You Don't Have To Trade Money For Happiness!

[Music] this is the ramsay show [Applause] you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the ramsey show where debt is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice ken coleman ramsey personality number one best-selling author is my co-host today he is the host of a brand new book that will be coming out in just about a month here from paycheck to purpose it is on sale now the clear path to doing work you love it's in pre-sale you can check it out at ramseysolutions.com we're just talking going on the air it's breaking all kinds of records from paycheck to purpose the clear path to doing work you love so if you want to talk about career you want to talk about getting a job you want to talk about your money your life we are here to help the call is free and some say it's worth exactly what you pay for it triple eight eight two five five two two five john is in milwaukee hey john welcome to the ramsay show hey uh it's so good to be here i'm a longtime listener first time caller thanks for taking my call absolutely how can we help oh yeah this is a question really for ken um so for the past year i've been working as a freelance photographer i really thought i was clear about what i wanted to do but i'm i'm really having some doubts here what are you doubting specifically um so i i work in freelance as a real estate photographer and so the past of maybe six months have been really challenging because um essentially the uh the market of course is so hot and crazy and uh it you know you could sell a house in your sleep essentially and uh so i've really been struggling to kind of make it happen and i think just really dealing with like imposter syndrome as well just like man there's there's so many other photographers in the area and things like that um and i really thought i was clear so when you say you're struggling to make it happen meaning uh because houses are moving so quickly people don't need photographers and your work is dried up is that what i'm hearing correct yeah well so let's just remove that for a second and i know that's hard but suspend some reality for just a moment if you were rocking and rolling right now as i'm assuming at least you've been much busier than you are now would you be calling me with doubt and imposter syndrome oh probably not no so what we have to look at is it is your circumstances it is your current season that is causing all of the doubt and by the way that's very natural so give yourself a break there's nothing wrong with you you shouldn't feel bad about it but you're just facing some good old tough times and when times get tough we start to doubt ourselves because we start looking at all of the other things instead of the reality which is because of these circumstances in this market you're having a tougher time but the reality is is when you got into photography and picked up a camera for the first time you wanted to take pictures and you haven't lost that juice for being artistic and creative in that way true or false uh true okay so great so what we do is we say is it always going to be this way are these uh real estate circumstances in this current market are they always going to be this way yes or no no no uh are you still creative whether or not you're shooting real estate pictures or not yes or no oh yeah of course yeah so uh photographers have to hustle you gotta get out there so my overall advice to you is understand that what you're experiencing right now is good old-fashioned uh tough times that create doubt get clear and i just helped you kind of re-establish for a moment what you believe about photography and what you love to do and why you love to do it so start taking pictures of everything else there's a lot of things you can take pictures of if you've got to go work a side hustle for a season just to stay in the game then that's what you do but do not quit this you will regret it if you walk away from being a photographer i got lost in your story arc just a second ago um did you ever make a living doing this uh no it's a side hustle that i uh decided to make full time uh last year at exactly a long time okay so yeah i mean not your fault but that's just the way it worked out thank you to pandemics and so forth the um um so when you were in the side hustle what kind of money were you making um it was less than 20 000 uh and what have you made now that it's full time and times are tough uh even less than that yeah i'd say yeah all right yeah so it's still a side hustle but we don't quit i mean we do so you got one or two options you can backfill the hard times with a uh and make it a side hustle again with a new with a new gig that's a temporary gig it's gonna be two years three years you're gonna work a job while you build this thing back up you get back get your feet back under you because you got the wind knocked out of you um because you jumped at exactly the wrong time like they moved the freaking boat right as you jumped you know i mean somebody hit the gas on it and you know that kind of thing it wasn't your fault but it's like a bad trick you know a cosmic jokester so uh the the other option is that you can look at it your business model and go okay real estate is and i hey i got my real estate license in 1978. john this is the weirdest market i have ever seen i'm telling you i mean it's a weird it's got so many components to it elements to it that are just strange so you know is it going to last that way absolutely not it's just an anomaly and so uh it's not status quo it's not predictable into the future it's not that kind of stuff so having said that you either you either backfill with a full-time gig like you used to do and go get a similar job like you used to have just as a you know and say i'm gonna do this for two three years get my feet back under me let this market stabilize and then re-enter or you pivot with the photography and go i'm gonna take pictures of stuff other than houses and try to add some things to your product line that is happening right now uh kids sports i had a friend that made a bazillion dollars taking little league sport picture oh it's the easiest sale in the history of the world sport picture hey parents you want a picture with your kid the only problem you got is there's other people doing it but i mean it's just well yes sure it is i mean and action photos of a six-year-old playing soccer i mean it's amazing so i don't know i'm just making stuff up here but that camera can point at things other than just houses yeah you got to diversify but the big thing is is you don't quit you know it's like he called and said i thought i was clean you didn't you didn't know you were clear you absolutely still you just had you you know just like some of the stuff i launched last year uh my timing sucked your timing sucks okay i got some stuff that i just assumed last year hadn't occurred uh i'm trying to forget it as dr john deloney would say i'm recovering i'm recovering from trauma yeah so thank you very much all right yeah stephen is with us stevens in albuquerque new mexico hi stephen how are you hey dave it's an honor to talk with you you too how can we help well uh buddy and i are students and we're thinking to start a small consulting business together until we're done with school and uh well the more i've looked into it seems like starting a business with sewing can involve some challenges you know kind of like getting married yeah so uh my question for you guys is what are some things that the two of us need to discuss ahead of schedule to make sure we're a good fit and on the same page to do this together it's a wonderful question and i've got a pretty thorough answer that i want to give you in more than 10 seconds because i have a commercial bearing down on me i have to make money around here because ken coleman likes to get paid so it's all my fault it's all your fault so there you go anyway we'll be back from this commercial break and we will make sure that we talk you through how to deal with this idea this is the ramsey show [Applause] [Music] [Applause] [Music] [Applause] [Music] we were drawn to christian healthcare ministries because we both had young families and we wanted to have more children and we had also just started a real estate company and needed to find health care coverage that would meet our needs we were attracted to chm because of its low monthly costs and the ability to negotiate medical costs down established in 1981 and accredited by the better business bureau chm is here to meet the needs of your growing family or small business check us out at ch ministries.org backslash budget we absolutely believe in it [Music] so [Music] from paycheck to purpose is ken coleman's new book the clear path to doing work you love there's a get hired bonus pack i get promoted bonus pack you can choose between the two all for twenty dollars you get over a hundred dollars worth of stuff it's on pre-sale right now at ramseysolutions.com we're talking to stephen in albuquerque new mexico coming out of school got his buddy they want to both be consultants they're talking about doing it together and he heard a rumor that that might be troubling like a bad marriage uh so what kind of consulting are you going to do stephen uh we're thinking of partnering with local high schools and helping students apply for scholarships okay either one of you ever done that well we both have a lot of experience applying for scholarships and successfully getting them so we think we're a good fit for uh for helping people that are kind of new to that sort of thing okay all right um all right uh what's the business model how's that gonna have you guys figured out how you're gonna charge is it parents is it school systems paying you what's the model so the basic model is going to be two tiers we're going to have one opening tier where we provide introductory videos where parents or schools can pay to access the videos where we provide basic stuff and then if folks want to move up and meet with us one-on-one you know we'll offer that too if you know if they're in our region okay all right well let me start with the premise that i operate on and that is the only ship that won't sail as a partnership so i would urge you to try to figure out a way to do this as uh a joint venture rather than a partnership because what typically happens in all the years i've done business coaching i find almost zero i mean it's not quite but it's almost zero businesses one decade later are still partners the exception is by far the the notable exception is medical partnerships in law firms but short of that the the typical two guys that go start into doing something and what normally happens is one of you works harder than the other one of you has better ideas than the other one of you makes more sales than the other one of you is more personable or more talented than the other and it can be you it can be switching places like one of you is more talented and the other one works harder and so they you end up there there's this resentment thing that builds up and you don't feel like the other guy's carrying his weight and uh it runs into all kinds of crap if you are going to and so i would try to figure out a way to say okay uh i'm going to go over here and do this set of schools you go over here and do that set of schools we'll compare notes we'll help each other uh we'll encourage each other but that set of schools is your money this set of schools is my money and even if we create a video product together that we share the cost on when i sell the videos in my schools i make money when you sell the videos in your school you make money and just kind of keep it very separate like a joint venture rather than a full-on partnership i'm going to challenge you to do that that's what i want you to do because i think you're going to make a mess if you don't but if you ignore that here's still some guidelines all right you need to get an attorney believe it or not i i don't want to tell you to do that but you need to draw up a detailed partnership agreement and it has to address all of the evil d's everything that's bad is going to happen just about begins with a d drug use disinterest default one of you walks away and wants to own half of it while the other one keeps working that's default right disability death what happens then you now own half of a scholarship business with his mom and dad because that's his heirs because he's not married what a dadgum mess you know and so you've got to address every one of the possible negative d's disability death divorce drug use uh uh default disinterest i just don't want to do this anymore i'm gonna walk away and go i'm gonna go get a job we're not making enough money but i'm still gonna be pissed at you when you're successful later yeah um and so all of that kind of crap and so you gotta deal with every possible exit scenario and most of them begin with a d and you need to do that in writing in a partnership agreement before you begin and i probably would not put it in the form of a general partnership which leaves you up in all kinds of financial liability i'd put it in the form of an llc but it still functions as a partnership and i'm still going to tell you to figure out a different way to do it yeah and i i would i would add too i think that's absolutely brilliant advice i would not even think about starting a business i liked your idea i'm going to edit it a little bit on the idea of you take one school system in this county you take the other let's see if we can prove this thing before we actually either one of us thinks about a business let's prove this model first i like that approach and then the other thing is i was i'm curious to know if you've got a situation where maybe steven's more the sales guy uh more of the you know okay this is the handbook on how to get scholarships and maybe the other guy's more video related and we don't know that but in that situation instead of a true partnership maybe one of you is like okay you're the video product producer i pay you and they work together but it's not even a joint venture that's a way to do it as well and the other option is um just one of you own it that's right and then pay the other one hey and the other one can make a percentage of profits as their income that's right but they're not the owner that's right when i sell is anything with two heads is a monster i agree so if one was the video specialist the idea here is is that he gets paid a percentage on every course you sell but it's your company and he's your production it's like a contractor yeah there's something that we seek out stephen that i want you to avoid because it's a it's a it's a it's a it's mythology it's a lie and that um there's comfort in doing things with other people and not feeling like the lone ranger there's comfort in you and your buddy doing locking arms and working on stuff together there's comfort when ken and i work together on launching ken's book yeah and then when we add to that an entire team around us there's a lot more comfort to that because it's not you know it's not good that man be alone and and um so you feel more invincible more strong more courageous when you have your you know your guy next to you and and you confuse that comfort with the need to do a partnership it can be an employee employer relationship yes absolutely and you can pay him zero salary only a percentage of profits and the part that he brings to the table is x y and z and you bring a b and c and one of you probably had more of this idea of turning this into a business than the other one did that's right and just because you both want to win that's what dave's saying is so beautiful just because you both want to win doesn't mean we have to both be in it together in the same exact role yeah i think you're right dave that comfort can turn into contention pretty quickly if they don't focus on those ds almost always almost always yeah yeah yeah yeah you should you should well all right let's see here damon is in topeka kansas hey damon what's up how are you dave great man how can we help just it's an honor to speak with you okay dave i will be brief um i basically want to know what you would do in my situation i want to know what dave ramsey would do day march of this year i became completely debt free i paid off my house after living in it nine years and 10 months good for you i have no debt thank you and i became engaged i got well i got engaged in april and the problem the circumstance is my daughter my girlfriend her fiance has a daughter who's a sophomore in high school and she's heavily involved with activities so transferring to another school is not an option my the distance from my house to her high school was about 15 to 20 miles i made a suggestion to my fiancee give me a year she has some dad also she has she bought she bought her house three years ago and she has 16 000 in debt so i made a suggestion to her to give me a year to get my house ready for to sell save up enough money that way when she marries or we get married excuse me i'd pay off with debt because that becomes awesome does it take a year to fix up your house is it that dumpy no it's not but i might i was wanting to save up enough money to pay off her debt oh and what's your housework 200 000 well what would be wrong with just selling it i can sell it yeah and then move over in that other neighborhood and buy one and pay cash for it okay you could do that couldn't you okay how old is it what year of school is this kid in the sophomore yeah i mean you're making a lot of decisions here for something for two years of this kid's life so but you may be moving again but i mean you can sell it and sell her house and pay off all her debt and put the money together that's left and buy a house with it for cash i think that's probably what we're doing it's just starting over let's wipe the slate clean and get a fresh start [Music] [Applause] [Music] stop paying your overpriced wireless provider and switch to puretalk they use the same network as the larger providers for much less for just 30 a month get unlimited talk text and six gigs of data with no contract the average family saves over 70 a month by switching to pure top just go to puretalk.com and enter the promo code ramsey to save 50 off your first month pure talk simply smarter wireless [Music] so [Music] in the lobby of ramsey solutions on the debt free stage brock and nelly are with us hey guys how are you dave it's great to be here well we're honored to have you where do you all live well we're on the go we just left bethel connecticut we just sold our house and we're on the move where are you moving we're going to vancouver for about a year yeah new job by way of nashville all right i like it got some family here so we're hanging out just swing by and see us well thank you man so how much that have you guys paid off hundred thousand all right love it how long did that take 34 months it's a little interesting 32 months if you count when we got uh severance i lost my job oh that's sweet we held on to the severance for a little bit and then we kind of considered that our debt-free moment but we waited till we paid which is about two months later wow 34. yeah oh so in the last two months you lost your job not the first two uh we lost it in after 32 months of doing it 32 months is when we got the notice and then we just okay until i got a new job is at the end of the story not the beginning okay yeah all right and so what was your range of income not counting all that mess but i mean yep through from uh during the 34 months started off with your program at around 83 000 and then uh started side hustling um i got a second job teaching animation and so now we're around 106. all right very good and so today you're an animator yeah and a teacher event animation that's correct and what do you do nelly i am a stay-at-home mom and also a homeschool mom i love it very good good for you guys well done so what kind of debt was the 100 000 student loans yes wow some smaller no some credit cards little ones uh we had one bank loan and a second mortgage loan down payment loan yeah okay pretty normal all right wow wow wow wow well what got you started on this almost three years ago actually uh i had observed a really close friend of mine uh tyler k cat at my studio where i worked as an animator he was an animator too and him and his wife samantha were working really hard on your baby steps and i remember specifically a meal where all of us went out to eat and he pulled out his little lunch and it was like a pbj or something and i'm spending 22 bucks on like a pizza yeah and i just watched them and watched their their hard work their sacrifice their obedience and i wanted that and so when watching disciplined people is inspiring oh yeah yes i don't care what it is whether it's somebody that's losing weight you know or whatever somebody's you know they're finishing their degree whatever it's inspiring to watch somebody pay a price to win so that was it and then the tipping point for us when we decided it was time uh is when i was sitting in the car and i had a tax return check and it was the same as baby step one plus our smallest loan and i was like i want this to last because it just disappears so quick yeah i'm just tired of it so i turned on your show and i reached out to tyler my friend and i who's here they're here today yeah they're supporting us right there i reached out to him and started asking questions and they lent us your book the total money makeover and that was there it is it just took off came on yep and so you're busting all the way along you get all you got the finish line in sight you can see the yellow tape and the job goes yeah we were getting so close we were on track and then the job went and this is the cool part of the story is um i told my wife i was like i'm my plan is not working for our family i can't i'm not doing this right so i want to see what god's going to do and so he's a bit of a show off he is if you go back to when i was 19. the whole thing you think she's god no we went back to when i was 19 and i had started working for a company that parent company i ended up working for again later so when i lost my job they counted all those years of service so my severance was the amount we needed to pay off our debt oh my god it was just just like that and then you held on to it till you get the next gig yeah which is what you should do you should push pause yeah in the middle of a storm yeah covid and yeah and then you then then you get the next gig and and here we go okay ready to go and we sold the house oh there's that too yeah so you know we lost we lost a lot it was a year of change and loss but it was the best time to sell the house too so there's some silver lining in there some other blessings as well so we're trying to look at those well and and it's all up from here man that's so cool well done that's impressive it is impressive so i got to know since since your buddies here did you start eating pb and j once you committed to this oh yeah i i started i created my own uh and i lost a lot of weight and i was like you know i made like these pizzas out of tortilla shells and i ate them like every day yeah yes every day aldi's all three 14 years of tortilla pizza oh yeah that was our aldi's was our main place we discovered how great it was for our budget and yeah every dollar and groceries is what killed us so we that saved us when we switched where'd it go gosh that was awesome that's so fun how does it feel now that you're free i have a cool story about that i didn't i didn't know what had happened uh i we had received the payment for the house the money we got from the sale and i was telling tyler over the phone was like i just didn't i saw the number and i was like cool but if you had gone back three years ago i would have been like oh thank the lord like i need this so i was like i think i don't care and he goes no no you have peace i was like oh man yeah this was good i like this that's what it is we're not desperate i haven't had that feeling before i didn't know what it was we believe we can make everything work on small numbers because we've done it and god god has given us everything we need so everything else is meant to overflow to others and so that's where we're headed nelly what was the hardest part for you i'm the free spirit in this relationship so knowing that we're gonna have a budget was really hard for me in the beginning but in my gut i knew that the lord was pressing something upon our lives and i should just trust him and follow that so i think trusting and knowing that a budget is a good thing was really hard for me so did you get a voice in the budget and that gave you more comfort or did he just tell you what it was no he actually gave me a little bit of spending it's called the miscellaneous sync fund okay every month just for mama to stay sane just for a little bit okay nelly sanity fund yeah it's a good one you need to have a line item for that yeah i like it like you know why do this debt-free journey with your spouse if they're not going to be there at the end that's a good that's a really it's an interesting insight yeah wise man [Laughter] so nelly i gotta ask you because i think this is really great a great relationship story here how long did it take for you to then acclimate to this and go okay now i'm in i've got the sanity part now i'm convicted and i'm all in i think after our first vacation we were two weeks before our key west florida vacation and he dropped the bomb but we need to have a budget for this vacation and i was like you did you did not but he did and and during this vacation i realized we did not have a financial fight not one i could get macarons and we have a budget for that you know that was nice yeah for the first time i didn't feel any tension after purchasing something so having that freedom was sauce sounds like rachel [Music] because i've heard a story about rachel and her vacation yeah it's that permission to spend yeah that's what it is a budget is right he's never done that before i never thought of it that way so that was that was probably the biggest thing for us was discovering we're actually very free with a budget very good that's cool good for you guys i'm very very proud of you thank you well done congratulations and you brought the kiddos with you what are their names and ages good laila seven lincoln six and leona who's three all right very fun good good well we've got a copy of the legacy journey for you you've obviously changed your legacy and your whole family tree congratulations thank you and another copy of the total money makeover because time to give that to somebody so they can get started and that way you can pay it forward and we'll we'll start that for you so congratulations you guys very proud of you good looking family it's awesome stuff a hundred thousand dollars paid off in 34 months making 83 to 106 brock nelly layla lincoln and leona count it down let's hear a debt-free screen three two one [Applause] you know who the second happiest guy in the room is his friend who got him to do it oh no questions great legacy there way to go man that's pretty cool how about the kiddos dave they crushed it yeah they were practicing yeah that had been rehearsed well done and you know what they may remember it too i think hey their family changed their life this is the ramsay show [Music] [Music] ken coleman ramsey personality is my co-host today open phones at triple eight eight two five five two two five home school parents we know that preparing your teen for the real world can feel like a really big job does for all parents and teaching them complicated money topics like compound interest taxes insurance and don't get in debt but you can do it our homeschool curriculum can help foundations in personal finances helped over 5 million students learn the money lessons that they need to thrive now and down the road this homeschool curriculum has all of the lesson plans video content and activities already created giving you some well needed time back in your day text homeschool 233 789 to learn more about our life-changing personal finance curriculum for middle and high schoolers text home school to 3378 our question today comes from blinds.com they have a 100 satisfaction guarantee even if you mismeasure or you pick the wrong color they'll remake your blinds for free free samples free shipping and with the new promos they run every month you'll save even more use the promo code ramsay to get the best possible deal today's question comes from melissa in alabama i'm 35 years old i've worked at a major corporation for 10 years and advanced my career to a very comfortable financial spot however this role has been physically and mentally draining since covid i'm grateful for the job and the benefits however i'm extremely unhappy my husband is also starting up a side hustle and i'm building my own business doing something that fills my cup we are selling our rental home and i plan on taking a 12 month sabbatical from my job to build our businesses we would rely on the profit from the rental sale to offset my income should we be investing the sale proceeds instead of using them this way or does happiness and quality of life outweigh investing well brother the way this question is set up it's almost impossible for my queen yeah question i i suppose does happiness matter yeah no come on the baby steps in the financial plan that we teach at ramsey solutions is what matters so assuming the sabbatical means you can return to the job in 12 months and that you do regardless of how much you grow this business and you don't go backwards in the financial plan that we teach the baby steps then sure but there's so much in here that's unknown and up for opinion and up for emotion it's really really hard to delineate an answer there with all that's being presented but don't go backwards not for me it's not i can i can cut right through this crap um the um here's the deal when you you were doing just fine until you couch it at the end uh does happiness and quality of life outweigh investing that they are not mutually exclusive kiddo you can actually do both and so here's the thing you are just sick and tired of this job well so suck it up for until you can get your side hustle up and running you keep working until you get your side hustle up and running you get it up and running when you get it up and running and get some money coming in then you can afford to quit you quit but you don't burn off the rental property on a on the false doctrine the fight the fatalistic premise that somehow you have to trade money for happiness that's absolute horse crap okay you're just pissed off you're you're scared you're tired whatever's going on over this place you're working and you do need to exit that place but you need to tap the brakes and exit it a little bit slower and get your dadgum side hustle up and running and um but you just you just put too much drama on here you just really did uh you're not gonna die nothing's nobody's trying to kill you you're okay you just don't like it anymore you've been there 10 years and suddenly you have to hit eject and shoot into the stratosphere just calm down a little bit get your side hustle going use all of the dissatisfaction that you have as fuel for your energy to work a lot of extra hours on this side hustle work like a maniac for six to 12 months get that side hustle money coming in and then then you can quit and you don't have to sell the rental to pull that off that's just if you want to sell the rental that's fine but don't sell the rental and then burn the money at the altar of happiness that's absolute bs it's overplayed sorry i've been in situations where i'm disgusted too and it took me a while to dig out of the manure but it takes a while to shovel when there's a full truckload of it so just shovel kid shovel you'll be all right god i'm getting old and angry it's just just grouchy no i just grabbed i don't disagree with what you're saying i think there's there's so much more i'd love to know on this particular question and you're kind of yeah but i agree with what you're saying that's definitely an option i just don't want to see somebody go backwards financially because they want to grow the side hustle faster there's no reason to there's no reason it's not and the side hustle is unproven oh well yeah it's we don't even know what it is i mean my goodness would 12 months even grow it just what about me yeah there's no guarantee that a 12-month sabbatical gets the business where you want it to there's no guarantee the business ever gets there exactly so that's why there's a very interesting question yeah yeah but it's just what happens is that people they're they build up we all do this but it requires some adult yeah maturity to work our way past it i'd do it too sure no different than her i'm a drama queen too and so you you build up this apex this frustration and it reaches a boiling point and then when you hit that top a switch flips and you're just ready to do anything you get away from it you just like you know it it was a slow climb to get there but once you're there it's like whatever it takes i got to get away from this situation because this situation is driving me bananas and unless you're in danger yes you know or or there's an ethics problem or i mean something extreme you know all it is is just frustration reached a boiling point yes i agree and i do it all the time i do too i i you know i go along go along go along go along go along go along and then all of a sudden i'm done yes and i have to stop and go wait a minute that didn't happen suddenly that's right that's in my head i loved your analogy of the eject button that's really that's really strong because it's like we only hit eject when death is certain if we don't get out right or extreme financial harm is what you're pointing and so sometimes we feel eject but it's not really eject yeah but i mean it's yeah okay rob is with us rob is going to help me get out of this rob's in orlando hey rob how are you i'm scared how are you better than i deserve what's up so my wife and i um we're currently in baby set baby step six with the goal to pay off our mortgage good for you um getting ready to celeb getting ready to thanks uh my mary way up uh for sure um we're getting ready to celebrate our sixth year anniversary this weekend we we're we currently have about 213 000 left on the mortgage it's got an interest rate of 4.375 percent um and we are paying extra to do that but we've also got um some um non-retirement investments some about 12 000 in individual mutual funds and about 32 and a half in individual stocks from my wife's employee stock purchase program that goes back about 20 years that she bought at the beginning of her career with the company she's with when where did you learn the uh where did you learn the baby steps uh from my wife and from you okay but starting with her the essence of the baby steps begins at baby step uh one and that is where you sell everything that is non-retirement and you apply it to the baby steps baby step one is three to six months uh i mean baby step one is one thousand dollars two is debt free three is three to six months of expenses four is you start putting 15 of your income into retirement five is kids college and six is pay off the house and so until you have done those things you wouldn't have these other investments still intact and so i would have had you sell them when you started the whole process uh but you're so you're late in the game but let's go and sell them now and apply them to the house so the challenge that we have on the employee stock purchase shares is there so long ago that like we moved it all to our our smartvestor pro but the base price for the purchase price for those shares didn't transfer over because something about this the company that was holding them before it was before the date that they're you're just gonna have to get some kind of a ruling to establish a basis you have to establish a basis but that doesn't mean you can't sell them you've got to somehow establish a basis for tax purposes you're going to have some taxes on it's what you're saying but oh well do it anyway let's get the house paid off as quick as we can all non-retirement investments apply to the baby steps all the way up i'm not sitting there with 200 000 worth of stock or 10 000 worth of stock well i got a mortgage should have been put on the mortgage that's what i'm doing with it this is the ramsey show [Music] dave here we just launched a brand new listener survey we want to know what you think about the show you'll be entered to win a 100 amazon gift card no purchase necessary take the survey ramsey solutions dot com slash survey or text survey to 33 789 [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 that is dumb cash is king and the paid off home mortgage has taken the place of the bmw as the status symbol of choice i'm dave ramsey your host ken coleman ramsey personality number one best-selling author and host of the ken coleman show is my co-host today open phones at triple eight eight two five five two two five ken's new book from paycheck to purpose the clear path to doing work you love is on pre-sale it will be coming out in a month or so and we have it on pre-sale with this is an unusual offering we always offer a lot of goodies with a book when we have it here on pre-sale they usually give you about a hundred dollars worth of bonus items when you buy a 20 book early because we want you to buy it early because it helps us helps ken helps the best seller list and you get a deal because you get all this stuff so we brought we bribe you in this case we've got two possible ways to bribe you that's pretty cool get hired bonus pack which is the ebook the audio book ken coleman's get hired digital course ken coleman's resume templates the one live stream access from paycheck to purpose live event and the ramsey plus extended 30-day trial and all of this is uh gosh it's close to 200 worth of stuff and they get promoted bonus pack is very similar but it also has the ramsey disk assessment and uh the live stream access as well and the ramsay plus extended so check all this out at ramsey plus or at i'm sorry at ramseysolutions.com in the store if you want to get a great deal on ken coleman's book and if you really want to get a great deal go ahead and pre-purchase that and pre-purchase uh christy wright's new book take back your time and you get both of them and you're going to spend like 40 bucks for two books and you're going to get like 500 worth of stuff when you do that between the two of them it's a great deal right now and christy's book's going to come out very quickly here and just about done so you the special's just about done on it so you don't want to miss out on all that all of that to say we're here to talk to you about your life your money your career ken is here to help you with that triple eight eight two five five two two five that's triple eight eight two five five two two five tim is in pittsburgh hi tim welcome to the ramsay show hi dave uh really happy to be speaking with you today you too what's up all right so hey um i just got a new job um uh it's my second one out of college i'm doing pretty good um they're offering to give me a company car uh and i went ahead and accepted it uh i'm asking you today if i should sell my old one or if i should keep it kind of for a while because i'm a relatively new employee what is the old car the old car is a 2018 ford focus so it's worth five grand oh um i i looked up the blue book um the blue book on it's about eleven thousand oh it's more than okay all right okay and what are you making um uh so i'm making uh seventy thousand is it the no not yet oh what's it what's what do you owe on the car i owe about 8 500 on it sell it okay okay that was easy okay so you have yeah you 3500 3 500 bucks in your pocket if the world blows up go buy you a 3 500 car that's kind of what i was thinking my parents had told me hey maybe you should hang on to it for another couple months and and i was saying you know i i really do not want to have this uh the the payments on it and then the insurance and everything where the the company car i'm allowed to use for my personal miles and they pay for everything so i'm like this is this is a simple answer and it's a better car than a ford focus too oh yeah yeah this is called a blessing yeah this is great yeah exactly that's what that's what i thought yeah you're you're good good call tim i think you could have made a good you made a good decision sir i'm glad we could confirm it keith is in carbondale illinois hey keith what's up hey dave and ken how are you guys doing today better than we deserve what's up so we've been doing airplane for quite a while but unfortunately before we started that my wife attended a private college back in 2006 where she took out about a 60 000 private student loan that her father co-signed on which we obviously know now that that was a horrible idea um in 2008 her parents filed for bankruptcy and then that sent her a loan into default and ever since then there's been no payments that have been made towards that student loan it's been kind of floating around ever since um a couple weeks ago she got a letter from a credit company and they now said that her loan is uh 80 000 but they would be willing to settle it for 20 000 um so we're not sure if it's you know how to make sure it's legit or if we need to like go and talk to an attorney or someone to make sure that that's all you know a true statement or from a you know reputable company they have the uh account numbers and everything accurate um we did ask for proof at one point and they sent like photocopies of what the loan looked like um and it was accurate with uh when she originally took it all but they they kind of talked to us you know in prior years but more recently you know a couple weeks ago they offered to settle it um but in in the document or in the letter the one page letter it doesn't say that it would necessarily settle it in full but it does say a settlement amount yeah well that's what they do that's what they meant but just say i need further clarification that if you accept twenty thousand dollars cash as settlement in full of this debt that no nothing further will be owed i'll accept that i'll accept that in an email okay and just get that in the ring that they would sell that in full and not be able to come back for you know anymore later down the road exactly and the more formal looking that document the better but um i'm not gonna sweat it too much it's uh it's a fairly standard practice in that world so it's not that doesn't smell like a scam to me at all it sounds like a normal thing as a matter of fact i might counter offer well that's why i was wondering should we ask if they would go lower because they offered 20. originally it was 60 now they say it's 80. yeah and we're offering 75 percent off of the balance so i wasn't sure if we should offer a lesson just say you know if you can come down a little more i think we'll do it and just see what they say okay and see how far and if they say no way then do it but if they say okay well we'll do 15. then that one sentence made you five grand right right okay and uh now the only the only caveat that they did say asked to be paid by the end of the month and if they don't receive the payment by the end of september that they could challenge the terms which was a little bit yeah well that would be normal the offer is not you know standing forever so have you got um uh have you i mean have you got a way to get the money together i don't care if you borrow it because you're already 60 80 000 in debt and we change that out for 15 or 20. that's a good deal so even if you put it on a credit card i'm okay with that okay yeah we've been doing the steps so we actually paid everything else off besides the student loans so we actually have been kind of moving through the steps to get to the point where you know if they do reach out again we'll be ready to you know oh god how much do you have so we have a 20 000 emergency fundraiser oh good good we'll call them and settle the deal man write them a check no electronic access to your checking account must be in writing that's the two rules on settling a debt uh you're going to be taxed on the difference there'll be a 1099-c coming where your debt forgiveness is taxable event and that includes private student loans this is the ramsey chef [Music] so [Music] so [Applause] [Music] ken coleman ramsey personality host of the ken coleman's show and author of the new book from paycheck to purpose is my co-host today open phones at triple eight eight two five five two two five new york city benjamin is calling hi benjamin how are you good thanks for taking my call guys sure what's up so i i drew up a product design for um how to secure your bicycle wheels to your bike to protect it against theft i have five thousand dollars on the bank i have no debt i want to know am i in a position to pursue it or and how should i also i reached out to these companies that claim they'll help you throughout the whole process and get a license to manufacture i want to know if that's a good way to do things i mean return didn't sound very good but i just don't know yeah they're um 90 bs i'd stay away from them yeah um they they uh you know they want to help you get the patent and they want to help you get distribution and they want to help you get manufacturing and they want you to give them give them 10 or 15 000 bucks up front and um then uh then they run out of money and then the whole thing doesn't happen so now i want you to got this up from it's a what you're engaging is a very difficult process but they they are not your man they're not your silver bullet yeah i've had the privilege to to interview uh several founders that started companies from scratch very very small and now are very successful and they did their own legwork on all of this manufacturing they did it all distribution they did their own homework it had to make sense to them i think the advice i'd give here is what we give to people when it comes to investing don't make a decision until you understand it when you sit down with one of our smart investor pros when you sit down with manufacturers when you sit down and learn about distribution don't make a decision unless you understand it don't ever take someone else's advice if it doesn't make sense to you you can get really really ripped off it could be really devastating yeah so um have you made a prototype uh i made it but not out of the correct materials so i can't properly test to see if it actually protects against theft okay what will it take to build a prototype uh i really don't know i'm guessing i'd have to go to somebody who like pours metal and she would make a mold for me and pour one of them could it be just done with a machine at a machine shop uh possibly uh i guess so yeah it's not such a complex piece yeah if it could just be cut rather than molded it'll be cheaper um and so uh you might find somebody to mold it but you're going to pay for the mold then and here's a problem when you pay for the mold on a prototype you're going to change it and the mold is going to go in the trash and so your mold cost just goes away then and um with a machine shop piece it's just a custom made version and it's going to go in the trash too but you you're not throwing away the mater the the process of manufacturing in there the mold itself so it may work out i don't care if you bit it out both ways get somebody that does both and and get a test on it and consider several different materials if you can get around a machine the reason i'm sending a machine shop is if you can get some guys in a machine shop who kind of catch the vision of it and they kind of think it's fun to work on it they're inventors also they invent they invent stuff every day and so they can't keep themselves from doing it and so they'll they'll kind of help you with your design and they'll go oh man don't make it out of this kind of metal make it out of that kind of metal it'll it'll be lighter and it'll work better and it'll be cheaper and they'll kind of start it becoming your little advisor there in the process because they'll plug into the situation even if it's an old crusty dude that's been doing it a thousand years he'll have an opinion especially that guy dave yeah but it's harder for him to get excited about it oh sure he's seen a thousand thousand of these things come and go but get and get you a prototype and then the next step is um and this is how this is how the folks do it all the time and we've worked with uh folks in entre leadership all over the nation that have brought stuff to market we've brought things to market not not not bicycle stuff but uh and not exactly the same thing but so the next step is to try to sell some of them off of the prototype and get some orders for the first run and that'll pay for your first run so if you could get three bike shops to order 500 of them or order 50 each and you so you got to order for 150 and that might pay for your first 500 or whatever that you run and oh by the way let me just tell you two years after you start making them it's going to look completely different you're going to do it completely different you're going to throw so much crap away it's going to blow your mind because it's going to change it's going to morph it's going to it's going to iterate it's going to change and so this is going to be an adventure for you sir but uh but it sounds like it's something to be fun don't spend any money you don't have it's going to be cash only and pay as you go but if you can get orders for 100 and they'll you know give you a deposit on those orders that'll that'll help you go to the you know a little manufacturer and get some of them poured or get some of them machined or whatever it has to be done and and then you can get going from there and there have been people that have uh started all kind of man i mean start reading books on the subject you're going to find lots of entrepreneurs who've done exactly what you're doing oh yeah so much information out there i love sending them to a fabricator you know i'm thinking these guys that are working on cars they can fabricate all kinds of stuff something like this and test a test to test it i think that's great advice dave i mean you get it in a local bike shop only prove that it can work now we can go and he doesn't have to sign off thousands of dollars to somebody who's going to make your invention huge just run from any of them don't don't look to get the discovered yeah yeah yeah they're every those ideas are a dime a dozen people who can implement them are what are rare yeah and um you know somebody comes in here and says i want to show you this idea for ramsay to do and you have to sign an nda and you have to do all this stuff i'm just like you know i'm sorry i'm busy that's right ideas are a dime a dozen people who can do them are hard to find and so you're the secret sauce in this it's not your idea um and you know by the way for those of you that are don't ever get around uh folks that work like that with their hands i had the pleasure growing up with them and and um i i have a couple of friends that um well i'll tell you a guy that did exactly that and it's a it's a business that's hundreds of millions of dollars is ronnie barrett yes made the bear at 50 cal yes and he made it in a he made a 50 cal machine gun in a machine shop yeah yeah and uh now they're now they're used in virtually every army in the free world yeah and every form of military in the free world and uh but ronnie is one of those guys that's what made me think of it is um he he uh is a spatial savant he can see things in space and see how it's going to work together and a lot of the guys that can can see things in 3d uh and gals are in these shops yes they're the ones that can help you figure out and they'll they'll help you shoot holes in your design idea oh because they can see how it works or doesn't work immediately and they'll know that they'll know the metallurgy and yeah which type of thing so fabricators just a good people to have in your quest i love watching these custom car shows on netflix and amazon prime where they're building these cars from scratch and it's these kind of people they can see stuff that no one else can see and they can fabricate anything and and that's that's how you're going to do this sir so i'm excited for you can you tell we think you ought to go do it yeah do it do it with cash do it slow don't look for a fairy godmother there's not one that's right there's no dust that's going to turn you and keep you from turning into a pumpkin cinderella you just is and so have at it you know you just got to gut this out you got to scratch and claw your way through you can do it if it's going to be done you're going to do it if it doesn't get done it's you didn't do it that's where that's what it's going to come down to and you know that's true so many things in our lives it is it's off to us if it is to be it is up to me i don't know who said it but it's been around forever yeah keep keep looking for a pill you can take to get out of debt blake thompson used to have that commercial we had on the air called detonal you could take this pill and get out of this dead and all yeah everybody's looking for a magic pill yeah there's not a magic pill this is the ramsay show [Music] [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] [Applause] ken coleman ramsey personality is my co-host today author of the brand new book paycheck to purpose the clear path to doing work you love it's on pre-sale right now with all kinds of great deals in a bundle at ramseysolutions.com in the lobby of ramsey solutions on the debt free stage kyle and ally are with us hey guys how are you doing good welcome where do you live uh brazilton georgia just north of atlanta okay wonderful and how much debt have you paid off a hundred and five thousand dollars good how long did this take uh 27 months all right and your range of income during that time so when we started it was right between 80 and 85 000 and then last year we finished just under 120 000. cool what do y'all do for a living so i'm a physical therapist and i'm in real estate um but my main gig is being home with our girls that works good gig all right love it what kind of debt was the 105 000 uh yeah so it was student loans a car loan and a personal loan but the majority of that was graduate school was physical therapy school okay so you guys were kind of normal he's very normal how long have you been married well actually today is nine years old so you know i was like what would be more romantic than going to ramsay solutions and doing our debt-free screams so you know we're happy quick someone get the rose petals out yes oh my god wow i love it well i'm you know the older you get the weirder things are that are romantic very cool good job you guys so uh what got you started 27 months ago on this journey um so really uh the birth of our first daughter got us started um you know i found out i was pregnant and we would just have times during the month where we would look at our bank account and wonder where our money went and when she was about two months old we sat at kitchen table and just listed out all of our debt and we were just crushed by the amount and just felt very discouraged and so kyle had started listening to the podcast and that really kind of pushed us to start to follow the plan yeah so at that point i got a second job i work primarily outpatient orthopedic stuff and i got a second gig at a hospital um and at first i was working like one or two saturdays a month but then you know like like ali said we were kind of hit the point where we were sick and tired of being sick and tired so i got to where i was working pretty much six to seven days a week um there was one stretch i worked 40 something days in a row without a day off the craziest thing i ever did was last year during covid the hospital i worked at had these weird night shifts where you're sort of screening people in the emergency room so i would work my daytime job from 7 a.m to 4 p.m go home for a little bit and then work at the hospital from 9 30 p.m to 5 30 a.m whoa go home take a nap and then go back to my day time job at eight o'clock so it's pretty pretty crazy so we were pretty you were making some bank doing that yes you're about to kill yourself oh my gosh but right wow you wanted to do that uh so i did that normally once a week sometimes twice a week and did that for maybe a few months but you know we were just really like you said just banking up as much as we could and uh like everything was going towards debt so it was great wow so uh you you kind of emotionally hit the wall and say this is a desperate situation it requires desperate times and you were so desperate that you turned on our podcast yeah right that's good but yeah you know um you know and during those days you know it's hard to stay motivated it's hard to you know go to work on saturday and sunday and um i actually lead worship part-time at our church so there would be sundays where i'd go to church lead worship go to the hospital after that um but the the verse you guys always quote is hebrews 12 11 you know no discipline seems pleasant at the time but in the end it yields a harvest of righteousness so that was something that really um just motivated us you know it's a short term it's not if we're going to get out of debt it's when we're going to get out and how fast and how fast right so that really kept us motivated the whole time live like no one else later you can live and give like no one else by the way if you work like no one else later you can work like no one else so you kind of work now like whenever you want to yes exactly you're like you know you're you're just working part-time at 40 hours exactly right so you feel like you feel lazy right for sure she gets she drives her crazy because on weekends i'm like i need to be doing something i need to be doing i want to ask you about those intense work moments let's call it a short season but it was a season where you're really getting after it and so when you're physically exhausted and your brain starts going i don't want to do this i can't do this where did this conviction the gazelle intensity where did the emotion kick in when the physical wasn't there um yeah and i'll have ali touch in about like our our why a little bit um if you want to talk about that um well really just um we couldn't get keep going anymore we just remember our girls um we actually had our second baby um back in february so um we knew that we wanted to create a good future for our kids and that was just the biggest thing for us and physically you know um it's kind of amazing what the human body is capable of doing on an hour of sleep so you know really just going home looking at my girls i got three girls at home uh so you know that really just keeps you motivated for sure and knowing that it is a temporary amount of time it's not i'm i'm working 80 hours a week now you couldn't do that you thought it was a way of life exactly right right right i guess you could but it'd be very very it would not be very fun it wasn't fun anyway that's amazing you've been preaching a little bit you know i'm thinking of isaiah you know when he talks about those that wait upon the lord will mount up on wings soar like eagles they will run and not be weary they shall walk enough faint you were running but you weren't weary because of the emotion those girls faces kept popping up that's right for sure that's so awesome yeah that's powerful wow all right so now you pay off five thousand dollars in 27 months we know one of the secrets and lots of hard work that's right lots of hours what are the secrets to getting out of debt in addition to that um lots of sacrifice and being on the same page and we really had to be united um because he's gone and when he's there he's tired right exactly right so we we started parenthood and then he started working all the time so it was tough it was really tough yeah for sure but definitely worth it um definitely a team effort for sure yeah um and just kind of fun little aside we were actually here at money and marriage in february of last year um right before the world shutdown oh my god that's right and we met rachel and took a picture with her right here and said we'd be back next year and we do you are we need to do our scream all right we'll let her know you did that for sure very very cool well congratulations you guys thank you outside of the two of you who are your biggest cheerleaders definitely our families i think they thought we were crazy at times but they supported us yeah lots of uh friends and family people at work you know saw me uh you know working all the time and they were kind of inspired by that and just would kind of encourage us as me i was going through that for sure and actually at the time one of my office coordinators at my clinic that i worked during my day job her and her husband were going through their debt-free journey so we would kind of keep each other accountable and one of the pictures i sent him was my 99 toyota 4runner 273 000 miles that's a big part of the story because i didn't have to get a car payment and there would be times like man that 2021 trd pro looks so nice but just talk me off the ledge here so you know uh that was a little part of our debt free journey but yeah lots of friends and family at work for sure definitely so the whole method of plugging into us was 100 of the podcast yeah i would say we had heard of the book obviously dave ramsey was kind of a name growing up we grew up in church and heard your name a lot but but the podcast was really you hear so many inspiring stories of people who are you know single parents or you know they just lost a loved one and they go through and it's like these people can do it why can't we do it exactly yeah all i'm doing is working 150 hours a week i mean you know it's no big deal yeah sure wow well congratulations you two very proud of you you're amazing people rock star young couple very very cool how old are you uh 32 31. she likes to let me know she's 31. i like that four months older than her another month of it robbing the cradle nine years ago congratulations and happy anniversary very well done got a copy of the legacy journey for you and the total money makeover as well kyle and ally atlanta georgia 105 000 paid off in 27 months one of the hardest working guys we've run into in a while making 80 to 120 count it down let's hear a debt free scream three two one we're debt-free [Music] [Applause] well done well done well done absolutely fabulous this is the ramsey show [Music] [Music] [Music] so [Music] if you haven't heard uh two of our ramsey personalities have brand new books coming out both of them will be national bestsellers ken coleman's new book from paycheck to purpose the clear path to doing work you love is on sale right now including two different bonus packs that you can choose from either you want to get hired or you want to get promoted and you choose the appropriate bonus pack it's about 200 worth of stuff when you buy a 20 book from him and the same situation for christy wright's new book take back your time the guilt-free guide to life balance now this one's getting ready to end because this book's getting ready to come out september 13th is the last day to pre-order so you got about a week and a half two weeks to do this and you get fifty to a hundred dollars worth of bonus items when you pre-order the book so you do wanna pre-order these books because you get all these goodies with it for free so here's an idea you could spend 40 bucks 20 on christy's book 20 on ken's book and you'd get close to 500 worth of stuff add it on there that's pretty stinking incredible so you want to be sure you get all that lined up and all happening over at ramseysolutions.com right this second ken coleman is my co-host today doug is with us doug is in tampa florida hi doug welcome to the ramsey show thanks steve um i was going because a little background story um i used to be an addict and gambling and uh i've gone ahead and been sober for three years now good for you well done how'd you do that uh well honestly lost everything okay it was uh kicked out of the house lost car uh kicked out of another house and so that's kind of where i was leading to is that how did you get did you get help from somebody ga or what no um actually my daughters or my fiance now i was just by my side and said that you know in order for us to keep a family together and for me to be to be around my daughter was either to clean it up or not be a part of her life and i couldn't really see that in the future so um wow kind of a little ultimatum and and uh so sucked it up and went on with it so you've been dry three years yep um so i you know i was able to get the finances back under control uh start paying bills on time because working was i was able to see the money coming into the account i did you know i have debt with the evictions and the repos but no active debt no credit card no student loans anything like that so the reason i'm calling is because i back to the situation to where i'm not spending money at a casino but i'm you know i don't know where my money's going i see the paychecks coming in by the end of the week i'm back down to the point to where i'm getting scared where bills aren't going to be paid on time and i don't want to relapse per se and get back into the situation where i go make 3 400 real quick just to pay the light bill yep i like that so i like it i like it you recognize the the tightness in your chest and your throat right yes yeah that's smart that's wise okay now uh are your fiancee did you marry oh we are getting married at the end of the year okay well congratulations on that okay so your character here's the thing i want you guys uh it sounds like you're married or it sounds like you're living together with a baby right yes okay so um you know as soon as you're married you need to be sure you're doing this but between now and then you can practice working together on the budget okay so here's the thing the way you stop living hand to mouth is three things obviously if we lower expenses that helps obviously if we increase our income that helps but the most important thing is to live on a plan a written budget will make you feel like you got a raise in your case what it'll do is give you peace right because right now money is a stress point it's a it's a it's a an area of great anxiety and uh me and my fiance yeah well i mean she's scared she's scared you're gonna do stupid again you're scared you're just gonna twist out and not know what to do and so here's the thing it's a pretty simple idea but you have to do it with a gr with great discipline and you will a get tremendous peace from this and b you're going to feel like you got a raise so here's how it works i want you i'm gonna i'm gonna sign you up for financial peace university to learn how to handle money and in that you get a uh for a year i'm gonna put you in the ramsey plus for a year okay it's a membership thing we're gonna put you in there for a year in that you also get our premium version of the world's best budgeting app it's all free for you okay it's called every dollar now the premise of doing a budget is this the number of dollars you have coming in this month not a template not the perfect month from heaven but this month today is the first in september what dollars are going to come in you put those at the if you just draw you know just to get a yellow pad and put that number at the top of the page and then i want you to give every and that's you and your fiance i want you to give every one of those dollars the two of you working together to do this an assignment the first assignment that comes out of that is food the second one is lights and water the third is you keep the transportation rolling and the fourth is you pay the rent now if you've got all of that covered and by the way you can right then the rest of it is just kind of monopoly okay because once you know you have a place to live and the light's not gonna be cut off and you got food your stomach relaxes that tightness in your chest starts to go down and you go and i still got thousands of dollars laying here on this pad i've got to figure out what to do with and you give every one of those an assignment and then oh by the way you live by that once it's done you don't spend money on anything anywhere anytime unless it's on that freaking paper got it you're in charge of the budget until it's done and then it's in charge of you you get to decide you get to decide but then it tells you what to do how would i go about the uh the non-active debt per se uh worry about that after or that's the last thing you deal with first thing we deal with is get this crap out of your life that's where it's all swimming around in your head and about to blow your it's about your head's about to explode right right we gotta get rid of that first but then once you get past all of that then way down the list is going to clean up the past okay and all you're gonna do there is i you know with the exception of if somebody's suing you or something i would just list those debts smallest to largest and i would look at the smallest one and i would call that one and work a deal with them not a payment deal a lump sum deal just pile up cash yep eviction and what else that's two two tenant evictions in a repo that's it okay so uh have any of them given you a number no i haven't gotten any judgments nothing no no no no request for collection no nothing no i haven't and it's honestly been three years i mean so i haven't i mean so here's what's going to happen let's say you call up landlord number one and uh it was an apartment complex corporate operation and they say we added it all up and it's six thousand dollars you say i can't do that but i do have two thousand okay they'll take it okay may have to argue with them a little bit but they'll take it you get that in writing in writing do not do it unless it's in writing and do not allow anyone to have electronic access to your checking account you give them a money order a prepaid debit card or you give them cash and get a receipt okay perfect i don't care what it is a certified check whatever but don't get them don't let them get in your checking account because they'll clean you out so each one of them are going to name a number that's going to go like the repo you can sell that repo for about 12 cents on the dollar okay and uh it's just for the deficit is what they sold the car for subtracted from the balance plus they've added all kinds of repo fees and legal fees to it you just got to cut that back down and hey man you're going to turn this around i can tell you you're a guy that's you've changed your life and now i get to be a tiny bit of the back side of the story so you hang on kelly i'll pick up and uh ken and i are going to give you ramsey plus for a year which includes financial peace university and every dollar the premium version a lot of other things as well but coaches are in there everything's in there pretty cool yeah he's gonna have a fun life yeah all that pain is gonna turn into something pretty passionate it's exciting that much manure there's gotta be a pony in there somewhere that's right this is the ramsey show [Music] dave here we just launched a brand new listener survey we want to know what you think about the show you'll be entered to win a 100 amazon gift card no purchase necessary take the survey at ramseysolutions.com survey or text survey to 33 789 [Music] this is the ramsey 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 ken coleman ramsey personality number one best-selling author is my co-host today we're here to help you with your life your money your career ken coleman's show the ken coleman show talks about jobs and careers every day getting in work that you love getting involved in work that matters and we'll take calls about that as well the phone number triple eight eight two five five two two five chris is in san antonio texas hi chris how are you good afternoon guys hey what's up hi dave so my question is or i guess yeah my question i have well i i became a landlord about 22 years ago by default i have a home in austin texas i own it but over that time that home has grown significantly in value so i'm at a point in my life where i might want to sell at home but i just need some direction in knowing if it's the right time for me to do that and if i do decide to sell it i want to know if there's any way to possibly avoid capital gains tax hmm certainly a hot real estate market great time to sell real estate and by and large that's a general statement right um capital gains um you're going to pay capital gains on it my guess is you've been depreciating it all these years right yes so you probably have an adjusted basis close to zero the whole thing may be gained well yes yes that's true yeah and uh so what's the house worth i think we could list it for about 550. okay yeah so you're going to have um geez you have sixty thousand dollars in capital gains right yes that's that's no more than that more than that ninety yeah yeah okay but i i have a i have a stable renter who pays on time um so he does a lot of his home maintenance to the to the property so the situation right now is kind of ideal but again i don't know if the market's going to continue to increase or it's going to blow up and start you know declining in value oh i think i think it's going to go up in value i don't unless you've got a neighborhood problem but overall real estate i don't think real estate has a category is going to go down certainly there are neighborhoods that deteriorate you sometimes people let their property deteriorate that kind of thing but i'm not worried about that part of it the only thing i know that you can do to avoid capital gains if you choose now is the time to sell it for you would be what's called a 1031 tax deferred exchange and that would involve tr would involve selling the property into an escrow account and buying another piece of real estate out of that escrow account and it is it is in effect a trade as if you've traded this property for another property and so you roll your basis into the new property uh and so if the new property's 550 000 or less you're gonna have zero basis in it and uh and the new property so you know you're not gonna have anything you can depreciate um unless you move up in property and so you you mean you can buy a million dollar property but obviously you have to put up the money for the difference and so you're getting further into the real estate business at that point and it's just a matter of whether you want to do that or not but for instance if you wanted to buy four houses in san antonio um 150 000 houses you could do that yeah and you know being a little you know having them out there in your area be able to spread them out and you just roll you're just rolling the money over from that's what a 1031 allows you to do it's kind of like a rollover in the sense you're rolling it from the the austin house over there uh otherwise you're just gonna be be paying a 15 capital gains rate or more if you sell it next year biden's talking about raising the cap rate capital gains rate um so um i haven't looked at it lately dave uh i thought that you uh didn't have to pay on the first 500 000. that's personal residence personal oh because this is a rental i was going to rental more than two of the last five years it is now a rental got it that experience loses that exemption oh and he's had this in 22 years that's bad policy hey i haven't owned any rental homes yet so that was i'm a neophyte on that but now that irritates me for you i'm glad that's why i don't sell them so you don't have to worry about it that is true you don't you hold on to it hold them but that sets that bothers me yeah well they um there's always a way to yes raise taxes if you're a democrat i mean that's just how it works so yes all right melinda is with us melinda's in richmond virginia hi melinda how are you hi dave hi ken thanks for taking my call i'm really excited to be talking to y'all you too what's up um so my husband and i we are about to start baby step 456 and my question is about how to hit that 15 towards our retirement um my husband's base salary is at 185 and um he gets an additional 30 to 35 000 in bonus in stock so we're kind of finding that we're hitting that 19 500 uh 401k contribution cap before we hit our 15 so i was hoping to kind of talk through what we need to be doing to hit the rest of our fifteen percent where can we be putting that now you do a couple of roths uh you're going to be over so you have to do what's called a backdoor roth but but uh okay um both of you do a roth and that will just about get you there that's going to be very close to your 15 the way a backdoor roth works is you get with a smartvestor pro and they'll help you get that going but all you're doing is you open up an after tax ira and then 20 seconds later you roll it to a roth because it's an after-tax ira you've already paid the taxes on the money for it went in there just like you would in a roth and so when you roll it to a roth it has no tax effect and um i do one every year and it's it's the only way you can get money into a uh an individual roth account if you make more than 200 000 and you guys do with all this stuff added up here so you're going to you're going to bump into that ceiling but um it's called a backdoor roth it's actually technically i guess it's just a loophole in the law um and uh but someday they'll they'll button that one up i'm sure um never have gotten around to it so far um well there's a lot of technicalities a lot of reasons it's very hard to button up but anyway aside from that yeah you can just open an after tax and roll it to a roth uh and you do that every year and so you know you'll have plenty of money going in there then i think that and the 19 will get you there i think that'll get you to where you need to be hey thanks for the call open phones at triple eight eight two five five two two five it is amazing the amount of energy and brain power and dollars that we spend to get to keep our own money yes flash two callers yeah yeah yeah gotta jump through hoops to keep the government with is this a good investment it had nothing to do with the i'm able to get control of my money it had to do with how do i keep the government from taking my money it's a whole new idea it's like a full-time job oh yeah we call them accountants this is the ramsey show [Music] [Music] ken coleman ramsey personality is my co-host today as we answer your questions about your life and your money it's a free call triple eight eight two five five two two five we really value the input of our listeners here to the ramsey show it helps us know what's important to you and we can adjust our content delivery just what we're doing here to make sure we're serving you we've been doing this a long time but we can always learn something from you guys so if you want to take a survey a listener survey of this show this podcast check out ramseysolutions.com survey or text survey to 33 789 there's 100 100 amazon gift card that you will be in the drawing for if you take this survey again visit ramseysolutions.com survey or text survey 233 789 we'd love to hear from you nicholas is with us in miami hi nicholas how are you of course how are you hi there can you hear me absolutely what's up yeah you're gonna have to get off your speaker phone or whatever you're doing there get back on your regular phone sorry about that that's right okay that's what kelly told you okay how can we help so i have a question about the inheritance so basically my dad has a fairly peculiar relationship with his family and he has like five five siblings slash nephews that depend on him fully financially and i'm my only dad's son i'm fully financially independent however he's getting kind of old and i want him to set up a will to like um divide his state between me and the people that depend on him financially but he has not been willing to do that why so like basically whenever i bring a topic he avoids it he tells me that he's gonna do it sometimes and then he never does it why and then why why does he not do it i don't know he's just like he doesn't like to talk about money basically how much money has he got i think for like 2 million he states 10 million to 2 million 2 million well sometimes he used to talk about money unless he just fell into a pile of it somewhere i mean i think the problem is that basically he's very i would say very conservative like he's very he doesn't want to give out any information yeah he's cynical there's some shame about his siblings he's still relying on him financially basically yeah okay right so do you know what his plan is you i mean does he intend for the idea does he intend for them to get the money i have i have no idea basically and uh like he doesn't talk to me about himself how old are you and he's okay uh i i hear some kind of accent that's not southern what what's your accent what's what's your family heritage i'm i'm latino latino i'm not jamaican and he is as well yeah okay what country columbia okay all right and so he came here with nothing yeah and then he he made a significant amount of money and he's 77 years old now where do his siblings live are they back in colombia are they in the states they're uh they're back in colombia one of them is in states and the other ones are back in colombia okay all right ken i i just want to know if you've ever actually sat down with him and said uh pretty plainly very clearly hey dad you need to do something about this and see if he's actually going to react to you when you do that or is it just something you're kind of kicking the can around we're all beating around the bush just curious have you had a direct uh responsible conversation about this yeah like basically i think around last year one of my uncles died because of covert and at that point i'm like okay i need to have this conversation i sat him down i told him i want him to make things clear what will happen with his money because i don't want to have that problem be pushed to me or or to basically have to figure out what he wanted to do once he's dead he told me that he was going to make a will and then nothing came out of that yeah so do you think what would be your guess if he did do a will that it's going to say you think he's gonna want you to manage this money and take care of his brothers and sisters i i think that i think that's basically what he actually wants me once wants to happen do you wanna do that no interest in doing it do you wanna do no okay all right well the the only thing i know to do is take another run at it and then you can just wash your hands of it um and another run would sound like this where does he live uh he he lives back in columbia at this point oh he's in colombia as well okay when will you be with him again do you think uh probably christmas okay all right so um what i would do is say this i i would go ahead and let let's just not have an abrupt uh conversation where we hit a wall at christmas but go ahead and start talking to him by phone now and just say dad when i'm there one of two things is going to occur while i'm there and i need you to know this because i love you uh i want to i want you to help you uh cause your wishes to be had and uh you you so when i'm there i want to see the will or you and i are going to go meet with the attorney and the will is going to occur and oh by the way dad i'm not managing this money for your siblings so you need to have a different idea i'm not willing to do that i love you i don't need the money and i and if you want to do that you can set it up down there with a trust and so forth but i'm not going to get sucked into this where you've done business poorly and you take up my life and i'm also not going to get sucked into managing the money for them for the rest of my life these are not two things i'm willing to do dad i love you i'll help you any other way i can and if you want to be responsible you need to get your will done and i want to see it when i'm there at christmas or i'll go with you when we're there at christmas but it does not need to say that i'm going to manage the money for your siblings and just say all of that on the phone and just let him kind of get because my guess is it take probably takes him a little while to digest it and uh you you uh grew up in a culture like i did of honor hillbillies and latinos share that okay we're a culture of honor and so you have to pay him honor and yet you can honor him and not uh abide by his wishes it's possible but that's just a matter it's just a matter of telling him that you admire what he does who he is you admire that he's taking care of his siblings i'm not willing to engage in that though dad and i and i want to honor you upon your death by making sure that your wishes occur as long as it doesn't involve me having to do that and and so you're being sloppy with this dad and it's not like you you're a better businessman than this and and and i love you and i admire you so much you're one of my heroes that's how you pay honor did you hear it yeah and that and am i right that he's a man of honor yeah i think though nobody else takes care of their siblings except people of honor yeah there's a few that do but they're just psychos most people are just he sees that as an act of honor that's why he does it yeah that's who he is as a person so you need to you can you can tip your hat to him pay homage to who he is as a man what a good person he is and he is a good person um and do all of that and yet not fall into the trap of getting sucked into managing a an estate with no will nor get sucked into managing his money for his brothers and sisters in perpetuation and you can just lay those out as boundaries in the discussion and you can do that while paying him honor and it's your only shot if he doesn't do it then you just wash your hands of it and just say dad i just love you but i'm not doing it i'm not doing nothing when you die because i begged you to do this it's all just going to melt down around their heads down there and um you know you just turn up the heat on it i don't know ken no i think it's absolutely right i think named dr john deloney we do yeah or he needs to read henry cloud's uh uh boundaries i mean i i think that you nailed it you just have to put it in his court he doesn't want to deal with he doesn't want to talk about it so he kind of acts like well it's just not there and then you know honoring him and respecting him is the way to go but also forcing the issue yeah yeah you just got to drive the nail home baby i mean and i think you were right you're on to something that the problem is that the old man's just being thick and he's just going it's going to require a little more direct punch in the nose to get the thing moving yeah but the only way to do that is with a velvet glove that's true so this is the ramsey show [Music] [Applause] [Music] [Music] so [Music] [Applause] [Music] [Applause] ken coleman ramsey personality is my co-host today open phones at 825-5225 in the lobby of ramsey solutions on the dead free stage chad and emmy lou are with us hey guys how are you dave we're so excited to be here welcome welcome where do you guys live omaha omaha nebraska and all the way to nashville how much debt have you paid off 250 000 250 000 wow lots of loan interest and how long did that take about three years three years all right and your range of income during that time like 123 to 141 123 to 141 okay cool wow what kind of debt was the 250 student loans mostly when we started the baby steps we had about a little over 200 left on my student loans okay and the rest hvac windows deck wow improvement yeah what do you guys do for a living i'm a dispatcher for a transportation company and i'm a occupational therapist in the home health setting all right very cool what's your degree in that you spent 200 grand for a clinical doctorate okay all right good very pricey very pricey yeah yeah so and you're making 141 how long y'all been married this is our seventh year okay so after around four years of marriage uh you begin this journey to get out of debt what started you on the journey well that second little baby sitting over there i was pregnant with her and we well i went to daycare to pick up our first and to reserve her a spot and i knew how much daycare cost but walking in hearing that number i mean i just had a gut punch and we've always been frugal we took your class when we were engaged thank our thanks to our dad my dad and i just knew i mean i just broke down in tears i was pregnant i just knew we could never pay off my loan debt with 20 000 in daycare every year and that was just two kids and now we have three so there's no way i mean we wouldn't have made any progress i mean a thousand extra a month goes nowhere when it's 36 dollars of interest a day yeah it was crushing we looked at our schedule and i worked nights so i could watch the kids during the day mostly and then she would switch off so yeah our managers were just a godsend we sat down and were like what do we do and my manager let me switch my day off and he has a rotating schedule and so we make it work i mean before covid there were times when we met in the driveway with the keys gave each other a kiss and i mean we didn't see each other all week but now he gets to work from home at least for now which is actually a godsend so here we are yeah wow very good you guys so uh how does it feel to be free of 250 000 um it was a long three years yeah it's a lot less crying um and more traveling we did our i mean we can get to this later but we did our dream trip about two weeks ago and took the kids to disney and you'll see in the picture one of a picture of our kids at disney and that just sums up our whole experience i mean it's like living your best life in one picture i mean i mean i just cry and i'm just so excited congratulations that's fun i'm glad you celebrated we did go big so talk about the intensity what was what were some of the most intense sacrifices i know the the the passing ships in the night is certainly one of them but some other sacrifices things that were so difficult but also made huge impact um i think the biggest thing is uh this guy right here you know dave talks about being the man of the house and stepping up and and being in charge and there are days that he doesn't get any sleep you know we have three kids and i leave sometimes for work at six or seven in the morning and that's the big sacrifice is him i mean he's done it all for me i mean two hundred thousand that's a lot in student loans to yeah we just put in two in order to get it done so whatever sacrifice we can um i mean we sell stuff we uh we live very frugally i mean nebraska is a low cost of living but you know we didn't eat out we didn't travel i mean we were gazelle i mean if you have a definition of gazelle we were it um i mean we didn't sacrifice on some things like pictures our family pictures is the most important thing to me but other than that i mean that's it i mean our clothes we consignment sales you know we just did it all we were so motivated what's the thing that you may never eat again oh is there is there a meal you ate too much that was like broke people food and you never eat you know she is the best cook ever oh i love it that's good i think this guy's got a superman cape back there oh seriously pretty incredible yeah yeah you're making the rest of us look bad dude yeah seriously stop well done you guys very well done that's cool okay what do you tell people the secret to getting out of debt is because you've done a lot here yeah um having goals and attaining them was a big thing you know i mean we had that ultimate the large goal of three years of working to pay off this debt but little goals in between you know we can get this loan done and then this one and that's you know just attaining each goal and for me it was just um having an end goal in sight you know when the kids are little this is the time to do it we realize like as they get older there's only more activities to do more things to get involved with and more opportunities and when they're babies let's face it you don't want to travel anyway it's so hard so we did it you know we're like let's do it now we're having our kids now and then we're going to be free forever i mean we have we have two years left on our house and then we're done i mean we're wow we're living it it's it's so great thanks to you i'm so proud of y'all well done you're heroes very well done great job yes it's good stuff very good stuff and so you brought the kiddos with you what are their names and ages yeah um we have elliott he's four we have kinsley who's three or two two years two and a half come here buddy bryn lee who will be she's our sweet baby girl she's almost here that is dave ramsey you're right you're like are we going to see the real deal ramsey yeah he watches on tv all the time digital version oh come here baby we got a copy of the legacy journey for you it's obviously obvious that you have a great legacy uh it's a beautiful thing you've done i'm so proud of y'all and a copy of the total money makeover as well the total money makeover for you to give away to somebody and help them start their journey chad and emmy lou elliott kinsley and brindley omaha nebraska 250 000 paid off in three years making 123 to 141 count it down let's hear a debt free scream three two one [Music] yeah love it love it love it so well done beautiful job man the uh schedule thing with the daycare is that's enormous yeah brutal so now it's an amazing amount of money oh yeah that that we know that the daycare costs to get you know in most places you have to make serious money just to work absolutely right yeah i mean and she struggled you know you think about how much schooling she went through she's got her doctorate she she does some really important in-home work you know that's life-changing for the families that she's engaging with i mean and to see how they're working together um the sacrifice uh and you know what way to go chat i mean that's some serious props from your wife man and and that's uh that's next level conviction that we talk about we talk about gazelle intensity it's got to come from somewhere that intensity cannot be manufactured you know that it comes from a deep searing you know conviction that this must be sick and tired i'm not gonna live like this i've had it i'm not living like this anymore and you've got you've got to reach that point earl nightingale used to say that it's not what you're willing to do to achieve your goals it's what you're willing to give up yes to achieve your goals sleep yeah i mean we've had two debt-free callers on the show today both of which worked unbelievable hours yeah and uh well i don't want to be a workaholic you're not a workaholic honey workaholic is when you get your is when you you get your satisfaction from work so you do nothing else it's like you're addicted to work yeah that's a workaholic working hard everyone that works hard is not a workaholic somebody's working hard simply as a goal they're trying to hit they're living like no one else so later they can live and give like no one else i've worked like no one else for 25 30 years now i work when i want to um i want to be down here and do this show and that's why i do it every day but uh it's it's a decision now you know when you do what they've done now they get choices you get margin you get wiggle room and it gives you choices and you don't have to be you don't have to be working for a jerk you don't have to be in a stuck in a a bad job amen to that toxic situation changes everything this is the ramsay show [Music] [Applause] [Music] [Music] [Music] our scripture of the day isaiah 25 1 lord you are my god i will exalt you and praise your name for in perfect faithfulness you have done wonderful things things planned long ago michael jordan said some people want it to happen some wish it would happen others make it happen there it is and he certainly did does that kind of thing ken coleman ramsey personality is my co-host today q is with us in nashville hi q how are you okay so okay you're gonna have to get off the speakerphone kiddo hello yeah there you go like kelly told you to okay you there you're gone all right up next is weston and uh salt lake city utah hi weston how are you good how are you better than i deserve what's up hi so my work gave me um two phantom unit award agreements and i was wondering if you could explain what those are and uh yeah i just was searching and i've never seen you talk about them on your youtube channel or however so no i probably haven't but uh i mean basically it's deferred comp is what it is based on the stock price and there's not a set necessary there's not a necessarily a set methodology on when you receive them it would be by the agreement a lot of them they give you own they only let you cash them in when you leave is that what yours are i believe so um yeah they ended up giving me 1250 units and yeah both of them have different like grant dates and investing commencement dates and yeah and i just i have a vague understanding of what they are and i just uh well it's it's not actually stock stock is you actually own a portion of a company an equity position it's called a phantom unit is it's um it's a ghost obviously so but what it does is it replicates the real thing and so uh if you have 1200 units and um they're worth a dollar a piece then they're then if stock is selling for a buck a share then it's twelve hundred dollars if it's down for ten dollars a share it's twelve thousand a share twelve thousand dollars um if it's selling for a hundred dollars a share be a hundred and twenty thousand dollars so um you know your units are worth what the stock price is per share of stock and then when you can cash them in is unique to each company and each agreement and it sounds like you have a vesting schedule which means that's when you actually become the owner and then what you'd have to determine other than that from the vesting schedule or from hr can probably tell you this or maybe your agreement if you read through it after you're vested can you cash them or do you have to wait till you leave after you're vested vested means they actually are yours for the first time um in a sense you become an owner of the phantom units which is kind of an oxymoron but you know but you know it's their the valuation is the price the stock price times the number of units that's what it's worth and then how you can get to them the schedule of access to the money is unique to each agreement so good question thanks for joining us open phones at triple eight eight two five five two two five daniel is with us daniel's in nashville hi daniel how are you i'm good dave i got a question about i i get disability from the va on top of my working and i work for the state of tennessee and so i get i get the retirement through the state uh with the pension how do i how do i make the math work on when i realized i'm going to be receiving this disability until i die and how do i do am i making sense how am i calculating this so that i am set for retirement uh right now i have um about 150 000 in retirement um right now i'm putting 1300 a month into my 401k uh even though this gun i'm full pension i don't get any match from the state on that but i'm also maxing out my ira every year at six thousand dollars good good um well you've got that nest egg and you the two the nest egg from the 401k and the nest egg from the iras and that's money that you actually control you control what what is is invested in you control when you take it out at retirement whether you take it out at retirement you can let it sit there and grow you can move it to when you retire you could roll that 401k into an ira at that time in mutual funds and you can have complete control of that part of your world and that's your nest egg so if that nest egg is sitting down with your investment professional with your smartvistor pro is going to grow to i'll just make up a number a million dollars all right so you know you've got that nest that million dollars is going to create an income and you've got the va income thank you for your service and you've got the state pension coming and those are your three items that are that are there they they are different ones coming from the feds one's coming from the state um and one is coming from your hard work sweat and saving uh and the one that you have the most control over is that last one the other the other two okay hypothetically could get messed up i'm i'm not predicting they're gonna get messed up state of tennessee's run very well uh if you were in another state i might be a little bit more worried about your the quality of your pension but uh some states are run well some aren't but the state of tennessee's business has done pretty well we've had several consecutive good governors in terms of their uh the way they conduct the uh the business of the states i think you're the pension's in plenty good shape uh and i'm not worried about that and i'm not predicting the federal government's gonna cave in either so i think you're gonna get both of those but they're just an income and they die with you right okay all right thank you so much dave hey thank you appreciate you joining us open for the thing you don't want to do ken in that and i probably should have brought that up while i still hit him on the line um the thing you don't want to do is count only on those yes that is correct because you don't have flexibility then right yeah and you don't have control no control yeah no options he's in really good shape uh yeah he's doing great because he's saving like a maniac like crazy i mean really pouring into his 401k he's got the retirement nest egg so he's gonna be in great shape yeah heading in the right way alec is with us alec is in pensacola how are you alec i'm great how are you doing better than i deserve what's up hey i'd love to hear that all right so my fiance and i are about to get married i am in the military and she is fresh out of college for a nursing degree that is going to put us together fifty five thousand five hundred dollars in school debt two credit cards totaling fifty five hundred and then two found the ones on my part to pay off my car totaling in fourteen thousand the car's worth twenty 25 and total income for myself is about 42 and obviously we don't know how much she's going to make yet until she finds a job we're assuming it's going to be between 30 and 50k and you know that's a combined income of maybe 85k with the total debt of 75k and we're really really really trying to rice and beans that get this debt paid off good for you i did i didn't know you know the best way to go about that and how fast we could assume to maybe pay that off well very good well i mean if you did 35 a year you'd be done in two years and do you think 35 a year is attainable that's truly beans and rice making 80. and it might involve selling 25 000 car too yes okay i'd really consider that alec that's a that's a big big jump start to what you're doing that car's worth you gotta you know that car is gonna continue continue to go down in value and right now we're seeing the highest uh rates for used cars that we've ever seen i would move on that you can make some big big big progress there yeah okay that's probably not gonna be a real popular decision if that's the first thing out of your mouth so i wouldn't lead with that that's true too but uh but but i i think you can do this i think it's very doable what i'll do is this i want to say thank you for serving your country and i want to give you a wedding gift we're going to put you into financial peace university which includes uh a one-year membership to ramsey plus that'll get you signed up for it we're going to give that to you as our gift you guys go through that class together uh as you're doing your premarital counseling and uh that'll that the two of you together will make really really good decisions and the two of you together will decide to say how deeply you want to sacrifice there for how fast you want to get out that's how this deal works so very cool man very cool again thanks for serving ken coleman good job ben and kelly in the booth good work i am dave ramsey your host we'll be back with you before you know it in the meantime remember there's ultimately only one way to financial peace and that's to walk daily with the prince of peace christ jesus [Music] dave here we just launched a brand new listener survey we want to know what you think about the show you'll be entered to win a 100 amazon gift card no purchase necessary take the survey at ramseysolutions.com survey or text survey to 33 789 [Music] you

Channel: The Ramsey Show - Full Episodes

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

Id: _AyalDf-FrM

Length: 121min 35sec (7295 seconds)

Published: Wed Sep 01 2021