expensive to Texas uh just in May of this year and um I have been working in education more than 20 years but I'm not working anymore I left a very nice salary behind and I'm super grateful for my husband supporting me and taking uh and taking the time to essentially Catch My Breath financially me not working is not hurting us but it's not helping us either I'm stuck I know I could get a teaching or an administrator real easily I did excel at my job but I intentionally left education because I was drowning my job left me feeling like I was spiraling I did we lose you Heather oh can you hear me we just broke up just repeat the last seven seconds so you were you were spiraling out after your education yeah and and I feel I feel guilty that I'm not using my credentials and that I'm not contributing to our financial goals I need to have purpose besides being a great stay-at-home wife right now and I want to start with volunteer work with our new church by note listening to Ramsey podcast while we were paying off our debt actually led me to Jesus Christ it was my first oh wow that's awesome Heather love to hear that that's amazing so um now that we're settled I feel like I'm a human again uh is that enough for now am I being selfish by not getting a job I'm not really retirement age if we do end up moving again um we believe his job is going to move him in about two years will my work employment gap be a problem if I do decide to return to work should I be worrying about those things right now Heather what you guys have accomplished in the last two years financially has set you on a path where you have options now in your life you have options you get to decide what do I want to do with my time what do I want to do with my credentials what do I want to do with my money all of that you get options now because you guys have worked to become debt free you don't owe anyone anything your husband is making um yeah you said a great salary so you have options so this is this is all up to you and I don't think the conviction of going into a job comes out of guilt and shame and that's what I'm hearing that cycle play as you're talking um so I don't think that you are in a spot that you're thinking in a very healthy way because no that's not selfish uh I mean I think that we have the ability to to help people and to serve and you've already given me two options of things that you're thinking about doing in that way which is great and even if you wanted to take two years off and just say I'm just gonna breathe and I'm gonna go to lunch with some new friends that I've met in San Antonio I'm going to build community and relationships and I that's okay like I feel like you just need permission to know that rest and a period of time it's okay now if you're bored and you're Restless you're like man I want to do some things I want to put my brain in function into uh you know part of my life that I know I'm good at and I want to go and work then that's one thing but feeling guilted because you somehow told yourself that you're selfish uh I don't think is is a wise move no Heather you are enough period not if you go to work and not if you volunteer you are enough and now that you're a Believer you know that you were created with a purpose and if Ken was here he would say you're created to contribute and that can look different you can do that on your terms but we're not going to do it out of Shame and guilt because your husband's working or because you feel like you should be doing something outside of the home and providing for your family or using a piece of paper or using your 20 years of education experience so you get the benefit of getting to do this all over again on your terms and if that means working part-time and volunteering part-time that's great but wherever this baggage is coming from of my worth is tied up in my work we gotta drop that because we have a new vision for what the next 30 years of your life looks like so talk talk it up with your husband do a dream date and go what do we want to do what do I want to do what gifts do you see in me and talents that I could use to create impact to have that purpose that I'm longing for do you guys have kids Heather and I'm college educated in debt breaks so we don't have yeah that's awesome that's awesome uh when we say all that to you Heather how does that feel it it takes the burden you know this is all my own self-doubt my husband is super supportive he looks at me and and is like well there's really not that you don't have to go back to work I don't know why you're so worried about it I just um you know I've I've been very driven uh since I was a young girl and it feels weird to to feel like I'm not yes and it would feel weird and it and I think that that's a very normal thing especially if it's you know if you think if you've been working I have a friend and she said she's been working since she was 14 she got her first job at 14 and she's worked all the way through High School through college through adulthood all the way after having kids I mean she's literally worked since she was 14. and she took a break off and she just said oh and and talking about this is that that is weird because that's called change and change is going to feel weird to other whether you're a stay-at-home mom and you go back into the workforce or you're in the workforce and you come home any change in our lives it's going to feel weird so for it to just feel normal uh that that's probably not an option so the the weirdness is very normal it doesn't make it wrong though it doesn't make it wrong so I hope that helps Heather just to release you from that I think George's words were perfect you are your value comes from so much more now if you want to jump in there and use your brain because you want to that's great but there's no pressure you don't have to you get options because of the work that you guys have done well thanks America for listening thanks to Ben Zach Andrew James everyone in the booth and Jenna little girl the only two only two women here in this little Studio it's great and thank you America for listening thanks George appreciate it great weekend [Music] thank you foreign hey it's Rachel Cruz co-host on the Ramsay show if you want to do your debt free stream live on the show visit ramseysolutions.com set free screen we'd love for you to come to Nashville and tell Dave your story that's ramsesolutions.com debt free screen [Music]

Channel: The Ramsey Show - Full Episodes

Views: 29,826

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

Id: GNboivG7sIY

Length: 122min 30sec (7350 seconds)

Published: Fri Sep 23 2022