brought to you by the every dooll app start budgeting for free [Applause] today live from the headquarters of ramsy solutions it's the ramsy show where we help people build wealth do work that they love and create actual amazing relationships open phones this hour I'm Dave Ramsey your host thank you for joining is Jade washaw Ramsey personality number one bestselling author is my co-host today the phone number here is 8825 5225 Billy is with us in St Louis hi Billy welcome to the Ramsey Show morning Dave hey what's up well my situation is um I I own a homestead of about 70 Acres um I paid $275,000 for it in 2020 uh two weeks ago I had a Solar Company approach me wanting to buy it um I entertained our offer and they offered me $1.3 million wow nice and I I can't I fell into a pile of crap and came out smelling like a rose there you go man so the uh wow you that's something you're living on the property right yes I am I am personal residence excellent okay wow what's your question congratulations well I know about annuities and whole life term life and but I never really invested in anything like this because I grew up basically poor and I was never good with money until I read your book and started saving and right now I I want to set myself up and I want to set my son up to be successful down the road phenomenal Wow way to go well um to start with you will have a capital gains uh taxes on anything over a $500,000 gain married filing jointly you're married filing jointly right I am single you're single W uh you will have capital gains on anything over 250,000 gain so you're going to have capital gains on about a million dollars okay so that's probably going to be about 150,000 bucks give or take how much improvements have you done Capital Improvements have you done to the homestead while you've owned it um basically none okay all right I I've been trying had an old house on the property that I live in I've been trying to save up to build a new house m but it's it's been a rough couple years farming I'll put it that way okay so w I'm sorry well I I the wonderful thing is it turned out like you said so the uh congratulations so uh the answer is you feel like you hit the lottery now what do I do with this big old pile of money that I didn't see coming so emotionally um experiencing it as part of the equation right and the way that the way that I suggest folks do as they start giving a name to this cuz here's the thing you're going to have uh do you have a mortgage on the property I do okay um between between farm equipment and my farm I owe about 300,000 okay so you're going to have you know give or take a million dollars in your hand and if you don't watch your brain will spend about three million of that million uh it's it's been running so we need to sit down very carefully and give every one of these dollars an assignment temporarily and long-term both and uh the first thing you would do is see a good Tax Advisor go to ramseys solutions.com and click on ELP for taxes and sit down with someone and properly calculate the amount of tax to hold aside because I don't want you spending that capital gains tax money and having trouble later it's probably going to be around 150k go ahead and get ready for that um and then you set that aside you're going to pay off all the mortgage and so you know we're going to be walking around with somewhere around 850 after those two things now we've got to decide what we're going to do with that now what do you want to do with it well I've if everything goes correctly I already found another little Homestead uh for sale um he's probably going to be asking about 385,000 okay so that let's take 400 if you did that that's a reasonable purchase if you took 400 out of the uh out of the 850 now we got 450 what are you going to do with that well I was going to put it back into retirement and maybe some annuity funds to just watch my money grow okay so some mutual fund investing uh and I don't think I would do annuities I think I would just do mutual funds just do mutuals okay yes yes and uh again Ramsey solutions.com and click on smartvestor Pro uh but the point being here that even if you want to buy some more real state with it whatever you're going to do with it here's a couple of rules number one decide ahead of time what you plan to do and so if you said I'm going to buy that other Homestead and I'm going to put 400 aside in uh 450 aside just in U high yield savings while I think about it if you want to do that that's okay and uh but you don't want to leave it there forever that's your short-term play then your long-term play is I might want to buy some other real estate or I might want to uh improve the homestead or I might want to uh put some money in mutual funds or I might want to be generous with some of the money or I might want to take my kid on a trip with some of the money I don't care what you do with it all I care is you do it on paper on purpose before you get the check okay because that's when your brain still working when you get the check your brain needs to go into autopilot and execute the plan that you did before your brain quit working yep you see what I'm talking about cuz you have that W who I mean I don't care who you are you make a million is sweet yeah it my my mind's been racing yeah if I were you if I were you there's a big portion of this money I'd treat as though I never like I never saw it like I like that 450 is just going to go straight into investing it's like you never saw it pretend like and then pretend like it's not there yeah like it never existed how old are you yeah I am 32 okay so if you put it in mutual funds as an example and did what Jade said and just forgot it if it averaged 10% when you're 39 450 will be 900 mhm when you're 46 your 900 will be 1.8 yeah yeah when you're 54 you're 1.8 will be 3.6 if you just don't touch it that's what Jade's talking about the power of compound interest so sit down with a good smart Vestor Pro sit down with an ELP for taxes and just develop you a game plan of exactly what you're going to do with this money but what you're describing is all very smart I didn't hear anything unwise even in your tone I didn't either I like that you're thinking ahead of time and I think that you kind of know this has the potential to to go crazy if you don't sit down and write out what your intentions are ahead of time yeah if if you think you can do something today with that money that sets you up for life you're wrong it's not enough MH mhm but it could be it could be invested into something that could set you up that's right if you left it alone to Jade's earlier point and that's the thing so Billy I'm going to be doing an ADV Advanced investing course Dave Ramsey's investing Essentials something I've never done before I'm going to open up the stuff I do and that very wealthy people do with real Investments not stuff on Tik Tok May 21st and 22nd it's a virtual event I'm going to give you a free ticket because I want you to watch this event those two nights because I'm going to teach you a lot about investing that I didn't have time to in this one minute discussion or 5 minute discussion we just had congratulations sir thank you for calling [Music] you know it doesn't take a degree in statistics to realize that this one stinks 93% of undergraduate private student loans are co-signed so when you're delinquent and drowning in private student loan debt mom or dad or Uncle Joe is stuck in that Financial stress along with you but there is a way out why refi why refi offers a custom refinancing option with a fixed rate loan based on your ability to pay and the average interest rate why refi offers is 3.9% which can significantly reduce your monthly payment and decrease your total cost y refi refinances your defaulted private student loans that other places won't touch and I trust them to help you get out of debt so don't be another statistic in the student loan swamp contact y refi at 8442 Ramsey or go to y refi.com Ramsey that's 8442 Ramsey or the letter Y then ry.com Ramsey [Music] Jade washaw Ramsey personality is my co-host today Ken Coleman's book get clear assessment has helped or his his assessment has helped thousands almost 100 thousand folks now get a clear picture of the work they do best and that they love the most and now we're excited to announce Ken's new book find the work you're wired to do which will show you how to use your results to get specific in your job search and find the work you love right now you can pre-order find the work you're wired to do and you get the assessment built into the book and you get a $25 free bonus item plus but hurry right now today's the last day to pre-order so here's the deal you're going to get the get clear assessment the audio book and the ebook and the regular book each of them will have a code to take the assessment so you're getting three assessments with this as for one price as you just buy the book but you got to do it today tomorrow's launch day and the deals are gone so go to ramsy solutions.com store this assessment will help you figure out who you are why you're wired that way what you want to do professionally and how to get there thanks for joining us folks we're glad you're there check out Ramsey solutions.com store Rachel is with us Rachel's in Phoenix hi Rachel welcome to the Ramsey Show hi thank you all so much for having me sure what's up um all right I'm trying to keep my fan girl rolling at Bay here so I'm just excited to be talking to y'all okay um here's my situation I am selling a recreational vehicle that I own a private party and the interested buyer she came out looked at it loved it wants to buy it and in our conversations she has asked if I would be willing to say on paper a lesser amount than I am actually going to be receiving for the vehicle so my question is you know as the seller is there a risk to agreeing to this why why did she want you to do that she asking yeah tax purposes how do you feel about it um does it bother you that someone's asking you to lie for them um oh yeah it it Sayes you know it gives me pause for sure and I just you know I if if I were to agree to this I just I don't know what the possible ramifications would be so you're more concerned about would you get caught or whe you're more listen it sounds like you're more concerned about whether you would get caught as opposed to whether this is wrong or right and I think that's what's giving me pause okay you tracking with me yeah yeah so morally no you're lying the no I would say no don't do that that's telling a lie and who cares if you could get away with it or not morally speaking that's a lie yeah you I mean sounds like you might do what you want to do on this but since you asked us it's a lie I wouldn't do that and it's weird to me that is this somebody that you know or this is just a stranger it is a stranger yeah I no okay yeah and you know and let me tell you what I would also say Rachel is I would look at the person and say and I I won't lie about this and everything I've told you about the RV is true also because I I wouldn't lie about it either and so you should feel really comfortable buying this cuz I haven't misled you and I'm not willing to participate in misleading someone 100% I hate I hate taxes I hate taxes I hate anyone having to pay taxes MH and and I hate I really hate income taxes but I pay 100% of what I am legally bound to pay in income taxes not a dollar more not a dime more but and I will figure out any way I can that I can legally avoid them but whatever the law requires whatever the regulation requires cuz I hate income taxes and I hate the way the federal government operates and I really don't want to give them money but more importantly than that I don't want to be a person who doesn't have integrity so I'm going to tell the truth and I'm going to pay 100% of my taxes and this is just a a word to the wise for anyone hey beware of Good Deeds cuz this woman wanted to feel like hey you're going to give me a tax break if you do this be aware of people who want to manipulate you to do something out of what seems like it could be a good deed what seems like oh but this is the loving thing to do but at the end of it is a lie okay just word to the wise Philips in Washington DC hi Philip how are you I'm doing good Dave good how can I help hey Dave I recently received a um inheritance uh and some of it was in cash some of it was in um uh stocks I I left the stocks alone the cash I put into a money market and I'm able to pay off my mortgage if I wanted to um because I have more than double in the money market than I do on my mortgage but my mortgage is two and a quarter percent and my money markets a little over four and a half um would it be wise to go ahead and pay off that mortgage or or let that money sit in the money market and just do a withdrawal from uh my bank automatically out of that account so what you're saying is you're decid how much you owe on the mortgage 125,000 and how much is this whole inheritance what are we talking about 310 in cash in the money market Plus stocks yeah plus not not yeah plus stocks okay so I I would pay off your mortgage tomorrow or maybe today whichever one you want either one's okay today or tomorrow and um and and the reason is very simple as we studied 10,000 millionaires the largest study of millionaires ever done none of them precisely zero out of 10,000 said I became a millionaire because I borrowed on my mortgage and reinvested the money not one not a single one so people that do the math equation that you're doing generally don't turn out to be wealthy and the reason is they add risk to their lives when you don't have a mortgage it puts you in a completely different mindset puts you in a completely different place with your relationships with your career choices with everything when you don't have a single payment in the entire world you have no other debt right no other debt good how old are you uh uh 54 and who who left you this money uh my mom so let me guess about your mom okay could I could I make a guess about her would that be okay yes please my guess is the day you pay off your mortgage she's in heaven smiling cuz she was that kind of woman yeah I would agree okay I have a 529 that my son never used um and I'm trying to figure out also how to not get killed by withdrawing that out the only thing you're if you're with draw it out straight out you're going to hit a penalty on the growth that's all just on the growth and taxes on the growth and so I don't know how much it has grown versus what you put in it what you put in it there's no tax on but the growth over what you put in it the gain is taxable and you can see one of our tax elps and get a full picture on that that's independent from this other decision though let's pay off the mortgage yeah absolutely yeah open phones at 88255 225 thanks for hanging out with us America we're really glad you're here hey if you want to help us you can by subscribing to the show following this show sharing the link for the show or clicking the share button any of those things are a huge help in other words spread the word that you are a ramsy show consumer it's a big help to us you're our best advertising we don't have any football stadiums named after us like or anybody like that so um instead it's just like us and you and you guys are helping us out because well we know that cuz this is one of the top shows on YouTube Spotify and apple in the world and it's because of you guys spreading the word thank you so much and thank you for the five star reviews we really really appreciate you this is the ramsy show [Music] [Applause] [Music] [Music] hey guys it's Rachel Cruz here to tell you about a faith-based alternative to health insurance that can make health care more affordable Christian Healthcare Ministries chm allows members to 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eviction the previous year so it has killed us the house fire was it complete did it take everything it was not it was a double wide that we had on land contract so it ended up in just a bunch of messy paperwork and us not getting you know our house or any of the money we put into it so what's going on right now you had the eviction you had the house fire right now since then we have been trying to just save money you know and get so we moved to Ohio and we got a good job down there and that was a rental ending in disaster okay why well the landlord had hooked up the gas wrong some children came through and smashed out all my front windows and she wouldn't get them replaced for over a month so we ended up leaving that lost our security on that you know so it's just been one thing after another and I'm just trying you know I watch you guys and I'm trying to figure out you know live below your means you know so you're in Sagen Michigan now yes so from Ohio back to Michigan then what's in Michigan Family yeah yeah we're both born raed here okay all right what kind of work are you guys doing what's causing this kind of bouncing around yeah so my husband does concrete and so in the spring you know in the winter we kind of have a Slowdown too every year sometimes he can stay on depending on how big the contractor is you know but most of the time it's a layoff in the winter and so that kind of slowed us down okay but he's been in concrete for a while he's been in concrete for a while yeah about 20 years okay so then we know that when winter comes it gets it gets slow right so what have you guys determined that during those winter months is a good move for him kind of pivot into so he actually has like a handyman that we run you know it's um so what does he what does he make a year and what do you make a year so he makes about 750 a week uh you know depending on how slow the winter is you know MH yearly it's a little bit fluctuating but okay let's call it I'll call it 45,000 to be conservative what do you make yeah so what I was actually going to ask you about I had a catering business I was running out of our kitchen MH that burned along with it m so I business the business didn't burn the kitchen did that's right so I haven't been working why all my stuff's in storage I'm paying for a storage you have a kitchen now don't you I do not that's why I'm calling in today where are you living now credit got destroyed and we have been bouncing around where are you living now we are living in an RV rent to own why would you rent to own an RV well we couldn't get approved for a rental apartment because your credit is that is that the whole discussion around the credit credit cards after the fire and it's been you know it's just been hard cuz our credit store went down so quickly you know and you didn't have renters insurance no ma'am okay so what I'm what I'm hearing here and Dave will jump in uh it's it's just a a series of very very bad decisions and they keep catching up with you but here's the thing uh I'm not convinced that you guys are learning from these mistakes I kind of feel like you keep doing the same thing over and over again um and it it's to know Avail so right that's why I'm kind of calling Dave I'm like you got to know more than I do CU something's going well quit trying to uh jump in one jump out of the hole so you went from eviction to I felt trapped into a bad deal on a trailer and with a with and and it burned then you take off running to Ohio for some ungod ungodly reason nobody knows why but then the place you move into there was a piece of crap and you get in the same exact thing and then you come back and your answer to all of that was to rent an RV none of these four things work none of them work after I tried to get my get the apartment we could yeah I know well some apartment somewhere I don't know what or where or who but somebody without trying to you don't need to own anything you just need to get a rental and you need to pile up cash and you need to get on a ruton budget and and get your pans back out and start cooking again MH or doing anything at this point or or or working doing anything anything you can do is add some money to to this equation because if if we can double your income a lot of this starts to smooth out very very quickly if we can just increase your income it starts to smooth out very quickly and then slow down and quit a lot of these decisions sound like you were very afraid and desperate when you made them I would say yeah and I cuz I I can smell it because I used to do that a lot I have found that the that when I'm desperate right after I get when I get stupid yeah and and that kind of shows up in a pattern here and it's not saying you're stupid I'm just saying you did some stuff that's cost you and admittedly you told us that and so what I want you to do is go find some very solid predictable rental situation and you don't have to do it by the weekend but I do want you to do it this month and and move into that out of an RV get your family settled in get your stuff out of storage quit paying storage to St stuff you should be making money with MH and I'm not convinced that you guys are steadily making $3 to $4,000 a month I think that that's on a good month so I want to make sure that both of you him in the off times has something steady cuz I think the handyman thing is there but well it can be steady if you fill it up but you got to fill it up can't years it can't be I don't do anything and I call that being a handyman yeah it's handy to not do much you can't do that okay so you Gotta Be You got to be handyman and like 15 hours a day uh and you can make really good money doing that by the way better than you're making in concrete true you could grow that business and get out of the concrete business completely you got to get out there handy men a lot of them are making 100K right now uh so you set that business up and fill yourself up with taking care of rich people doing little tiny stuff they don't want to screw with and uh going there dressed and nice and bathed and clean tools and clean shoes and take care of business and charge yeah good money for a tiny little job and you can you can really make a good living doing that if you build the business out now if you don't want to do that that's fine if you want to stay in concrete but let's build it out enough that it's that it's handy that you make making $2,000 when you're not wife working too wifey needs to get she get those pots and pans out baby I don't think it again I don't think it's the pots and pans I I think that cuz there's only so much catering you're going to be able to do out of a double wide I think that it's an RV you're not doing any that's what I'm saying she need you got to get out of there into something where there's a kitchen and either get a job or get that kitchen fired up one of the two or both or both go make a bunch of money and slow down on your big decisions and when your heart rate's up and there's a little bit of sweat on your upper lip and in the palms of your hands that indicates fear don't make a decision because you're getting ready to do something dumb all of you everybody listening including me fear does not lead to good decisions and Desperation does not lead to good decisions and scared and stuck and forced to and these kinds of words come out of your mouth right before you do something dumb and I've done a bunch of it Britney so I'm not picking on you honey I I know where you are and we'll put you we'll put you guys into Financial Peace University right now and get you started on learning how to handle money we got to get the income side of the equation and the housing both stabilized for you to be able to prosper and move forward the instability of your housing situation and your income is what has caused you to be sitting in this crisis those two things combin and you get those two things fixed you're going to find this thing stabilized pretty quick this is the ramsy show [Music] your home is probably the biggest purchase you'll ever make and with a real estate market like it is now you'll need a mortgage company you can trust that's Churchill Mortgage you guys buying a home is not a button push it's a process it takes building a relationship with an expert who will dig into the details and give you peace of mind without busting your budget Churchill is one of the highest rated lenders in the country and they're ramsy trusted because they do what's right for you go to Churchill mortgage.com to get started [Music] Jade washaw Ramsey personality is my co-host today thank you for joining us Mark is in Nashville hey Mark welcome to the ramsy show yes sir thank you for taking my call sure how can I help my profiles a little bit different than your usual profile okay I am 69 and a half years old I am single unexpected divorce 10 years ago I went for a career change from full-time Ministry to being a registered nurse and I want to know how to plan for my retirement okay all right so now you're a nurse these days yes sir okay cool when did you make that transition uh four finished nurs school four years ago wow okay cool interesting good for you okay so what's your uh what's your financial situation which kind of money you got saved okay uh through divorce lost all all our saved assets I was married to someone a little bit younger and our plan was to you know i' retire from first she keeps working and we can be generous and give and take care of our children build a nest egg buy mortgage anyway that's all off the rails so I earn roughly 70,000 I have 20,000 a year in a I took an early pension from my previous career so my income is basically 90,000 my child support of about 18,000 a year will be ending in the at at the end of June you have an 18y old yes wow okay and and a 24 year old and then I have a $10,000 College loan uh from the US government and you have any money saved yes 5,000 well I had 100,000 before the divorce no I know now do you have any money now but no 5,000 in mutual fund and 5,000 in cash okay all right and the divorce was Final when back in 2013 so over a a decade ago over 10 years ago and yet you still saved no money I've had child support and I've had nursing school and related expenses okay all right but now you're ready to save money okay all right of course so that's been my plan so the answer the answer is to pile up as much money as fast as you can obviously you already knew that you didn't need me for that how can I help well I have a question what's your living situation how are you living are you renting do you own a home I am Airbnb um paying basically a th a month you live in an Airbnb and you're paying a th a month okay correct okay well for you it's the baby steps like anybody else I mean the first step is youve got to pay off this 10,000 loan that you have mhm you got 10,000 and that let's knock that out instantly you're making 90,000 a year you're single you you have a very low I'm going to call it rent compared to everybody else out there who's you know would be looking for a rent today so how quickly how quickly could you pay off the $10,000 Loan in two months um haven't done all the math on that but I'm only paying like 140 a month well let me start 5,000 a month 5,000 a month for two months well you've already got 5,000 cash so you could put 4,000 on it now and then have the rest paid off within the next 2 months so that puts you down to $1,000 emergency fund you've now paid off your your debt in two in two months now the key after that is we've got to save up some emergency funds and as quickly as you can save up 3 to six months in your case uh I might start with 3 to four months and then move on and start baby step four and get to retiring yeah I want to start saving money by Christmas yeah uh with I want you have $10,000 in the bank and be rid of the $10,000 Before Christmas M and then start start investing like crazy sit down with a smart Vestor Pro and dump as much money as you can towards retirement and uh build up and then once you get that going I'm going to start thinking about uh you sound like you're in very good health um I'm going to start thinking about buying something to live in uh because you can stabilize because at some point out in the future 10 years from now let's say that rents a double yeah triple whatever it does and when you can buy something you lock in the most expensive line item in your personal budget which is your home budget your your cost of housing whether it's rental or mortgage or whatever it is and let's get in that as fast as we can something very inexpensive and it sounds like you're living in something modest now so a modest one-bedroom condo that you pay cash for or that you almost pay cash for and pay off very quickly that kind of a thing is out there uh depending on where you're doing your nursing work um and how you know what what the proximity around town is and all those kinds of things but yeah I'm sorry Mark you obviously been through a lot of pain and heartache and heartbreak with that divorce I'm very sorry for you um it does sound like you've you've painted yourself into a new future and I like that painting it looks good let's lean towards that and it's easy to look back and talk about what once was um and it's it hurts um but it's very important that you lean into the future right now and clean up this debt put an emergency fund in place and then start stacking cash in an investment and then start thinking about buying a home at some point in the process so good questions hey thanks thanks a bunch very cool yeah that's crazy Stephen is in Knoxville Hi stevenh how are you I'm doing wonderful how's it going Dave and Jade better than we deserve what's up hey so my wife and I we are ministers and uh right now we're bringing in about I don't know 47,000 or so a year um the question I have is and we have no debt uh we have a fully funded emergency fund of about 10,000 the question I have is she has an old 401k and it's about 65,000 and I was wondering this is from her previous job is it a good idea to roll that over into a Roth IRA pay the taxes on it next now and then continue to fund that Ross or if you're if you're 100% if you're 100% debt free and you have extra money that's house and everything then I would consider doing that otherwise I wouldn't you wouldn't roll that into a rough no I would not okay now the other the other thing is you have a house morgage no no we rent we uh we travel a lot as ministers okay do you um do you uh have the extra money to pay the taxes that that would create $5 $20,000 if you did that would the taxes just come out of what's been built or no I don't want you to do that I want you to roll the whole thing or don't do it yeah so we do have 25,000 in AO in a in a taxable brokerage account as well in addition to your emergency fund exactly and you're 100% debt free 100% Okay then if you want to roll that to a Roth and you want to use that brokerage fund to pay the taxes you're going to come out ahead it has the mathematical effect of having invested an extra 20,000 into your WTH that's what the math effect of it but if you take the 60 and you drain it down to 40 just to pay the taxes that 20 you took out to pay taxes would have grown to enough to pay the taxes so all you do is break even how important is it that they do it now versus waiting the sooner the better because from this point forward it's 100% growth taxfree so yeah but if you want to use the 20,000 out of your brokerage to do that it's an extra way to invest into retirement how old are you guys Stephen uh I'm 29 and my wife is 35 okay it's going to hugely benefit you but you've got to have the rest of your life figured out not not the whole rest of your life but I mean the other parts of your life today figured out like cars and whatever else that brokerage money was you were sniffing around that brokerage account to do something else cuz now I just spent it yeah that that I think that's the thing because we have a 20-year old car and we do want to have kids here so yeah and pay cash for whatever no debt no future debt because of this move but if you can pay the taxes with outside money rolling to a Roth with zero debt house and everything course you don't have a house that's easy uh but then then yeah the Roth makes mathematical sense to do that and as you become very wealthy later the having all of it in Roth is really handy from a retirement standpoint and from an inheritance standpoint in particular so really good move to get it to a Roth but not does no good at all to use the Roth or to use the money out of the IRA to pay the taxes it just Nets out the same so hope that helps you man thank you for your call this is the Ramsey Show [Music] [Music] brought to you by the every dooll app start budgeting for free today [Music] live from the headquarters of ramsy solutions it's the ramsy show where we help people build wealth do work that they love and create actual amazing relationships Jade washaw Ramsey personality bestselling author is my co-host today open phones at 88255 225 thank you for joining us America Jade did you know that it's U producer James child's birthday I was not in informed should we sing Happy Birthday probably not maybe not you oh says the singer who's heard me apparently sing in church oh my I've never heard it heard me singing a Joyful Noise in church I'm just saying it's the only time I'll be caught dead singing yeah happy birthday James happy birthday James thanks guys I appr Sammy is in Philadelphia hey Sammy how are you hey Dave thanks for taking my call sure what's up so um I my question is in regards to funding inventory for my small business um So currently this is going to be my third year in business um we're expecting to hit $2 million this year great um yeah so I don't have any employees just me and my wife helping me on the side um so my invent my my my most about 70% of all my business expenses is just in cost of goods MH um so you netted 2 million or you grossed 2 million that was my that no that was my that was my Revenue so you should be netting about 400 your gross profit on that would be about 600 yeah 400 and then you'd have some other miscellaneous expenses what other expenses do you have other than cost of goods um it's just basically uh rent among some other things that we do it's consumer electronics so each of them have to be inspected and tested um yeah and cleaned all so what does it what does it cost you um what what are your expenses run you said you had a you said you're 70 or 30% gross margin right it's about it's about 25% okay so 25% gross margin so on $2 million that'd be $5 million gross profit after cost of goods sold before operating expenses what would your operating expenses be it would be about $50,000 okay so you netted taxable income about $450,000 correct that's what we're expecting this year phenomenal cool good for you well done how can I help so my question is till now I've been funding my purchase orders um you're not going to like this but uh with a credit card um I've been paying them off within a 30-day Mark the card I use doesn't actually allow me to carry a balance but um I've basically I've basically been spending about $80,000 on the card on um every month on average um I make sure not to spend above why are you doing that you have the cash so I don't I don't have the cash because every single dollar is reinvested back into new skew um I'm trying to since we just started a couple years ago I'm trying to expand my skew every single month I'm trying to get new lines elonics you you spent $450,000 on personal living expenses this year all that profit was put pack I don't pay myself a dime all that profit was put back into the business and it was all on why why would you need to use a credit card because you have put $450,000 back into inventory because well that was that's that's the numbers we're expecting this year last year the number we made in profit was about 300,000 okay so you put 300,000 back in why would you need to use a credit card you should make make that cash machine run off of 300K organically correct correct currently right now at the moment I have over $400,000 in inventory that's paid for however if I want to expand into new skew I do so it's not actually to cash flow the operation of the business it's to expand the growth correct or to fund the growth is with a credit card correct okay if you want to stay open you're going to quit doing that why do you say that because most people that do that crap go broke I coach over 10,000 businesses in entree leadership people that run small businesses off a credit card inventory control system go broke they don't make it instead of actually running your business on cash which you have the ability to do you're smart enough to do it you just didn't have the appetite to slow down enough to do it you're going to slow your growth rate temporarily until you get weaned off this credit card and get 100% cash on your inventory reinvestment business but it's going to cause you to buy different inventory too what are you spending uh what are you currently spending on the credit card to fund your new in your new your new inventory your new SK so I I it's not exactly just on new skew it's just it's just I just spend as soon as I I make an order every week um and that ranges like currently for example on my cart I have 15,000 but I just got another order today which was 55,00 ,000 so but but but I I but I have about 40,000 coming in a week so that's easily going to get paid off if it's easily paid off it's easily fundable with cash so I the same thing dude one of these is not true okay either it's not easily paid off or it is easily paid off and if it is easily paid off it is easily run with cash you're just to have a one or two week hiccup here and get weaned off these credit cards you can do what you want to do you call me and ask me what I think you ought to do yeah because ultimately it won't take him much time to adapt that cash system he's just going to have to get basically get ahead a couple of months so that he can have that yeah Reserve to do it so what I would tell you to do um I is to Sammy is to sit down with one of our CPAs our tax people go to Ramsey Solutions click ELP and have one of them help you set up a bookkeeping system you need to learn acrel accounting acrel accounting is when you buy an item you book it as sold okay instead of right now you're booking it as cash and every time you sell an item you set aside a percentage of that item like 70% or 75% to buy the next one that's a cruel accounting with cash you're just throwing cash up in the air and hope it all lands and you're not managing cash well you're selling the crap out of stuff and you've grown a good strong business in terms of Revenue growth but you're not managing it well you're not managing the accounting and the numbers well and it's going to bite you in the butt so what you should what a proper business function would be with AC cruel accounting is every time you sell an item you set aside 75% for a replacement item if you want to grow you set aside 85% 10% for new SKS and 75% for replacing the old skew and then you can you you can stay ahead of the cash you'll always have the cash if you set that back set that back for the next purchase and then you don't purchase or make sales beyond your cash position and you you know you can run this business Forever This Way the way it is right now if the Music Stops and you don't have a chair you're screwed cuz you're playing musical chairs that's what you're doing you're playing hide the pee under the shell this is the ramsy show [Music] [Applause] hey guys ramsy Solutions started small and grew fast because of that rapid growth there were times when our systems slowed us down that's why we switched to netsuite it works for us and it'll help your business too whether you're starting on a card table like I did or you're well on your way to becoming a multi-million doll company netw weite can scale with you and help you communicate and plan better because you know your day-to-day up and down and sideways but accounting analytics and supply chain are on another level so maybe you're just not techsavvy that can be okay net Suite will help at your speed and whatever your situation more than 37,000 companies use netsuite to know their numbers and their business better so check out netsuite today and find out how they can help you become the business you want to be 5 or 30 years from now and right now you can download netsuite's free kpi checklist designed to give you consistently excellent performance at netsuite.com Ramy that's netsuite.com Ramsey [Music] Jade washaw Ramsey personality is my co-host today thank you for joining us I'm Dave Ramsey the phone number is8 825 5225 CJ is with us in Hickory North Carolina hi CJ how are you good afternoon Dave and Jade how are you better than we deserve what's up um so uh I'm going to jump right in um I have me and my wife have about $7,000 in outstanding debt um about 27,000 of that is a student loan um then we have two cars one is 10,000 uh sorry 12,000 and the other is 16,000 um and then there's a small amount of credit card debt um in there as well um so we had DEC I've been listening to you for about three weeks um and we decided to sit down make a budget and figure out and uh decide you know get Dead free we were living comfortably um because we're making the payments but what's your household what's your household income um household takehome is $ 7300 a month and how much of that is you versus her um I I I don't know St my head okay um I just not we did we did everything as a whole that's good good okay so your question's what um so my question is this so we were starting to pay everything down we have 16,000 in the bank um we were gonna dump that into into paying things right um however we were also trying for a baby um and we're pregnant yeah so great news um but I'm wondering what I should do with that 16,000 should I save it for the baby should I use it to pay down debts what should I do with it for now if if the situation were different and you weren't yet pregnant I would say yeah like i' I'd skim that down to 1,000 and i' take the other 15 and I would throw it i' knock out the one car and I'd start on the $116,000 car uh but because you have the baby I would say for us to pause all this for right now and let's see how much cash we can stack up that's kind of I had a I had a feeling you were going in that direction that was also why I wanted to know how the the income broke down because you know there might be a portion of time where she's not working and I'm not sure what the maternity leave is so for that reason it's good to have as much money saved up as possible until the baby comes the baby's healthy and then you can crank this thing back up and you'll have a big pile of cash sitting there hopefully by then I mean she just got pregnant so hopefully by the time this is all said and done you might have enough to knock out both vehicles hey CJ if you if you weren't doing this and you really tighten the budget down how much a month were you planning to throw at the debt so our uh total to after we tightened everything down was about uh between 12 and 15500 a month okay all right so let's call that in nine months $112,000 for f okay so I want you to save the $1,500 a month I want you to get the $122,000 added to the $166,000 is $28 is $228,000 in a big old pile of money doing nothing but sitting there making sure you have a peaceful pregnancy and delivery mommy and baby come home and everything's okay now we push play on the on the uh Total Money Makeover baby steps and that means you're going to take of the 20 at 27,000 and um you're going to pay off both car you're going to pay off both cars okay the day that she comes home and the baby's okay now you're debt free accept your student loan and then you get in now you get into um beans and rice rice and beans mode and as fast as you possibly can and you don't spend this 28,000 to build a $20,000 nursery for a newborn that weighs 8 PBS listen if I were you if I were you I'd be calling up the the hospital where she's going to deliver and I'd ask outright you know how much is it going to cost to have this baby the natural way if she has to do another way what find out what it's going to cost find out if you're going to hit your deductible then you'll kind of already be able to kind of put some guard rails around this money you'll kind of be able to look at it and go okay this much is the deductible then we'll have this coming out and you'll be able to see uh all the things that you can do and accomplish to Dave's point if you have a reasonable Insurance you should be able to bring the baby home and have almost no effect to your cash flow and have the whole 28,000 clear to at the debt excellent but if there's a hiccup if there's a hiccup we got $28,000 worth a piece to help us with a hiccup okay awesome sounds great yeah and then then you get so you're not going to miss a step you're not going to miss any any uh progress to amount to anything here as long as you don't Sidetrack some of that money with something silly as you go along and that can happen so be careful you have to guard against silly silly is how we got here by the way so we want to get out ni not using silly Jonathan's in Murray Kentucky hi Jonathan welcome to the Ramsey Show hey thanks for having me sure what's up um our student loans are currently on pause right now um we're on the safe plan so we don't have a payment and we're not getting any interest wait a minute can I call I've thrown a flag on that play there's not a student loan pause now you could be on the one-year ramp no I'm on a safe plan so it's on like our payments are on pause right now we have zero payment right now because you have no income or because you're in back in school our our income is low and we have two kids um so they're just so they're just letting the interest pile up no it has no interest on the safe plan uh the interest doesn't pile up okay keep going um so I'm on that right now we want to sa for a house we had a house um and we got into some debt issue it was a really hard decision um but we had sold our house so we're saving money but we do have the student loan debt um so I'm just trying to and we have money going elsewhere we're just trying to make sure we're in a good train of thought with our budget and everything to make sure that we're setting ourselves how much how much student loan debt do you have honey we have 62 okay until you clear that you're not going to prosper trying to Monkey around and find some way to twist and turn and do a double back flip and act like that's not there and some kind of mathematical denial is not going to work the sooner you clear that the sooner you're going to prosper it's hanging over your head it's always in the background it's always in the in the closet the monster ready to come out at midnight clean up your freaking debt quit screwing around with intellectual exercises while meanwhile you're hovering with this thing over your head it's not going anywhere until you take it out pay it off now what's your income whoops that's all right well here's what I want to say the screen said should we save for a house if we have student loans but I'm like you just told me you just told me your income is low enough that they gave you a zero doll payment so there's your there's your answer you shouldn't be sa you shouldn't be if you can't pay a payment on a student loan you don't have any money to save to start with and if you did what are you going to buy exactly I mean a one-bedroom house I mean what are you going to do here so no no right now you need to clean up your student loans as fast as you possibly can and quit trying to use some governmental stupidity as an excuse to not do it knock it out as fast as you can get it out of your life then build an emergency fund you're 100% debt-free then save for a down payment on a house it's the slower version of getting back into a house but it is the proper way to do it and by the way hopefully your income won't be so stinking low as you go along this process and you can get you can actually make some better progress than um then trying to trying to sidestep this stuff open phones at 88255 225 guys um the things that we teach you here on the air are never Pleasant in the present they're always the best thing longterm though and most things that are good with money longterm are a bit painful in the present the ability to delay pleasure the emotional maturity that allows you to delay pleasure is a real indicator of Building Wealth no discipline seems Pleasant at the time but it yields a harvest of righteousness and um so we're always going to tell you hard stuff and stuff that makes you frustrated and give you some reason to you know do a whole Instagram post about how stupid Dave Ramsey is and all that and let me help you with this Dave Ramsey doesn't care I'm not taking a poll and you know I'm not asking you what truth is you were asking me and there's a reason it's because for 30 years I've been showing people the real way to build wealth and it's called Common Sense get yourself out of debt get on a written plan build an emergency fund then start your saving for a house and buying and start your investing this is common freaking sense it's what old rich people did it's how they got to be old rich people that you make fun of this is the ramsy [Music] show if you're like most people your home is your most valuable asset and when you want to make improvements it can feel like everything costs too much or takes too long but something as simple as custom window coverings from blinds.com can completely change your space and add value to your home we've recommended blinds.com for over a decade so you know you can trust them from blinds drapes and shutters to motorized Shades they make it easy and affordable to upgrade your entire home and their team is ready to help with everything anything from design consultation to measuring and installation plus there are never any misleading quotes or hidden fees everything's backed by their 100% satisfaction guarantee and shipping is always free see why blinds.com is the number one online retailer of custom window coverings visit blinds.com to get up to 45% off that's blinds.com rules and restrictions May apply [Music] [Applause] [Music] Jade washaw Ramsey personality is my co-host she's the best seller bestselling author of the book money's not a math problem it is a ramsy quick read and what that means is it's about 74 pages long give or take a page and that means you can read it in one setting money's not a math problem the real reason you're broke and what to do about it check it out at ramseys solutions.com today's question is from Donna in New Mexico yeah Donna says I sold my my I sold my home two years ago because my son was co-borrower and wanted to purchased his own home with his new wife good after the sale I purchased a new home with my daughter oh you didn't learn I used over $114,000 from the from the house sale for the down payment and other expenses for the home now my daughter and I are having relationship issues and she has told the rest of our family that I need to be an assisted living all the money I had went on the new home and I have no savings I want to move out but I am retired and on a fixed income what are my options oh my gosh well the first thing is you need to learn to just buy a home on your own if you want to buy a home you buy it on your own um I'm not sure how old she is but um I would say if you're on this together the only way to get somebody off is to refinance to get out of it but um yeah if she needs to buy you out or we need to sell the house and I would tell her she has 30 days to decide your daughter tell your daughter because you're trying to get me put away in a nursing home we are selling this house I don't want to live here anymore and I'm not going to leave my 140,000 in here and so if you want to buy out the other buy me out with my 140,000 by going and getting a mortgage um you can do that otherwise we're putting the home on the market and we're going to sell it so that I can get my 140,000 out and I'm going to go get me a place of my own now which one do you want to do you got 10 days to decide because at the end of the month I'm putting a sign in the yard and um see if you can stop me if she tries to stop you then you're down to a court action and the Circuit Court will have to issue an order to the to sell the assets of the partnership to settle the partnership now this is going to get nasty and it's going to cost you about 10 grand to get out of this ridiculous stupidity you signed up for so folks don't do this stuff if you if your daughter wants to live with you that's up to you if you want to do something else that's fine but when you do these deals together then you're you know they only you had a pleasant one where you got out of it my son was co-borrower wanted to purchase his own home with his new wife which is Perfectly Natural and healthy thank you and the way we fix that is we sold the house good so now my daughter's being a butt and the way we fix that is we sell the house Tada just like that so um you don't want me to live here that's a problem you're going to have to buy me out or we're going to sell it up to you you're choice and then I'll decide where I want to live assisted or otherwise because that's what I do I'm like a grown person and stuff so there we go you're not getting rid of me that easy it's not good wow open phones at tri8 825 5225 Zack is in Cleveland Ohio I how are you hey there I'm great how are you thanks for taking my call sure what's up uh so I just had a question around uh house buying strategy and how much kind of house we can afford um I've always kind of hated debt hated interest uh just as a you know personal belief um but that said uh 29 no kids uh getting married soon uh I take home uh 160k a year uh between two full-time jobs and then another 20K with a side hustle um fiance has 50k salary um and we have some Investments as well so basically we're just looking into this starting out we were shocked by interest right so we were you know looking at around $350,000 home and then looking at interest over 30 years how much do you're not going to be at 30 years how how much do you have saved um So currently uh and this we kind of rolled a lot of stuff over into an investment account now so we have like half of it in a money market account that gets about 5 uh 5% back um and then the rest of it is in like S&P 500 how much is it how much is the cash hand 125,000 okay when are you getting married uh this September okay well don't do anything before September yeah we're not any Rush we're just trying to lay the framework yeah you don't buy a house before then before you're married don't buy a house for somebody you're not married to um ever people ever and then we've got you know what I would do is take the whole 120 minus an emergency fund do you have any other money saved other than that uh we do have or I do have a 401k through work that I'm looking to roll over into a Roth soon for tax benefits but then uh that's about 70k okay do you have any other money in miscellaneous savings other than this 120 uh that's about it okay all right I need you need to set aside somewhere around 20 25 of that as your emergency fund don't touch it so you're going to have somewhere around $100,000 down payment plus whatever you can save with your fabulous income you to be able to save like like crazy y'all are making making a quarter of a million between the two of you way to go I heard you say that you were concerned about the interest rates but I also heard you say on a 30-year have you looked into the 15year fixed rate um so I understand just by reading kind of your guys' Reddit page actually that that and and your general information that seems to be you guys I don't have a Reddit page fair enough fair enough just generally there are some morons on Reddit that have an opinion about me but I don't have a Reddit page can't stand the format so just to be clear so let me tell you what we really believe regardless of what Reddit told you all right what we really believe is is the number one and two reason that people become Millionaires and we have data to prove it with 10,000 millionaires studied is they're investing into their retirement and they're paid off home these are the two elements of the first 1 to 5 million of net worth so to that end we're going to move towards a paid for home as quickly as we possibly can great news is you make a quarter of a million dollars and you're smart people so you're going to be able to do this fairly quickly we would tell you to put the 100 down hold 25 back or put as much as you can down at least a 100 in your case and uh then put the balance on a 15-year fixed rate where the payment's no more than a fourth of your take-home pay and the data tells us that the typical millionaire pays off their home in 11.2 years mhm cuz they hate interest I think I heard a guy say that once yep you yeah so um yeah and so we're going to take out a 15-year fixed it's a lower interest rate than the 30-year is and it's going to be a more conservative home than they will qualify you for but you can get in and get it paid off and then with the kind of money you're going to be making you can move into anything you want to move into later but you get in there and get started and get get you a fun little house starter house and get going with a plan that in five years we're probably going to move and we may have it paid off in five years because I got a feeling in five years your income will be a lot more than 250 don't you ideally sure yeah it would be normal if it was most people's most people's household income goes up goes up yeah you're only 29 great you're doing really you think we're doing okay you're doing excellent you're asking all the right questions you're sourcing them sourcing the answers in the wrong place with Reddit but other than that um but yeah I'm kidding not much but the um success pool um the uh but anyway thanks thanks for hanging out with us today you're a sharp young man you're going to do really good uh uh I think you're amazing and you know with the kind of money you're making you're going to be in a great situation so I'd take out a conservative 15-year fixed and pay it off as fast as you possibly can that's what I would do good question thanks for joining us open phones atle 88255 2 25 but Jade I can't buy the house with the racket ball court the jacuzzi and the Skylight if I do that well you better get your expectations settled get them straight oh expectations sorry you know the secret to happiness expectations that's right you're not going to move into your parents house at 29 and 28 cuz it took them 35 years to get there boys and girls and they had two baskets of strawberries that's what they paid to buy that house for two baskets this is the ramsy show [Music] [Music] [Music] statistics show that half of Americans don't have enough life insurance or they don't have any at all I don't understand this John why don't people want to take care of their family they think they're going to die or something well I used to be one of those guys I didn't even think about it and one my buddies said hey the only reason to not have life insurance is if you hate your wife and kids and I immediately went and got term life insurance that's a gut punch and oh you're telling me and for for decades Dave I've sat across people who've lost a spouse they've lost somebody important to them they don't know what to do next me too I mean you're going to have a crisis here and you know you got two options while you're sitting and talking to a young Widow she's concerned about how she's going to invest all this money properly and not mess this up or she's concerned how she's going to eat tomorrow that's exactly these are the two options take care of your dadgum family man term life insurance can replace income pay off Deads cover funeral expenses so your family can actually have the opportunity to just be sad yeah to just miss you that's exactly what it's supposed to be it's saying I love you to your family term life insurance Jeff Xander and the team at Xander Insurance makes it easy and affordable I've used them personally for 25 years they're the only people I trust go to zander.com or call 800 356 6 [Music] 4282 Jade washaw Ramsey personality is my co-host today Vera is with us in New York City hi Vera how are you I'm good how are you I'm actually okay good how can we help so I am working I I've been I started listening to you about two weeks ago I would say as I was trying to work out how to pay off my debt and um I have been working at that and today my car broke and I have a really old car 2002 badge stratter and it's been heavy repairs every couple of months like $600 to $1,200 every couple of months which has been putting a strain on trying to pay off my debt and um I need to buy a car now and I don't know what to do with what I'm working with so I kind of need advice what do you make I make 52,000 and where do you live in in New York City I live uh I live more in Bergen County New Jersey okay all right okay and uh so this this car if you were to get rid of it it'd bring nothing right yes I looked on um trying to junk it and the most I'll get is probably 400 it looks like it's the head gasket today okay yikes you have any money at all yes I have 7500 um saved in my savings account and then I have U about 900 in crypto stock that I invested long time ago but it's not going anywhere okay that's the good news cash Show's to out today okay and now now we now we've got 8,400 and I want you to buy a $5,000 car okay for cash what card do you recommend not a Dodge yeah um the um let me ask you this are you have you got family in the area my mom yes okay uh are you in a good church by chance yes okay um call your pastor and ask him if there's um one of the elders one of the men in the church that will walk with you while you buy this car okay that's for two reasons not because you're inept but because some people selling cars are sexist and they think they can take advantage of uh a young sweet lady and they won't think that about an old ugly man okay MH and so they shouldn't be that way but they are so that's thing one thing two you may actually get some good advice now let me teach you what you're looking for when you're buying a $5,000 car cuz we don't want to drive this car forever it's till we get out of debt and we have some money and then we get a better car okay okay so it's it's just a stop Gap just to get you out of debt and not go into debt now what you're looking for is something that's possibly very ugly I don't mind that my I good cuz that's what you need okay it could um it it could be really ugly it could be uh it certainly has zero sex appeal it's probably a land yacht you I hear it coming okay um it might not it definitely won't have all the bells and whistles and cool stuff on it we're just trying to get to work so we can get a better car later that's all we're doing okay so what you need is something that's very reliable and has low miles but it could be old mm it could be a a Camry from that's um that's year the year 2000 a 25y old Camry but it's been sitting in a Grandma's garage and she only drove it to work to church on Sunday and all that stuff so it's got very low miles on it she died now her kids are cleaning out the house and they're selling the car at a garage sale this is a this is a gold mine car right here for you cuz it'll have 20,000 miles on it although it's 20 years old and ugly and is not up on the technology certainly doesn't have apple carplay I can promise you okay but that car will that car will go another 10 years you only need it to go about another two while you get out of debt and the fun thing is if you buy that car for 5,000 three years from now you can still sell it for 5,000 yeah my my only concern is that um the past I would say 15 years of my life I'm 34 but uh best 15 years of my life we have been having those type of cars and they always but are you are you are you cleaning up your debt now now I'm cleaning up okay are you going to stay in debt and keep being like it was the last 15 years no you told me you weren't yeah cuz those cars I'm not concerned I'm not concerned about the last 15 years I'm concerned about the next 15 years okay you're not going to do it again are you no sir okay then get out of debt and get you a better car it's very doable hey I drove a piece of C crap while we were getting out of debt after we filed bankruptcy it was a horrible car I don't mind that the bad car it's more I'm afraid of the of the spending because in the past I would I'm telling you to buy something that has a lot of life left in it you won't have a lot of spending on it but it's not very not very pretty and that's why I want someone to walk with you and help you investigate the car and give it a good hard look you can get a lot of car for five K right now M but it's it's a garage sale car that's what you're looking for it's an estate sale car that's what you're looking for you're not looking for anything fancy you're looking for something that has low miles and a lot of life left in it and you're right it's probably not a Dodge it's not a Dodge Stratus or Dodge period but yeah I mean you're you know you you're looking for a um yeah there's a lot of great Vehicles out there that that are that are ugly and have a lot of life left in them and they're not stylish the paint job is faded that old red is kind of looking a little pink so big red might be a little pinky I don't know but um but you know that's that give it a name but this is your last time you're going to drive crap because you're going to go get your life straightened out and pile up some money you're going to live like no one else so that later you can live and give like no one else that's simple yeah I think the problem with her is she's been driving those cars for the last 15 years that's what she said but the reason but there's a reason because she never never addressed the reason she was in the car that's right if you address the reason you're in the car the reason you're broke is all the other crap the not handling money well the building up all the payments and all the debt you get all that cleaned up and you're living on an every dollar budget you can save some money and get a better car our car had what I call special features like what well the the motor and the windows was out and so you know when the motor goes out they the electric window yeah they just fall down so we used uh shoelaces they were actually old like dog leashes on the inside of the the wall to keep them up oh you had to you had to strap them up because otherwise they'd fall down yeah you open up the door and you can go in there and kind of Jerry rig it so we had that you know smoke came out of the top of the car I don't know why just came out that kind of car it ate the CDs when you put CDs in there it just see hung on to hung on to them see that tells you right there what you're dealing with mine Ain cassettes what's a cassette Dave what's a CD Jade special features that's what you're looking for special features special features so we had a guy here that bought a car that was a $10,000 car on Kelly Blue Book okay really nice um 20,000 Mi perfect condition wow except the people left it outside in the hail storm oh so it looked like it had been shot in a gang war I mean it had pots all pot marks all over it was like the most it was the most horrible and they basically kept the money from the insurance claim and then sold the car to him and he bought the car for nothing I mean he bought it for like 1,500 bucks and it was a $110,000 car but you talk about ugly it looked like it had been it looked like it came out of bayroot or something you know I mean it's like crazy like they like it had been shot at or shelled or something and he D he drove that with great pride for a little while while he got out of debt we had another guy had a 1994 Ford Granada that's a definite land yacht right there but it had it had um he paid 500 bucks for it mhm the red was pink it had all turned pink and uh it had I think it had like 8,000 actual miles oh my gosh it had it had no miles on it the woman had never driven it they had to put a battery in it cuz it wouldn't start but it was he drove big red for I he he picked me up one day and took me to my shop to pick up my car and he we drove up in big red it was great so it was hey that's Pride right there man it is and you know what that guy today he still works for us he can drive anything he wants to drive now look at that live like no one else so that later you can live and give like no one else drive like no one else later you can drive like anything you want shut up that's how that works love it problem with this stuff we teach is it works it'll bother you it'll keep you up nights this is the Ramsey Show [Music] [Music] brought to you by the every dooll app start budgeting for free [Music] today live from the headquarters of ramsy solutions it's the ramsy show where we help people build wealth do work that they love and create actual amazing relationships Jade washaw Ramsey personality is my co-host today open phones at 88255 225 her bestselling book is money's not a math problem check it out at ramsy solutions.com Brandon starts this hour in San Antonio hi Brandon how are you I'm doing good sir I appreciate it sure what's up uh well first off I want to say thank you for everything that you and your team do I I listen to the podcast and I I love all the advice thank you how can we help um so I have a question about a couple of uh loans that I have I have one loan that's an SBA loan it's about 43,000 um it's $98 a month but it's but I figure there's nothing I can do about it because it's already a veteran loan and it's at uh 3.4% you said it's an SBA loan yes sir and it's a veteran SBA loan yes sir okay all right um oh go ahead go ahead and your other and your question what and the other one is a stupid City bank loan that I got that the APR jumped to 21% and is now at a point where no matter how much we chunk at it the interest just overrides it how much is it no that's not true I'm sorry I said that's not true if you chunk 20,000 out it the interest wouldn't override it so how much do you owe uh so it's at 8,000 right now okay all right so you just had if you pay minimum payments you'll be in debt 43 and a half years uh their calculation was uh 19 years and we would pay $119,000 oh my gosh you're not doing joyful yeah yeah so what's your household in the city I'm sorry my question for the City bank loan was would it be wise to take out a personal loan at a six 7% to pay it out and then and then just chunk that off it's $88,000 I don't even think you need to go through all that what's your income 75 a year for me and my wife does your wife work is that or is that just that's combined that's combined okay split it out for me I want to know who's doing what and what are your careers uh it's about half and half my my wife does uh scheduling for pediatric dentist she makes about 36 a year okay and I have a job doing um telecommunications and correctional facilities for uh per per 45 year okay all right cool so you're both working 40 hours yes sir yeah and um what's your car is worth uh so we have a 2016 Ford Escape I don't know what the blue book on it is but it's paid off M what about the other one and uh I actually get I actually have a work vehicle so my personal vehicle we I had a Kio and we just sold it off for the cash where's the cash uh it we put into into the loan into the uh City bank loan oh good okay you have any money laying around of any kind uh no sir uh the reason that I have the SBA loan is because I actually had my own store uhhuh um I had a retail store for a couple years and that just ate up all of our savings MH okay well the 900 is eating your savings eating your lunch too but we got to get rid of the 21% first so I'm with Jade um I mean if you made an extra uh let's see 1,500 a month you'd be out of debt in six months on the card and that would mean working extra can you pick up OT or what's kind of great side job great paying side job could you do uh well my my job is salary we're both of us are salary okay um the only thing extra is I could I could do some Uber on the weekend or go sell blood or something 100% I don't want you selling blood but Uber is fine and U I mean I think you could do a lot of stuff out there there's a lot of different things I mean you obviously are good with your hands right I'm okay yeah so I mean you probably could wire stuff for people I suspect couldn't you uh I I don't know I've never looked into it yeah okay well I mean it's what you do all day right yeah okay okay all right I don't know I just whatever pays you the most for a short period of time to knock this 8,000 out so here's the thing okay 21% on 8,000 for one year is 1,600 bucks okay M $1600 is not your problem your problem is you need 8,000 so if you if you got a 0% it doesn't solve your problem is my point right if you roll the card to a 0% card and you still don't and you still don't address it you haven't solved the problem so $1,600 is a year which is a little over 100 bucks a month month is not your problem on this it's okay if you want to move it down to a lower interest rate if you have that ability but the problem with it is when you do that you're going to feel like you did something and you really didn't do anything you made a You made a 7080 a month move okay which is nice if you send it to me I'll take it okay but but but it's the $780 is not going to fix this situation you need to clear up the 8,000 as fast as possible so you can lean in and knock out the 43,000 right correct because if you didn't have either one of these payments your life would be pretty sweet right now correct yeah so that's where we're headed to so I want to turn up the intensity let's get you into every dollar our every dollar app and help you start putting together a budget on that and the uh I I'll Jade and I will give you the uh premium version as our gift and you sit down with your wife and you all start laying out a budget where every one of your dollars goes every month and then let's figure out how we can add dollars to it both you yeah if I were both of you I I would make it individual she has a goal to bring in an additional $1,000 and you have a goal to bring in an additional ,000 and then in four months you'd be done mhm if you just put 2,000 a month on it you'd be done in four months with that 8,000 and without that hanging over your head then you can get aggressive on the 43 it'll take you longer on that one but the the trick is the actual dollars saved by you moving down an interest rate it's you know you can go out to eat on it that's about it it's not it's not really going to change change this situation so it's okay to do it if you want to Brandon as long as that's not all you do that's about 5% of the problem 95% of the problem is $88,000 I need to go find me in my budget living on beans and rice not going out to eat working extra selling so much stuff the kids think they're next I need to go find me $8,000 that's what changes the game you are exactly right Jade yeah 100% I'd be looking around the house see what I can sell what's the weirdest thing you and Sam sold it's so funny you asked me that I just wrote article about this I had some bath mats that I bath mats yeah like you know like in the bathroom the mat bought used bath mats used bath mats I bought them at Ikea so they were already cheap as dirt and I sold them they for like $ four or5 and somebody bought them people will buy anything wow Facebook Marketplace you could find a chewed up piece of gum and somebody would buy it and want to chew it again yeah Nate Nate baratti talks about his wife is inviting serial killers over to their house to sell something for $5 that's a great great line he does yeah yeah bath mats listen where there's a will there's a way and that money adds up where there's a will there's a bath some folks need to sell their TV so that they can go to work and quit watching Netflix [Music] Oh throw a brick through it this productivity killer this is the Ramsey Show [Music] [Music] w [Music] [Applause] [Music] Jade washaw Ramsey personalties is my co-host Jade there's still time if somebody want to join you and me and George camel and Rachel Cruz and Dr John deloney and Ken Coleman this coming Friday and Saturday for our Total Money Makeover weekend event it's a Friday afternoon all day Saturday in Nashville if you want to come in a little early you can watch the show we do it here on the glass and um then of course we'll be doing all kinds of stuff at the Ramsey Event Center on the hill shortly after that this is a weekend long event it's the ultimate motivator not only to get out of debt not only to get on a budget not only to communicate better with your spouse about finances but show you how to become wealthy and show you how to become outrageously generous and uh there's going to be a live taping of the hit podcast smart money happy hour we're going have a lot of interactive Q&A there are tickets still available these events usually sell out this one's not so we'd love to have you it's at ramsy solutions.com events it's this coming Friday May the 10th Saturday May the 11th here in Nashville on the Ramsey campus ramseys solutions.com come on out there's still time to get you here John's with us John's in Toronto hi John welcome to the Ramsey Show hi thanks for having me and uh hope you guys are all doing well we are how are you I'm doing I'm doing okay um I'm calling because I I guess I needed some advice uh just because uh everything's getting a little bit more difficult up here and um looking at Solutions and I wanted your input on it tell us more so um me and my wife currently work two jobs each so um I'm a part-time Soldier I was full-time now I'm part-time and now I work in construction I make about 80,000 a year my wife my sorry my wife makes about 20,000 um we're on baby step one we're working toward baby step 2 uh which is our car and that's the only expense we have and it's uh 2022 Toyota Corolla and it's going to be paid off in October great but the issue is is that um the houses here the the housing situation in Toronto is absolutely insane 20 the 20% down that they need is it feels like to me unachievable and we budget everything we know exactly how much money we're about to spend we know what we need to do um and then when we have a little bit of money saved up it's like oh $700 in groceries for you know two and a half weeks yeah John I would guess I would guess that if you Googled the 10 most expensive cities in the world to live in including real estate prices Toronto is probably on the list Tokyo London uh Manhattan downtown New York La certainly um certainly San Jose San Francisco Market um will be on that list um and I'm guessing that Toronto would probably be on that list you live in one of the most expensive cities in the world what's keeping you there uh so the reason why we moved from New Brunswick when I was in the military up there was there was a lack of doctors so my wife H is uh disabled uh she still works but the average weight time for a family doctor in New Brunswick was seven years my yeah that's free Canadian Healthcare yeah yeah so we had to move from New Brunswick to Toronto because she has a heart valve replacement so we had a a specialist in New Brunswick that would uh deal with it uh but there was another specialist she had to see in Toronto so every six months she had to fly halfway across the country to go and uh see a doctor that's cheaper than living there um yeah that I wanted to really stay in New Brunswick it was uh it's a fantastic Province uh people are really friendly and then we come back here and thank God our I'm living with my grandmother uh we're living in her basement she's charging us $1,000 a month utilities including so she's really helping us out um so you think the better it's it's better to you're saying you think it's better to live there fulltime as opposed to have her fly when she needs the care is that I just want to make sure understand rather I'd rather her I'd rather us live in New Brunswick because it's cheaper just for her to fly because every six months it's like $500 uh for a both a two-way ticket right yeah which you save more than that in a week in groceries so uh what what what keeps you from moving back then uh it's because of my occupation in the military um I'm a tanker so I was a qualified tank driver Gunner loader uh there's no more tanks in New Brunswick so they're all in Edmonton now so if we have to move we go to Edmonton so that's another reason I was talking to my wife we had uh basically two option uh three options one we stay in the situation and we just embrace the suck which is not my favorite uh solution uh second option is move to Edmonton i' reenlist and go full-time again um or three we move to the United States which is very very enticing to me uh we were thinking like Indiana or Wisconsin because my sister lives in ch excuse me in Chicago and I would join the military in the state but that way we we we cover the health care issue right that way we have coverage uh or you can change careers and move back to New Brunswick that's another option I there's no there's no real careers in New Brunswick unless work for like oil and gas companies and even then it's not really uh it's not really in like so here I don't care which one of these you do it's up to you guys um I if I were in your shoes I would want a path that gave me hope right long-term sustainability and hope mathematically you're probably not going to do that unless you have a giant change in your personal incomes staying in Toronto cuz it's very difficult city to live in unless you make a lot of money mathematically and I didn't invent that that's just the way it works I mean it's tough to live in Manhattan if you make 80 grand you can do it but it's tough and your long-term prospects of prosperity it's hard to buy real estate it's more expensive to do everything same thing if you move to London same thing so um and those aren't they're not bad cities necess necessarily some of them are but but the but the but I'm just talking about the math of of living in a in an expensive place you have to make a lot of money to have mathematical hope about the future if you're going to live in an expensive place so that that's what you're aiming at so you need to figure that out and say okay my cost of living including my real estate purchase that is a part of my good future that I want to have best lines up with my career my income and her health care where and that's where I want to lay it out and pick out which way that is and I don't know I don't know enough about Edmonton to tell you anything intelligent about it um and I don't know enough about immigrating to the states legally if you're Canadian I don't know how to do that um or joining the military you obviously know more about it than I do based on how sure you were when you said that but I guess that's a possibility I've got no issue with that at all um but but for sure you want to uh uh be somewhere where the path that you're on is leading you to a hopeful place and the math indicates that not just um not just a wing and a prayer not just a wish yeah absolutely I'm almost we should I should have asked him the thing in Edmonton where he becomes a fulltime in the military that might be better for him he might earn more money and therefore them get to their goal quicker they've got some options though they're not in a Corner which is good yeah but I I think they figured out that if the income doesn't change then their their current situations going to you know embracing the suck is not a life plan that's a that's a temporary thing you do to get to a life plan you know to get to a good long-term strategy um I mean you I can embrace the suck for a short period of time to get through something that's hard but I'm getting through it I'm not staying in it and that's the trick so yeah that I think that's what you know and those of you that are living in expensive places you don't get a pass as John has discovered nor did he indicate he wasn't whining about it no he wasn't but I mean you don't get a pass on math it just it costs more to live there so you got to make more to have the same life there wherever there is that's expensive and you can fill in that blank and you know that's the same I've had people ask me that question for 35 years how do you buy a house in Los Angeles 35 years ago people asked me that question I don't know I guess you make enough money to live in Los Angeles that's how that works it's freaking expensive so it's how it works man I mean it's twice what it is a lot of other places and it's not it's not evil it's just a reality this is the ramsy show [Music] [Music] la [Music] Jade washaw Ramsey personality is my co-host today thank you for joining us we invite you to stop by our studios here south of Nashville and Franklin Tennessee anytime you'd like we do this show live on the glass in our fabulous lobby with free coffee free homemade cookie smells like Mama's Kitchen in here come on in yeah we'd love to have you come by and see us and we do the show from 1 to 4 Central Time uh Monday through Friday so there's at least two of us Ramsey personalities sitting here and um uh some of them are much more entertaining than me but um but I I serve a purpose still so we're still here we're glad you're here and speaking of what happens in the lobby one of the things that's there is the debt-free stage right here in the lobby of ramsy solutions and Kirk and Julie are on the stage hey guys how are you good how are you good Dave Jade how are you good good to have you guys where do you live we live in a suburb of Cleveland Ohio oh fun well welcome to Nashville good to have you and came here to do a dead free scream how much have you paid off we've paid off 0,43 love it how long did that take 4 and2 years good for you and your range of income during that time so we started at about10 ,000 and then right in the midst of covid I um lost my job of nine years and so we kind of had to to regroup after that um but then I was very grateful to get a new job a few months later and now we're up at 148,000 you got a better job well that was more him than me but okay still was good still worked out good very good good for you guys what kind of debt was the 110,000 Dave Jade You Name It We had it all um 22 different credit cards uh it was probably the height of the insanity um just you name it and and we had it car leases uh we had it all okay house uh house is not paid off yet not that's so this is debt free except the house good for you good for you okay good very good con congratulations you guys okay what happened 4 and a half years ago that's before covid you started this process before the fouchy pandemic and then you tore into this right that's right okay I think the thing that happened at that point Dave was you talk a lot in your your videos and your books about being sick and tired of being sick and tired and I think the moment for us came when we were doing crazy things like I would tell Julie you know this credit card is is not maxed out and that's what you can use to to buy some presents or we would go to a uh department store and say we had some space available on a card let's use that to buy gift cards at a store like that for others you were normal we were we were and it was about that time um it was a God thing and it it it pointed me in the direction of Total Money Makeover uh was it was the book I found uh with a guy from Tennessee that I'd never heard of read the book um cover to cover and uh right about that time I started talking non-stop to Julie about you and your book and your principles and then right at that time um our church was offering a class and so we took it and we we got into it but it and we knew we wanted our kids not to make the same mistakes we had so while we were starting to to pay off debt it wasn't with the gazelle intensity that you talk about but then they asked us to teach the generation change course so we taught that twice and um all our kids took it and and Rachel is married to John and they paid off their their debt with you a few months ago um but then it wasn't until we took we did that and then we started teaching the adult class we've taught it five times that Financial Peace University and that's what really made us get gazelle intensity you don't have a choice if you're teaching it you got to teach it we need to be the example and that's what's done it yeah that got that got it going hard absolutely that was the accountability thing it was like you're teaching the class and you're making good friends in your church and you're leading by example it's no longer just a you know we're going to try a little bit to this we're we're going full go and and this is a testament to those people that have been in the class that if you stay with it you stay with the program you do all aspects of it 100% you're going to get there yeah way to go guys way to go I'm proud of you how's it feel to be completely free it's it's still new but we're we're thrilled because it's we've we've worked really hard and we're just glad we're finally there and a long four and a half years yeah and we don't want to see our kids make the same mistakes so Julie when kurk came home and he said hey I I heard of this guy Dave Ramsey what was your first thought like was this were you 100% in on it or did you have a moment where you're like hold on a second I I just didn't know sometimes he comes home with things and I'm like what is this and I just didn't know about him and then it was truly a God thing because it was right after that that our church said they were teach having the class and we took it and I was like this truly was what we were meant to do yeah so once you got in the class it was okay though oh gosh yes and then teaching it we've loved it we just taught our fifth one um this wrapped up a couple months ago and we hope to keep on teaching it thank you thank you doing that absolutely that's awesome so you said before you said you know you're whatever available balance you know we'll use that did you have one straw that kind of broke the camels back was usually people have that one moment that's like that that's what happened that made you go this has got to change well we knew that our oldest was getting ready to go to college and um and we did not want to have credit card debt we our student loan debt and we didn't want them to have that and it was just it we realized when you know our kids needed things for school like clothes and we didn't have money to get them except it's like oh what's left on this store's card and what's on this you can't live like that you make too much money to feel that broke absolutely yeah and then we were trying to sell our home oh this was like 11 years ago but we were trying to sell our home and we we put granite countertops on the credit card that then we never got to enjoy those granite countertops because they went on the house that we sold so those were the things I think that we were with yeah that was really the Tipping point for something like that you know with Home Improvements that you'd never enjoy and we just said never for um for our kids and for their families it's it's time to stop and and get out of this and uh and and go game on full go Behavior change love it way to go you guys all right when you're teaching these classes you paid off $110,000 and they say how'd you do that what do you tell them the key to getting out of debt and getting control of your money is go ahead I I think I think the thing with it you know is is the principal Dave of of giving first you know we we talked about that with our our fellow church members that we needed to set up our budget that way where we're giving was the first thing we did you know the tithe to the church um and then we felt like with that then you just you just things started to snowball after that I mean just like with the dead snowball where we could go and say every month we're going to sit down do our budget you know come up with our plan and it's just it's it's being on the same page it's it's working together it's having that intensity that you know like you've said in in your books and your videos you know you you need to sacrifice now and and you're going to benefit in in the long run and we feel like that's where we've benefited now with you know we have our oldest daughter is married and she's married to to John who works here at ramsy and they did their debt free screen back in October and our middle daughter she's engaged now and when when her her boyfriend came to me and asked for permission to ask her to be married I said sure you need to be the second person that takes FPU um as as well so he was the second one that did that and I feel like that's where we now have given that um that same kind of passion toward our kids and and how they're going to live their own lives with money very cool I like his dad style I know that's right lay it on the line good stuff good stuff you know I've uh never I've been doing this 30 plus 35 plus years now and I've never met a person of Faith who started tithing off the top before they did anything else that regretted it I've never had one say Dave that's the stupidest idea it doesn't work now I've had people that don't do it say it's stupid but I've never had somebody who actually is a giver as a part of their faith walk before they do anything that says it's wrong and and often times we hear someone standing here on the debt-free stage saying it was the key it was the Breakthrough for us to put generosity first put God first and trust him and then move forward how how that opened up everything for him so congrat congratulations you guys we're proud of you well done well done you guys are heroes Kirk and Julie Cleveland Ohio area making 110 or I'm sorry paid off 110 in 4 and A2 years making 120 to 148 count it down let's hear a de free Scream 3 3 2 1 we're de [Applause] free yeah [Applause] absolutely that's how it's done ladies and gentlemen that's how it's done you Chang the family tree by making sure the new son-in-law goes I know that's right this is the ramsy show [Music] [Music] our scripture today Proverbs 27:17 is iron sharpens iron so one person sharpens another Bernard Meltzer says a true friend is someone that thinks you are a good egg even though he knows you are slightly cracked I love it hey guys the best way to make the most of your money is by creating and sticking to a monthly game plan it's called a budget where you tell your money what to do if you don't like the budget it's your fault cuz you're telling it what to do we call it every dollar because you give every dollar a name it is the world's best budgeting app one of the most popular budgeting apps on the planet as well and you can keep the pulse on your spending and make progress on your money goals with every dollar download every dollar for free in the app store or Google Play and you can do it online at every dollar.com as well Mark is in Buffalo hi Mark welcome to the Ramsey Show hi Dave and Jade thank you so much for taking my call sure what's up so a little background uh I'm 24 years old I have a little over 39,000 in savings about 23 to 24 in my my 401k uh I owe about 123,000 on my house that's worth roughly 170 out wow good for you um thank you I appreciate it um so I've been with my girlfriend for a little over three and a half years uh and there's no question that you know she's the one for me so I'm getting ready to to ask a big question here soon um good for you fun so she's thank you she's finishing up her master's degree um I'm actually going to her graduation this Thursday um so we've talked you know many times about our future together and how once we're married we become one uh and and that being said I know she's bringing about 61,000 in student loans uh so my question is is it better to just wait until after we're married and then I can you know use what I have in savings to go toward that student loan or should I currently take what's above my emergency fund and put that towards paying off the house like right now um and then depending on the answer to that question if I could ask a followup question that'd be great what's your follow-up question go ahead um so if I do um wait until uh we're married and um you know I I go to put a chunk towards the the student student loans should I completely go down to the baby have W $1,000 in the bank account and put it all towards that just so we can pay it off as soon as possible yes yes yes and yes yes on all of the above no don't pay it down on your house no do not pay any of her debt well until you are married when do you think you the marriage when do you think the wedding will be um well I'm getting ready to ask here soon so I would say probably about a year and a half um I mean that's both sisters and my sisters were about a year and a half from engagement to wedding plannned and married well there's also the the price of the wedding to think about too to throw into the mix it's not just her dead who's paying for it um we haven't had those discussions yet I know um her family and mine have both you know said that they are going to help out um she knows she's dating a spreadsheet nerd so she knows I'm not going into debt for a wedding what is the uh what is the uh what's her M's in uh she's going to be a school counselor interesting so I I'm making about 70,000 a loan um and then once she's working those starting positions are typically anywhere from like the mid to high 40s okay all right so well I want her to save as much or pay down her debt as much as she can prior to the wedding and then I want you to I'd love for you to have enough saved up to write a check after the honeymoon and pay it off yeah me me too that's the goal down to $1,000 if you can't still down to $1,000 and then the two of you with $110,000 income attack the student loan debt do you see you see anything else Jade no that was it my only thought was just make sure you guys get clear really quickly on the budget for the wedding find out what families are contributing if they are at all and then you guys fill in reasonably with your budgets what you can what's next yeah what's left and you've been dating 3 and 1/2 Years A 1 and 1/2 year planning for a wedding um is pretty lengthy um it's not it's not necessary I mean we've had pretty big weddings at the Ramsey place and they were all done in a year or less yeah and so it it does not take that long and you don't have to stretch this stuff out there's no purpose in that um when it's time to get married Let's Get Married you're not you know it's not it's not it's not a royal wedding okay it's just not and so you just yeah the uh uh the sooner the better as far as I'm concerned yeah the longer that length is is the more time you have to add things to the wedding that are more expensive oh is that the problem I didn't think of that okay all right Adrien is in Chatanooga hi Adrian welcome to the ramsy show hi everyone thank you for taking my call sure so we ended up in a situation um we've never been in dead up to this point except for a car that we had to get and then about 6 months ago we had to move out of Seattle Washington um we had about $40,000 saved no debt um at all we decided to buy a fixer uper since I'm in construction um I I was hoping to get it done for the cash we had and um kind of move in right away didn't work as planned so we ended up spending all the money and going $35,000 in debt and credit card debt um oh you suck at estimating well the house had way more issues than we thought and since we were out of state we pretty much bought the house side on scene and the inspector didn't really good do a good job so so you asked for it okay you asked for this mess as soon I I guess so yeah um and then my wife uh is a stay at home M well we're live in an RV at the moment parked on the property so um she stays with her two little children and I work full-time and then I come home and work on the house um and I make about well I make $25 an hour before taxes so when will the house be completed where you can live in it most of the stuff that we had to purchase is purchased and it's all about um just time wise I'm hoping to get it done sometime this summer um you know the hardest parts of it was done and then you know it's just finishing stuff but I can only manage you know I drive an hour two working an hour from work um you may need to sell this mess and move on with your life well there's one more thing I didn't mention so we do own a piece of land here in Tennessee that we bought uh outright for cash and we did put it on the market but my wife really doesn't want to sell it um so we put a higher price than this woman lives in an RV why doesn't she want to sell sell it and get moved into your house that's exactly my uh position but she thinks it's going to keep going up in price since well all land goes up in price that doesn't mean I'm going to live an RV to own it what will you sell if you what will you make if you sell it well we bought it for 20,000 and we would well we posted it for 45 but it would probably sell for closer to 30 okay so you can make some money and you have $30,000 to hire some labor and get this stupid house finished and move into it and then you've still got an hour commute which I do not understand in Chattanooga Tennessee why you did that I know but um if you want to do it that's okay so what how can we best help you today right quick well the the kind of the you know we're trying to figure out the best plan to kind of pay off the debt faster we'll first sell the land okay well it's on the market so I guess we'll we put it for put it for the right price so it sells the fair price I'm not saying I'm not suggesting you undercut it but sell it for a fair price okay and then uh we were thinking about getting uh a credit card with 0% interest for a year please stop borrowing money stop it well it wouldn't be it would be just transferring the balance so we don't pay the interest for a year and just focus on spend on paying it off you think interest is your problem your problem has been dumb butt decisions piled on top of each other bad decision after bad decision after bad decision and now you're getting ready to add another one to it don't do that Adrian I mean you bought a house that was a mess you missed your estimate by double double double you bought a piece a land with money you should have used to finish this house and now you got your family with two little kids living in an RV and the way to be sure that that happens forever is keep borrowing money on credit cards 0% or otherwise please stop stop sell the land probably sell the whole thing yeah and just get fresh start and move over closer to where you're working so you don't spend your whole life on the road every day that puts us hour the ramsy show in the books we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial PE and that's to walk daily with the Prince of Peace Christ [Music] [Music] Jesus e
