YOU Are The Hero In Your Story!

this is the ramsay show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice rachel cruz ramsey personality is my co-host today number one best-selling author and best-selling author many times over we're here to answer your questions about your life and your money open phones at triple eight eight two five five two two five but that's triple eight eight two five five two two five and you are here also to announce uh a new um offering today a new thing you did you thing yes a new thingy so thanks for having me on sure um and yeah i came out with my new wallets a few months ago and the colors were black and camel anyone wondering but i was like i want to design a fun wall that you can use the cash envelope system but yet as a woman it's cute and you get to carry it so uh we did a special it's a limited edition so we only we only ordered a pretty small amount honestly so you'll have to get it soon because it probably will sell out in the next day or two um for mother's day but a blush metallic a metallic blush metallic blush sounds like a punk rock band which is metallic blush look at it on camera i mean it's just the most beautiful thing ever it's it's my favorite i mean it's i was like okay i need i have every color but i was like no this is i want to use this but what's also great about these wallets is we partnered with join which is an incredible organization they make authentic leather goods and they're incredible they take people in parts of india that need a job to literally feed their family and get off the street and get off the street and get out of you know other sectors of life that are just terrible and so they give them these women and men jobs to to create this so um they're the ones that actually make it and and so it's amazing so it comes from india and then every wallet comes with a card of the person that made it so it's handmade authentic leather uh and it's just beautiful there's ten card slots in here so for gift cards like qvc or something oh man i shoot your demo this is great no but then it has like the envelope systems there and in it yeah and you know a pocket for change zipper gold accents it's just beautiful so we did it for mother's day so if you need a gift for your mom you can get the new wallet metallic blush oh yes i'm telling you it's a great name well we did thank you i didn't name the color but that's the name of the color but i we you know we pulled my tribe and people that i've bought the wallet okay if you want another color because that's what it keeps saying we have another color and it was like pink light pink blush pink pink pink pink pink we want pink we want pink and so the metallic pink is there it is it's beautiful yes yes yes yes so again you go to ramsay solutions.com to order it we have a limited uh quantity and then it's going to be gone forever but it's funny so it does it has the whole envelope system built in 10 debit card slots built in coin pouch wristlet the whole thing and our product guys have worked very very hard on the development of this thing but for the other two colors to start with and then adding this color to it and um you know uh the truth is i had absolutely nothing to do with any of this rachel had a little bit to do with the design speaking into it and speak you know so it would do what she wanted it to do but um so ramsay solutions.com and just check out products or go to the store slash store and you can get the new metallic blush well and in the inside the envelopes it's like this mauve color in there okay with the plaid oh yeah it's important so it's very pretty all the ladies will appreciate it all the ladies will appreciate it i have no idea i would imagine you're right but yeah yeah so check it out dave ramseysolutions.com store the metallic brush blush uh rachel criswell and we really you know you guys know out there the supply chains are all screwed up shipping lanes are all screwed up getting stuff here from another country and getting stuff here from north carolina is dad gum near impossible these days so uh you know we really did end up with a limited quantity because of everything so screwed up and so it that's not like and we did it because we didn't and i mean yeah the logistics of it but also it's a color that's not going to just be consistent like throughout the years we decided let's just do a fun new color because then you're not gonna like it anymore no not the blush now oh yeah it's done after this after this oh so it's like beanie babies you're going to run it it's like you're going to run out the princess diana i'm kidding we went to all this trouble just for a few hundred no the few thousand two thousand two thousand two thousand two thousand oh my god but but it's already telling like yesterday they sent the text out to people that signed up for the early one yeah i mean it's still no it's not gone but it's gonna go i keep getting updated numbers and it's fun it's great hopefully people can handle their money better you know there we go with a metallic blush wallet open phones this hour as we talk about your life and your money and your metallic blush wallets the phone number is triple eight eight two five five two two five i cannot believe we're doing this and they're gonna run out and never get more after you've made a hot product that just runs against my whole way of marketing things you should always sell until nobody wants to buy we have the camel in the black color i know i know i just didn't know we were doing that i learned something new every day live here come to the meetings so that's true probably probably wasn't invited but there you go so uh all right open phones again at triple eight eight two five five two two five you jump in we'll we will talk about your life and your money the other thing you can do with with uh is you can check out rachel cruz's show it is uh of course on facebook and youtube live and uh the podcast is huge uh tons of people attending that and be sure to check that out um at rachelcrews.com or ramseysolutions.com and you can find any of our personalities anything they are doing and plug into the the podcast and the youtube live streams and the whole bit so the 14 day money finder is out there uh as well sign up for this two week challenge on rachelcrews.com the average person is finding an extra two thousand dollars with these 14 day money finder which means they get something new every day to look for money that's right yeah so when i created this i wanted quick tips because i just know how crazy my life is so i was like if i'm going to do something i kind of need a something that can be quick so you can do it you know under 15 minutes or less most of these and so it's everything from as easy as signing into your checking account online which some people don't even know their password to it because they don't do it two things like insurance rates all of it but yeah it's it's been a great i've had it for a few years now and and people i mean it works because again it's helping you get intentional with your money and you get an email once a day with an idea exactly to save money 100 yeah find money okay all right so and you sign up for that at rachel cruze.com as well so be sure and check that out again the number here to join us is triple eight eight two five five two two five now guys i wanted to stop a second sidestep rachel this time last year most people were at home yeah yes quarantining uh or sheltering or whatever word we used for being trapped in your house and um a lot of people were very afraid about their money that's a lot of lost jobs they were worried about if they were going to lose their job they were worried about the debt that they have they were worried about their emergency fund and a lot of people said you know what i'm not i'm never going to be here again and then some of you had that feeling but you never did anything about it and now you're kind of just back to normal doing stupid butt stuff again that was your wake-up call to do the ramsey stuff to do the baby steps to get the total money makeover book to get in ramsey plus for god's sakes to get your blush wallet whatever it takes for you to change your life and never be back in that situation again you need to have a never again moment from covid where you say never again is my family going to be vulnerable financially because i didn't do the stuff to get out of debt and build the emergency fund [Music] [Music] thank you for joining us america open phones at 825-5225 rachel cruz ramsey personality is my co-host today ashley's in west palm beach california hi ashley how are you west palm beach david florida florida i would think yeah i saw that on the screen and read it like i was anchorman or something okay so i knew better as i was reading it how can we help well um i am currently in baby step two and i have a about ten thousand dollars left on a student loan however it's currently in part of the class action lawsuit so i'm not required to make any payments on it um so i've been using what i would have paid on that towards the rest of my snowball um it's not currently accruing any interest anything like that um i'm just not sure if i should pay it off what is the uh what's the nature of the class action lawsuit uh it was for false advertising for job placement rates um and things like that so it was for like a technical school technical school still open no they're closed they went broke shut down well your student your student loan is your student loan is supposed to be forgiven under federal guidelines in that situation anyway well i was i had already graduated from the school doesn't matter that happened so i wasn't currently really yeah doesn't matter if the school closed due to if the school went bankrupt it's an indication that they were running a scam and the fed one of the federal it's one of the few types of student loan forgiveness that actually does occur you can you actually get a high rate of these that are forgiven so you need to get in touch with the feds and work that through you said it's a ten thousand dollar balance and it's your only debt left uh it's why i have two left i have about eight thousand left on a credit card but i've been using the student loan payments to pay down the credit card faster since i've not been required to take payments on the student loan yeah okay well yeah what i do is knock the credit card out and then i would save up ten thousand dollars extra above your normal emergency fund of three to six months so that if this all falls apart you can write a check and be out of debt that's what i thought you'd say but i just i needed to hear it from you yeah but in the meantime you need to investigate the federal uh you know get on the websites with the feds because i think you're going to get this whole thing forgiven anyway regardless of the class action okay now do you think they would forgive and reimburse forever anything that i've paid that's my concern no it's just a freeze the feds don't guarantee that schools don't go broke but they do forgive federally insured student loans on schools that close okay regardless of your career if you're a current student or not yes yeah okay double check it jump in on the student loan websites and uh uh james that site that you sent me the other day that had the different types on it do you remember what it was off the top of your head now the top of my head but i can find it insanity okay yeah well she'll be going by then but anyway yeah it's so but there there's a site we were just looking at the other day and uh you know there's two or three types of student loan forgiveness that actually do occur that's yeah that's what i was about to say because usually it's one of those impossible things that it's a dream that people have that's gonna happen and it usually doesn't it's called the but the pslf is the one that sucks that everybody thinks is going to happen and nobody gets that doesn't doesn't really occur yeah and so the public stu public service student loan forgiveness after 10 years and that's what so many people are betting the farm on and they're getting screwed yeah and the current numbers we just pulled this up the other day off the site that we were talking about here um the uh 227 000 people have applied for that and only 3 thousand have gotten it so it's less it's about one percent of the of the ten year yeah of that tenure type now the type that she has or a closed school discharge or a discharge due to death or a discharge due to disability or there's an another one for teachers uh and sometimes nurses that do the inner city the or the rule under served areas they're called that's a five-year plan and those student there's a high rate of the forgiveness on those but the public service student loan forgiveness one is the ones that's joke yep so it's education data.org say it again educationdata.org so if you're still there uh uh it's education data.org education data.org or data.org and um yeah that's where you can start to find out this this deal but the the if you went to and a lot of them were very few very few times just like a four-year university club right but there were a lot of these uh vo tech things a truck driving school a computer programming school or whatever and you go in there and they run the student that basically they're running a scam to you know get people signed student loans they cash in all the money they take off and the school closes how does that happen uh often enough that they decided to put it in the deadline too often yeah yeah it's not say everybody in that space is slimy but there was enough slime in that space that the discharge due to school closing is a thing yeah that's a thing and you don't have to do it through a class action so jump in there and learn about it and you can get the details and get moving on it sam is in atlanta hi sam welcome to the ramsay show hey thanks dave what's up hey rachel hey dave um thanks for tuning in call this afternoon um kind of i had a quick question so uh my wife and i were in i guess starting out baby step uh maybe step six now so we've paid off any debts we had and got three six months of expenses and um uh are able to invest 15 of our income we are set to uh receive about 180 000 in a inheritance in the form of a mutual fund um and our current mortgage is about 140 000. um and i was just curious what will maybe be the most uh smart thing to do with that inheritance would it be to pay off the mortgage uh immediately with it or keep it invested and continue for that to grow in the mutual fund and that's just continue to uh attack the mortgage sam yeah you guys are no more income yeah well you're in a great position right now because you are literally going to get be able to cash out mutual funds and have enough to pay off your mortgage with forty thousand dollars left over so if i woke up in your shoes and that was given to me i would pay off the house that day and be on my way to baby step seven and continue on sam it's interesting that you said you know we're going to walk the baby steps until you got a lump sum and then you questioned it yeah yep isn't that weird i mean that's kind of weird if you think about it but that's what it does it made you question the whole the whole theory because if if the other way if not paying it off and you and use it to invest then we would have put that in the baby steps right we would have said never pay off your house always keep your money invested right and what we found though is is that all the millionaires that we've studied and all the tens of thousands of people we've walked with over all these 30 years that have built wealth none of them said when interviewed oh i got rich because i kept i always borrowed all i could on my house and kept the money invested in mutual funds none of them said that none not one you know instead i hear all the time we paid off our house and that was the biggest breakthrough because when the house was paid off man we took all those house payments we started investing those and we ended up with a million dollars so fast it was blinding and uh i and a paid for house in the mix and so you end up you know with a net worth of one to two million dollars fairly quickly yeah and it's a good question sam because do i understand how you got there because you're thinking okay suddenly math starts to come into play and you're thinking okay can i kind of outsmart this and invest that because i'm going to make more off the interest versus what you know i mean you started but if you were going to pay it off gradually it would never come up right right but the fact that there's something weird the way our brains trigger yes we'll have to ask deloney how that works because i don't there's something about the way our brains you know our brains well and and i would say sam too i i mean i would feel this way right you're working hard you guys are on baby step six yeah you've done a great job you sound like a fairly young man you know you're not you know from just the tone of your voice so like there's almost this emotion you have to catch up to for being handed 180 thousand dollars like you know you because you hardly don't feel worthy i almost wish yeah you know i wish i could hear more of a story because i'm like i bet they worked hard you know you're just used to just cranking it out and and then you're given it it almost feels too good to be true or something it's like whoa it can't be this easy did i do something wrong or something like it can't be this easy and and it's like your emotions haven't caught up to the reality of what's happening financially for you guys and what a blessing i mean what a gift and whoever left you that in the inheritance what a way to pass on their legacy to do something like this with this money i think it's just tremendous sam it's awesome pay off your house dude use the house payment to become wealthy change your family tree i'm so proud for you you've done really good you've done a great job this is the ramsay show [Music] [Music] [Applause] my [Applause] [Music] thanks for joining us america rachel cruz ramsey personality my daughter number one best-selling author many times over is my co-host today taking your questions about your life and about your money open phones at triple eight eight two five five two two five nico is with us from estonia hi nico how are you oh hello thank you how are you sir better than i deserve what part of estonia are you in part two it's a very small city although the second biggest city in estonia rachel and i and our family visited talon a few years ago or is talon is that how you pronounce it yes yeah beautiful beautiful city how can we help i saw estonia and i said not many people can probably say i have been to your country nico i've been to a store how can we help you sir me and my fiance are moving to us to indiana notre dame for our phd degrees both in the same department here's debt-free we do not have any debt we have or our moving costs covered and we both have fellowship the thing is we don't have some salary left over every month and we have no idea about american economics or how can we invest or what we should do with it should we go ahead let's let me say that we'll have about 2 000 left each month on the site after eating providing for shelter from everything that what should we do should we plan to buy a house maybe next year or should we invest in a different way i would love to listen to your advice wow what's your phd you're studying bioengineering i am building synthetic hearts wow wow so will you be when you finish the phd will you be returning or will you be staying in the u.s i haven't made up my mind yet but i think i will stay a little bit longer too for postdoc okay well south bend is a beautiful town been there a lot of times notre dame's a fabulous campus so you you've signed up for the a world-class ride there the um if you're going to be there five years or longer buying a home is not a bad idea if you're not going to be there five years or longer it's questionable all right i was thinking the money i'm going to pay for rent which is about 1200 a month i can just pay for mortgage and even if i don't stay there at the end i can sell the house and get some of those money back instead of well you won't necessarily unless you stay five years we don't know if the typically the house will not go up enough in value and you've got to make sure you can get the house sold houses you know right now houses are selling like crazy the real estate market's quite hot but a few years ago you couldn't give one away so um you know you don't want to get into a home if you're not going to be there five years because your trade out for rent is not one for one because you can turn around and lose money on the house and make you wish you had rented uh if you're not gonna if you're only gonna be there be in the house two or three years or something um and the south bend market's a solid market uh there's nothing wrong with it i you know it's not a bad place to own real estate but all real estate needs to be purchased with a five year window or longer other than that i would just pile up the cash because nico a pile of cash just gives you lots of options and then as you decide where you're going to stay and where you're going to be that pile of cash can be applied wherever you are and that that's true in any economy yeah absolutely would you would you recommend him investing if he's not gonna be here five years or longer yeah if you're gonna be if you want to play if you want to do like an index fund and park some of that money that's fine uh but uh the big thing the money's going to give you that's going to be more than anything else is just the flexibility which uh to move to another city if you're going to stay in the u.s to move back to estonia if you're going back you know apollo cash just gives you options and sometimes those options are more valuable than what you might have made on an investment yeah it's good and so certainly real estate will be a mistake if you're only going to be there a couple years most of the time i mean there's a few times you get out hold but i just i love real estate but it's not a short term play and it's not a play it's not a trade-off for rent everybody's got this thing about you know versus rent it it really doesn't work out that way except in the long haul short range it does not work out that way jordan's in portland oregon hi jordan welcome to the ramsay show what's up hey dave rachel thank you both for taking the time to talk to me today sure uh so long story short my wife and i we just got married in august of last year i've been living out here for the past three years hometown is originally in colorado where i own a rental property the rental property right now is under contract to be sold for 6.85 original listing price is 501 so all things considered i think there's a great return on investment good night but um yeah real estate in denver has been blowing up recently so uh what is my wife and i we both have some debt right now outside of the mortgage it's uh truck payments and credit card debt and some school and uh what we want to do is just move them forward from here we want to make be good stewards of our finances and make sure we're doing what's right and doing the best with these proceeds from the sale so i was looking for some guidance from you both today see what any suggestions you may have in mind so how much cash will you get out of the home from what you owe what you made i mean obviously you guys made a ton on it right right and after what i calculated after closing costs yeah commissions and all that and taxes i think we'll be walked stepping away with about 225 okay and then how much debt do you guys have i know you said you have truck credit card all of that how much is all that that was a boneheaded move after listening to to dave recently uh i kind of got over my head and bought the truck and was not a whole lot down i've still got about 40 000 left on the truck uh what does all of that what is all that total to including the truck uh see bear with me 63 000 okay all right awesome well so um yeah jordan i mean when you get that 225 yeah you can write a check for 63 thousand dollars be completely out of debt put a chunk of it away in for an emergency fund so you and your wife sit down and figure out okay how much is our expenses per month and multiply that by three four five or six you have three to six months worth of expenses saved for that emergency fund and then from there i mean and you you're gonna be able to do a lot of this in like one day when you get the check from that house which is so fun uh and you're gonna be yeah i mean and then yeah start investing some of it into retirement do you guys own a home right now did you say in portland no we're uh we're renting right now an apartment complex do you guys want to buy a home that's what we like yeah that's our dream one of these days yeah that's awesome after that emergency fund i mean you could take some of that for a down payment if you guys i would use the rest of it for the down payment yeah throw it over there so be debt free with an emergency fund and whatever's left is your down payment so if i remember you're saying three to six months in an emergency fund and going off of what our monthly expenses look like right now that's about 24 000 and then um you're going to have 130 000 bucks to put down on a house right i mean that's that's all that gets a lot of house and i don't i mean that that's the decision i think i've i've been we've been going back and forth on is do we want to use all of it for the down payment on the house or would it make sense to only maybe use a chunk of it and invest the rest or you know you know well again our experience from the last 30 years working with people who become millionaires is they get their house paid off yeah and the first step to getting your house paid off is a big hairy down payment not investing the money we just do not meet very many wealthy people in the millionaire range the one to five million dollar net worth the first time people become millionaires that did it by keeping their house leveraged and investing the money almost all of them say we got the house paid off as quickly as we could and we started investing 15 of our household income into retirement and then when the house got paid off we started investing even more and they end up with a million million and a half in in their 401ks and then their retirement plans and a paid four five six seven hundred thousand dollar house and that's how they end up with their million dollar net worth and it it's a very stable way of doing it it's the baby steps that we teach from the total money makeover book and i would say jordan look to see the size of house you guys want you may you may be thinking that's a huge down payment that's a that's a lot of house well then don't get that much house and then that down payment will take maybe 50 of the mortgage and then from there once all that cash is gone start investing go back to your baby steps four five and six so the pass won't be completely paid off you'll be investing before that absolutely i'll send you a copy of the book the total money makeover that has the baby steps on steroids and it shows you every detail and if you'll follow that you'll be wealthy you'll be a baby steps millionaire what's gonna happen awesome jordan great job [Music] [Music] [Applause] [Music] [Applause] [Music] so [Applause] ramsey personality rachel cruz number one best-selling author my daughter is my co-host today here on the ramsey show open phones at triple eight eight two five five two two five our question today comes from blinds.com they have a 100 satisfaction guarantee means even if you mismeasure or you pick the wrong color they'll remake your blinds for free you get free samples free shipping and with the new promos they run every month you'll save even more use the promo code ramsey to get the best possible deal today's question comes from sandra in virginia i just completed baby step two and am able to cash flow college tuition for my two teenage children this has drastically slowed down my ability to save for a fully funded emergency fund both kids work and applied for scholarships should my priority be to pay their tuition for three more years or build my emergency fund uh sandra b to build your emergency fund so your kids they're working scholarships all that's amazing and that should all be applied to their college but hopefully they're going to a school they can afford while they're doing all of that and so it sounds you know i know as a parent it feels like okay i'm being a bad parent because i'm putting myself first i should be able to help them because i have the ability to but you have to be able to help yourself first you need this solid financial foundation under you to make sure that if anything happens in your life you have the cash to cover it and so that emergency fund is is crucial and then saving for retirement next and then i'll be putting 15 of my income into retirement and then after that's completed as you're doing that then you can help with kids college so um again parents it goes against their natural way of thinking with parenting of no no i'm supposed to help my kids and and i do want you to help your kids but you're not a bad parent if you don't help your kid with college so taking care of you first and foremost financially is the priority yeah and um when the oxygen masks drop they don't say put your oxygen mesh on your kid first they said put the oxygen mask on yourself first then you are able because you can breathe and you haven't passed out to take care of your children and so retirement unless you die is going to occur emergencies are going to occur period college may or may not occur now they're in school so it is occurring but you know we just have to find a way to do this we have to find a way to push it through pull this off and and you guys are going to scratch around i think they need to have applied for more scholarships i think they applied for three and then they quit and they need to do 300 yeah and i think they work but i don't think they work enough i worked 40 to 60 hours a week when i was in school most people work while they're in college most people in america work while they're in college it's highly unusual for someone to not work while they're in school i mean i don't know where we got this idea that people don't have to work while they're going now these kids are working they're working they're working well i'm just saying what are you doing for money are you making stinking minimum wage are you doing something that's actually profitable yep because you know flopping whoppers is tough to pay tuition with right at minimum wage it's just really hard to do so you need to do something where you actually make some money whether it's an entrepreneurial endeavor or whether it's hard work that other people don't want to do like cutting grass delivering pizzas you know you can make a lot more money doing some things than you can doing other things when you're for college work absolutely and so we need to address that we need to address the scholarships and how many we need to address where they're going to school is it affordable and if you address all of those things i think you guys can pull this off but it is not healthy to go with the natural instinct of i'll take care of my children first which you should i mean you should you know in you know we most of us would say we would jump in front of a bullet for our kids most of us would say we would dive in front of a car and push them out of the way for our kids all of that is true but that's a life or death situation uh you know we would feed our children before we fed ourselves that's a life or death situation this is financial yeah and uh and so it's it goes against your natural instinct but it's also the right way the wise way to do it i am suggesting you help with college but only after the emergency fund's in place and 15 is going into retirement as rachel said so guys what we figured out a few years ago is there's 73 000 things coming at you that wants your money and then when you get some money because you went to work or because you get a lump sum or because you sold your rental property or whatever it is you get some money you go i don't know which of these 73 000 do i do how do i do this and people become overwhelmed and they do nothing and then they end up doing something stupid with the money instead of actually being intentional and having a plan so 20 some odd years ago almost 30 years ago coaching families we determined that you needed a very specific clear path and we developed that over many years in actual practice it was not theoretical meaning tens of thousands of families that we walked with to develop these highly tuned baby steps and baby step one comes before baby step two it's not an accident that two is after one and that three is after two and that five is after four and that six is after five and that four is before five these are not accidents this is a highly developed highly uh processed series of concepts that are have proven to tens of millions of families in america now to be the shortest distance between where you are in wealth now you can go make up your own freaking plan but your plan got you where you are and so you need to decide you know you don't need to call rachel and anthony and christie and deloney and me and coleman and ask us if baby step three should be after baby step two it is that's why we called it three and you don't need to change it it you know it's a pretty and it doesn't really change there's it is the shortest method to get there shut up and do it okay tell me this do you feel like you've heard more of this happening in the last five years the last hour the last few years versus over the last 20 because i feel like more than ever today the culture it's a it's it's a little bit infested with yeah but this is my snowflake i'm a snowflake i'm unique you're but the law of gravity applies to all snowflakes i know but i'm just saying it did do you see it culturally like do you think that that like do you had do you see this resistance or have you always no it's always it's always been it's a natural because it's your unique i mean people say yes because what happens is the very confusion of the 73 000 things you can do with money yeah you have to bring it back to the table continually yeah until you actually believe that there is logic and data and decades and tens of millions of lives that have done it the right way and gotten the positive result until you submit yourself to the plan you know it's like hiring a personal trainer and he says well you probably need to eat less yeah but i'm not going to do that i just want to do the workout you know well no you got to eat less fat boy you know that's what i'm looking in the mirror i got a keg he's got a six-pack why am i arguing with the six-pack boy about nutrition when i'm fat why am i arguing with him he told me what to do he i hired him i paid him to tell me what to do and then i've got a better plan and then i look at my belly and go well how's that a better plan you know this is what ought to go through people's head yeah it's true it's true or the trainer says do more lunges i'm like i don't want to do those yeah i don't like leg day i don't think i want to do that yeah i think i'm just going to pick out i'm going to do my version of your plan that works because my version has got me where i am it's the dumbest thing ever well it's not the dumbest thing ever it's because i know why because it feels good in the moment to do what you feel like is safe to do and stepping outside of what you feel like is safe and doing a plan that makes you uncomfortable because you're having to change that's why you know it's comfort zone crap yeah it is exactly what it is but you have to decide you know you have to decide did your comfort zone get you to where you are yes do you like where you are no you can get out of your dadgum comfort zone you look great though i've lost 37 pounds because i looked in the mirror and i went fat boy you got to do something about that that's shape talk i did i did look at myself it caused me to it caused me to lose weight though i mean you just you know your self-awareness is part of the process right oh my gosh this is the ramsay show [Music] have a friend or family member that needs a daily dose of ramsay advice in their life let them know about the ramsey call of the day podcast it's a quick hit of advice about life and money in under 10 minutes check out the ramsey call of the day podcast wherever you listen to podcasts [Music] this is the ramsay show [Music] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host thank you for joining us rachel cruz ramsey personality number one best-selling author multiple times is my co-host today we're here to answer your questions about your life and your money open phones at triple eight eight two five five two two five travis is in boston to start off this hour hi travis how are you hi dave i'm good how you doing better than i deserve how can we help well thank you for having me uh i discovered you about two and a half years ago right before becoming a father and you have completely changed my life and how i handle economics and the reason for my call today is because uh we we currently live in a house and we have about 45 000 left in this mortgage uh no other debt uh but we're entertaining the idea of buying a much bigger house with an in-law apartment with a uh that would allow mining laws to move uh and stay with us uh for six hundred fifty thousand dollars which would obviously restart my mortgage clock and uh the idea of being uh debt-free before the age of 35 sounds very appealing but i also think that new big house would improve our quality of life and actually make us happy as well and if you will approve of the new house would you recommend selling or renting my current house okay well i would always sell your house currently because you don't have the money to pay cash for the new one and so the only way we buy rentals is with cash and so we wouldn't keep that property unless you were able to pay cash for your home because in effect you borrowed money for the rental otherwise so no we're going to sell it for sure what's the home you're living in worth about 425 thousand dollars okay all right and so we're talking about only a 250 000 mortgage right if i sell this house yes yes well that that's no longer in question if you're going to do what we tell you to do so i would tell you to sell the house so and then you're going to put it on as short a term as you can 15 years or less what's your household income uh 160 thousand dollars 100 and what 160 160 okay good how old are you uh 32 sir you've done very well ron good job man or i'm sorry travis very well done very well done thank you i've been listening to you non-stop we've been maxing out 401ks maxing out rough iras and so we have a second baby coming in september so we're getting ready for it thank you awesome congratulations so your in-laws are how old uh my in-laws are in their 60s and they currently live in greece where both my wife and i my wife and i are from okay they would move here no income they would pretty much be staying with us and be babysitters in a sense well i'm not a big fan in general of mother-in-law and father-in-law apartments because it ends up with a weird house later uh when all of this doesn't work out but this is a very unusual situation a you've got the cultural differences between uh greece and the u.s to where it would be more normal to have all the family in one house in the u.s we tend to be more individualistic um and that's just a cultural difference neither is right or wrong it's just a different way of looking at things and doing things uh then but i you know i looked at a house the other day had a mother-in-law apartment in it that was a dadgum house you know attached to the other house and it was just like it made a weird house is what it did and you know and we don't we weren't moving anybody in with us so we don't want that you know so it just made a it made you have a hard property to sell later um so your configuration of the house needs to be fairly normal uh and it can't be some bizarre mother-in-law apartment thing off the side because you're gonna make it very limited market when you get ready to sell it someday it is exactly what you're describing actually it is very bizarre we actually know the current owners we've known them for a very long time and the in-law uh apartment is 1900 square feet it's massive wow okay it's bigger than our current house the in-law part of the in-law aspect is bigger than the actual house we live in right now and the main thing is about three thousand square feet yeah i think you're gonna have trouble selling that house later very likely very likely but if you're in it for 10 15 years do you matter i mean you know if you if it's if it's a weird house when you move in guess what when you move out it's still gonna be a weird house yeah but it is weirdness worth it though for your quality of life considering yeah you have parents coming immigrating in and i i think i i i you know in your situation i i don't want to make a case for them not to move in with you i think moving in with you and moving to a bigger house is probably better i'm not sure the one you're looking at is the one because i'm going to do this in a more uh in a way that the house can be utilized more in a more traditional way when you leave and that'll give you a much broader market the house will do better you have a higher likelihood of getting it sold you're not going to get stuck with this white elephant which is what these things are when you build these bizarre properties and so you can do it if you want to do it but the downside is you're going to have trouble getting out of it later but i would say travis to your original question though sell the current house you're in that's okay you don't have to wait until it's paid off moving up is okay and then moving it and put the 250 000 mortgage on as short a term as you can that's all okay uh but the house itself the actual you know the actual house uh you know be careful with that part of it because that's that's where you can get burned in this whole thing because um i mean there's gonna be a day when you blink twice and mom and dad are in heaven and you've got this house with this empty wing you know and it just goes fast so it's life goes fast and and so that's what happens and then um you know you end up these people that were selling this property we were looking at that's what happened to them and you know the house is eight years old and they built it specifically for her mother and you know and and it's useless it's useless because it's just so bizarre for any for a traditional family using it right without a mother-in-law i mean so i'm thinking about what am i going to put over there and that in that thing often you know it just it made me not want to do the deal so um uh and that was three weeks ago so but anyway you know so you can you can you can decide but that that's uh i i think the ideas that you're playing with all work yeah but just be careful with where you put the final product uh in terms of you don't want to get stuck with something later but uh you got a great heart and obviously you've done a great job i'll say awesome travis i mean you're not even you're 33 somebody said yeah you're killing it so just killing it great so very well done so very well done yeah and and here's the thing too the the to the rest of you you know you think about uh uh latino countries you know uh often you know families all in one house that's not unusual but again anglos very seldom mm-hmm very seldom uh we'll do just about i mean we buy the house next door for mom right but we don't put them in our house as often not as often as other cultures do yeah and so that's where this thing called personal finance comes into play it is personal because this is a family with a a grecian heritage and so that plays into the decision making and and it should yeah absolutely absolutely that's a good thing so uh we want to honor that want you to honor that your heritage and your your cultural upbringing and tendencies and all those kinds of things but just in the midst of it be wise that's the whole thing this is the ramsay show [Music] [Music] [Music] rachel cruz ramsey personality is my co-host today open phones at eight eight two five five two two five if you've been paying attention to the real estate market you know it's out of control it's crazy competition to buy a property multiple offers it's crazy inventory has been hitting all-time lows now when inventory is low it simply means there's more buyers buying than sellers selling which turns the pressure up buyers want to snag the right house sellers won't accept the right offer this is not amateur hour to win in this market you need a pro by your side and that's why we find veterans and endorse top real estate agents and we really go through and vet them we look at what they're doing all across the country we call them our endorsed local providers these are high octane high protein real estate agents and you need someone like that in your corner to play in this market if you're going to sell i mean it's a process right now you're going to buy it's a process right now and our agents have years of industry success and they refuse to compromise your financial goals no matter what is going on out there so you can instantly connect with an endorsed local provider in your area text house 233 789 text house to 33789 to find a ramsey trusted agent near you can we talk real estate for a second yeah let's do so we were talking during the break about just even in nashville it's just it's crazy right now like our friends are trying to buy houses and they're asking like insane over asking price and they're still not getting it like it's just wild so kovit plays into this and i know real estate you know you look over decades and decades you see the influx of things going up and down i mean it's just like anything else but what do you i mean it just feels like it's insane right now and i don't know if that's just because we live in nashville and nationals it's everywhere so so what does covid cause people because i would think coming out of 2020 you almost are more conservative and you're holding tight and you're staying put because it still feels a little unstable right like we're not even i feel like out of all the stuff with kovid so why why the like why the surge well several things but the baseline on it is there's a shortage on new housing because the lumber factory shut down and a lot of the other components of the house the shut down yeah new lumber is just insane get lumber yeah and then when you can't get it it drove the prices way up on that yeah and uh then there starts to be a frenzy around it a feeding frenzy like piranhas you know it's like crazy and uh and and so the new housing slowed to nothing and there's this gap of six or eight months of production of the components therefore the new houses and when you take the new housing gap uh supply out the inventory supply out then it shortens up the yeah well i can't get a new house so i got to go buy a used house and so it doubles doubles down plus many people looking at half the numbers of houses and so you end up with a inventory shortage of new and used housing and a shortage always cause when you got you know half the number of houses for sale as there are buyers out there you know two to one three to one ratio whatever four to one whatever the ratio is then you know that just that alone did this but the coke what kovit did was it shut down not the real estate market because people were still buying houses during quarantine mm-hmm they were buying them sight unseen on zoom and other stuff right right but but the uh the factory shutting down the supply chain getting screwed up has screwed up the economy so it's not that there's more buyers it's just that they well and then the buyers go crazy yeah and then the sellers go crazy yeah and then the buyers go crazier and so there's this this cycle of just this feeding frenzy and it's all in motion and and so you know you're seeing properties uh in lots of towns get multiple multiple offers uh you know 50 100 000 over asking prices yeah and they line up through the whole weekend and there's 62 offers on a house over the weekend that's not unusual in a lot of cities right now but that'll subside it'll just eventually the feeding frenzy calms down and then they'll just be this like hangover uh you know like the housing hangover after that it'll just be like like the morning and you felt this ever i mean for four years i've never seen it like this exactly yeah but uh in 19 in the 19 uh what we are going to see out of this that you've never seen your generation ever seen is inflation inflation the components that make up the inflation index housing is one of them it's the biggest part of inflation and when housing shoots up and oil shoots up and oil has shot up too yeah it has yeah and uh you know you look at the gas pump oh i know i filled up my minivan two days ago nobody's talking about it but the gas pump doubles and housing goes up a bunch then all of a sudden you're going to see stuff like i saw in the 70s and 80s which was double-digit inflation where stuff's going up 10 15 percent a year yeah and inflation was out of control and the politicians it took it you know it took some real strong politicians to do away with it uh it was out of control how do they do away with it well i i credit ronald reagan i'm just putting the brakes on because it was out of control under carter and he comes in and shifted economic policy and uh just started opening up uh doing away with regulation opening up the markets because if you can flood the market with supply it slows down as flows down the feeding frenzy because if you can get it everywhere there's no scarcity sure then the prices start to settle you know if there's an oversupply prices go down if there's an under supply prices go up because there's people chasing it sure you know if you you know half the number of people chasing it as there are you know you got two houses for sale for every all buyer a sudden prices stabilize start to go down start to or at least quit shooting through the roof so the out of control upward inflation so we're probably going to see some actual inflation out of this which we've not seen in two decades but in 1982 or yeah in 1980s under carter the uh interest rates on housing was eighteen percent seventeen percent i was in in college so on real estate so guess what happened nobody's buying houses because your interest rate on a house is like a credit card that's insane yeah and so nobody's buying houses they're all on the sideline going i can't buy a house with these interest rates yep and so everybody that would have bought a house that year starts stacking up and you get pent-up demand water behind the dam it's getting spilled over the dam and so when rates came down from 18 to 14 i was selling real estate at 22 years old and rates were 14 and there were cars lined up around the block in the new subdivision it was like just that four percent i mean like but but it was three four years of nobody buying a house and the floodgates broke loose 14 was enough to get them out of their house yeah and it was like covid they lined up around the dadgum block buying these houses and guess what prices went up interest rates continued to go on down yeah of course over the years after that we saw 12 and then we saw 10 and i was on the radio by then and i'm like oh you'll never see single digit interest rates again ever in mortgages well obviously i was an idiot and didn't know what i was talking about because we've had single-digit interest rates and now we've had what we've had for a decade we've had two or three percent i was going to say it's like went down the table last year that's the other thing you watch these interest rates go up with inflation yeah it'll shut this housing market down i was going to say how yeah the correlation between inflation and the interest if you go from three to six this housing market will freeze like a deer in the headlights it'll just stop people just stop buying they'll just back up and wait and uh that's you're going to see some of that back and forth now it's going to be a little rocky a little volatile but it won't this feeding frenzy that you've got right this second is not going to continue yeah but you do not want to be buying a house or selling a house right now without a pro in your corner oh sure this is not this is not an amateur hour right here yeah yeah yeah yeah yeah really not amateurish just a bizarre this is how you can overpay for something or or you know not get them you could you could be off a hundred grand on what you could have got with an agent that knew how to manipulate the whole process yeah because it's basically a freaking auction in some of these cities on some of these properties that was one of ours in our neighborhood the builder did an auction he was like highest price and people were like i mean it was like it was put them out in the front yard crazy i was like what is happening right now yeah yeah without that but that's that it's i don't know if it's just not yeah but it's an emotional frenzy well that's it too buying a home if you just back up and go right now i'm just going to chill and watch all these crazy people finish and when they finish then i'm going to walk back in there because you can't get a deal in most markets and let's have let's add one more variable to it all the people leaving california because they're sick of it they're done they're done with crazy land all the people leaving new york because they're done with crazy land and they're they're coming out they're like oh they're right you can't get cocky here's another short here's another shortage u-hauls u-hauls leaving california you can't find one you can't find them to rent one you mean you can't really you can't rent one in new york because they're leaving they're all leaving and they're not coming back [Music] [Music] rachel cruz ramsey personality is my co-host today as we take your questions about your life and your money kendra is in houston texas hey kendra how are you good how about yourself better than i deserve what's up um i have a quick question for you um you and rachel my husband and i are had just finished baby step 3b um and we're closing on our first home 20 down i know very exciting we've worked really following your principles we've worked a really long time so we're very excited good for you um but i have a good question in regards to that so our um lender contacted us this morning saying that we qualified for a property inspection waiver or essentially an appraisal waiver um and where they would still like we don't need an appraiser to come praise her to come out and appraise the thing they would give us the loan is that something we should do or i'm just i just need a little bit of wisdom on that okay uh how much are you putting down we're putting down um 77 000. okay and what's the price range home it is 300. okay i have not run into this is it are you getting a conventional loan we are we're getting this conventional loan and we just locked our rate in yesterday okay i think i'm learning something right now i've never heard of them waving an appraisal so it's okay that they are it's just unusual in the past it was unheard of so it may have to do with the hot market it may have to do with the down payment size so they feel safe because you're putting a big chunk down you know that kind of thing so uh here's the thing the appraisal is an opinion of value how comfortable are you that you're not dramatically overpaying i would feel pretty comfortable we didn't go um the we paid basically offered all this price which obviously we've done the comp etc with our um realtor oh you did cops okay okay so you looked at cars they pulled everything and you com you did comparable analysis using the comparable sales in the area and that that gave you an indication that the price is accurate yes that's correct that's what an appraisal is okay an appraisal a standard residential appraisal form has three comps on it and they adjust for the differences in square footage and attributes and uh amenities and so forth and so if you've got a four bedroom versus a three bedroom or a three-car garage versus a two-car garage or whatever they adjust for that and then they adjust 3 500 square feet to 3 700 square feet and after the adjusted price that that other house that sold adjusted to look like yours equals x the other one equals y the other one equals z and the average of those three is is how a residential appraisal is done so you've already done one yeah i guess i guess we kind of essentially have yeah so the only reason you would need one is if you were unsure about the price and i'm not unsure about it after listening to you okay okay i just didn't want to do anything i mean because i didn't even know that was an option until we get somebody i didn't either i just i've never heard of yeah so i'm learning something with you right here but you see my point the only reason you would buy an appraisal is to protect you and you're okay okay okay i just didn't know if like us doing kind of our own and with our realtor if anything would be different it's gonna be it might it might be a tiny bit off but it's not i mean the the where your realtor pulled the comps from is where the residential appraisal appraiser is going to pull the comps from so very likely would be the exact same comps or you know if you pull five three of those will be on that form probably okay cool if they're if they're close in geographic proximity and close in date of sale and fairly close in attributes it's not good to compare a 3 500 square foot house with a 7 000 square foot house okay it's not good to compare one that sold last year at this time last month and is and within five or ten percent of square footage and five or ten percent of the same attributes you mean you've got a very good comp then right you see what i'm doing right yeah i do yeah that's how it's done so you're i think you're very safe okay okay i'm just i find out i'm very risk adverse when it comes time to purchasing a home so yeah but i'm risk averse about everything but let me tell you what does away with risk is knowledge okay and that's what you're doing that's what you're doing you're gathering knowledge here and so you're not trusting me i hope i'm trying to get you to say you understand this and you know what your value is and so you're safe yeah but when you're in i mean it's your first home control so yeah you mean you're one of the largest purchase you'll probably ever make in your lifetime and so you're thinking oh gosh i want to do it right so i get that yeah and and in times past mortgage companies always required an appraisal to protect them to not make a loan that's too big on a house that's not worth what the loan is or something and they you know in times past that's what the appraisal was always for it was required by them for them but you got the benefit of the actual safety extra safety coverage but the methodology for the appraisal and the comparative market analysis is identical and so you know your your real estate agent can do an appraisal that is the same thing your appraiser would do if they're if they're a decent real estate agent ryan is with us ryan's in chicago hey ryan how are you i'm doing well how about you dave better than i deserve what's up hey dave i'm calling in i recently found you on youtube uh like a lot of callers i've been listening to you getting a lot of knowledge now trying to put things in practice uh i recently went through a divorce that was not my choice i'm sorry and as worse yeah thank you for your condolences there um and as everything kind of the dust settled uh i'm kind of taking i'm on baby step two i only have one debt uh i kind of foolish i bought a european luxury vehicle for about fifty thousand i owe about twenty thousand on it and after all of the community assets have been divided up i ended up with about twenty five thousand in precious metals about 120 000 in cash and some toys boy toys like a you know motorcycle about 15 000 and some other items so i have one outstanding debt for 20 000 on a vehicle but i kind of feel stuck in stasis i'm kind of in a hybrid step i'm i just started investing 10 with my company matching six percent of uh pre-tax into the 401k and then with the assets on hand i'm kind of i i've lost some money in cryptocurrency i've lost some money in the stock market we had to sell our home because of the divorce and so now as i'm taking stock at you know a little over 40 years old what do i want to do with the cash on hand it's just fitting and i kind of find myself frozen a little bit not really knowing what to do with it i don't have a lot of faith in what the stock market is going to do so i thought well hey first time caller short time listener would love to get your advice okay well ryan i'll i'll speak up in part of this so a couple of things i mean you have yeah 125 000 in cash and so that will cover the car debt that you have so i would do that asap i would take the remaining probably hundred thousand dollars and figure out how much your expenses are per month and set some of that aside so we always talk about getting a fully funded emergency fund of three to six months of expenses and you would not put this in the market you would put it in a you know a high yield savings account or a money market account that fully funded emergency fund and then from there bump up that 10 that you're investing to 15 and and i would say with the medals i mean commodities are just a tough thing to to have money in so i don't know what you would say dave but i would i would sell those and not have have that around me twenty five thousand dollars and that's a lot and if you that'd pay off the car yeah that one yeah even though the five-year performance of silver and gold has been very favorable for those who have held it you would still go ahead and sell that in terms of the 50-year uh performance of silver and gold absolutely sucks okay the long track record i mean and so i don't i don't buy stuff i don't buy entire investment classes based on their five-year returns uh it's a high-risk play you can do it if you want to do it but i don't have any money in precious metals i don't even need bitcoin uh bitcoin's made a bunch of money this year a lot of money but i don't do short term plays i do long term plays i'm the tortoise and every time i read the book he wins so yeah i'm cashing the medals out paying off the car what rachel said finish your emergency fund just speed fast go fast forward right through those right through those baby steps dude hold on i'll send you a copy the total money makeover since you're a new listener and it'll show you the baby steps in detail and if you'll just follow them you'll be a millionaire in no time i'm sorry for your hurt your broken heart's part of this decision-making paradigm [Music] rachel cruz ramsey personality number one best-selling author my daughter is my co-host today open phones at triple eight eight two five five two two five carol is with us in fort wayne indiana hi carol how are you i am fine thank you very much sure what's up my husband and i have been blessed that we are already in step seven yay a house has paid off we're in our early 60s and i'm wondering how do we now relax and enjoy that we're in this position congratulations thank you we are still nervous to spend money yeah cautious well you had a lot of years of using that muscle yes and uh so how much money do you have what's the nest egg we have around a million dollars in assets good for you oh in assets okay yeah so how much of that is the house probably 250 275 okay so 700 grand in your retirement or in mutual funds or whatever then right yes okay good for you good for you yeah this is something carol i feel like we we hear a lot from you know whether it's baby step seven or even baby step four five and six after people have done their emergency fund they've gotten out of debt it's like they emotionally haven't caught up to where they are and you guys are you guys retired not yet my husband will retire probably in two three years okay okay yeah so i think that this is it's a very normal place to be in that question and kind of that that uh hesitancy to just enjoy and so for me i know numbers and facts help me a lot and so it's not like this idea you're just gonna go crazy and spend whatever you want because you guys are at this point you know you're gonna still have a budget you're still gonna live on it you're gonna be able to increase your lifestyle you know percentage points and so you guys can do that run out the numbers and that's when you can get comfortable when you say okay yeah we can do this like we and when you actually have the numbers in front of you and it's not just this idea in my head in your head that's gonna help settle some of that emotion yeah right and you suggest doing that with a financial advisor or running it on our own both probably but but uh you you've got to get them into you have to get the numbers into your heart to relax um and so what i do uh what sharon and i often do is because you know we're in a financial place that our emotions may never catch up to uh having gone bankrupt and then having struggled and fought and been frugal for so many years and then you live like no one else then later when it's time to live like no one else then it's hard to relax and do it so the rule we kind of use is the rule we kind of use is whatever the thing is that's we're thinking about doing and we go are we crazy you know we ask ourselves okay if we take that much money let's just make up a number let's say you were going to go buy a 20 000 something that feels luxurious to you it feels like you might be out of control it feels a little crazy okay you know what i'm talking about i mean you're going on a cruise or you're buying a car or you're buying i don't know i don't care what it is a twenty thousand dollar thingy okay then the quite the way the way we visualize it is we say all right let's put twenty thousand dollars cash in the middle of the kitchen table and burn it did our life change and in your case the answer would be no other than you almost threw up when i said it but i mean but you know but mathematically you got a million dollars house and and you know and mutual funds and retirement and so if you just took twenty thousand dollars and just completely screwed up and it just disappeared it evaporated that's 0.002 percent it doesn't matter it's like most people buying a biscuit that sounds hard to get in your mind wrapped around no but but mathematically mathematically and logically what i'm saying is correct isn't it yes it is emotionally it's hard to accept and that's the difference and so we just have to ask ourselves and and we do this in two areas consumption and generosity yes because we uh one of our great motivators is generosity and so you can get out of control with that and have given everything away and be eating you know be on the bread line or whatever you know and so we ask ourselves if we make this gift that feels like it is the law i mean it's more than we made some years you know but now if we make this gift i mean you probably had a year like i did where you didn't make twenty thousand didn't you you did yeah and so if i give a twenty thousand dollar gift you give a 20 gift away for us that's more than we made in a whole year back in the day so it's in our emotions it feels like wow but you're not even gonna know it's gone because it's 20 000 out of a million that's true well we keep saying to ourselves we can't take it with us well that's true yeah yeah i mean you know i just read uh my buddy andy anders just did a post he said you know you put you can own hotels and boardwalk or you can rent on baltic but at the end of the story you no matter which one you do the the the all the pieces in the board game goes back in the box so so here's what i want you to i want you to work on generosity and i want you to work on that exercise to say all right let's buy something let's look at something we've always wanted in quotes dot dot that when i get there someday i'm gonna do dot dot i'm gonna travel to that place i'm gonna buy that thing whatever that is okay and i want you to put that amount of money in the middle of the table and both of you talk about it and process the intellectual understanding that it doesn't matter because it's a small enough percentage of your world that it's like most people buying a biscuit we'll do that so like i got a friend that i went uh it was just he and i were talking about this same thing a few years ago i went to a an event with him and he's a billionaire he has a thousand million not one million he has a thousand million that's a lot and he had just bought a hundred and twenty-five thousand dollar car and it was the first new car he had ever bought and it's a really nice mercedes hundred twenty-five thousand dollars and he was feeling a little bit guilty like maybe he should have given that money or and he got hate mail somebody sent him a hate mail because he shouldn't as a christian he shouldn't have spent that much money on a car and he's feeling a little bit guilty about that and on the other hand too he's like i don't know if this was wise or not he's just like a little kid he's a billionaire he's coming from yeah i know but he's a billionaire and buying a hundred thousand dollars i mean when you have a thousand million and you spend a hundred thousand i mean it's like it's like somebody's dropping a dollar bill out their window of the car it doesn't show up mathematically and and by the way it's none of your business what he drives you get to do your own thing all of you out there you don't get to pass judgment on other people although you think because of social media it's your freaking job but you know so carol i want you to increase your generosity to the level that it makes you touch this same nerve and i want you to increase your spending on a single luxury item that makes you touch this nerve and that will cause you to be able to do tooth to relax so we increase our giving we increase our spending but only if we do it wrong or when the money's just gone it it didn't change our life yeah in that and it's a great exercise to think about it because because again the emotions have not caught up with the math and so you're having to get pushed through it but once you start to do this carol over the next you know year or two you'll get used to doing it yes you're never going to be a rash out of control spender you will you will not do that you just can't it's not possible for you to do it the number of people that i've seen that think like you think that lose everything because they overspend are zero they're just not people just don't make that trip you will never go over to the land of stupid you just you you you'll be so far away from it that it's just not in the cards for you so you're safe you're safe you're gonna be okay but what i want you to do is just learn to enjoy some of the money and learn to be generous with some of the money at a level that it really doesn't affect your life but it really increases your enjoyment for all the years of hard work and saving yeah i was going to say you guys have sacrificed like you've earned saying carol have some fun live like no one else and now you get to live and give like no one else and that's the whole thing and there's nothing wrong with that morally spiritually there's nothing wrong with that financially you are great you're amazing i'm so proud of you 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 theramsieshow.com thanks for listening 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 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 rachel cruz ramsey personality and best-selling author my daughter is my co-host today open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five and uh big day today rachel is launching a new version of the rachel cruz wallet a new color a new color yes it's not a version that's right no but it is great though uh so yes for a limited time we have a metallic blush wallet ladies and so in the wallet there are 10 card slots so debit cards gift cards membership cards all of that is in there and then five or four sewn in envelopes so if you're using the envelope system it's in there and even you know we talk about the cash how important it is but those of you on baby steps four five and six you know it gets to a point that you've been budging for a while and cash isn't always the the only way to go about it and so i know for me it's always a place just to put receipts or you have stuff you just stick in it's kind of like when i think of my my bags my favorite organizer my purses the bigger the better because i just throw everything in and so even if you don't use cash this is still a great option so it is here the rachel cruz blush wallet for a limited time you go to ramseysolutions.com um again we have a limited quantity and then there will be no more and there will be no more of the blush i know it's so pretty though so mother's day if you need a gift for mother's day this is a great a great option but it's it's oh it might be my it's my favorite color for sure yeah real leather made in india by yes join we partnered with join and they're an incredible organization there they make authentic leather goods so this is real leather and they take people off the streets or in terrible situations and employ them they give them the opportunity to completely change their family trees so while you buy this wallet you're changing your family tree by committing to do something with your money that maybe you've never done before like being on a budget using cash but also you are helping people change their family trees on the other side of the world completely so join is an incredible an incredible organization and they make an incredible product like it's you know i mean like it's so really hard i mean it's so good you guys it's so so great so there's that again roomysolutions.com store and it'll put you right there on the metallic blush you have the other two colors we have plenty of the other two colors yes black and camel are the other two original ones they came out last fall yes so they will be there but again limited edition for mother's day the metallic rose gold kate is in kansas city to start off this hour hey kate what's up hi thank you guys so much for taking my call my mother-in-law is 60 and i'm trying to help her with her finances she has 36 000 in retirement and if she was to start your baby steps she'd be on baby step two and she has twenty thousand in student loan debt so with her budget she only has like a five hundred dollars she could put towards the debt which means it's going to take her over three years to pay off the debt and then additional six months to get the emergency fund in place so she would only be around age 64 to start actually putting money into retirement and she says she wants to retire by like 66. so um because of all that she doesn't really want to put anything towards debt right now and uh just invest in retirement and i know you never change the order of your baby steps so i know that's what i would want or i want to recommend um and i have but she just doesn't see it that way and so i'm hoping you can help me like word it in a way that it shows that that's the best way and then also just your thoughts on her retiring at 66 i don't know if that's uh the best thing to do with her financial situation this is a hard one because emotionally where she's at though is she's freaking out because she thinks i have 36 thousand dollars in retirement and that's it and i want to retire at 66 and all my money is going to go to my retirement i mean that's your knee-jerk reaction but what you have to realize and what she needs to realize is even having a twenty thousand dollar student loan debt um is risk not having other cash in the bank for an emergency fund is risk as well and so getting to a point when she can clean up all of that she's able to clean up the debt and have that cash set aside it's gonna put her in such a better place but the urgency is gonna have to kick in because money flows two ways i mean money flows in money flows out and like you said flowing out she's got about 500 in the budget if you've done a really tight budget and then you have to she's gonna have to figure out what to do between now and then to bring in some extra income to get the student loan paid off even faster what does she make uh she makes about 3 000 months doing what uh she makes dentures so she works 40 hours yeah okay um she's not gonna like this either but she needs another job yeah and another job and another job like six jobs because let me tell you what she has right now a fantasy none of this is going to happen with what you just described if she gets rid of this debt before retirement on the budget you're talking about i'll be shocked yeah and because she's not serious about it because she doesn't have any hope because she can't see the numbers getting there and um you know with 500 a month is six thousand dollars a year that's eighteen thousand dollars in three years that is not going to make her be able to retire it's a fantasy so she needs some income yeah um and uh so is she was uh your father-in-law was it a divorce that he passed away uh divorce how long ago oh 20 years and she's still mad married she was remarried again and then she that didn't work out and they got divorced a couple years ago and she actually they declared bankruptcy from that so that wiped out any debt she had before that except the student loan because student loans aren't incorruptible well that this was actually a new loan for additional schooling for um dental work um 20 000 to make 36. yeah wow okay um well her problem is that that in order for any of these things to occur she's going to have to increase her income so she's going to be working a lot of hours she can actually end up with a hundred to two hundred thousand dollars in her nest egg and be debt free by 66 or 67 but not on 40 hours a week making 36 000. okay we have to she's going to add some hours to her life i know she's tired i know she doesn't want to do it but i don't want to retire enough to eat alpo either so uh i don't know what the extra job is that makes her a bunch of money making and working another 40 hours a week for the next two years but that'll solve a lot of these problems because she can create another 3 000 a month bad news is her income sucks good news is it's easy to double is she receptive kate does she listen to you um i mean she was willing to meet with me um so uh that was positive what about her son is she willing to meet with him um i think so yeah i think he needs to step on mom and say mom you're gonna have to up the game here baby because if she's not listening to you she needs to listen to somebody because you know it's not a it's not a baby steps out of order problem it's an income problem that's the math breakdown [Music] [Music] [Music] rachel cruz ramsey personality is my co-host today this is the ramsay show where we talk about your life your money and your life it's a free call at triple eight eight two five five two two five here at ramsey solutions we want to transform so many lives that the toxic culture is disrupted imagine a world where it's weird to have a student loan where people pay cash for their cars where they know how to operate in their marriage and raise their kids imagine a world where they know how to get the job that they love and hire the people that they want on their team and be high quality world-class leaders imagine being part of a organization that caused that level of disruption to our toxic culture that's the work we do here and that's why we have a thousand folks on our team working together we create digital products we create services we create shows books any way we can get to you folks and help you if you want to join on that crusade we're currently on the hunt for software engineers with expertise in ruby on rails java c-sharp front-end technologies if you're a ux designer seo content marketing specialist we'd love to talk to you we're hiring about 300 people this year and also sales positions also positions of all kinds hr positions we've got tons of them if you want to find out more about what's happening at ramsey and the available jobs text work that matters to 33789 text work that matters to 33 7 89 and you can find out about all of the open opportunities that are here carter is with us in billings montana hi carter welcome to the ramsey show hello how are you better than i deserve what's up i got a funny question so we probably have too much money wrapped up in their cars but they're paid off um and we have very little debt maybe oh 24 000 in a camper and and that's about it um and then we have a mortgage you know no second no nothing and we own some real estate on the side free and clear just raw land uh i feel kind of silly having this much money wrapped up in cars how much do you have wrapped up in cars well probably between two of them i could sell them for probably 95 000 come away with 95 000 in cash what's your household income 200. okay it's not it's not completely out of line it does i can understand how it feels silly but the rule of thumb we use is that you shouldn't own things with car with with motors and wheels or wheels or motors that totaled up equals more than half your annual income camper camper puts you over yes it does and so and it has depth so the thing i would sell the thing i would sell is the camper okay what do you think carter no you don't like that i'm just thinking let's take it two years from now and the cars depreciate then it drops below our uh you know the the annual income i'm just i felt kind of silly that we paid cash for that stuff and you know we could have put it towards i don't know what else we put it towards but i wouldn't have bought it if i didn't pay cash for it right so i don't feel silly for paying cash for it i feel silly for buying it maybe yeah but um i mean you're right up at the top you did buy you got a lot tied up and things going the wrong direction yeah but you got a great income and you can offset that but you do need to it sounds like you've been sloppy and you need to tighten up your decision making and tighten up your plan right correct that's all it is i mean you don't have anything here that's devastating you're not going bankrupt you're not you know you're not way over in the stupid zone where i gotta go what you know but um it's not that but it's just it's close you know and that's why that's why you're feeling the pinch i mean because the bottom line is when you've got more than half your annual income tied up and things that are going down in value it's hard to become wealthy sure it's a it's a simple principle and that's that's what it comes down to so how long have you made 200 several years decade okay what are the cars uh it's uh one ton ram pickup to uh 2019 and then a toyota highlander okay 2016. yeah okay yeah i would say car i mean the cars aren't the problem at this point i mean like you said they're pretty they're paid for all of it and so i get how it feels kind of and i'm pretty sure we can pay the camper off pretty damn darn excuse me darn easy this year yeah yeah knock it out knock the camper out if you want to hold on that's fine but and then just draw a line in the sand and go we're not going to be back up here again right and so what happened was the the i can tell you which car was purchased last obviously based on the year but also based on just how the story's going down you bought this big but expensive truck over the top killer massively wonderful truck and you just completely boy impulsed on it and you're feeling regret well it's middle of the line and my old truck was 22 years old and it's been paid off forever so yeah you could say that yeah and so i mean you could have you you're wishing you had bought a truck about between the two correct and not over the top that's you got that taste of regret on the back of your tongue and that's all it is and i i've i've had that taste that's how i know what it tastes like so um i get it i understand so just the thing is uh do do a little uh autopsy on the whole situation and go okay what do i never want to do again as a result of this story spend that much money well what did i do wrong that i wished i hadn't done okay and um so you know that that's what i ask myself when i do that you know i've done a lot of stupid stuff my goal is to not do the same stupid thing because i figure out what it is and just put that okay i got that one behind me i don't do that one again because i already done that one there i'll be another one but i don't have to do that one and if you if you have a big enough pile of stupid things that you never do again people call you wise [Laughter] like you know how to navigate this you know your way through this it's because i know what stupid looks like and lots of it but the problem is when you do the same thing over and over and over again right and you just keep going back to the same dumb thing and then that's the definition of insanity uh doing the same thing over and over again expecting different result so i don't i think the emotion of this is what's more important than the actual math yeah i mean if you tighten up the budget you pay off the camper all of it you're going to look up in 12 months carter and probably feel a completely different set of emotions right now than that little feeling you're feeling yeah and truthfully if you say okay these two parts of the decision were the bad parts i will never do those two things again it's easier to put all of this behind you and move on and just leave the trucks and the cars in place and get you know get on with it don't just don't do that again you know that kind of thing yeah cause you you you didn't go over well you did with the camper you did you did go over but um you know so you but there's nothing here that's requiring it to all be undone it doesn't do any good could sell the camper though still could uh walter is with us in vermont hey walter what's up thank you so much for taking my call my wife and i have an opportunity to refinance our mortgage um our mortgage company has because the interest rates have gone down uh significantly since we originally got the mortgage just a couple of years ago when we bought the house they've actually given us what's your current price current rate is 3.375 what are they offering you drop it down to 2.875 it's not a huge drop it would save us 37 dollars per month the only thing is they know they kick in what's your loan balance loan balance is 154 000 okay you're going to save a half a percent a year on a hundred and fifty four thousand you're saved 750 a year what's the closing costs uh no closing costs because they're gonna they're gonna nothing out of pocket at all nothing out of pocket at all the only thing they do though because it's an fha loan oh it's a streamline they're tacking on 900 onto the loan amount for insurance okay but nothing out of pocket per year no no well it would take 154 and add on 900 to it no are you adding 900 per year or one time no just one time well then it takes you a little over a year to break even because you're saving 750 750 a year on a half a percent savings and takes you a little over a year to break even if you're gonna stay in the house three or four years it's gonna make a little bit of sense this is not a life-changing thing it's 750 a year it's probably not worth screwing [Music] with [Music] [Music] rachel cruz ramsey personality is my co-host today as we answer your questions about your life and your money open phones at triple eight eight two five five two two five suzanne is with us in utica new york hi suzanne how are you oh i'm okay i have a problem with i sold some stocks and my advisor had told me that they would not be taxed or counted as income and when i did a my income tax online which i didn't push the button yet to send it but um i it's showing that now i owe the federal over a thousand and the state over a thousand and i just wondered what what did i do wrong besides this and listen to maybe some bad advice maybe or maybe the online software sucks okay that's possible you may be getting a wrong result from the online software what are you using turbo tax no it was the irs oh god okay that goes yeah that's bad all right so uh what did you sell how much did you sell um yeah i sold 40 35 000 worth okay and do you know what your basis was in that does that mean how much i paid how much you paid for that stock that sold for 35 years yeah the the um the agency that holds my stock doesn't have that information they don't no why what happened well let's see when i got the stock it was purchased through an employer and i can't remember if if i purchased it through payroll and they matched some i think that's the way it went and then when i met this advisor we put the stocks into a company that she was advising me to do and um i mean you put you you right did you sell the stocks for the old stocks i got certificates i got certificates and then you move this how did you move certificates into something else i don't remember okay um i mean i've got all the paperwork so how did you what did you put in this attack software that calculated that you owed a thousand you'd have to have your basis to do the calculation no how much i sold no you you sold it for 35 000 what you paid for it the difference in what the difference in what you paid for it and what you sold it for is your gain and that's what you're taxed on okay so they cast me on the 35 000 because i didn't have a cost basis yeah i see that's not right you do you do have a cost basis of some kind and it should not be okay your tax would be more than a thousand dollars on 35 000. okay okay so you have a mess so and i can't i can't untangle this barrel of fish hooks on the radio but what i'm gonna do is this how old are you i have some homework i'm 67 67 okay yes and it's just you yes you're widowed or what i'm widowed okay we're going to take care of you we take care of widows so i'm going to pay for our one of our people that we recommend for tax advice a tax professional in the new york area to take care of you free oh thank you because the irs software sucks and you have a messed up lack of information and you're getting ready to get yourself into a mess that you don't need to get into you probably don't owe a lot of taxes but you've got to have to have some help scratching through and getting your proper information together to prove that and we'll help you do that i'll get you with one of our tax elps one of the tax professionals that we recommend they will take care of you as a gift from us kelly will take care of that i'm gonna put you on hold and she's gonna pick up and do that so rachel usually when you sell stock the if you had a broker you know that you bought it through that company has the records of what you paid for it your basis and the difference in what you pay for it what you sell it for is taxable and if it's been held much longer than a year it's taxable 15 unless you make over 400 thousand dollars so uh in her case she'd be taxed at 15 on the gain and so she if she if they're showing her gain is 35 000 the thousand dollars in taxes is not right it's a lot more than that right right yeah uh but uh so we've got to get the actual basis figured out and you may have to go back to the former employer or you may have to file some kind of estimated that's how it's going to say how do you even know the irs has a has a process for filing an estimated basis when you you know i mean it has to be based on logic you can't just make it up i mean right you have to make a series of assumptions and they'll they'll a tax advisor can walk you through that so um and and but somebody should have the basis somewhere on that and and poor suzanne sitting there dealing with the irs.gov oh my goodness i will tell you this there there's if you have a simple return online is fine and we have a we have a product called smart tax that's like 17 and if you you know if you're just doing your 1040 easy and you want to file online it's real easy to run it on smart tax and you can get that at ramsey solutions.com in the store um or if you have a complicated return or a situation where you need some help like that you need a professional in your corner we have the elps in each area that we recommend that are tax professionals that do tax preparing and they cost more than 17 but you're going to save a lot more because you you know you've got a small business or you've got a transaction like that or something else going on and you can get all of that at ramsey solutions yeah anytime there's those complicated or more intimidating parts of money it's always good to bring a professional in so whether it's real estate taxes investing i mean anything that just feels like it's a little overwhelming it's a little complicated you may not even be able to if you can't explain it to someone else that means you have to you need to learn and you need to to grow in knowledge and part of that sitting down with a professional and letting them help you i mean these people i can't believe it but breathe in and out this information day and day they love it i mean they're you know these tax professionals this is what they do and they see every every every situation they've had probably suzanne's um circumstance before in their office they know what to do and you want to bring them on because yeah like you said it's going to save so much time and money jonathan is in raleigh north carolina hey jonathan what's up hey dan thanks for taking my call better than hey good how can we help i was going to answer better than i deserved but what do i know i just was wandering along lost here how can i help so i developed a product that's industry specific and i was wondering if you'd give me some advice on when to actually file a patent um like is there a number of units that i need to sell or like a dollar amount before i file my patent to i guess prove it in the market or take it to market to be mass produced or licensed or whatever you can patent a prototype the patent space is full of a bunch of shysters and so you don't need to pay somebody uh big dollars i mean there's things i've heard people pay 250 000 to get a patent attorney and all this and you do not need to do that my understanding is and i've had lots of clients that have done this have patented a prototype for usually costs around 10 grand but you've got to work your way through the process and you have to have the pr is it a product a hard product yes sir and i i have a friend who also has a bunch of trademarks and patents and uh he introduced me to his patent attorney she did a patent search through a legit firm and came back that there's no other product like this what did she charge you for that a thousand dollars that's good what will she charge you to run the patent uh 2500 500 of which is for the draftsmanship that's that's that's a reasonable deal yeah maximum of 10 grand out of pocket but i've heard lots there's all these things on the internet where they'll they'll help you market the product and help you get the patent and all this stuff and and they don't do anything what is it jonathan i'm just curious it's a um for lack of a better term it's a it's a tool pouch it helps us carry tools i'm alignment by trade and it it's it helps us carry tools oh that's very awesome yeah yeah i would spend the money with her to do it it'd be that simple i do we've got bunches and bunches of trademarks we don't have any patents uh but we've trademarked everything around here like crazy so i spent a lot of money on that i got a lot of knowledge on copyrights and trademarks because that's the publishing world and the uh you know these all of these images and things that we own here are part of it that and urls uh my god but the uh um yeah so i i think if you can keep it down under ten thousand dollars and you have the cash to do it and you get it patented you can do it with a prototype that's all you got to do and i would do that sooner rather than later [Music] [Music] our scripture of the day james 1 17 every good and perfect gift is from above coming down from the father of the heavenly lights who does not change like shifting shadows william james says most people never run far enough on their first win to find out if they've got a second [Laughter] oh anna's with us in phoenix hey anna what's up hi how are you better than i deserve how can we help hi um so i started listening to you in july um i was 37 000 in debt um my fiance he was around 120 130 to the irs thousand dollars and um so i got to the point where um now i'm at 19 and we didn't separate but he moved down to new mexico to try to figure out he did an application of oit yeah to try to see if they could help him out most of it is really interest and i just wanted to know like are we doing like the right thing i mean i make around uh for 35 to 40 000 a year so what does he make he he was making 80 000 because he works in the oil field but it went down so now was he 10.99 and he just didn't pay taxes yeah oh my god has he quit doing that well he now he found a job where they take out taxes uh-huh so he's trying to find a second job what does he make now at the new job no he's he's trying to find oh he's making 40 to 50. so he got his pay cut in half but the oil field dried up or what yeah it's drying up yeah okay all right how much did he pay for this oic well he has a friend um that she used to work for the irs so she's kind of guiding him of what she recommends for him to do um we're just waiting on a response and he's going to start like i said he's he's been saving up money to be you know start paying off he has a lien on his name for the new mexico state yeah so he's trying to pay that off first and then see what the irs says okay well i i'm not going to give you much hope on the on the oic okay yeah and offer in compromise is what that stands for and that is when the irs observes that you have no assets and no income so they're never getting their money you basically have to prove that you are completely broke and don't have an income and that's not the case here he has an income and uh so i don't have a lot of hope that they're going to just forgive this or large chunks of it um and even if they do they're going to want to lump some and so if they instead of 95 000 or 120 000 if they come in and say oh we'll settle for 20 000. they're gonna want their twenty thousand right then and he don't have any money well he's not a one now he they have them at 140 000 yeah but if they settle if they did an offering compromise and settled for twenty thousand dollars they're going with their twenty thousand dollars right then it's not a payment plan yeah so i'm yeah i don't i don't wanna be a a debbie downer here but the truth is very few oics get through i've probably watched a hundred of them try and i might have seen 10 go through okay over the years it's just the the burden that they put on you to prove that you have no money also means that you have no money to settle with them when they do finally take it so it's a it's a two-edged sword in a sense it gets you coming and going so irs debt moves to the front of everything yeah yeah and so i i think uh what i if i were him you know i'm gonna work the oic through but i'm not gonna work it through for two years while it continues to double and triple with these with these uh penalties going up and these interest rates going up you follow me yeah so uh i mean give this thing 90 120 days maybe six months uh and in the meantime be working like a crazy person and piling up cash i want a big old pile of cash i want him working 100 hours a week and i want a big old pile of cash like 40 50 000 bucks piled up yeah that's yeah you didn't sound real enthusiastic that's your only shot kiddo yeah i know well that's why he he ended up living up there he moved out there so he could figure out that situation where i fixed my situation i don't know why you can figure out something in new mexico you can't figure out in arizona i know well he's trying to get his cdl now um he's finding ways where you don't have to go to class and pay that whole amount and you know try to get fidel to get a job down here but okay let me tell you what i'm hearing how old are you i'm 29 okay i'm gonna be your uncle dave for a minute don't you dare pay a dime of this until you're married this is his problem this young man needs to solve this freaking problem yeah that's why i told him like i'm not to get married he doesn't want to get married yet because of his situation but that's why like it was better for me to pay off my situation you need to get your mess cleaned up and you can be his biggest cheerleader but he needs to go he needs to he needs to roll up his sleeves go make a whole bunch of money do nothing but work like a crazy man and have a big old pile of money when this thing blows up and the oic doesn't go through he can get started on it because if he throws 50 grand at it right quick because he's worked 100 hours a week then he's got a good start on it it's the only way it's going away because the irs just does not go away it's just a they're not bankruptable they're just gonna be there and it's not gonna get anything but worse so the sooner he you know reverses the trend on this the better off he's going to be and i just hear you caring about this and being more logical about it than he is that always kind of kind of concerns me sometimes when honor you're the one calling and he's not so um and again maybe it's situational and it's today you were able to pick up the phone call but i want him to be more involved than you are in his mess if that makes sense yeah that's exactly right trying to be nice on i feel free you're really good i feel for you but but be aware like you need you you're set up here for a problem kiddo be careful jessica's in las vegas hi jessica welcome to the ramsay show hi hi so i'm super excited i wanted to call as soon as we paid off our debt um we paid off our debt our 27 thousand dollars in three months thank you so much you guys i'm so happy such a weight you know we're lifting off our you know shoulders however you found whatever i'm sorry um my question is we are now on step three officially and um you know it's saving three to six months and i was wondering if do we still have to you know go get gazelle intensity or can we now sort of um okay so relax yeah yeah you're gonna ask yeah can we just relax since now we're on baby step three i wasn't telling you jessica um no the gazelle intensity continues until baby step three is done so the same intensity you guys used to pay off all that debt i think you said in three months jessica which is incredible so congratulations keep that intensity until that baby step three is paid off yeah i'm sorry saves that cash here's the problem jessica you you when you don't have i i've noticed this my whole life when i'm broke is like when i attract emergencies like emergencies just come find me uh and when i'm not broke they stay away they go to other people's house and so having the emergency fund is like emergency repellent it keeps the mosquitoes away it keeps the emergencies from coming in and if they do come in you got the money for them and so it is vitally important that you become debt-free other than the house with great intensity and that you finish the emergency fund with great intensity but you're going to do it very fast because compared to where you were five months ago with twenty seven thousand dollars in debt and no money once you have twelve thousand dollars in your emergency fund and no debt your life is completely changed and you have done it congratulations it's amazing but yeah you do need to continue to lean in sounds like you all been very intense and i congratulate you for that and it won't take that much more a little bit more i mean if you think about if you did 27 that fast how fast can you do 12. and that's all it is and so then it's behind you forever and you've got murphy repellent in your pocket rachel good great show yeah thanks for having me on james childs our producer kelly daniel our associate producer and phone screener i'm dave ramsey 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] hey guys this is james senior producer for the ramsay show did you know over 18 million people listen to the ramsay show every week and a lot of those people listen on one of our 600 plus radio stations across the country to find a station near you head to thermsyshow.com [Music] you

Channel: The Ramsey Show - Full Episodes

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Id: VSHEi-wgYCE

Length: 119min 40sec (7180 seconds)

Published: Wed Apr 21 2021