Winning With Money Starts With Winning At Self-Control

[Music] this is the ramsay show [Applause] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host thank you for joining us open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five ken coleman ramsey personality number one best-selling author host of the ken coleman show is my co-host today open phones at triple eight eight two five five two two five now ken talks about careers and talks about your job on siriusxm on 75 radio stations and on a very popular youtube and podcast show as well all one show just shows up a lot of different ways a lot of different places so we'll take your questions about your jobs about your life and about your money and i'm happy to do that today uh around ramsey uh we are grieving today a friend of mine over 25 years uh talk radio host phil valentine passed away over the weekend and uh you know i've been friends a long long time we uh did a lot of uh we've been on the radio same radio stations many times we've been on opposite radio stations lately here in nashville uh but we've always been good friends and always shared a lot of uh viewpoints and um [Music] of course we've been in touch with he's been battling covid and we've been in touch with him his wife the family over the last many many weeks while this struggle has gone on but it um it ended with him graduating to heaven on saturday and um just uh uh kind of hard to believe a little bit yeah still a young man somebody that's a contemporary viewers you guys came together in wtn and both of you had national influence uh friends in fact i was just thinking uh when i got the email from you on saturday that we were the last time i was with him and you in the same place was uh at your house back in march yeah we had a bunch of uh a bunch of influencers there and uh got a picture with him with mike huckabee i sent it to mike um and sent it to his wife susan as well uh over the weekend i found that in my in my roll up there sharon actually had the picture sharon oh well my wife and so but we've been again friends a long long time and um you know this brings about a lot of things um but one of the saddest parts of the whole thing is to watch the number of people in america today that are happy that someone is dead that they disagree with yeah on anything i mean he was a conservative talk radio so the number of people that didn't like his stance on covet issues or on political issues that have come out and um said they're glad he's dead i mean you guys really um there are people that i absolutely detest what you believe i think you're a backward socialist communist but i am not if you die and and you say something about that doesn't say anything about him when you do that it says something about you you classless immature unbelievable people yeah and and twitter is particularly bad because twitter's just full of trolls billy goat gruff needs to get in there and deal with the trolls on twitter but um that's an old one but yeah but you know it's just um it's aggravating and i you know i've never i've done a lot of things it's run my mouth on a lot of things i've said a lot of bombastic crazy stupid butt stuff over the years but i have never trashed somebody that died yeah happy they died because i disagree with them i got the same thing when rush limbaugh died it's unbelievable we've dehumanized ourselves i mean now it's like if you don't agree with me or even worse if you say something uh with some passion and some fervor that i really disagree with you are now dehumanized and so we're treating people as though we've we've forgotten that they have a family we've forgotten that there are there's a wife involved brothers sisters friends kids again just just to reiterate when you do that it doesn't say anything about no no it says something about you it says that you're you know that you really are a child you really are an immature child and political people have done that i noticed one of the senators or somebody the other day said something about they wish mitch mcconnell was dead i saw that coming on news feed sure and it's just you know i hope he died or he got covered i hope he dies from it or something like that oh my god you know even if you were so unbelievably horrible person that you thought that and probably all of us are that horrible a person we probably have thought it yeah you know but but the fact that you open up your mouth and say it out loud worse than that you do it in a public manner on social media just says what a horrible place we have come to uh in our decorum we ought to be able to argue and fuss and fight and and take an idea and wrestle that idea or that concept to mask or not to mask to vaccine or not to vaccine to block out people based on either one of those or not you ought to be able to have that argument and have a discussion about that without absolutely having to destroy someone and just believe that and it's just horrible horrible because phil of course had come out uh initially and later on recanted that but it come out against vaccine the vaccine and then uh you know once he had coven was in the hospital he said he wished he had taken it and that was his stance on it and his family came out with a statement from him on that um and regardless of that but i mean the number of people it's just it's sickening it's very sickening so anyway we'll be um um actually we're hosting the funeral here oh the service is going to be here at ramsey in our amphitheater oh and um it's the only place large enough and it's outdoors which uh family was concerned about it you know being outdoors with covid and everything so um we'll be doing that but uh uh on quite an honor yeah to get to do that yeah uh but um yeah i just think some of you guys out there and you know what if you don't listen to the ramsay show because i say stuff like this that's fine i'll get along without you i'll be just fine um and you know if you're that kind of person that says and does stuff like that i just assume you went somewhere else it'd be fine because if you said it in my presence in my physical presence i'm not sure i'd be um i'm not sure i wouldn't be spending some time somewhere in the pokey after that well that's just it dave nobody does they don't have that they're powered social media digital courage yes the social media uh filter as if you were from a redneck neighborhood if you said stuff like that to somebody's face you wouldn't have any teeth yeah you get you know you say something about their mama yeah you get jacked up yeah you know it's absolutely right and so but nowadays you can do that and be a complete wuss and hide in your mother's basement yes and so uh but you don't have the courage no to do it anywhere else we don't even have your real name or real face on that by the way wouldn't even have most of the things that these people lob out on on social media if they had to say it to somebody's face dave they would choke just trying to get the words out yeah just trying to get it out the boldness the cowardice and the thing about those of us in talk radio it's our job to say stuff to mess you up that's right and we're good at it and yeah and phil and me and people like us that have done this on a national level for decades it's our job to have the courage to say things that you're thinking or have the courage to say things that really upset you it is and we're good at our job so you know that that's the thing [Applause] [Music] [Applause] [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] ken coleman ramsey personality is my co-host today rick is with us in saratoga new york hi rick welcome to the ramsay show hey guys how are you such an honor to be speaking to you you too what's up uh so i kind of have a career question for you guys uh my wife and i were on baby step two we have 180 000 in student loan debt and i'm in the process of working with proximity principal so i have a great mentor and he's kind of helped me get clear on where i want to go and has offered to make some introductions for some informational interviews and just wanted your advice on this kind of get started face on the process you know how i can put my best foot forward to avoid yeah well you know here's the thing if you're really really prepared in the interview process itself and it seems like uh you kind of broke up is he helping you with some of these connections so you're going into these interviews a little bit warm is that what i'm understanding yeah so he's he's offered to make an introduction to a couple people perfect areas that i might want to go into here's the deal you're already way ahead of the rest of the candidates because he's got some credibility obviously over there so they're going to hear good things about you before the interview so i would keep it simple this is a very stressed out environment for a lot of people to do an interview so the key is to prepare prepare prepare they've done some research i read some research recently that the brain will retain 70 percent of what's in it even under the most stressful environment so uh i've got a little phrase that i tell people relentless preparation leads to reflexive performance and it's just like these quarterbacks that perform under pressure in the two-minute drills they've watched the film they've practiced the two-minute drill the plays are gonna run over and over and over again and we've got a free interview guide called how to win the interview at ken coleman.com i'll make sure that kelly gets it to you it's absolutely free and we go through specific questions that we know from research that hiring managers tend to ask and then i teach you how to ask questions and this would be the advice i'd give the most important part of the interview rick how do you put your best foot forward is by asking really good questions in the interview a big mistake that people make is they feel like it's a one-way conversation that you're just answering questions but there's gonna be time for you to be able to return the serve and asking questions like what kind of person wins in this organization what do you love most about the culture here what's your leadership style things like that we give you more examples in this free guide but that's how you stand out rick because you look prepared you look insightful and and you also are showing enthusiasm by asking those kinds of questions that's how you stand out many times by the questions that you ask you know and it you know just if you kind of think about it it's not like some kind of technique no the biggest technique here is to just flip the uh moccasins for just a second welcome welcome all the other guys let's pretend you were interviewing someone do you want to interview a wet dishrag rag who only responds yes or no when you ask a question no because that's what they're going to be when they work for you is a wet dish rag right and they're not bring no energy no creativity no add value to the thing so if you're interviewing and you're hiring someone what do you want them to be well i want to see some energy yeah some enthusiasm some ability to think on your feet i want a little bit of intelligence here hello yeah and um and and i want to know by the way you're handling yourself that you're there for what you can bring rather than what you can take yes and and so i i love questions i mean i i don't know the techniques and all this stuff they've got all these interview techniques how do you match two how do you match uh three different unmatching socks in the dark and all this bs try to figure out people's thinking skills or whatever but i just like to you know i i i if you were interviewing someone and you were going to give them your money to work for you yeah and it's money that you don't have anymore because you gave it to them yeah then you want to hear them to say things like uh if i were here how could i add the most value yeah to this company or this organization and like you said what do people that were that work out here that that are your best ones the ones that win what do they look like and sound like yes and i wonder if i'm one of those that's right and and so not like how you know what's your work hours yeah how many holidays do you take off how much time do i get off [Laughter] yeah and you know let me help you you're already off right yeah thank you we're done with that where this interview's over because all you're trying to figure out is what you can take or what you can add and sp to your point speaking intelligently about the position because you've done your homework on the company about the product about the service that they're about and you know the job description so well that instinctively you're going well listen i this is what you're looking for and i bring these particular talents to the table i'm a good fit here because of this skill because of this experience it's the ability to weave yourself to your point dave how do you add value because we know from research that the number one thing hiring managers are looking for in the interview is will this person help me win that doesn't sound that's not selfish it's just duh but that's what they're looking for and you got to be the candidate they go that's who i want to give the ball to because i think they're going to help us win and that's what it's about coach i'll leave it all on the field so preparing to the point that you're not going to have your nerves take over that's where people get tripped up they didn't prepare they kind of go in and they're shooting from the hip so then when they when the anxiety hits and the stress hits then they say something really well the brain can freak out on you yeah when you say something like like just that that becomes legendarily bad yeah you end up on a well i was interviewing this time this time and he said someone though you'll be one of those guys right yeah right so yeah that website worst interviews i've ever been on yeah it's legendary and the same thing's true if you are the interviewer oh this is so many leaders blow it on the front end they don't do a good job interviewing and no wonder they get duped and somebody will just lie right to them it's an acting job they don't know who they've hired because they don't prepare um we do a whole we do a whole lesson on that at entre leadership it's called the intentional interview you've got to know what you're looking for so you know what to ask i mean it's it's extraordinary we don't have time to unpack it but the amount of lost money through productivity and just replacement costs for small businesses and even large businesses is all about the hiring process so it's it's uh there's a lot of room for improvement we at ramsey solutions we're working on that we're diving always always open phones a triple eight eight two five five two two five kim is in minneapolis hi kim how can we help hi it's so nice to talk to y'all you too well i've got a quick one um i sold a classic car and i have about 23 000 dollars and i don't we don't owe anything except our mortgage and we have about 58 years old 800 000 in our investments so do i put it toward the investments of the house what do you owe on the home about 190 and it's worth about 560. good for you okay well you've done very very well well um we teach folks to be putting 15 of your income away once you're debt-free other than the home and have an emergency fund of three to six months of expenses i'm assuming you've done all of that right and then we say beyond that make sure kids college is funded i'm guessing you've probably done all that and beyond that the next goal is to pay off the house and so i'm leaning into this house as hard as i can i'm not putting more than 15 of your income away you've got a nice nest egg and so you need to get this house knocked out should be your next big goal i'm curious i don't usually get a lady calling me now this is sexist i know but i just don't usually get a lady calling me saying she sold her classic car usually that's a guy and he's somewhat sobbing as he's discussing selling his classic car so what's the story here well the story is that it was my brothers and my brother passed away and it's a 73 datsun 240z and i have had it since probably 85. wow and um and you kept it just right you kept it because you love the car or nostalgia with your brother mostly it is a really cute little car yeah but my brother but in minneapolis driving around in adults in 240z nine months of the year is probably not very doable yeah and i don't want it in the salt yeah yeah and so pretty much it's steamed all the time yeah so it kind of used up its usefulness for nostalgia and or enjoyment correct time to move on and get your 23 000. look at you okay well thanks for letting me ask that because it might be offensive to ask it but i was just curious because i didn't see that coming did you i did i did there you go that's cool good for you well done kim this is the ramsay show [Music] [Music] in the lobby of ramsey solutions on the debt free stage jared and christina are with us hey guys how are you hey dave hi welcome welcome where do you guys live glendale arizona all right welcome to nashville and all the way over here to do a debt-free scream how much have you paid off 168 000 over six years six years wow okay and your range of income during that time about 100 to 130 okay cool good and even more now all right good good what do you guys do for a living i'm an engineer and i'm a registered dietitian oh wonderful okay good to have you guys what kind of debt was the 168 000 it was our mortgage you paid off your house look at the weird people all right excellent job way to go how old are you two i'm 35. i'm 32. and you have a paid for house we sure do in glendale arizona what's this house worth uh but the market now it's about 450. yeah i guess i like it that feels good doesn't it wow look at you weirdos you guys are awesome man way to go so you said 35 and 32. 35 and 32. wow that is so cool all right tell me the story what happened in your 20s well so i have to like poke fun at him for just a second because when we first got married our church was offering an fpu class and i was like hey i think we should do this my brother and sister-in-law have followed your plan and they're a preacher and a teacher and so it's like if they can make ends meet following the system we should do this yeah and he was like no i am not cutting out my credit cards i don't need to do that that's like how come um but by the time before we even finished the class oh you did do the class we did we i convinced him we did it and before we even had finished he actually you know jared that's the way i would have gone into the class like this guy's some kind of snake oil salesman this grifter what's he doing i would have had my shields my cynical butt and i've got this gift of cynicism i would have been just like you pretty much but he ended up picking up a second job actually getting up at like three o'clock in the morning to work for fedex for a couple hours before he went to his big boy job wow to pay off his student loans you went all the way to the dark side sure did how much did you pay off on the student loans they were just about 19 000 but you just knocked them out fast within a year of that class wow wow okay this is so interesting okay so you go to the class your brother-in-law and sister-in-law were in there they're teachers you're an engineer i mean you're good with numbers yes sir so that adds to the arrogance of this obviously that's what i would have done that's exactly what i would i don't need this guy i can add i'm gonna pay a guy to tell me how to handle money that's crazy that would have been exactly what i would have been saying all you people out there that make fun of me and say that i'm just like you so that's so fun so uh do you go really against your will just to please your wife because you love your wife yep and you go in there kind of with your like your arms crossed right yeah that's what now this is me so uh what happened in the class what changed you uh i think you just convinced me that this way was the better way to run with money and not the way i was going so i liked what you presented and i was like let's do this let's save up money and buy a house let's save up money and retire early let's let's live the goals and dreams we want to live he makes that sound too simple yeah yeah because i mean we went from the arms cross to you just convinced me yeah i'm gonna get up at three in the morning i'm gonna work two jobs i'm a morning person yeah okay he's a hard worker now yeah there was drive what drove you to go that intense i mean you know what i mean you really went quick that's a good question i think it's just seeing what debt really was and understanding that i was owing them that money and i had to pay it every month and just being able to see freedom and feel freedom it's that's what really motivated me you're you're a rip the bandaid off guy yeah yeah so he once he's in he's all in yeah i think he there was blue face paint some william wallace braveheart like you got angry at it you got angry that's passion that's awesome that's so cool very good very good so um uh for our listener's sake i am curious for because again i i'm we're poking at this but the uh the way our minds work is similar what what what happened in there uh for you what what lens were you looking at it through the spiritual lens the math lens the process lens what was it that when you saw that you went oh maybe and then yeah you know what i'm talking about yeah i'm curious what happened inside your brain i think it's some of both math and spiritual math yes i hadn't been presented that information like you had presented it to do that and i didn't understand how practical it was that we could win with money and make that much progress and be where we are today so i was just kind of floating along and seeing the map that i could do that i could save up money to pay for my house and pay it off and okay that you know that really clicked with me well thank you thank you for letting me delve into that i apologize because i know you're the hero of the story but it's a a process that used you to get there that's so cool well done guys well done all right now you've done it you're not even 40. you have a half a million dollar house almost paid for uh no debt in the whole freaking world and you make 100 130 during this time uh what is the secret people want to know to getting out of that so i told you that if you ask this i get to answer this question okay good because the secret is i made pennies and i married somebody who didn't make pennies and so that's the secret just marry somebody who can uh help you but no the real secret i think is we we just were um like i think guided obviously by your principles um and so that we could always be on the same team um we just knew like we didn't have to ever question what decisions we were going to make or how we were going to make them we were just on the same page um we just we just knew the plan so and my answer was to marry a frugal wife both of you good marriage points answers across the board made it easier yep yeah it does help to make more if you if you're trying to get out of the hole the size of your shovel matters you know and so you know going and doing the fedex thing and then also being diligent at work and seeing your household income come up over this time and getting those raises and so forth that that makes a big difference yeah i'm just curious now you've got the house paid off you guys are very very young what are you dreaming about now what has changed now that you've kind of got this final debt out of the way that changes every day it's what i love about it is we have the freedom of options yeah so we've been talking about house upgrades or by vacation house or you know saving more for the kids and everything it's just we have the freedom too and we're still deciding what we want to do oh dream is a lot more fun now it is yeah it's a lot more real that's cool well done well done what was the hardest part of the journey for y'all so i we're i don't know that's we we're very very very blessed and we really don't feel like there was a super super hard part of the journey for us because again like we were we're naturally frugal people we're naturally logical people so you know if we don't want to have debt then we don't buy things we can't afford and whoa i know can you run for congress yes um yeah so i think there was a lot of things like we obviously were very diligent and um living within our means but also just very very fortunate well you brought the kiddos with you what are their names and ages let's get them in the shot here we have kinsley who's eight edens who's five and the maniacal meyer who's almost two all right go meyer i love it all right a hundred and we got a copy of the legacy journey for you that's the next chapter in your story you have changed your legacy copy the total money makeover for you to give away and hopefully someone will see the logic in that when you do that for them so thank you guys so much we're so proud of you guys absolute rock stars heroes well done look at that grave family jared christina kinsley eden and meyer from glendale arizona 168 000 paid off in six years making a hundred to 130 count it down house and everything let's hear a dead free scream three two one we're dead free love it well done you guys very well done man this is the ramsay show [Music] [Music] [Music] [Music] ken coleman ramsey personality is my co-host today open phones at triple eight eight two five five two two five he is the author of the number one best-selling book the proximity principle and a brand new book that's on pre-sale right now from paycheck to purpose the clear path to doing work you love from paycheck to purpose the clear path to doing work you love he is you can pick that book up at ramseysolutions.com add a deal be sure and check it out during the month of august we're also giving away free money on the website no purchase necessary so you need to go in and sign up for the giveaway of the free money and august is almost over uh we've noticed that one thing everyone has done with distractions of summer that they're ready to kick things into high gear we call it the second new year september 1st everybody's back in gear again and as august comes to a close you need to get ready to come into the fall ready to roll and uh we're running our 10 special on a whole lot of things right now and today's deal is our family favorite uh adventure pack our team is marking down to only 45.99 lowest price of the year check it out on check out daily for new deals and always check out ramseysolutions.com and always again for the ramsey cash giveaway you can text cash to 337 899 text cash to 789 catherine is in uh springfield missouri hi catherine welcome to the ramsey show hi dave thanks for taking my call sure and also i just want to thank you for your show because i find it very encouraging i'm not one of the smart people or the big money earners but i am single and dependent only on myself and it's just been very encouraging to me to to hear your show and just keep plugging along well we are honored to have you and you're among friends because ken and i are not one of the smart people either especially me emphasis on ken [Laughter] hey we you know hey i love uh slightly above average students who go out and become successful and that's me and you that's the three of us how can we help today well i have gotten two credit card companies that have sent me new cards they're identical to the old card only they include the tap to pay and i'm tempted to destroy the new ones since they're identical then i'm just wondering is is there a reason i should keep the tap to pay well tap to pay in and of itself is not um bad of course we teach people to only use debit cards i don't have i don't have any credit cards i have debit cards and debit cards today um almost all of them have a chip in them and that's that's all come about in really the last four years or so in the u.s it was widespread in europe before it was here but most of our debit and credit cards now have a chip and so when you uh for instance i'm buying gas this morning and i put it into the uh the gas pump it it identifies with the chip that it is a debit card it doesn't he used to have to ask me if it was a debit or credit now it identifies it and tells me to put in my pin um and a matter of fact a lot of the credit cards now have you put in a pin as well on a pay on a point of sale transfer because they're trying to do that to avoid uh fraud and so forth but uh the biggest thing you want to remember with all these products is just the easier they make the transaction to occur the more you buy right and that's the only thing as long as you know that as long as you know that in your guard against it you know it's like amazon prime it's a very easy transaction you can just sit there and push that little button all day and crap will show up on your front porch you know it's just it's just really really easy and you tend to spend more the easier it is to do the transaction the harder more cumbersome the transaction marketers call that friction uh then the more it slows you down and makes you realize you're actually doing a transaction you're actually giving someone money so as long as you're aware of that i don't care if you use apple pay i don't care if you wave a wand and do a dance i uh i mean there's all kinds of different ways to pay for things these days but all of them just about are trying to make it easier and easier and easier to do the transaction because all the merchants know that consumers spend more that way yeah yeah well mine usually stay in the drawer but i have my house on the market right now so my realtor said don't leave things in the drawer so i have to keep them in my purse and i'm wondering is it safe to keep these in my purse yeah yeah i mean you're fine because it's got fraud protection on it if they got stolen you just turn it in for fraud you're not you're not responsible for transactions on a thefted credit card now if somebody took it out and used it and put it back it might be a little while before you realized it when you got the statement or something but um but that would be true of a debit card or anything else and again we tell you to not use credit cards at all uh a debit card will do everything a credit card will do except put you into debt it has the exact same protections for fraud the exact it's just as safe i still see stupid people on the internet say oh i got i don't carry a debit card it's not safe it's just exactly as safe as your credit card if if you misuse your credit card you get to pay for it if someone misuses your credit card for you call fraud or theft you don't have to pay for it same is true with a debit card it's all exactly the same ken yeah it is and there's just this myth out there and i think that's do you think the credit card companies are behind all that dave i suspect maybe they are well urban legends out there sure they don't you know of course if you go to wheat if you go to visa or mastercard's website you'll see it it's a zero liability policy on both their sites for both products debit or credit either one and our bank protects us dave go to a other city in the country and i i find i'll tell them ahead of time they'll stop purchases as a protection that's why they'll do that on credit or debt yes they will because they are liable for the fraudulent transactions jacob is in carthage texas hi jacob how are you man i'm doing great to talk to you dave and ken hey man what's up i am 26 uh my wife and i are in baby steps four five and six and uh thanks to your plan and because of that i am chasing my dream of being self-employed cool um but i'm finding really finding it really difficult to balance working my side hustle because my full-time job being a dad being a husband being involved in my church it's like i'm starving my side hustle and i'm never giving it i don't know if i'm ever going to give it enough to for it to prove itself what is it what are you doing i don't know i make handmade bass lures that sell for you know over a hundred dollars a piece and uh what's your margin on those uh almost nothing on material yeah what's the time what does it take to produce one time wise as of right now because i'm so small scale i have like one day that i get to work on them a week and i can i can turn one out in a couple hours okay i haven't really there are ways so if you sell it for 100 bucks your material cost is almost nothing and it took two hours you're making 50 an hour correct yeah and the faster i can do it the more money i can make and i'm and i'm gonna work on investing in some better production practices to help me turn out more yeah i was going to say i would be patient on this because you've got a lot going on in your life right now but you know this is going to be a math equation you know at some point once you can get this thing up and going no matter how long it takes uh and it replaces your day job income with where you're at and baby steps four five and six that's when you do it but you're eventually gonna have to not only figure out the production issues but then train people and slowly grow this thing so you're gonna have to be patient regardless that's what i'm kind of telling you but i wouldn't quit on it just because you're in a season right now where you have limited time but i would impatient here's the thing you need to just sit down with a calendar and choose yeah what you're going to do with your time and then be satisfied with that and then be satisfied with your choice yeah no guilt i'll be looking for new employment no i mean not necessarily more time not necessarily so um here's the thing um christy wright says in her new book it's a beautiful line she says balance is not doing everything equally balance is doing the right thing at the right time and for this season of your life for the next 12 months what is the right thing to do with your time there's not a right or wrong answer it's what do you want to do with it and so if you want to be on fewer church committees and make more bass lures that's okay that's that could be the right thing for you and you just got to lay that out and decide which one is which for now and it learned to be permanent but for now this is the ramsey show [Music] hey it's kelly associate producer for the ramsay show this episode is over but if you heard about an event product or service and didn't have a chance to write it down don't worry we list everything you've heard about during this episode in the podcast show notes section or head to the ramsay show.com thanks for listening [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where dad is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host ken coleman ramsey personality number one best-selling author is my co-host today as we talk to you about your career your life your money whatever it is you want to talk about we're here for you the phone number triple eight eight two five five two two five that's triple eight eight two five five two two five john is with us to start off this hour in tulsa oklahoma hi john welcome to the ramsey show hey dave thanks for having me sure what's up good to talk to you today um we i'm in a bit of a mess i i moved for i moved from uh texas in january and uh of 2021 this year and this is the first time we've moved out away from from everyone um with first time we had left the city that we we spent our whole lives in and so we took a big leap of faith and got out here to tulsa and um we just really really kind of gotten ourselves in a bind i was i was listening to you hard and heavy for about three months straight before we before we moved and we had big big plans to sit down and talk through some things and figure some stuff out and we didn't and i made a lot of dumb decisions since then and we're in all kinds of debt we've got from credit cards to loans to student loans car payments and we're just in over our heads so so deep that we're trying to figure out what to do you know [Music] so if you were completely free would you move back home i don't think so okay so what is the was just the stress of being away from what was uh familiar you think that added to the bad decisions is that why you're telling us about that part of it yes definitely i do believe so there was there's a lot of uh with my wife and i we we we let we we pastored for several years and for five years and and so we were out of ministry for one year and we we fully believe god spoke to us to move to tulsa did you take another pastor right there no i did not um i'm also a plumber i've i've i'm a i've got a master license in texas i have a business there still that generates a little bit of money um and i've worked for a plumbing company here in this area um my wife is not working right now but she's she's about to go back to work and so that's going to help us a lot i know what do you make now probably about i make about 78 with with one the one company it's probably close to 100 sometimes and what does she what will she make um we'll probably be in 100 i would say 100 to 120 range together combined all right i'm going to call it 120 because you told me 100 before you said she went back to work all right so yeah um now how much is your house payment it's 14.50 a month okay and what do you owe on the cars each now okay 42 000 on one uh-huh and i took out a loan a person a couple of personal loans and one of them is tied to my truck now and so that one that totals about 12 000. okay and you already had student loans before you moved yes and how much are the the student the student loans they equal about 60 000. you say each uh they they're about they total about they total about 60. okay so 42 12 and 60. what other debts um oh credit cards more loans credit cards are probably about eight thousand um somewhere in there maybe a little less loans are around twenty thousand just personal loans yes okay so how much of this did you do since you moved um the the student loans in one car were previous the big car that was all previous about half of the credit cards were previous the new loans and credit card debt is since removed okay so how can i best help you we're i just i don't even know we're we're just such a at such a loss right now and and there was a lot of bad decisions like i said that that combined us together making dumb dumb things and we finally got back to church um we just i'm wondering if there's like a group here in tulsa that we can find that that is a ramsay group is there a way to find that sure we'll just put you into uh ramsey plus into um you know financial peace university and there's a lot of churches teaching that live and you can plug into that i'll pay for that and help you get started um okay your language covers the words you're using and the way you're using them covers a lot of other mistakes that aren't financial it sounds like yeah there there has been okay there's been some different okay let's just leave that there because it's the weight of this doesn't the weight of this in your voice doesn't really match your numbers that's why i was asking so um so what if i said uh okay we're going to get really together you and your wife are going to work tight together you're going to be on beans and rice rice and beans you're not going to see the inside of a restaurant unless you work there and you're not going on vacation and you're selling her stupid butt 42 000 car what if i said that that that's i we're we're on board we're we're ready we we're both ready but we've just been talking about it and we're ready to do it now yeah you guys you got to start doing some stuff that's going to hurt yeah there's some pain involved and living like no one else so that later you can live and give like no one else and and we're ready yeah we just need some help to get started i believe okay you know you know sell a bunch of crap and you're gonna cut your lifestyle to nothing yeah you've been you've been eating candy so much you've got a stomachache so it amounts to yes like yeah like i take one of my grandkids to the ice cream store and let them just you know completely founder themselves and then they're on a sugar high and their belly hurts right yes and i you know what i john i'm i'm just going to say this i'm not going to make you respond to it but i think it's time for you and your wife to forgive yourselves there's some shame there's some pain that's driving some of these decisions at some point you're going to have to say god still loves us we still have a lot of value to ourselves to our family to our friends and to him you need to forgive yourself and and move forward today plumbers are as valuable to the kingdom of god as preachers are yeah well and you don't have to be a preacher for god to love you yeah matter of fact i'm pretty sure god might love some plumbers more than some preachers i could have tested that day from a personal experience i'll just leave it at that i'm kidding not really [Laughter] yeah hang on buddy kelly i'll pick up we'll get you signed up for a financial piece you jump in there and go change your life you're ready you are definitely ready i hope she is it's gonna be a rough ride for the next 14 months this is the ramsey show [Music] [Music] we were drawn to christian healthcare ministries because we both had young families and we wanted to have more children and we had also just started a real estate company and needed to find health care coverage that would meet our needs we were attracted to chm because of its low monthly costs and the ability to negotiate medical costs down established in 1981 and accredited by the better business bureau chm is here to meet the needs of your growing family or small business check us out at chministries.org backslash budget we absolutely believe in it [Music] [Applause] [Applause] [Music] ken coleman ramsey personality is my co-host today open phones at 825-5225 danielle is with us danielle is in germantown maryland hi danielle how are you hi mr ramsey i'm doing well how are you today better than i deserve what's up and hi mr coleman um i want to say uh first of all it's a pleasure to talk to you guys and i want to also say a huge thank you to you mr ramsay because of you and your principles not only have my husband and i been able to um pay off debt and you know with a lot of hard work and a literal prayer miracle um we were able to pay off our debt and be debt-free six months early yeah he thinks and that's also freed me to pursue you know this god-given call that i have to um open a christian school right outside of our nation's capital so i'm really excited about all of that cool wow which leads me to my question flash problem um last week i was listening and you told a young lady that you really want to rewrite this narrative that in order to do righteous work you have to be broke and i completely agree i feel like you shouldn't have to be um but the problem that i see particularly for uh private schools and especially christian schools is that there's a revenue problem um most christian schools most private schools rely almost 100 percent on tuition and that poses a problem because you can't pay teachers what they deserve to be paid ken i think you said the national average is about 60 000 and i know in many schools um teachers in private schools especially christian schools are getting paid less than that and in order to pay them more you typically have to hike up tuition but then that's breaking the backs of the people that you truly want to serve and so i just wanted to know what are your thoughts on how we can fix this problem and rewrite this narrative because i 100 agree with you i just can't think of the solution how old is the school and how many students do you have so um it is it's an i'm actually in an interesting situation i'm just joining the school the school has been running for 21 years it's a niche school for um students with learning differences from sixth grade through twelfth grade and the hope is to grow that um ultimately from preschool to 12th grade in the coming years okay and what's the uh cost of tuition right now for 60 approximately um 20 000 a year yeah so if you were gonna pay teachers more have you run a model out as to how that would affect your tuition so i have not honestly um this miracle kind of just happened where i'm just now starting with this job but i will say that um from our what i know of our finances right now most of that goes towards teacher salaries and um and the reason that the tuition is what it is is that um to cover those things but we tend to not when you include jesus in a lot of things you don't get to you don't really qualify for um a lot of the grants or other things you've done but i have not okay so first thing first thing i think you got to run the model okay because you got to really see all right if if we were to raise uh the salaries of our teachers by x amount of dollars you just run the numbers and then you've got to play that out you got to know what you're dealing with first the second thing i would recommend is that i think uh and by the way i'm very very drawn to your mission uh i have a child that requires some special uh education services and i love what you're doing and these families uh almost come to this school almost as a last resort it's it's a real oasis i'm guessing and yeah yeah so couple things you got going on there um because of the demand of that uh i think you've got to look at separate fundraising i think you've got to really come up with a model where we're going to we're going to offset tuition by we're going to get really serious about raising money and that you're going to get to some high net worth individuals that's going to take some time but i think that's got to be a strategy long term and then um i would also tell you that part of this is uh is opening up more space if you can do that when you get more kids then it kind of scales out so there's really no silver bullet answer but um i think that if you can make the case over time and you're winning for these families and it doesn't get too ridiculous i think with those three strategies you can get those salaries up into at least the average in your area how many teachers do you have um we have about six teachers some of them are part-time some are full-time six teachers yes right now we have like 22 kids so i thought it was much larger than that no we're at 22 pretty small okay and so if you raise the six teachers ten thousand dollars that would be sixty thousand dollars divided by 22 would be three thousand dollars a piece that's the model he's talking about okay and then you say oh wait we're going to raise it five thousand dollars because we have some kids we want a scholarship right and that's there are a few that are on a financial assistant there'll be a few more because you're bumping it from 20 to 25. yeah yeah and you know and you're going to raise your but that's an example of how you'd model the math out um of how to play into it and to decide uh from there um you probably and again the type of care and what you're plugged into i don't know i'm not an expert on that world just from a business viewpoint though uh having run stuff with six people or 60 people uh having run stuff with now a thousand people on our team you will get some economies of scale that will help your situation as well if for instance you could double your enrollment and double your teaching staff yeah now you're not gonna do that in 20 minutes but over time if you had 50 students instead of 25 things are going to work a lot easier because right now every single check that is written by a student for tuition by a parent for tuition uh is a is a backbreaker if it doesn't come in you are because you're spread across so few people and so your risk your volatility is much higher on a percentage basis everyone is living more by the threat by thread rather than there's no wiggle room which as you get a little bit more scale you've got a little bit more margin a little bit more slosh that you can do and still still be responsible with your salaries and with your other but i think a combination between some students are going to get served by the higher tuition with scholarships because we now have room to do that um and some are going to get served with um by lowering the the net cost of the tuition by uh fundraising like ken's saying uh but all the while keeping the fact that this mission is vital and really matters yeah and i think that's the whole thing you aim at is to go those directions there's a lot going on here but um it it truly is more difficult to run a 22-person thing than a 50-person thing yeah yeah yeah and i and again i i i think if you can get some quality businesses who understand the vision and the mission of the organization and they help with that scholarship fund you can get that thing going you know and and and really begin to create almost a miniature endowment too i mean there's not a whole lot of effort here and here's what's interesting it doesn't take but one or two of those that's exactly right deep pockets and a person like her she's just personally saying she's just the person for the job i agree she just she just oozes this stuff it's perfect i mean daniel you're you're amazing i'm proud of you yeah you get after it kiddo get after it hey let me ask you a quick follow-up on that dave because i don't know the answer to this if if she were to go raise let's just say a hundred or two hundred thousand what would that what fun could they put that in to be able to let that to start to earn just like it would for an individual to where maybe that self-funds three or four kids every year you can sit down some of our smart just one of our smartphones smart investor pros does endowment funding and so and what you want to do is just go on the conservative side but not so conservative that's earning no money but um you know i'll give an example all right if you had a quarter of a million dollars laying there at 10 that's 25 000. yeah every year yeah forever yeah exactly so every 250 000 you raise and put into an endowment fund sends a kid free forever yeah as an example right that's what endowment means that's how an endowment works at these colleges and some of these universities that are sending all the kids home because they're not vaccinated or sending them home because of covet or sending them home have a billion dollars sitting in an endowment fund oh we're getting ready to see some more people there baby yeah higher education you are up a creek you got some problems coming your way the way some of y'all are acting it's getting ready to be a mess getting ready to be a mess i was a little bit i thought it was going to be a little while longer but it looks like covet is going to hasten it wow this is the ramsey show [Music] [Music] [Applause] if you're struggling with money it's easy to tell yourself that you'll deal with it later or that you'll start fresh at the new year but then later rolls around and you're still stressed you're still out of control don't wait you need to start right now decide right now that this is the last month you will ever worry about money if you make that decision we want to help and that's why for this month only just for a little while longer here in august we're knocking 30 off a 12-month membership to our most impactful life-changing money products with a ramsey plus membership you get access to financial peace university it's our step-by-step plan to save money pay off debt build wealth be outrageously generous and you get the premium version of the budgeting tool every dollar which is the world's best budgeting tool and it'll help you put your plan into action financial peace university in every dollar have helped millions and millions and millions of families literally you deserve a life free of monthly payments and money stress call for a free trial stock for us text for a free trial of ramsey plus by texting trial to 3370 789 33 789 text trial to 3378 for a free trial of ramsey plus jay is with us jay is in las vegas hi jay welcome to the ramsay show hi dave it's great to be here i'm pretty excited honored to have you how can we help my wife and i are looking towards buying a business which is a gate installation company for hoa communities and the appraisal for it's worth about 1.5 and it makes one to 200 a year from for the owners if they work in the business it's not worth 1.5 right well we're having a second appraisal done by the bank that that's uh we're trying to get a loan from to see if we can have that which is what we decided it's actually worth but we're wondering if we should even go for that or should we sell the properties that we have in order to pay cash okay jay um 30 years ago in my 20s i went broke and lost everything because i borrowed money to run a business it was partly because i was stupid but it's partly because debt increases risk and the borrower is slave to the lender so since i've been on the radio in the last 30 years i've never told someone to borrow money on anything except i don't yell at you for doing it on a house but i've never told someone to borrow money to buy a business ever in 30 years so um that's that that's probably information you didn't know when you called but um just to kind of let you know where i'm coming from so that you you have a fair understanding so where i and i don't borrow money i don't have a dime of debt and i haven't in decades consequently i make a lot of money and i keep all of it except taxes and generosity and so i've been able to build inordinate amounts of wealth because i don't give it all to some stupid but bank and i don't lose money and lose entire segments of business every time there's a problem because if there's a pandemic or something like that and people quit building gates to hoas and you have a bank payment the bank doesn't care they still want their stinking payment because they're a stinking bank and so i'm not going to tell you to go in debt to a stinking bank to buy an overpriced business and this business is dramatically overpriced we'll come back to that in a minute yeah okay so if you have the assets to sell and pay cash for the business if i were in your shoes that's the only way i could do the transaction and i don't recommend people do things that i wouldn't do this is a show about what i would do what ken would do in these situations okay so you're saying you have enough real estate to sell and you have the cash to buy the business is that right that's right yeah and so you need to decide do you want the business more or the real estate more now here's a good rule of thumb after all expenses are paid including running the business working in the business if i were to buy this gate business and i don't live in vegas i would have to have someone run the business okay you follow me yeah so i want to look at the p l as if that has happened so what does it take to put a manager in the seat where this owner is working his own job now after that manager is paid whatever market rate to put that manager that business manager in place what am i going to make as an absentee investor as a return on my money and that's the profit after a manager's pay do you agree with me do you understand yes sir this is what the business is worth a multiple of that net profit otherwise you're just buying a job if you buy the j if you buy a business and the only income it makes is the wages that should have been paid to the guy running the business you just bought a job that's all you did don't do that you don't you never buy a job if you're gonna work a job go work for somebody keep all your money in your pocket don't go buying the opportunity to make wages you want to make you want to make wages if you're working in the business and a return on your investment so let's pretend that this business makes a hundred thousand dollars a year after the manager is paid which isn't going to be far off okay okay now if i want a 20 rate of return on my money as an investor then i would divide the 100 000 by 0.2 or multiply by 5 which is the same thing that would make this business worth 500 000 okay if i want a 25 rate of return on my money which by the way this is a high-risk business it's a high-risk thing so i want a high rate of return on my money because it's a small business the probability of failure is much higher than if i put money in mutual funds or real estate yeah so if i want a 25 rate of return on my money i divide by .25 or i multiply by four which means this business is worth four to five hundred thousand if it's netting a hundred thousand this thing ain't worth anywhere near 1.2 dude okay uh and i don't know i don't know who your appraiser is but he ought to have his butt kicked up around his neck and wear it like a collar people will tell you this but this is how the real world works big time companies they do the same basic formula this is how you this is mergers and acquisitions it's a cap rate that's right on that operating income of the business this is a standard valuation process and so how you get to a million two on this i don't know what kind of dance this guy's doing with it there's something going on 10 times revenue if it's he actually net 100 000 yeah which we're not even 100 sure which means you're making 10 percent on your money right i mean and you can make more than that and mutual funds said at home and i wonder how valuable the real estate is clearly valuable enough to come up with 1.5 million so what he said he said he had enough to be able to cover the 1.5 million appraisal yeah his real estate's making him more than this so i think you gave him the right thing what's more valuable to you because this is an expensive job be very careful here there's a lot of warning signs in what you described to me unless i misunderstood something you were saying which is possible sometimes i do but i don't think i did so but i think he's going to go and buy it anyway felt like it felt like uh wants to hear that bank's appraisal and the banks got it they they want to juice that value what i want from a bank zippo on an appraisal i can tell you that this is an open parking spot when i get there that's what i want from them that's good i don't want a bank advising me on anything i don't want them advising me on my dadgum estate plan i don't want their trust department handling my dad come kids stuff when i'm gone i just want their checking account to balance and be where i told them it was gonna be yeah i don't need a banker's advice on investing for sure good lord they're a banker think about it geez they couldn't get a good job wow this is the ramsey show [Music] [Music] [Applause] ken coleman ramsey personality is my co-host today christina is in ocala florida hi christina welcome to the ramsay show hi dave and ken thank you for taking my call this is a wonderful birthday present oh happy birthday thank you it's the big 4-0 it's kind of scary oh i don't know how you're going to make it old woman i know that's what my husband said poor me um i have a question because my husband and i have been working our baby steps which is wonderful and we're kind of concerned on how to deal with his father we want to handle it in a way that his retirement is going to be a blessing instead of a new curse for us let me give you a little background he is a single man and has been since him and his mom divorced 40 years ago he spent the last 20 years renting he's never bought or owned a home he at one point leased and owned three cars a boat jet ski and two motorcycles he's always had more than one car and he's one person um he's retired now all he has is social security a little bit of pension and a hundred thousand dollars to his name and he thinks buying a gun is an investment and we're just terrified that we need to fit him into our baby steps because we're gonna end up having to take care of him if we can't get him to stop wasting money okay um what do you guys make a year 130 000 i work four jobs and run a business trying to clean up our own mess and we have our own goals and dreams and i just feel like one out of guilt we're all he has i mean my husband is his only son um you know there's nobody else that's gonna take him in it would have to be us so i feel like if we could get him on the right path he might be okay but that's having to explain to him that you know what you're gonna have to stop blowing money and maybe work a part-time job because he thinks he can buy a house but that's going to take all his money if that's even enough [Music] a hundred thousand dollars by much how old is he 68 house houses health uh well he just had surgery for prostate cancer but that all went well so we're hoping the health maintains but that's my other concern your husband has a good relationship with his dad oh yeah we've always been close with him and we have a good relationship and a couple of years ago we sat down and talked to him about all this and kind of tried to explain to him making eight percent he's got some finance guide his credit union telling him making eight percent and whatever he has been that he doesn't understand is good we're like no that's not good and he thinks it is and he doesn't understand half of what they're doing they just he gives them his money and they do whatever and he thinks it's good and after that many years of them doing whatever all you have is a hundred thousand dollars to show for it i think you need a new guy i think you're more upset about this than anybody else on the planet well it terrifies me yeah i don't think you're i don't think your husband's upset about it and i don't think his dad's upset about it well my husband's worried because he doesn't not as worried as you the other day well i'm nervous to talk to you too but my husband's like i need to talk to him but you know how do i talk to him without you know hurting his feelings or being kind of a jerk about it because like he's rented a house for 30 years paying 250 a month now i can just tell you you don't need to talk to him because your state of mind is not a state of mind that he's going to listen to you well no i won't talk to him my husband has to yeah your husband has to not my problem i know i know but it's um you're you're because you're you're um you have a lot of anxiety about this and it's going to come through and it's going to sound bossy to him and you don't want that it won't be it won't be uh profitable for the conversation your husband can sit down and talk to him but i i'll give you a prediction your husband can sit down and talk to him and probably nothing's gonna change okay because i don't think the old man wants to change i don't think he gives a rip right so he's 68 years old he's 68 years old he has a hundred thousand dollars he buys guns um and he pays his rent in cars well he just now found out he has to move out of that so now he just went and dumped money to rent a trailer until he can figure out where he wants to live okay on top of his two cars one of the most painful things that we all go through as adults is watching people we care about be stupid [Laughter] because you can't make them not be stupid everyone has people in their family and in their friend group that are doing things that we all look at them and go um and you you know the the only hope is is that occasionally you can knock a knot on one of them's head and get their attention and turn them around but i don't hear anything in this story that makes me think he's going to listen to your husband do you really think there's any scenario where your husband says can you i don't have any magic words for your husband to use and i just don't think this old man really cares about i think he's got his own way of doing things and i don't think he uh cares so here's the thing you make 130 000 a year you can probably buy him a little bit of groceries if he's completely starving to death you might even help him with his rent a little bit here or there a few times even though he's been a complete twerp with money and doesn't really deserve with his irresponsibility to help but you can afford to dump a little bit of money in that and you're it's not going to make you broke you're not going to give this guy a hundred grand yeah nor do you have to pay off his debt all those boats and cars you can sell all that if something happens to him yeah you're not responsible for any of that yeah all we want to do is just make sure he's not hungry and homeless yeah well yeah that was kind of our point it doesn't take a lot of money i mean it doesn't take a lot of money if if you're paying his rent you decide where he lives or he doesn't have to live there i mean i'm gonna get a little cheap a little cheap uh trailer or a little one bedroom apartment or something let him rent and you can do that depending on where he is a few hundred here are there right and uh the same thing with groceries so and you guys can afford to do that and by the time you have to do it which will be many years from now if you ever even do have to do it your wealth is going to be on track because you're doing smart stuff but it's just it's just i agree with the pain in your voice and the desperation in your voice because it's just hard to watch people you care be self-destructive yeah i mean well yeah when we feel like he we're it that we have to no you don't you don't yeah you don't have to you don't have to do anything there's not a law that says you've done cocaine your whole life and now i'm supposed to pay for your rent there's no i mean you've misbehaved whatever form of misbehavior you want to come up with your whole freaking 70 years on the planet and you're and now i'm obligated to feed you not really but i probably will just because i'm a compassionate person he's not going to take you guys down you either have so much fear and i get it there's so much unknown and you're in the middle of a struggle and you guys are busting in your gazelle intention you're working four jobs and you're going going going going but listen he's not going to drag you down he's not going to drag you guys down so that fear needs to go away but he's it's disgusting sure of course because you're working so hard and he's not doing squat yeah you know you're being so responsible and he's so irresponsible i get that it's disgusting to me to hear about him and i don't even know him you know i get it i i understand but he's what is he he's most of america right yeah and so he's irresponsible and slovenly and out of control and you know and and then acts like somebody did something to him and nobody did anything to this old guy he just farted around all his money till it was gone right yeah yeah so i i i think you can calm and and just lovingly i mean please don't talk to him let your husband and his son and just say dad i'm gonna knock a knot on your noggin if you don't quit this because i'm afraid i'm gonna have to feed your butt because you're misbehaving now you need to be grown up and this is how he needs to talk to him because this whole guy doesn't do subtlety does he no no he needs a tube he needs a two before upside the head and that's that's what your son's gonna have to do but that's the only shot he's got getting through to him and it's just lovingly dad i love you but you're being a butt and you gotta stop it and you're just going to have to have this conversation and then see how it goes hallmark needs to make one of those cards right there the dave ramsey dad i love you but you're being a butt that's that'll be a [Laughter] this is the ramsey show [Music] this is james childs producer of the ramsay show you can listen to all our shows with the ramsay network app on your smartphone browse by topic or even sync clips to your friends download the ramsay network app in your favorite app store today [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host ken coleman ramsey personality is my co-host today open phones a triple eight eight two five five two two five that's triple eight eight two five five rusty is in odessa texas hey rusty what's up hey guys how are you great man how can we help you're doing well hey i've been following your plan for about 20 years uh we're on baby step 7. i wanted to ask you a question about something that we're starting to see is places that are no longer taking cash or basically penalizing those of us that are using cash like entertainment places where you have to put cash on a on a play card um and then if you don't use all of it you don't get it all back we're just curious your thoughts about that i'm not familiar with that type of transaction uh you know i mean obviously there's situations where i just look as a matter of principle i choose not to do business with somebody by the way by the they are putting forth barriers to me they're requiring things of me as a customer uh maybe around covid or around cash or something that i don't want to do and therefore i don't do it and that means i can't be their customer and that's okay they own the business they're allowed to say that um right as far as i know the whole legal tender thing won't work i mean they're supposed to accept legal tender that's the whole purpose of a currency but i don't know of anyone enforcing that at the federal level which is what it would have to be i guess so i think that's probably more of a philosophical discussion than anything else but i carry a debit card so if i'm in a situation like that um unless the people are just being weird or something i i i use a debit card to run a tab at a place or something if i need to but i'm not going to give somebody cash it's non-refundable if i don't use it all right what is that like a club like a nightclub thing yeah it's like a it's uh like an entertainment that has like movies and bowling alleys and game rooms and things like that oh yeah it's like a dave and busters type thing or something or a chucky cheese exactly right yeah okay all right yeah i'm not uh no i mean that will they take a debit card they will but i like to use my cash okay well i don't blame you there i mean i don't blame you but so it comes down to you know a horrible transaction which is the plate thing you were describing i'm not doing that for sure uh or i like to use my cash and you people are making this difficult and so you're basically saying i don't want you as a customer rusty and you say okay then i won't be your customer i'll go i'll go bowling somewhere else you know and so there you go i'll look for my excitement elsewhere um or you can use if it's something you're you're not uh wanting to take a stand on you know it's not i mean i don't make a principled uh uh picketing uh stand on every single transaction i do i just look at it and go you know this one's not worth it i'm not fighting this one or this one i'm gonna fight and i'm not gonna do this and so you know i uh um you know i i uh so anyway you just got to decide that and and say uh i'm not going there but you're right there's more and more places that have gone to cashless i was in a uh a breakfast place a tiny little meat and three breakfast place off the side of the beaten path up off of uh outside of aspen colorado last year and they didn't take cash and i was like god um i mean it was like a biscuits and gravy kind of thing like it wasn't like some kind of froofroo thing or something you know yeah and uh i i went in there and i was like god i just wonder i didn't leave my debit card like back at the hotel or something i would have to go back and get that yeah or you know what the reason is keep my what in their case they were doing it uh because they were well it's aspen i mean they're just they're frou-frou right so the food wasn't fruitful but they have the little thing come to the table and you know and check you out with this high-tech thing at the table the biscuits weren't high-tech but the payment methodology was high-tech they're paying for that and so yeah they are and uh like three percent every time you swipe for yourself for biscuits i'd take a dollar but uh um but that's you know so anyway i was just i had a pocket full of cash i always do but yeah thank goodness i had a debit card because sharon would probably still be there washing dishes but i would love to see a disagreement from dave ramsey i'm just like and i stopped pay for my meal dave's in the back washing dishes and then they found out who you were they'd probably make you mop the floor too yeah twice twice just for good measure that's fantastic yeah but i mean that that's the kind of thing he's running into um and there was a there was a minute during cove but i haven't heard it lately that some places quit taking cash because they thought the lokovids were on the money and um there wasn't any i'm sorry i'll try not to laugh but you just said little kovids well i think they thought that you know everybody was worried about what the covington these little jurors like when they show those uh cleaning commercials the bugs and they met well they were i mean they were everywhere for a while and now they're now they now they only use certain channels so um apparently but um you just gotta you gotta know how they behave these days so they don't like plexiglas i'll tell you that well i don't know the plexiglass has come down a lot of places now i was on a donut shop the other day and there was plexiglas before and now it's down so yeah i went to a couple of amusement parks this summer and i told my wife i said we should have gotten to the we should have found some company to invest in yes i should have opened a plexiglass company that would have been a boom last year yeah that would have been a nice roi on that yeah that's you know there's situations like that where they wouldn't take cash because they're worried about germs yeah and uh money is germy there's no question about that yeah don't put that in your mouth it's true and colleen's as well remember that oh yeah gross all right chad is with us chad's in atlanta georgia hi chad how are you hey i'm great how are you doing better than i deserve what's up well we're in a position where we uh we owe 163 000 on our mortgage our house and i'm in a position to pay it off how much money do you have i have well i have 185 000 in cash debt free we expect to make 300 000 plus a year cool what is it you love about being in debt on your mortgage party what is it you love about being in debt on your mortgage i don't love it but my accountant we have a we have a small business and um my accountant has told me that it's a bad idea to pay off your mortgage because we're on a low mortgage rate because we should invest our money um and let i've got five years left on a 10-year note uh so what's your house worth oh this the farm is worth probably 500 000. okay well you should probably go get a bigger mortgage on it because rates are down you'll get a bigger mortgage if you're gonna keep that accountant you should because that's what his theory is my fear my theory however is fire your accountant and pay off your mortgage today today both because your accountant doesn't share your values and you have more money than he does [Music] this is the ramsay show [Music] [Applause] stop paying your overpriced wireless provider and switch to pure talk they use the same network as the larger providers for much less for just thirty dollars a month get unlimited talk text and six gigs of data with no contract the average family saves over seventy dollars a month by switching to pure talk just go to puretalk.com and enter the promo code ramsey to save 50 off your first month pure talk simply smarter wireless [Music] [Applause] ken coleman ramsey personality is my co-host today open phones at eight eight two five five two two five if you are not strapped with student loan payments odds are you know someone who is millions are putting off things like buying a house or having kids or even getting married they're waiting and waiting and waiting on the government to save them with student loan forgiveness this is a joke we produced a new documentary a full-length document documentary world-class production called borrowed future it follows the track of the borrowed future podcast only it's better and millions and millions of you have listened to the borrowed future podcast it uncovers the dark side of the student loan industry and exposes how the system is built to work against you so i want you to save the date and i want you to tell everybody about it make a point to watch on october 14th you'll see folks weigh in on the epic failure otherwise known as the student loan program with featured interviews from all kinds of industry insiders thought leaders like seth godin seth frond frotman dr john deloney lots of teens being interviewed it'll blow your mind we're coming at this hard i'm going to tell you some of you aren't going to like it which was my intent and we're taking some big swings at the student loan problem we want to educate you parents and students across the country how evil this situation is and you do not have to take out loans to get a college education it is possible to graduate debt-free and avoid the predatory student loan industry borrowed future premiers on all digital platforms or almost all of them october the 14th you can find that on your television program wherever you go and watch good stuff and we'll be listing all the different places as they as we get them all contracted as you uh go to borrowedfuture.com be sure and mark it down now october the 14th you don't want to miss the premiere of this it's going to be a something everyone's talking about our question of the day is from blinds.com find out for yourself why blinds.com is the number one online retailer of custom window coverings with free samples free shipping and new promos all the time you'll save even more use the promo code ramsay to get the best possible deal today's question comes from luke in chicago i'm an accountant with a fortune 500 company making 65 000 a year i'll get a promotion next year where i'll earn 75 000 my wife and i are working the baby steps and will be debt free in two and a half years i was recently offered a job in a cpa firm at sixty thousand dollars that would be more geared towards actual clients and tax returns which i've always wanted to see that side of the industry and i think it could provide more opportunity for growth in the long run however i would be forfeiting the promotion and raise plus i would have to repay four thousand dollars for mba classes which were paid for by my company should i stay at my current job while working the baby steps wife going back to school and possibly having another baby in the near future or is it worth taking a chance to pursue this new career path i would stay put right now with the one caveat that when you tell the new offer that you're grateful for the offer but it's a pay cut and it's not a good move for you right now you're really grateful but it's too much of a cut based on opportunities at your current company let's see what they say how bad do they want you but at the current offer i would sit tight and this is hard for people because i get that luke's saying all right this is kind of the side of of accounting that i always had wanted to do but here's the good news luke you're in a fortune 500 company uh they've trained you looks like or at least they paid for your training with an mba you're going to get a promotion more money and experience and you're acting as though this is the only opportunity you'll ever have to move over to this side of maybe front facing you know client-facing accounting work and that's simply not true so it feels good to get an offer it makes us feel good we feel wanted and valuable but you've got to look at the long term big picture so the best advice would be sit tight look for something better let me ask you this in in the what you teach um i know how you teach about asking for raise service value if he went back and said i would be willing to add something to my duties at the new place you're talking to your potential new employer that's right i'd be willing to do some extra work so that i didn't get a pay cut and you had to and you cover my mba problem right because here's my problem guys i really want to work over there yep but i'm making 65 now and it's gonna cost me four grand in mba if we can cover that yeah i'll do some extra work for you if you'll tell me what to do um but but to add value but if you but you got to help me and at least meet what i'm doing now yeah and if you can't that's okay i understand i'll just sit tight but but if you can then i think we can get a deal done yeah is that is that an unreasonable as an employer if someone came at me that way i would not be offended it's certainly not unreasonable it's a version of what i told him to do he could say to them hey look i can't make this work financially and then they're going to ask questions if they're really i would just say what no i know the only thing i'm concerned about is if he says if i leave um you guys would have to and any i understand your offer but still coming out of pocket the 4k for his nba that could raise a flag well you left them will you leave us see that's why the company paid for his nba they kind of put that incentive there for them not to leave i don't think it's a red flag but i'm saying it could be to some whereas i don't think he has to get into that i think you can say i'd really like to be here but you guys aren't this offer isn't where i need to be and candidly if my cfo came in and said uh we have a candidate and we're offering 60 and he needs 65 and 4 to pay off his mba to come on it's the guy we want should we do it i would say do it yeah and especially in today's hiring environment well absolutely which is why i think it's worth for him to just say look guys i can't do it again yeah here's what i've got now that's it and i i can't i got a baby and i gotta i gotta make this happen that's it and so if we can make this happen and i don't mind doing something extra i'll throw in added value sure yeah i mean the answer is i like what you said i really like it it's a little bit it's a little bit more forward thinking and saying hey a little bit more aggressive a little bit more aggressive but it's not going to offend anybody there's nothing that's and if it does so what well then there's your sign yeah [Laughter] to borrow a uh yeah to borrow a bill involved it is 25 years i've seen a lot of jeff foxworthy specialists apparently all of them memorized all right whitney's with us in tulsa oklahoma hi whitney welcome to the ramsey show hi thank you for taking my call sure what's up i am currently transitioning jobs and my current employer offers a roth 401k which i've been very happy with but my new employer is on a pension fund and i just don't know anything about pensions or how to kind of navigate that when i'm saving for retirement they don't have anything except a pension no it's ems and that's what we get yuck okay well it's what you get then i mean they put it all in you're not putting anything in right no we have to contribute eight percent and then they'll match it's what where are you oklahoma what state oklahoma oklahoma state government yeah it's the oklahoma public employment retirement yeah you're working for the state of oklahoma yeah okay all right crap okay well yeah you're putting in eight percent and something you have no control over that's probably going to yield you about six percent yeah and so in addition to that you need to be saving for retirement okay could i roll my roth 401k to a traditional rock and keep contributing that way you can roll your roth 401k to a traditional or to a roth ira and you should and you can add new you they're technically two accounts but every year you can open you can open a roth ira separately in good mutual funds so get in touch with your smart investor pro and do your rollover and set up a personal roth in addition to this pension that you're doing with the state of oklahoma that took me a second to catch up with you i'm sorry i didn't understand where you were good question thanks for joining us [Music] [Music] so [Music] do [Applause] [Music] in the lobby of ramsey solutions on the debt free stage alex is with us hey alex how are you man i'm doing great how are you better than i deserve where do you live memphis tennessee all right couple hours down the road made it up here to do a debt-free scream how much have you paid off it was just a little under 74 000. excellent and you're uh how long did this take you two years there's a little story i cashflowed nursing school in between that so oh wow two years just paying off okay all right and your range of income during that time about 80 000 to 110 okay so you're out of nursing school now yes sir about a year out now what kind of debt was the 74 um about 50 000 was student loans a car was 12. my dog's eye surgery was 4 000 and like laptop and just about anything but credit cards be honest with you okay just life and uh but somewhere around that two-year mark or whatever you woke up as a young single guy how old are you 32. and you woke up back in your 20s and said i this isn't working tell me your story what happened um try to keep it brief in about 2015 uh my mom gave me the total money makeover and she had a note written in there that she um she said if you follow this you know you can retire a millionaire um we didn't come from money so flabbergasted when i saw that i was like there's no way so naturally what do you do when somebody gives you a book as a gift you put it away so yeah you set it out for a coaster yes sir so um fast forward to about 2017 i was in the middle of a move and i um came across a book and i read or saw the note and i was like i'll give it a shot so i read in a couple of days and i finally had my i've had a moment you know reading the stories were inspirational and it was after that was just game on just paying off dead and then um you know cash flow nursing school in between that so it was a little pause for 20 months total but just didn't stop after that wow good for you so you just tore into it yes sir all right so once you read it you're like that's it i'm done let's do it because i never i mean in my 20s i was just it never really occurred to me like i you know made all the payments on time so it never really kind of clicks so you're really you know in the red as far as negative and i just finally had my i've had a moment you know some other my friends were much further along like you know in life and going on trips and stuff and i was like all i'm doing is working paying bills working paying bills and the just that circle got you know a little tired of it how much was nursing school do you mind me asking you did you cash flowed i think it was tuition i think was around 20 000. i mean books and other miscellaneous stuff's around there but i think it was about twenty thousand two year program uh one year one year program so how far along were you in paying off debt out of this out of the 74 how much were you had you paid off as you began to then go into nursing school i think it was maybe a year i'm sorry i'm no it's okay i think i think it's roughly about a year yeah really interesting wow very yeah a cool process yeah so now you're 32 debt free and a nurse yes sir awesome rn lpn what rn okay wow that's awesome career very good so very good very cool how does it feel it still kind of hasn't sank in yet i mean it's it's very liberating a good buddy of mine um he's also debt-free did the program we went on a celebratory golf trip to denver um earlier this month so that's fun oh we had so much fun it was a blast it was it was a lot of fun great yeah you ought to do something like that to celebrate debt free i love it very good good for you and uh that's pretty incredible so has it um emotionally and intellectually sunk in yet that your mom was right you're going to be a millionaire i want to retire with two million now yeah so yeah it's yeah it's it's it's so that's a yes yeah he did the math and i want 10 million yes sir it has but it's it's been a it's been a fun journey but i'm looking forward to the next uh steps met some or some people with some edm shirts out there so that's my uh that's my next goal yeah it's everyday millionaires babysit millionaires i love it yeah that's very cool well you're there man what was the hardest part for you um honestly it's just some days when you just you just get tired of doing it over and over and over again um the grind i mean it is a grind it really is a grind yes sir um that's what i would say it's just just the days that you're not expecting where you're just like i don't want to do this i want to just go out to eat i want to go just splurge and but you know you just keep to it and stuff so the good thing is um i was a restaurant bartender before that so it was good having cash every day so i could throw money at debt just every couple days so kind of kept me um you know on the street if you throw it at the dead it's out of your hands and you can't do something with it exactly yeah you're hiding it from yourself yes sir yeah that's pretty cool that's good gives you an incentive to work too because you see those numbers come down yes sir yeah so what do you tell people the key to getting out of that is um you got to find your why but i mean mainly the the every dollar budget was amazing i mean it's just so user friendly it's very easy and you know and just every time you hit a little milestone or a thousand or something like that you know it's you know it's going down but you know definitely uh just find your why in the budgeting so what's your why um we my father died at young age and so my mom had at the time three kids and um it's no fault of her but we just didn't have a lot of money um growing up and so i realized at a young age whatever i want whatever i want in this world you know um i'll have to go out and get it and so um i just want to make things you know better and brighter um kind of write my own story going forward you show your two siblings uh i have four um we had at the time um when my father passed away you've got a younger brother um a different dad but yeah yes sir so that same message set in on all of you or just you trying to get um no no the message of if i want it i gotta go get it oh 100 100 yes sir yeah that's not a bad message even if it comes from a place of uh where your mom was struggling to do everything and it you know it's a place of lack but uh it still it still wakes that part up in you where and and it never really goes to sleep again no it's personal responsibility at a different kind of visceral level yeah so yeah she uh she gave me my hard work uh the discipline of that so i mean i think her every day for that yeah i think she's probably a rock star she is she's great probably pretty incredible lady yeah very neat so very neat good stuff yeah great great story who are your biggest cheerleaders uh the guy i was looking at at the time my good friend adam blair did the program um angie my girlfriend over here and uh you know families and friends would always just hey how much you paid off you know kind of just kind of reminded me stuff like that but i didn't have any um any barriers or anybody like naysayers and stuff so everybody was really uh encouraging so it was great that's helpful yeah that is helpful that matters a lot having people in your corner screaming for myself good stuff man proud of you thank you so much you're a hero you did it you did what your mom said and now you're going to go on and be a baby steps millionaire and prove it because she's exactly right you do the stuff in that book it'll take you there and good lord you're 32. you're definitely going to be there definitely going to be there i love it i love it all right we've got a copy of the legacy journey for you because that's definitely the next chapter like we're just talking about in your story and a copy of the total money makeover for you to give away so that someone can pack it away with a note that you write and two years later when they're moving it'll come out of the box this book gets out that way this book has a delayed it's like a smart bomb it has a delayed reaction with people you're like the human version of where's waldo no where's dave the book keeps popping pops up later i love that yeah so we're gonna give you one of those and put a seat out there for one more person to delay their change that's that's the way it works so i love it all right and uh so alex from memphis 74 000 paid off in two years making 80 to 110 32 and cash flow nursing school what a rock star count it down let's hear a debt free scream three two one i'm debt free yeah oh by the way a cash flow nursing school attending bar and going to class yes and past my bars and don't call me and tell me you have to quit work and sit at home and go 50 000 student loan debt to be a nurse okay because i've met alex that's right and i've got proof yeah yeah and don't tell me that uh because of your debt you can't pursue your dream ding ding he just did it yeah there's a coleman there's a ken coleman i see that's that's why you're here because you see stuff like that that i don't see that's good i like it this is the ramsay show [Music] so [Music] [Applause] [Music] [Applause] [Music] [Music] [Music] [Music] our scripture of the day second chronicles 2015 this is what the lord says to you do not be afraid or discouraged because of this vast army for the battle is not yours but gods babe ruth said every strike brings me closer to the next home run ken coleman ramsey personality is my co-host today open phones at triple eight eight two five five two two five hunter is with us in atlanta hi hunter welcome to the ramsey show hey dave um i'm gonna try and be brief it's a lot but basically my fiance and i are looking to buy a house shortly and i need some advice i'm a college student i do work full time neither of us have any debt i make between 40 and 45 000 a year while in school and she is completing her master's program and will be taking over a number of franchises from that are owned by her family she already has a little over a million dollars in her trust and not long ago i started your plan i'm done with step one two and three um and basically i'm i'm curious as to what we should do from here i know that obviously debt is um bad don't want to go into it but i i struggle seeing the way that we can purchase a house without using the money that's in her trust and without going into debt how old are you uh we're about 23. cool when you're getting married within within a year not not the end of this calendar year but when will the two of you graduate um i well i am fed up with college honestly and i just had open heart surgery and i transferred schools and changed majors which has put me far behind um she graduates this december and i will be done beginning of next year why are you fed up with school i basically the the line of work that i'm in i feel like i've gained much more knowledge there than i have and ever will in college what do you do farming is that what you want to do long term not necessarily the labor side but i would be very interested in selling produce or anything in the ag industry um so i would not be opposed to farming but right i would have to make substantially more money than what i'm being paid okay so let's go back to what you just said based on what you know now what you've learned and where you're positioned within the farming and ag industry does it make sense to you to stay in school to finish out where you are do you think it's going to put you further ahead is it going to get you qualified to do the thing you ultimately want to do yes or no no honestly um i i don't think so so let me ask you hold on a second let me ask you an alternative question so if you stay let's say you walk today and i'm not telling you to walk but if you if you walked you went at this full time and you worked your way up and you learned more about what you're doing and you made great relationships within the farming in ag and you crossed over into that specific area you mentioned could you do that faster and make more money in the amount of time it would take you to stay in school and work part-time you see i i have contemplated that exact question okay myself uh great for quite some time now and the school that i'm in i'm i'm getting a degree that is pertinent to what i do um i'm getting an ag business degree and a minor in agronomy so it is it is you know there's a direct correlation between my degree and what i plan on doing and what i am doing now um well now ag business will probably would further you wouldn't it well and you would think so but it i haven't learned anything and i'm not trying to bash college i think college is great there's a lot of people that gain a lot of information from it um but me personally i've i've learned better through hands-on experience i think well to make it short i am a senior but i still have 30 hours to go from the due to the changing major you've not had any ag business classes that taught you anything that you didn't already know because at 23 i was learning accounting and statistics i didn't know no i would i would say that's correct don't get me wrong i'm not trying to be boastful i'm not trying to act like a know-it-all but with me working on this farm and i'm not talking about the agriculture part i'm talking about the business part oh no so you know accounting inside now you know statistical analysis and data analysis inside and out you know uh marketing inside now without ever having taken a class no i have taken a macro and micro economy but you said you haven't learned anything no yeah i made a's in all those classes with very very little studying on macro and micro econ yes and and marketing and the uh right here's the deal you're 30 hours away here's the deal hunter you're 30 hours away go faster finish it up at this point yeah but but don't be all down in the dumps about it either decide to move on or finish i wouldn't buy a house right now answer your original question you don't need to buy a house right now you two need to get married settle down rent for uh until both of you finish up your degrees and then rent for a little while longer and then buy a house and yes you can use our trust fund to buy a house by then but that's going to be two years into your marriage and you're fine to rent for the first two years of marriage it's not the end of the world it's a little bit of time for you guys to get your life foundations laid and then you'll decide she'll be neck deep and running those franchises by then i take it she's getting an mba uh yes that's correct okay cool and that that was exactly my plan um let's verbatim uh what we said to do was to rent for the first year or two and then look at doing something i just don't know how i would feel because well i mean listen you married a woman with a million dollars and you're she's gonna buy you're gonna buy a house with some of that money i mean it you know it's an awkward feeling because you're you're a guy that works hard and earns your keep and it doesn't you feel like you hit the lottery or something or you're cheating or something and you're not cheating but but admittedly it's awkward um do you think he feels a little bit of guilt about using some of the trust money i should have heard a little bit of that it's awkward yeah yeah who i mean most people what sure unless you're unless he's like a gold digger or something you know but he's not he's a good guy and so yeah you're fine i i but i think you just say out loud this feels awkward and you know if you want to put a uh where there's extreme differences in the wealth of a couple getting married that's the only time that i am okay with a prenup uh and this is pretty extreme uh she's getting all these franchises and this trust fund yeah now you don't have access to the trust fund but if you move money out of the trust fund and put it in the house in both your names now you got access to it so you could have a prenup to protect her in the event of that and a will to protect her in the event of that and so on so um you know that's the plan uh but i mean if that helps you feel less awkward that would be an okay thing to offer but i i think that um you know i think she's probably protected by the laws in most states anyway if you used her family money after marriage to buy a house um in terms of legally protected so i but i'm not an attorney you'd have to check with one to be sure but that's how i feel about it but i i i do understand the awkwardness that is a standard that's a normal feeling ken i love your advice too because here's the deal you're right dave she's gonna be fresh out of an mba program taking on these franchises for the family business a lot of self-induced pressure there they're a young couple gotta learn how to live together and learn how to be married the first two years are weird she did she does life the way that she saw in her house you do life the way that he that you saw and so i love the idea of renting shopping for homes you know and even though you're not buying look at what you like and decide take a couple years to breathe and then make that big decision i love that for all of those reasons not just the finances yep that's the plan hey man thank you for calling interesting question sharp young man interesting question i would go ahead and finish the degree though yeah i think i think that's i think that's a win all right that puts this hour in the books good show ken appreciate you hanging out with me ken coleman ramsey personality today james childs is our producer back in the chair producing again kelly daniel the band is back together we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus [Music] have a friend or family member that needs a daily dose of ramsey advice in their life let them know about the ramsey call of the day podcast it's a quick hit of advice about life and money in under 10 minutes check out the ramsey call of the day podcast wherever you listen to podcasts [Music] you

Channel: The Ramsey Show - Full Episodes

Views: 34,935

Rating: 4.778481 out of 5

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

Id: QyD3ZG1Hc_E

Length: 121min 15sec (7275 seconds)

Published: Mon Aug 23 2021