Your Money Habits Won't Change Unless YOU Change

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 dave 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 kristy wright ramsey personality and best-selling author is my co-host today open phones as we talk about your life and your money that's triple eight eight two five five two two five chris christie is author of the number one best-selling book business boutique a woman's guide for making money doing what she loves and also the newly best newly minted best-selling devotional called living true 40 days to get back to you so we'll talk to you guys about whatever you want to talk about in your life christy and i are here to help you certainly money is what a lot of people call about but we'll help you wherever you are open phones at triple eight eight two five five two two five christina is in tempe arizona to start this hour off hi christina how are you good how are you better than i deserve what's up hi so um i'm 21 years old um pregnant five months pregnant and i'm currently in a horrible auto loan i owe eighteen thousand dollars um four thousand dollars underwater with a 26 interest rate you got messed over didn't you yes you were like desperate for a car and closed your eyes and signed whatever they put in front of you uh yep i don't think so i guess you learned your lesson on that go around huh oh i did sorry what a mess what do you make a year um about 25 000 okay man how in the world they qualify you for an dollar twenty six percent loan and expected you to pay it somebody's an idiot uh there are shysters and they're idiots okay um yeah the car's got to go obviously uh i i wow and you said you're five months pregnant i am yes okay i uh you're gonna have to come up with the four thousand dollars to get rid of the car and that's probably going to be a loan from your credit union is your could your family help you with that they can yeah i just don't want to depend on them right now okay i don't want you to depend on them either but i want you out of this car it's got to go now if we get rid of the car what are you going to drive um i was thinking about refinancing my car um paying the four thousand dollars up front and maybe still keep the car and maybe if i'm lucky i am able to like lower my payments and no a lower interest rate no car you can't afford okay it's ridiculous i mean you make 25 000 a year you you don't drive around in a car that's 18 000 bucks right it just doesn't there's no way this makes sense it's a bad deal so the car needs to go bye-bye and then you're gonna have a four thousand dollar loan and no car so we've got to get you a thousand bucks or something 1500 bucks to get you a hooptie to ride around in okay any way that is do you have any access to any kind of a work i hate to put the whip on your back with you five months pregnant but um but you're in a mess and i'd love for you to pick up some more income to be able to address all this yeah um i'm working 40 hours at a dental office right now okay about fourteen dollars yeah do you have any access to extra work that you can do five months pregnant i don't i was thinking maybe like uber or something like that may help yeah you won't be able to do that if you get rid of this car and get a 1500 car uber won't qualify you with an old car like that um but you got to get rid of this car so um so where's the dad um that's working that's working um he's going to school for emt right now okay did i miss somehow i got the impression you weren't married oh no i'm not made oh okay all right so are y'all living together yes you're living together okay so he's going to emt school and he makes what um well right now he's just working at a grocery store but he's going to emt school um we're just kind of living off just minimum wage jobs right now okay how old is he he's 23. okay christie yeah i mean i think it's one of those things where you turn every dial that you can so what that looks like for you christina if you can start a side gig if you can pick up a few extra hours doing administrative something that's not gonna be really hard on you five months pregnant to create a little bit of extra income on your boyfriend for him to take a second job for him to take a third job for him to help turn the dials in the income as well but this has to be a team effort not just because the car is a situation that's a strain on you but because you both have a baby on the way and so there's this fire under you to get yourself financially stable have a stable vehicle to be able to drive your baby home from the hospital in so there's a a more of an urgency than there would be otherwise if you were in this situation with the car and we're not he does your boyfriend have debt i don't know he has zero debt that's good news okay all right i'm gonna tell you what i'm really thinking are you okay with that yeah okay because i i care about you and i want you to win i'm thinking about a 31 year old christina with a 10 year old child okay and i want her to be in a really really good place and i think the best way for that to happen is for you guys to quit playing house and be grown-ups and get married you have a baby you're playing house and it's time for young man to uh pull up his boots and go get six freaking jobs and take care of his family and get rid of your stupid car and take care of his pregnant wife and he you all need to be married by friday and you guys need to get on with your life and he needs to roll up his sleeves man up now and and take the take the bit in his mouth and get this get this family taken care of because five minutes ago i had a pregnant fi a five-month pregnant woman on the phone who got messed over royally on a car stuck in it but now i've later in the conversation i got this young man standing here and it's time for him to be that i got a question for you what about emt school is now the time for emt school with everything they got going on or does he pause the mt school they have to you know that's what stuck out to me is his primary goal is not his self-actualization it's feeding his wife and his baby well that's what stuck out to me i was like this it's not it's not never on emt school but maybe this isn't the time for emt school when you've got these more urgent things like a baby in a car well or maybe you're just not home much because you're in emt school and you're still working 40 freaking hours right yeah and i'm okay with that too yeah i've done that kind of stuff when i was your age christina lots of people have done that kind of stuff when i was your age but you're kind of you feel like a single mom over here yeah and yet over on the other side i've got this guy standing here and it's just weird i'm just going to say it out loud and so i'm going to be papa dave here and love you and say if you were my kid i i that that would have been my advice to you the best way you can have an awesome 31 year old version of you is you guys you know let's do this in the right order here it's a big deal this is the dave ramsey show [Music] cliff and i joined christian healthcare ministries because we really liked the concept of christians sharing each other's burdens and we really experienced that firsthand when cliff was diagnosed with heart disease it was just such a relief to know that financial burden was going to be taken care of chm is the original and longest serving health cost sharing ministry get started today and check us out at chministries.org [Music] so [Music] thank you for joining us america open phones at triple eight eight two five five two two five you jump in we will talk so a study done uh about a decade ago says that you need to only do three things to avoid living in poverty graduate from high school marry before having a child and have that child after age twenty only eight percent of the people who do those three things fall into poverty 79 percent who fail to do those three things in that order land in poverty those are statistics not moral judgments graduate from high school be married before you have a baby and be over 20 before you have a baby pretty simple basic life choices and these studies go on from there that show you know uh a 2014 report american enterprise institute did says that adjusting for family size family income is 73 percent higher for married women than it is for women who are not married and living with someone so as a woman's empowerment issue there is a tremendous economic lift statistically speaking on average when a lady is married and and so that last call that we take from that super young girl she was 20 years old or 21 years old right yeah um these decisions that you're making at that age especially for women uh there's a there's a marriage there's what's called a marriage list in economics too that just shows that by and large more wealthy people are married than unmarried and so there's some dynamic there and it can just simply be that there's two incomes yeah you know the math could be the cause of that we don't know the causation of it the marriage is necessarily the causation but there there just seems to be something that when people are doing life together uh under the heading of marriage that that there's you know multiple studies that show that the probability of you not only avoiding poverty but being more successful in your life yeah i think it's interesting how you always highlight the economic benefit to marriage because i think people don't think of that now let's talk about this this is interesting though because in that example with christina in that last call i i don't know if she wants to get married and just isn't or if she didn't want to get married either but there's an interesting dynamic where typically and you know i know you make some people mad with this but typically the man proposes and if you're talking two women who want to get married who are in a relationship what would you say to someone that wants to get married but her husband hasn't her boyfriend has not proposed because you don't want to be this needy nag that's like well where's my ring but at the same time you're like what are we doing here what does that look like we're living together and having babies together so it's kind of like yeah this is like you know everything the deal's already done we just need to sign the deal right and so this is not like uh you're dating and you're uh trying to press there's not a baby on the way and you've got independent lives right financially and then you're needy that's not you know that's a whole different conversation but um but i would say a lot of people in younger generations don't equate those things they're and you get the calls all the time they're perfectly fine living together and having babies and not being married a lot of them do that and so i don't think in in their mind they equate well because we're doing this we must get married or it means we should get married or we're going to get married they're just they're just kind of cool with it you know i think some people think that so what would you say to someone well let's let's continue reading so many statistics because i think it does address that you know i mean only four percent of homes with a married mother and father are on food stamps at any given time 21 of cohabitating and 28 of single mothers are on food stamps so these are socioeconomic decisions that you control and uh and the reason is is that a house divided against itself can stand you know when you pull it when you're pulling it two ends of something all you do is break it down yeah you're not pulling in the same direction you have not you've not uh committed for the long haul and so you make short term decisions yeah and it blows your money up and it blows your career up and it blows your parenting up and it blows up everything yeah and so you know a goal in achieving the american dream only 41 percent of cohabitating adults and 44 of singles actually own their own home where 78 of married people own their own home you're twice as likely to be a homeowner married see these are all wealth indicators and so there's something going on here of the joining of forces versus shacking up yeah and so you know and and people get all pissed off because you know you're only right to tell me i don't know i tell you anything all you gotta do is change the channel if you don't want me telling you stuff because you're here you're here because i'm gonna tell you stuff that's that's why we call this the dave ramsey show if you want somebody else tell you stuff get somebody else but you know there is there is a problem here that we've just ignored because everybody's so afraid to address this because it's a moral issue as well a spiritual issue as well it is but i want to clarify something i want to i want i want you to explain this to me you're speaking to the issue of cohabitating you're not speaking just to the issue of singleness because the issue of singleness you can't really tolerate no no no no i'm not i'm not you're exactly okay i want to clarify that you know and and you know having babies outside of wedlock yeah old-fashioned phrase okay but the statistical evidence is it's disastrous for your life yeah yeah the numbers show it the numbers show it yeah and so you know there's something to a shotgun wedding you know or like you told christina by friday you get her pregnant daddy comes up with a shotgun you're going to marry her i mean that's old-school hillbilly stuff right but there's something to that because what it does is it sets you up not in the moment yeah but it sets you up for a pattern of decisions going forward that cause your next 10 years you're twice as likely to be a homeowner you are 10x less likely to be on welfare yeah it's pretty that's pretty dramatic it is it is in the numbers show it what's what's interesting and i don't think we have the data on this but i'm curious because you get calls a lot of times too dave and this may not be as common but you see a pattern where people are married but not working as a team they've got their own bank accounts they've got their hidden debts they've got all this stuff and you're seeing an economic disaster in their even even though they're married because they're not working as a team you're seeing the house crumble in on itself exactly because of the behavior but what's so interesting is when you have the the commitment of marriage the structure of marriage the uh teamwork element you're forced to work as a team it's much more conducive to those results you're talking about because you have committed you're putting things together and you're working as a team if you don't it's still going to be a problem yeah if you're not a team it's just for your own daughter you know you got to look at her and go if he gets the warmth of your bed he gets the 26 car loan yeah yeah i mean these things go together yeah baby doll yeah i mean why are you calling in the dave ramsey so show stressed out about your 26 interest and he's chased an emt school i'm not against emt school but i'm like it feels like he is moving forward with his goals and you are trying to clean up problems in the past we need to reconcile these two and then and then make decisions as a team together as to what's good for the team the family unit and most of all for this baby this one that's right there's such an urgency because of that and so um i i just i want you guys out there to hear uh this is not holier than thou this is not talking down to someone that there are some economic and statistical details and indicators that are really not arguable uh that you're that are gonna that you're that you're swimming upstream against well you can disagree with the morality you can disagree with your stance or or religious stance or moral stance and the numbers still don't change the results economically exactly there was no indication i mean i didn't bring up church attendance yeah but you know by the way that does in their enter into also a wealth building thing but a higher likelihood regular worship attendance whether you're christian jewish muslim regular worship attendance is correlated with a higher probability of building wealth because a character is being built and you know it's a pretty simple things when you think about it but you cannot leave these things separate from i'm just going to ask a math question doesn't work sorry guys this is how it is we love you guys we want you to win this is the dave ramsey show folks it's an honor to tell you about the army national guard not only are they big supporters of our high school curriculum but they also give you the opportunity to impact your local communities whether your goals are to get an education serve your country or have a better life the army national guard can help get you there plus they offer unbelievable financial benefits secure your future today visit nationalguard.com to find out more [Music] christy wright ramsey personality is my co-host today open phones at 825-5225 you jump in we'll talk about your life and your money carla is with us in los angeles hi carla how are you hi dave how are you better than i deserve what's up thanks for taking my call going off your last segment actually i am a single mom and what i call all your gems in the last three years have helped me pay off eleven thousand two hundred dollars in credit card debt i'm proud of you way to go and my student loans wow there you go thank you for your gems i'm proud of you well done completely good i'm glad we i'm glad we were able to help you thank you so my question is now i'm kind of scared i have some money saved up i've got about a 50 50 2 000 saved up and here in los angeles um they're allowing adus which is converting your garage into like a unit that you can rent and in my area um about a 500 square foot garage is um renting out for anywhere from 1200 to 1600 wow it will take about thirty thousand dollars though to convert my garage and so you know supposed to have its own bathroom its own kitchen and its own living space with you know all the legalizations of the city and i don't know if that's something i wanna do is that a smart investment for me is that something that i can capitalize on and i do also have one thing that's haunting me from my past is a lease that i got four years ago that lease is going to be up in december so that i know i'm gonna need about ten thousand i'm gonna buy a car i'm gonna have to use about ten thousand dollars to just flat out buy a car so i'll be you know needing a lot of money there and i only have about fifty two thousand so i don't know if that's a smart move for me to do what's your household income uh last in 2020 i made 141 thousand dollars good for you and the car lease is up when uh november december okay well you're you're saving maniacs so you could have some more money saved by then right yeah that's what i was thinking to save more yeah so i have a more cushion and i'm just scared to deplete all of that so here would be my goal you know and i would lay the math out and see if you can do it i want you to have an emergency fund of three to six months of expenses at all times in this discussion you currently do for sure so let's let's set that number i'll just make one up and let's call that 25 000 okay i don't care if you make it 35 you can make it whatever and that means you've got 27 000 left over after that okay okay and so you can start your project immediately if it's thirty thousand dollars and it does make mathematical sense to do that because you're gonna increase the value of your home and you're gonna make all your money back with additional rent within two years right and i'm not planning to move because i cannot afford a home out here where i'm living currently another home you know the prices are just crazy high yeah but i mean your home will go up in value some maybe not thirty thousand but maybe more than thirty thousand i don't know what it'll do to it by doing this and you're gonna make thirty thousand dollars more in two years okay about eighteen thousand dollars a month eighteen thousand fifteen hundred a month is uh eighteen thousand dollars a year okay okay so yeah we're going to do this project i think it's a great project and i think you started immediately and you set 25 000 aside as your emergency fund and you cash flow you know you make sure you that other 2000 or whatever you got there and then between now and november you've just got to save up for your car and you can do that i can okay thank you so much i'm just scared but i'm going to go for it well you're you're not if you follow the plan we just laid out you want yeah you've got the savings it's just the unknown it's the unknown it's the risk it's the new that feels scary you've got the money there and you've got a plan to save more money carla so if you look at the numbers the numbers don't lie you're in a good position to do this and you feel competent to manage the rental without any fears around that right because i'm a single mom it does worry me but i'm a nurse so my plan was actually to rent out to travel nurses to the la area because i see they're always asking for oh do you guys know anyone who's renting out you know a room that has a small kitchen a bathroom because they get siphoned so i'm planning to have so i think you i think you can i think you pick someone that goes in there based on safety as well as yes as well as their ability to pay and if you're doing short term like that you should be able to make i don't mean i don't know what location you're in carlo but typically when you've got short-term rentals like that it makes even more than that yeah that's exactly right so yeah i think that's a perfect idea that you're not gonna rent to um just anybody to to um too intimidating whatever's right yeah or parties or whatever yeah you yeah and with word of mouth in your industry you you know nurses you know people are always asking word gets out that you've got a cute place and you're yes you're a great host oh my gosh like i think once word spreads you'll have no problem filling that with good safe people doing exactly what you want to do which is helping traveling nurses i think that's awesome you need to do some research and get a proper lease a copy of a lease that you can use and you need to learn from some property managers and some other people just talk to people around there that do that on how to qualify a tenant make sure that they're going to pay so you don't just take their word for it and make sure they get a deposit and and obviously it's someone that you feel the safety part of is going to be more than adequate but yeah the travel nurse idea is a wonderful idea yeah and i would say because it's your garage right there like set some boundaries around i mean it's right there you know you're right there so just set some boundaries around that even if it's travel nurse you don't want party travel nurses you only may show up your house don't want to i mean you don't want her throwing parties over there all the time and you got little kids yeah i mean so it's not this ain't party central so it's someone with a value system that matches up that you want to have next door almost as if you would have them as a roommate roommate yes because it kind of is i mean they're right there yeah and with your baby there too julianne is with us in florence south carolina hi julianne how are you hey dave hey christy hey what's going on i'm happy to talk with you yes okay i am a christian fiction author and first of all dave i want to say how much you have helped me with money and christie you have given me such confidence in the moving forward with these novels i just want to say thank you up front that's awesome i i started out writing some short stories i put my short stories on facebook and my facebook friends were like julianne girl you've got to write a novel so uh 2019 i took the plunge i read the christmas no one expected uh 2020 i read the rancher next door and a date on the nasa halep so so far i am self-publishing on amazon i'm selling on my facebook business page i've got about 600 followers there i've got them in a handful of stores and i set up a vendors as a vendor at festivals and so forth i've got some awesome feedback from my readers at this point i'm super excited i plan to write another two novels a year on track for that uh dave i know i hear you say a lot how you uh started selling books out of the trunk of your car and uh crazy i know you do such a fabulous job at helping women in business and i just wondered if either of you had any advice for me and getting these novels off the ground just a little bit more well they're off the ground yeah here's here's what here's what's awesome and hard julian about what you're doing as a you know self-published author and all that what's awesome about it is you're doing everything yourself so you can control it you can do whatever you want to the hard part is you're doing everything yourself so you're not just wearing the author hat you're also wearing the marketer hat and it sounds like you've been spending a lot of time wearing the author hat you've been writing a lot and you've got plans to write more which is awesome but we've got to spend a little bit of time at least to wear the marketing hat and that marketing hat looks like getting these books in front of eyeballs because it doesn't matter how awesome your books are if no one knows about them they can't buy them and so i would say i would start exploring other outlets i don't know if you have a blog but even putting excerpts of your books on a blog on your social media on your not just on your facebook page but can you put samples where like every monday you give a little bit of the story and you're like what happened what happened to the character what happened next and you're waiting until next monday to get the next piece of the story give them samples you've got to get your writing out there where people actually want to buy the book they're if you watch me right now julian i'm doing this i'm doing this dave every few days a week i go live on instagram and i share an excerpt of my devotional living true 40 days get back to you it's to give people a sample to go hey remember i've got this devotional hey remember hey you're not sure if it's for you let me give you a sample you've got to get it out there in the marketing julian if people are going to buy it i love that you're great at writing and you love writing but you got to market also people are going to buy it and i like the initiative you've shown you've scratched around yes you pulled this thing out there you got her done i mean you got the amazon account set up you got the bookstore account you've done really well you just keep scratching and clawing and hustling grind like you're doing i think you're going to be just fine but yeah it's all about allocating some marketing time and dollars out of your budget this is the dave ramsey show [Music] [Applause] [Music] [Music] so [Music] christy wright ramsey personality number one best-selling author of the book business boutique and the best-selling devotional living true 40 days to get back to you as my co-host today open phones at triple eight eight two five five two two five paul is in atlanta hey paul welcome to the dave ramsey show dave thank you so much for taking my call i just wanted to tell you this this means a lot to me to be able to ask you a couple questions well we're honored how can we help um dave back in the summer in august i contracted coded and i wound up about being in the hospital for almost three months well i was on life support for uh three weeks i was in a coma for over a month and i see you for almost a month after that racked up over a million dollars in hospital debt uh thankfully i had insurance so i wasn't responsible for paying all that um i've paid off my portion of it since then um also got married to the person that was standing beside me through everything and before i get started on my question on the break you mentioned the importance of a will and i 100 agree but i also had another document that saved my life it was an advanced medical directive yeah i filled out my wishes if i got to the point where i could make any decisions uh because i refused going on the ventilator uh four different times and when i first went to hospital i told them who was appointed in my directive and they actually contacted this person and they authorized them to save my life wow and then for that document i i wouldn't be here now and also the board i mean he's the most powerful reason i'm here um so after i'd have a hospital um i decided to get married i've been engaged for a while and since then we bought a home um just got married in december i bought the home right before we got married um i've sold my other house and i'm trying to decide what to do with the money um i have not been very smart with finances in my lifetime i have no debt uh fortunately my granddad always told me to you know pay for stuff as i went and not accrue a lot of credit cards and things like that but i've just been a typical person and i've just blown my money like crazy and like i said i just was introduced to you after i got out of the hospital and just a few weeks ago as a matter of fact my friend wow um so i'm selling this house for 200 thousand dollars um i've got it sold i'm supposed to close on in just a few days and we've got some other rental property i owe 400 000 on the mortgage on the house i'm in now i put about 25 000 down on it when i first bought it okay so i'm trying to decide what the smart thing to do is because after that about this fall and everything it really changed my perspective on life sure what a deal what a wild year the best of times and the worst of times he gets married gets a house and gets covered oh my gosh and not in that order wow so uh and a really bad bout with kova to boot but um yes sir so uh the 200 000 property that's selling is it paid for yes so you're going to clear approximately 200 000 plus minus some expenses all right good you said and you owe 400 on your house and the rentals what do you owe on them they're all paid for good good that's awesome okay it sounds like it sounds like you have done well with money paul you said you've made a lot of mistakes with money you have no debt you've got some paid for houses i i don't know i hear i hear some good things happening i don't know i think if i'd have been introduced to you guys 20 years ago i'd be a millionaire that i listened to people talk about on your you know show cause i've listened to a lot of podcasts since i was introduced to you and i wish i was there well you will be you're you're on your way you're in really good shape what's your household income um i do about 140 and she does right at uh almost 50 000. okay a couple hundred thousand there very good very good all right so basically we're gonna do what we always do here and that's walk up the baby steps you're debt-free except your home do you have an emergency fund i do how much is in it about 45 000. perfect do you have any investments that are not retirement investments and not these rental properties yeah so you don't have any money in a 401k or anything like that oh one so i thought you should apologize yes i do um i looked at it shortly before i went in the hospital i just started a job a few years ago that the first time i've had a paid job i've been just doing things on my own for a while um i think i've got about 70 000 in that okay but you don't have any non-retirement investments at all right no good except these houses excellent okay well perfect well that puts you at baby step four you would start putting 15 of your household income away for retirement that comes out of your budget uh five is kids college are there any kids involved that need to be sent to college i've already said my kids are i've already that's done okay then the only thing left is to pay off your home that's baby step six and so any money you can find beyond putting 15 percent of your income into retirement uh and living uh is going to go into the paying off your house and that includes the 200 000 here so i suspect you'll have a paid for home and two paid for rental properties uh you know with if you put 200 down that leaves you 200 to go making 200. uh three years four years you'll have that house paid for and that's what i would do is just walk you right up those baby steps into the into millionaire status and you're gonna get really really close really really fast he's done well yeah it's impressive too because it's so interesting to hear all the things he's done right and it's so easy to focus on oh well maybe i didn't do as well here it's like gosh you've done a ton of things really really well i mean that's that's impressive he's in a great spot yeah the millionaire that's that's around the corner for you so that's awesome andy is in pittsburgh hi andy welcome to the dave ramsey show hi dave i am honored to talk to you i am thrilled um my main question well two things number one i hate debt and number two i hate divorce my main question is about buying out my soon-to-be ex um it is not where i want to be at age 52 he decided we were married for 20 years he decided he didn't want to be married anymore and he moved out the kids i have two daughters they were in one was in college one was in high school at the time they're both grown and graduated from college now he moved out four years ago pardon me he moved out four years ago five years ago um are you have you been divorced that long or you're not divorced yet no we're not divorced yet he left and then did nothing about it um and i've been scared very like emotionally dependent on nothing like our marriage is done no desire to get back together i'm scared to get divorced i don't believe in it i hate it i hate the thought of it i hate the word all of that i agree with you but you've been divorced for five years you just hadn't admitted it yet right and i think i'm finally accepting it now yeah so i kind of went forward and said i need some closure and we talked about it my life has just been up and down i worked for the airline for 20 years then lost my job there i went back to school to be a teacher again paid along the way what are you doing now right now i am working at a cyber school as a secretary i haven't been able to find a job as a teacher but i have a teaching degree so right now i'm making twenty five thousand dollars a year and then i take on six kids to tutor to teach reading good what do you what do you owe on this house well um it's worth about two hundred ten thousand and we paid it off um i worked very very hard to pay it off um and then when he left he um took thirty thousand dollars out of it in a home equity and bought himself a car in an apartment and all this stuff um so there's a 30 000 home equity loan on it right it's 25 000 now okay well that obviously comes out of his share right we we talked about it and this i guess is my main question for you um our house is worth about two hundred and ten thousand i don't wanna leave the home i'm living here both of my kids are are old and underway all right um so the deal we talked about was that he would give me 100 000 of his 401k and then i would take over the 25 000 home equity and also give him 50 dollars that sounds like a reasonable deal you're buying out his half for seventy five thousand and you get half his 401k um and this mess is cleaned up yeah so you're gonna have a seventy five thousand dollar mortgage is what you're going to go get so go to your credit union and get a 75 000 mortgage on as short a term as you can possibly stand maybe five years maybe seven years maybe 10 years you won't need a 15 year on that it's a small loan go to your local credit union with no closing costs and get that loan and you should be able to get that and then let's work to get that paid off my goodness i'm sorry this is the dave ramsey show [Music] welcome to the dave ramsey show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the dave 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 am dave ramsey your host thank you for joining us america open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five you jump in we'll talk about your life and your money christy wright ramsey personality is my co-host today you jump in and we'll talk with you about your life and your money she of course talks with ladies all the time in all categories of life and um was originally known for being the creator of business boutique equipping women to make money doing what they love her latest bestsellers a devotional 40 days to get back to you and uh it's called living true and so uh uh check that out as well again i we did a devotional we didn't know it's gonna be best seller but it was took look at that there you go all right cj is with us in denver to start off this hour hi cj how are you hi i'm good how are you better than i deserve what's up so i was just hoping to get your advice on a car situation um i bought a car eight months ago ten months ago for cash and the transmission is now going out what'd you pay for i paid 4 200 cash what is it my mom it's a 2011 kia rio so i bought it with like 86 000 miles because based on my research they're known to go into the hundreds of thousands of miles so i figured it would be cheap kept me from you know getting a car alarm and keep focusing on my baby step two so what's the transmission doing so it's not shifting i took it into the dealership and they told me it could go in a month or it could go in five years there's no telling when it's going to go but it's they confirmed it's the early symptoms it just it doesn't it doesn't know what gear to be in so it shifts really hard from first into second stop and go traffic in november it will kind of glitch and almost it almost feels like it's stalling out and then it catches um so i'm going to drive it until it goes goes but i don't know if i saved to replace the transmission which will be two to three thousand dollars or if i save to replace the car entirely all right let's do a couple things one is we need opinions and bids from people other than the dealer the dealer is the most expensive place to get a car fixed okay so we need to find a quality independent mechanic in your area and go and have them look at it and say this is uh what we do i mean tell me what we've got to do here um uh you sound like you're single the way you're talking this through yes i am okay do you have family in the area no are you in a good church yes okay uh not because you're not capable but because sometimes people in uh car repair places will treat a lady differently than a man was that was that diplomatic it's just the truth i i would put a guy have a guy from the church or a guy from work just come hang out with you and just stand there while the guy's talking to you you can do all the talking but i and that doesn't always happen that you you but you might get a different answer and it's it's enough of a chance that i'm gonna add that step to this okay okay and you're hearing me loud and clear it's not because i think you're not capable of getting to the bottom of this i just want you to get the real story and not get uh somebody think they can take you uh you know take you and so uh go get a couple of different people to look at it and give you a couple of different scenarios there you can do there's three possibilities brand new on the transmission rebuilt which is way less expensive than brand new or worst case scenario and really might be a possibility here is to buy a transmission from a junkyard that comes out of a wrecked kia and they install it and that's probably going to be you know 25 to 30 percent of new price now once you've gotten all those numbers here's the formula that you use you need one well you need one other number you try to figure out from somebody what you can sell that car for like it is right now okay so you paid 4 200 for it it's got a bad transmission they're gonna drive it and they're gonna go it's got a bad transmission so we will give you dot for it let's call that two thousand dollars okay okay if you can sell it as is for two thousand dollars and your repair is three thousand dollars that's five thousand dollars you're gonna have in a thirty two hundred and a forty two hundred dollar car we're not doing that we're gonna sell it as is take the take the two thousand dollars and put some transmission money with that you were gonna spend on a transmission with it and buy another car okay you follow me but if the if the sale as is is five hundred dollars and the repair is fifteen hundred dollars then that gets you in there for two thousand dollars and at the end of this story you've got a four thousand dollar car then you would do that repair so repair plus as is value should not be more than 4 200 if it is sell the car as is okay you get the formula yep i got it but you got it you in a car this cheap and this old you want to put the cheapest possible fix in it you do not want to this is not a you do not want to spend money on this fix you want the cheapest transmission even so like a kia that got in a car wreck and totaled that had 20 000 miles on it they pulled the transmission out of it at the junkyard salvage yard whatever phrase you want to use right and then they the local mechanics load sticks it in there for you um and that now you got a 20 000 mile transmission in your car use transmission but that's going to be way cheaper i think than rebuilt and i know way cheaper than new the other step i would throw in there cj is and i'm sure you'll do this anyway but just ask for referrals for those mechanics to begin with even if you take someone with you ask for referrals because you're going to have a much better chance of getting someone trusted someone good someone honest someone that's going to tell you your options shoot you straight and not try to take advantage of you if you go from oh you've got a friend or family member someone in your church says hey you got to go to my guy down on this road because he's awesome he's honest i've gone to him for 20 years that's who i use for my car someone that referred me and he's honest and i stick with him if there's a guy at the church that's an elder or you're you know somebody at your workplace that's a person of strong character they and they know that and they say what christie said then they don't need to go with you they can just call their guy and say hey i'm sending cj down there you take really good care of her she's my little sister i'm gonna box your ears if you don't okay that's that's the kind of if you can get that kind of referral yeah then i'm fine with not taking somebody with you but if you're going stranger to stranger then you know let's just work this from every possible angle can't hurt yeah work this from every possible angle and i think you're very capable of getting this done i'll give you a prediction that you're going to sell the car as is and you're not going to fix it but i want you to do the research to make sure i'm right because i'm not positive i'm right and when you have all those numbers in front of you you go okay i can sell the car today for this i can fix it for this this or this the answer is going to be bing right there in front of you which one to do and we gave you the formula on how to figure it out you got this kiddo thank you for calling this is the dave ramsey show [Applause] [Music] [Applause] [Music] what makes our show unique is that we genuinely care about our listeners we're intentional about choosing the best advertisers to recommend blinds.com is no exception they offer high quality window treatments at unbelievable prices and they make it simple to shop blinds shades and interior shutters with easy online ordering free shipping and a guaranteed perfect fit go to blinds.com and take advantage of this week's special savings [Music] auto insurance companies love to play the game where they see just how high they can jack up your rates for before you leave because they want your money right well good news is not hard to beat them at their own game all you got to do is check on your policy every year or two and make sure you're getting the best price for your coverage that's all you got to do it's real easy you can hire one of our endorsed local providers go to elp for insurance and the independent agents there will shop among a gazillion different companies and get the best possible price for you when you're buying insurance always use an independent company because they'll get you the best deal our guys on average on the car and homeowners are saving 700 a year by having these guys shop for you because they don't work for the insurance company they work for you it's real easy and i got to tell you you can beat your state farm price you can beat your nationwide price because they got one product they got one company that they can sell for and so uh of course they think it's the best but it's not and it's not the best price for sure so text the word auto to 33789 and you can get a trusted elp agent going in your area that's auto text auto two three three seven eight nine this is the dave ramsey show christy wright ramsey personality is my co-host today uh justin is in philadelphia hi justin welcome to the dave ramsey show hey dave how you doing better than i deserve what's up well i was just going to get to my question i i just want to thank you for everything that you're putting out there i found it about two years ago uh we were about 97 000 in debt my wife and i um were our eight thousand dollars away from cleaning that also probably around the springtime and it'll be way to go yeah one yeah one of these days besides me and my wife i'm a brother we can't wait for that day to get here cool so what my pleasure to my question is um i have a state pension and i can retire in about 12 years and uh when i retire i will be it will be about i will get about 94 000 a year from that country wow my question is how do i calculate that into my uh my net worth because i hope in a in a few more years i can call you and chris back and tell you that i'm a millionaire i love it i hope you are that's the way to go well i mean there's kind of two answers to it for purposes of the technical answer is it's not part of your net worth because it's not an asset you don't own it okay but the real world answer then aside from the technical accounting answer is that you're obviously going to get 94 000 a year off of it so that's pretty cool right uh there's two possible ways if you just kind of want to track it for your own purposes there's two possible ways you can look at that uh if do they give you any kind of a cash value or a roll out number if you were to roll it over and you have a lump sum if you leave or anything like that that you can take no no so you if you leave after 10 years you would get like 35 and then if you leave after 20 years you get 50 and then the max is 65 after 25 years okay and that's uh that but that percentage is not the line is that the lump sum yes you so you you would get of your income right your base of your base salary yeah yeah okay all right no all right so that way doesn't work to calculate it um other than that we would be guessing uh i can give you a method to kind of guess at it so you're going to get 94 000 in 10 more years if you did that at uh 7 percent uh that that would that would probably mean that you had a million five in there okay if you had a million five invested at seven percent it would create ninety four thousand a year okay roughly i'm i'm doing this in my heads but that's pretty close all right and so uh if you want to calculate what it's worth today you would ask yourself you'd have to put into account an investment calculator what um not a million five as a future value seven percent and ten years and ask what absolute investment calculator what the present value of that is and that's gonna be six hundred thousand dollars seven hundred thousand dollars is about what it's worth today okay so that that's a guess uh but that's that's the formula you would use if you really want to back into it because most of their calculations are going to be done at either six or seven percent so if you're getting 94 you're getting you're that's like having a lump sum that's paying you 94 on seven percent but that's not for ten more years so it's got to grow to that and it's seven percent it'll double about every 10 years so well i i actually estimated up to to retirement it's going to be about 94 it's not what it is now if i retire now would be about no i'm saying if you retire in 10 years it would be 94. correct yes yes and if you calculate that on seven percent that means that would in order to create ninety four thousand dollars income you at seven percent you'd need a million five or so okay now would would you do anything extra to for investment purposes obviously a 457b yes i would do a couple of roth iras that's what i would do on you and your wife and be loading those up as you go so you've got some money that's not just in the pension because you don't have control over this pension how good it does whether they keep it solvent you know it's a state well run um most of them aren't well run most of them aren't in trouble uh in terms of losing your pension but but they're really most of most of them do a pretty crummy job of running the thing so uh you know all of that to say i want some money in my name that i'm controlling in addition to this it's a wonderful benefit if it all comes out the way it's supposed to and it probably will actually so good stuff man thanks for calling in that was fun watching you do that just watching i was just saying i was like okay and his mind is just calculating these percentages right here in real time and i may be off i may be way off but i thought get me a calculator i think i was getting pretty close i think i was getting close all right open phones at triple eight eight two five five two two five jason's in spokane hi jason how are you hi dave and christy thanks for taking my call sure how can we help so my wife and i are on baby step seven and we have no debt including our house i've got three rental properties that are also paid wow thank you we've got about 140 000 extra which is in my real estate rental business and i don't want to take on any debt to buy another property but it's it's just kind of sitting there and our market here right now is so tight that i'm not interested in buying anything to flip i want to buy something for a rental but i don't want to take on debt to do it so the 140 is just sitting stagnating i'm not sure really what to do with it and looking for some advice to invest and maybe help it grow or what to do with it when you said you're not interested in taking on another rental property not ever or just not right now because it's just 140. no i want to keep buying rentals but i want to pay cash for it so i don't want to use the 140 as a down payment right right now what's a rental cost in your area uh i guess a decent one that's not a fixer is going to be around 350 300 to 350. okay all right so we got a little ways to go to add to that 140 and it could be nice if it was growing during that time is all we're saying right yeah yeah that's exactly how i do it and what i use is an s p 500 uh just a it's a growth stock mutual fund uh but it's very predictable it's going to do exactly what the stock market does you know what an s p 500 index fund is i do okay no load so there's no commission and the money if this money sits in there over a year whatever gains there are will be taxed at your capital gains rate of 15 not ordinary income so will that be treated any differently because it's that money is held in a business account and if can a business invest in a mutual fund separately and treated any differently yes well now it's in a business account but it's an llc isn't it that's right yeah you can pass that out to you personally drop it into the account and you do put it in your name and then when you pull it back out of that account to fund the llc buying rentals you'll be just fine and that'll keep you from getting taxed you don't want to run the llc on the capital gains i don't think check your tax advisor but i don't think so i pull it out do it personally and then when i and then i throw it back into an llc to fund the purchase is what i do hey man thanks for the call well done yeah [Music] folks it's an honor to tell you about the army national guard not only are they big supporters of our high school curriculum but they also give you the opportunity to impact your local communities whether your goals are to get an education serve your country or have a better life the army national guard can help get you there plus they offer unbelievable financial benefits secure your future today visit nationalguard.com to find out more [Music] so [Music] open phones at triple eight eight two five five two two five well 2020 was crazy and your 2020 taxes may be a bit more complicated because of that if you drew unemployment at any point last year keep in mind you have to pay taxes on it this year unemployment checks are taxable income another big thing to keep in mind is remote working if you left your residence state to remote work in another state you may have to pay state taxes to two states isn't always the case but you gotta have somebody help you figure that out so you don't get caught sideways with these guys so you may want to use our new tax software if you have a simple return ramsey smart tax and uh it's pretty stinking incredible 17 will help you do your whole filing brand new we just launched that this week and uh so if you got a simple return that's what you do but if you've got crazy stuff going on in a crazy year you may want a pro doing your taxes for you so either way you can text tax quiz to find out what's going on with your tax situation to 33789 take our tax quiz that's tax quiz no spaces to 33789 jean is with us in lexington kentucky hi gene how are you hi dave thanks for taking my call sure i i have a question i am going to receive a nice inheritance approximately 175 000 uh i would like to keep this in my name so that my children can be the beneficiaries i'd also like to hold it in case my mother needs uh more money for her care in the next couple years and i'd like to keep this just private in that my husband doesn't know a lot about this uh what would you suggest i do gene we need we gotta dig we gotta dig into that why why why why do we not want the husband to know just a precarious relationship there's never been any respect for my family and i really don't want him to have any part of this should it happen so um you know that's the way it is been that way for a long time so how long you've been married over 50 years okay um i don't think it is i don't think it is healthy to hide things from spouses i don't think it's healthy for you i don't think it's healthy for him um if you want to set it aside where uh he doesn't have any access to it uh that's very possible and um you know you can but but you know not telling him about it is uh that's not good that's deceiving and you don't want you don't be that person and i'm not going to participate in helping you do that because i think that's wrong but um i know oh that i just knew that um uh you know i don't think he would let me handle it or you know have it he doesn't have a choice he might yeah this this language is what's concerning gene i mean i know you all have been married a long time and it sounds like there's been layers of problems for a long time but the he won't let me with this money that you're getting for your family i i don't how old are you i'm over 70. okay all right well what i would tell you to do is to contact an estate planning attorney and talk about how you can put this into a trust of some kind uh that you are in control of and it's really not up to him he doesn't have a let you part in this except that he emotionally rules over you it sounds like um but you know what this is pointing out is that you don't have a precarious relationship you have a horrible relationship that's what this is pointing out you don't trust your husband and you don't feel safe with him yeah i mean that's that's not trying to exaggerate it but you don't feel safe to tell him something that is happening in your life and for fear that he's going to quote take over right he's not going to let you take care of your mom from a account perspective he doesn't really have control it comes the check would come to you you open up an account uh you you set it in a trust um you can put in a simple bank account if you want to but it's in your name he has absolutely no access to it now you're going to want to be sure you have a will so that the money goes to your children as you said and that he doesn't get any control of it that the tru and that's one of the reasons to set it up as a trust then the trust can transfer to your children um and there's you know it's almost impossible for him to break into that with a will if you have a will and a trust and the money's in trust and it's you know you're the trustee it's in control you're in control of it or somebody's a trustee you're the beneficiary whatever however your state planner tells you to set it up but you need to go see an estate planning attorney and you're gonna spend three to five thousand dollars on documents a will a trust and you're going to get some legal advice on how to do this uh in a way where it all stays in your name where you're in complete control of it but he doesn't have any legal access to this money unless you give it to him and so uh but but honey you got other stuff going on here there's a lot of fish frying on this one on this one discussion and you know this is not really about the 175 000 this is about the quality of your life well this one's going to ask would you recommend counseling i mean they've been married 50 years like it's kind of like not like it's like too far gone but it's like are peop do you think he would even be open to i have no idea i mean i it couldn't hurt right because it's like to your point you i mean you don't need to live your wife this way gene you don't need to live in fear whether it's about a an inheritance conversation or anything that you don't need to live like that like you there needs to be these issues i would love to see you get help with them get him to get help with them yeah doesn't matter if you've been married if you're a church you ought to sit down with your pastor and have this discussion yeah with or without him yeah and and then but as far as the you know uh you shouldn't have from a legal perspective uh he has absolutely no access to the money unless you give it to him if you do what i'm talking about now if you just go open up a bank account um you know you can get into all kinds of different issues then so i'm going to say let's put it in the trust and let's have a let's have a a will and then that'll dictate what happens to the money yeah gene i would i would yeah i i if if there's something you didn't say where you don't want to tell him because you're scared to tell him for more you need to get you need to have some you know some help some support do this if there's if there's something where you're scared to to tell them for other reasons you just you need to have some extra support through this amen in case there's something you didn't say yeah absolutely so yeah yeah you need to sit down with your pastor this week and and let's get some stuff let's get some people around you and figure out what the flip's really going on here ouch joel is with us in omaha nebraska hi joel how are you hey i'm good doing good thanks thanks for having me dave and christy a pleasure sure how can we help hey i'm a self-employed carpenter contractor in a small rural community i started this business about four years ago and so far i haven't hired any employees and just looking for some advice or wisdom on making that jump i'm sorry i would say that again he's trying to decide whether to hire employees oh in his carpentry business yeah and hiring the first one yeah are you um are you maxed out what's the demand like right now what's your business like oh it fluctuates with the seasons of course but uh physically i know i can't do that by myself forever but on the other hand i've got a small market so i don't know yeah emotionally hiring your first employee is the hardest and financially it's the hardest and obviously whatever you're going to pay this person you need to have some money stash back to make sure you can honor your word and that the paycheck is clear and on top of that you need to be looking at it and say if i'm going to pay this person you know 30 000 a year i got to make more than 30 000 a year extra because they're around and that's called a return on investment on your a payroll and so that's the hardest one to do is the first one the second one's easier the third one's easier the fourth one's easier and so on because you're you know you get you get better at the whole process this is the dave ramsey show [Music] [Applause] [Music] [Music] so [Music] christy wright ramsey personality is my co-host today open phone's a triple h 8255 two two five so we took the call uh about the gentleman's wanting to hire his first team members but i am still stuck with the 70 plus year old lady in lexington who is in obviously a very dysfunctional marriage yeah been married 50 years yeah like this is not like this is a new thing yeah and and i think um so anytime i can find somebody that is in a a bad situation particularly late in life what i want to learn from that if i'm in this audience listening to this is how to not end up there like i mean if you talk to somebody who's in their 70s they have zero money it's a bad situation right they're living off social security social insecurity right starving to death because that's no picnic then i want to learn how not to be that person so how do you not end up there yeah where she is yeah you know i think what's interesting and you've talked about this before in any area of life life choices that type of thing i don't think it's this um i don't think it's an overnight thing i don't think it's one of those things it's some tragedy or some you flip a switch it's by degrees by degrees we make bad choices by degrees we settle by degrees we compromise by degrees we let someone have power over us by degrees we let things go don't set boundaries don't communicate by degrees and you wake up one day i'm just guessing here on this call for example and you make a statement that sounds totally normal to you i can't tell him because he won't let me do that with my money and that sounds normal to you because by degrees over 50 years there have become these grooves in your relationship of what has been allowed what has been acceptable what has been permitted that you are in this very unhealthy dynamic very unhealthy roles but i don't think it started that way i don't think they were like that when they walked in the aisle i wouldn't imagine you know but you know some things you know your wealth your health your relationships your leadership your business your career there there is no such thing as status quo nothing stays the same it is growing or it's dying and typically if it's growing it's a matter of you've been intentional about it if it's dying it's because you you know your garden if your garden is full of weeds it's because you let it go no one said oh let's intentionally build a garden full of weeds right but you just let it go right you didn't do anything if you want a a beautiful rose garden you know you've got to put the manure down you got to you got to do the trimmings you got you got to do the cuttings you have to uh prune the dead wood away and you have to weed and so a series of constant incremental intentional acts cause you to grow and become better and better and better and better in a given area of your life or relationships not doing that it just deteriorates so as you said it didn't start out in the place she is but you know so what i want folks to take from that call is um we used to have a guy work here he said sometimes people like that are an anti-mentor they're the opposite of a mentor this is what not to do okay so what not to do is to 35 years ago not have dealt with it whatever it is right and um you know it because you know uh you know i'll just i'm just not gonna worry about it well then your guard's gonna have weeds do you think there's something do you think there's a generational thing i'm sure there's a value thing with this maybe it's personality style whatever where it's this idea of like i'm gonna sweep it under the rug because that's the be the bigger person i'm going to take the higher ground it's the polite southern godly christian thing to do i've told matt before we have conversation like i don't sleep anything in the rug my rug is clean you can lift it up any time because i just air things all like i'm very open communicator but i think some people think that that's the open communication is almost offensive where it's like well let's just sleep it in the rug let it go that type of thing but your rug builds up if you just sweep things under the rug for years and years and years you get to the point where you've got so much built up resentment and such an unhealthy dynamic because you didn't to your point deal with things when they were happening and it becomes it it becomes very unhealthy well we talk about and you help teach this too we're teaching in entree leadership is uh with a team member that's misbehaving or that is not performing or whatever if you you know in the name of being nice sweep it under the rug don't deal with it eventually it uh you know it's going to explode because it's going to get bad enough that that and you finally get so frustrated they don't even know you're frustrated right did you just walk in mad and firearm didn't you tell didn't you tell a story one time that you got fired you still don't know why yeah i did i'll probably deserve to dig into that i probably deserved it you know yeah but uh uh but i'll never know the guy's dead now it was a long time ago just out of college you know but he just walked in and cussed at me and threw a box on my table and said get your blankety blank blank stuff and blankety out of here and i'm like what i do you don't even want to know just get out of here and i'm just like my god well i don't know i still don't know but um i know he was a jerk i know that part but i i but that doesn't mean i wasn't right that doesn't mean i didn't deserve it but the point is you let things build up and so we always use the saying when you're dealing with team members or in and it applies in these other other parts of this discussion too to be unclear is to be unkind to not uh deal with whatever there is there right and put it out there and go this is this is what's going on yeah and this is the way this is what i would say to anybody listening right now that they is something's coming to mind whether it's in their marriage or in their job or whatever and they're going oh yeah i really you know i really hate that i don't even want to deal with it i don't face it fast forward 30 years what's that going to look like if you don't you know what i mean that it's not going to go away it's not going to magically things don't magically just get better they get better with a lot of hard work and intentionality it was kind of like what you're talking about a minute ago because there's this gap between our intentions that we have and the outcomes that we get and what fills the gap is discipline or not you're either working on it and growing like the garden example or it's dying and so if you don't have that intentional discipline to act on your intentions not just oh i know i should read a book oh i know i should go to counseling oh i know i should work no one doesn't do anything it's not the thought that counts it's what you do that counts that leads to the outcomes and if i intend to send my wife flowers and i don't i get no credit for that it's not bragging about what you thought about doing for her in a y'all's anniversary it's what you actually do yeah that counts you know this is reminding me because sharon palooza is coming up her birthday is in uh and our first date was in february her birthday's in february and so is valentine's day so february is pretty much sharon palooza i better get my act together i better get i better get some stuff going right now it's not the thought that counts yeah that's what you do it's the thought that they cast no it's not you know nobody cares what you thought about i intended to send you flowers you got no credit for that no i intended to dot dot dot you get no credit for that you're not bragging about what your kids thought about getting on the report card no it's what they actually get and so i think there's a great message here there's a great message this intentionality you know i'll give you a real a true story example so the beginning of this year dave matt and i sat down we worked on all of our goals what are our priorities for the year what do we want to focus on what are the trips we want to take you know who do we want to be how do we want to just improve individually and separate whatever well one of the things i wrote down this is me being real honest right now i just want to be kinder you know i i want to be just just kinder in general i want to practice kindness and so not me i'm gonna add that he's like really i'm gonna add that to your list for you when you're not looking okay all right so i wrote this down so true story i wrote this down and i'm like yes this is my intention okay i want to be kinder and here's the things that's what we're going to focus on next day i was getting so frustrated about something and i just felt like the anger rising it was something at the house something with the kids and i found myself just like getting real frustrated and i felt the lord stirring me are you just going to think about being kinder or are you going to actually take this moment to practice doing what you said you wanted to do are you going to give up your right to be right are you going to give up your right to be angry and instead of stomping downstairs and having a big fit about whatever you think you have the right to be meta are you going to actually do something about what you said you're going to do and it was like this moment of because in in theory everything sounds good but in real life of having to walk out some of the things having to deal with those things that were sweeping under the rug act out kindness it's hard it's hard but that's what produces the results that's what produces the marriage that's what produces the outcome project the current trajectory of that section of your life out 50 years and see where it's taking you you may need some adjustments i think we all might that's my reminder from that that's the reminder i got out of that the anti-mentor this is the dave ramsey [Music] show [Music] welcome to the dave ramsey show you can be intentional about your character you can have money and a career you are the hero in your story [Music] live from the headquarters of ramsey solutions broadcasting from the dollar car rental studios it's the dave 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 christy wright ramsey personality is my co-host today open phones at triple eight eight two five five two two five that's triple eight eight two five five two two five abigail is in orlando starting off this hour hi abigail how are you hey dave i'm doing good thanks for taking my call today sure what's up so i have been saving up during forbearance period because i just graduated in may and i have over 140 grand and loans good lord are you a doctor or a lawyer nope i am a first generation college student who didn't realize what i was getting into going to a private university down in west palm beach so now i'm aware but uh i got a computer science degree so hoping that that'll at least help me somewhat to be able absolutely have you landed the uh the tech job yet yes i've been working since september and uh actually a company down in palm beach gardens um so i'm working there i've been working here for a while so it's been a good fit what are you making uh 67 right now good good and that's your first job out of college that's nice good so you got a good you got a good information systems or technology degree for four years computer science degree and that sets you up to uh you know to if if you will keep reading studying and stay cutting edge in the tech world your income's going to double in the next three to five years yeah and that's my point i'm working on some certificates right now yes um for security so that's yes yes excellent well it'll more than double if you go into that side yes the hottest one of the hottest segments in all of technology right now very well done that's a good choice thank you and i have some managerial experience from college too so hoping that'll help boost possibly management and cyber security but today i was just crying because i've had some friends recently been uh saying i should be saving for a down payment uh her house in florida since yeah your friends are wrong you don't need taking financial advice for broke people you have 140 000 in student loan debt that's a crisis you got to get rid of that yeah that's what i was thinking too but i was my mom said you should call dave ramsey so i was like okay mine is well your mom your mom set you up mom's mom's got some sense mom set you up she knew what i was going to do to you that's right she's like friends are giving bad advice let me send her to the guy listen yeah you need some r r you need some roommates and rent not buying a house you need roommates and you need rent cheap rent while you pay off this debt that's the focus and if you get gazelle intense like we talk about you put those blinders on and focus on you will knock it out you will knock it out and then you can save her house and do all those fun things but right now this is that's a huge thing to weigh you down especially so early in life do you buy a car yeah um i it's completely paid off i did buy a car but i it's paid off completely so good what's it worth it is when i bought it it was 17 and that was two years ago it's a family so i'm hoping it'll last a while so r r christie's right so here's the thing if i woke up in your shoes you got nothing but huge potential and the main roadblock to you being very very wealthy in the next 15 years is these stupid student loans and so you got to treat them like they are the enemy and they must be destroyed they are the evil empire yeah and we get mad every morning when we get up at student loans and give sally mae her eviction notice out of your life so let's play with some numbers okay you live on nothing you take all the extra gigs you can get in the technology field and if you put 50 000 a year you're on student loans you're done in three years now 50 out of 67 doesn't work but your income is going to be going up and in the meantime you're going to get cheap rent and roommates and you're going to take extra jobs until the income does come up but i predict three years from now you're gonna be making a lot of money if you'll keep on the security path and keep doing this stuff and just work like a maniac and put it all on this because because you're what you're 23 or 22. 22. 22. so by the time you're 25 you're debt free yeah and you're making 100 110 yeah now you can save for a house kiddo yeah yeah definitely thank you so much you guys i appreciate it thank you yeah well done are you gonna do that oh yeah i already actually have um it's not an iq but i'm i'm gonna be referring on the side you just started are you going to go get out of debt in three years like we talked about yes yes sir i am okay we're holding you to it i can't i can't wait to hear from you i want to hear your debt free scream on that on the show okay i will thank you so much guys all right god bless you open phones at triple eight eight two i felt a little too easy um if she if here's the thing if she starts doing some freelancer doing some stuff on the side you can make some good money in the technology field with what she knows and what she can do she can she can get that extra income up asap and she's used to living on nothing she's broke college yeah she'll keep leaving like a couple she can dig out of that ditch real fast yeah you don't have to run up a 70 000 lifestyle just because you're making 70 000 at 22 years old don't listen to your friends who say you need to buy a house right now friends friends the friends the friends i love it if your broke friends are giving you financial advice whatever they said do do the exact opposite oh my gosh open phones at triple eight eight two five five two two five time to put 2020 behind us if you're ready to own 2021 actually accomplish your goals with money your career your life we've got the plan last year left people wounded and stressed out dr john deloney comes along writes our quick read redefining anxiety how to get your life back what anxiety is what it's not and how to get your life back it's only ten dollars this year many people want to spend some time connecting or maybe reconnecting with god rest and reset christie writes new women's devotional a bestseller as well both of these are best sellers living true 40 days to get back to you it'll help you do it and to help you with your money goals pick up rachel cruz's latest best seller just been out about two weeks know yourself know your money and this book will help you tackle your money mindset so you can make some real progress and reach your goals even faster daveramsey.com backslash store and be sure and check these out the total money makeover is on sale there know yourself know your money's there redefining anxieties there everyday millionaires are there living true 40 days to get back to you the devotional is there these are all things that have just come out in the last few months not counting the total money makeover it's always on the best seller list perpetually but these things are all bestsellers they're all things that will help you get ahead you got to put new stuff in your brain if you want new results it's a pretty simple formula and i don't know which area of your life it is you want to work on but we're going to help you we're here this is what we do daveramsey.com check out the store this is the dave ramsey show [Music] hmm [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] our question of the day comes from blinds.com find out for yourself why blinds.com is the number one online retailer of custom window coverings you get free samples free shipping and with the new promos they run every month you'll save even more the promo code is ramsey it's magic use it all right today's question comes from vic in massachusetts here's what we've got i'm currently in my third year of college i have the fortunate chance of receiving enough scholarships to pay for all four years therefore i have zero debt and will graduate as an engineer student from working i've saved a little over five thousand dollars i would like to start a business i've been looking at e-commerce such as drop shipping using quality product and not cheaply made product how much money should i put into this business for marketing and resource do you have any suggestions you know i get this question a lot dave and i think you know sometimes people are asking different things when they're asking the question the first thing i want to clarify is you never want to take out loans not even a business loan a business loan has to be paid by someone and that someone is you so we don't recommend any type of debt not business debt not any type of debt but when it comes to a startup i just always recommend that people start small and grow slow so what's the minimum amount that you can put into this business to get it off the ground where you begin to turn a profit and the business can then fund itself and grow at the speed of cash the reason we like to recommend this is not just from a financial risk standpoint but you want to validate your idea you want to prove your idea you're also going to learn a lot in those early stages those first three six months year in business about what your customer wants and what you need to do better so i would just say what is the minimum amount you've got a little bit of savings i don't know what other life transitions you're going through as you're about to graduate but vic i would say a small amount of savings that you cash flow to get it off the ground prove the idea and let the business fund itself from there and grow at the speed of cash dave what would you say anything that's exactly what you do and so a thousand maybe two thousand of the five thousand max and um i'll just tell you i i'm seeing a in the verbiage that you're using i'm i i'm sensing a warning okay warning warning warning one of the uh in our world where we teach people about how to run a business and how to grow a business christie's world in my world you know with business boutique and with entree leadership um there is a there's a lot of people like you vic that have a desire to own a business and run a business and that's where it starts and where it ends they really haven't said i want to do a business doing x they just say i would like to hold my own business and what do they do they google own your own business right and what comes up is what is a horrible thing that we see quite often and christie and i see people these are we see bodies littered on this salvage yard and it's called business in a box and it's this idea that if you pay someone x number of dollars they're going to show you know if you buy our kit for 500. we'll show you how to do drop shipping on uh ebay and uh drop shipping and set you up and it takes no cash and you're going to get rich and it's easy and just give us the 500 well what you just discovered is that they have a business you are the customer and uh they are selling a business in a box and there's no such thing the closest thing to a business in the box that actually is a real thing is called a franchise and you might consider that but that is tens of thousands of dollars at a minimum uh into something and so do not do drop shipping that some goober on the internet told you is going to make you rich and you pay him a fee to learn how because all you're going to pay him a fee and you're never going to get anything going on now so this is one of those things that's it's like um the other one the other one that comes up is if you want to work for yourself uh medical court reporting always comes up and it's like you know you don't pay somebody twenty five thousand dollars to be a medical court reporter it's just it's just right it's just right so instead you need to start searching and saying okay i'm an engineer student what's that got to do with drop shipping uh nothing so i don't mind you starting your own business but i wanted to come out of your soul yes not out of a google search yeah what do you what do you want to do what are you excited about what are you good at i tell people all the time start with what you have your skills your strengths your stuff you're an engineer student what can you use in some type of business that you're passionate about that you actually care about doing mechanical engineering maybe you need to design something yeah here's the thing business is hard it's awesome but it's hard so if you don't love it and you're not excited about it it's gonna be really hard to push through the hard times about something that you just came up in a google search that you don't really care about another way to look at it is what problems do you want to solve in the world some of the best businesses come out of problems that you solve for yourself or someone else or something you see that needs to be better and that's what's wrong that's what's wrong with this the only problem this solves is he makes money yeah he didn't say i want to help people right yeah he didn't say i'm going to provide a service i'm going to provide a goodie i'm going to provide an item i'm going to provide something i'm going to do drop shipping i'm going to sell people crap but they don't even need yeah and i'm and i'm going to be the middleman and and you read this on the internet vic that's the problem yeah that i can just smell it man i'm not 100 sure but i'm 98 sure it's just a bunch of words it's not any heart there's no heart in this question yeah you know so you need to feel that you do need to start a business i'm okay with that but it needs to come out of your guts and not out of google that's good somebody stitch that on a pillow [Laughter] guts not google on a pillow [Laughter] well maybe not i like your alliteration i like where you're going maybe not maybe i like the alliteration i'm not sure i wanna know [Laughter] sarah's in spokane hey sarah welcome to the dave ramsey show good afternoon thanks for taking my call um the reason i'm calling is my husband and i need some help um my father-in-law is trying to convince my mom my mother-in-law to close out her inherited ira because he's convinced that the stock market is going to crash so i want to know if how can i convince them to keep the money in the ira or should i have them move it it's hard it's hard to convince anyone who is suffering from political paranoia to do anything because he's bought off he's bought off on the idea that joe biden is the end of the world right and um you know every president that has been elected since i've been an adult was going to bring about the end of the world by the people that didn't vote for him and none of them did you know i i yeah i totally agree i don't know i mean how you gonna get in his head i don't know i mean he he is he needs to turn off fox news this is what he needs to do and turn off cnn and quit looking on these stupid but websites because there's no historical data anywhere to indicate that a single party no matter how crooked or incompetent a president is has the power to destroy america there's no data i mean there's no there's no time in history no matter you you can find the worst possible presidency in history and you can argue about what that is and the stock market did okay yeah so he's wrong he's wrong uh you know we can we can talk about whether we agree with the fact that he hates joe biden or whether we agree with you know he went down a trump rabbit hole of some kind we could talk about all that as a separate subject if you want but that's not a point the point is i regardless of whether i agree with all the crap they're doing up there i've never agreed with all the crap any of them have done up there but i keep investing and i've always invested because the data says the historical data on the stock market says no matter what is in the white house we still seem to be able to make money in the dadgum stock market right that's the only thing i can tell her that there's something that's what i keep yeah i would just say that dad there is no nothing to indicate that your paranoia is accurate okay and you're gonna you're gonna lose a lot of money let me give you another example okay how about this one covid is gonna bring the economy to its knees and it will never get up you remember that one i do and the stock market dove way down in march and april remember i do you know what it made last year almost 16 rate of return from january to january and that's in the middle of freaking covet trying to destroy our lives it made 16 last year so if you freaked out if you had a covet freak out and pulled all your money on the market you missed 16 on your money wow this is the dave ramsey show [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 chministries.org we absolutely believe in it [Music] [Music] so [Music] thanks for joining us america christy wright ramsey personality is my co-host open phones at 825-5225 george is with us in atlanta georgia hi george welcome to the dave ramsey show hi dave a long time listener first first-time caller my situation is i'm recently retired i'm working with an advisor and my advisor is suggesting to me to convert some of my 403b funds to a backdoor roth ira and i wanted to know the advantages and disadvantages of doing that uh just a little bit more background i'm debt free except for my home i do have a pension and maybe about uh 700 k in um this 403 b and i'll be quieting okay i know you can talk it's fine um the uh um okay a back door roth is not what we're talking about he's just he's just saying convert some of this to roll it to a roth throw it to an ira and make it a roth a back door roth is a new roth that would be you want to put in new money and you make over 200 000 a year so you can't do a roth and what you have to do is open an after tax uh ira and then roll it to a roth the same day i do that every year that but that's only eight thousand dollars here okay so this is talking about moving the 700 000 or some of it into a roth ira in some good mutual funds i assume right right that's correct how old are you 65 okay all right well the math usually work because if you move up whatever you move in becomes taxable do you have other 100k i'm sorry let's say it's 100k 100 000. then you have whatever your tax rate is if it's a you know 25 tax rate then you'd have 25 000 in taxes when you do that do you have other money other than this to pay those taxes with i do and how much other money um about 200k okay all right well if you pay the taxes by rolling it to a roth from this day forward it grows tax free now in order for you to make money as a result of this transaction because you're paying taxes early uh you you'd have to pay them eventually anyway when you take the money out but because you're paying them early in order for this to work you've got to leave alone whatever you put in this roth for probably the rest of your life and just take income off of it at most so i mean 10 years it you know five to ten years somewhere in there you're going to be really glad you have let it grow tax-free so i think moving a portion of this that way and then using the other portion to live out of don't touch the roth to live out of and let it grow tax-free is going to make a lot of sense i agree with your advisor okay okay okay that is the question now do i have to wait the five-year period no i'm just all i'm saying is is in order for the fact that this is growing tax-free to offset the fact that you paid the taxes early for the numbers to work out for a break-even point is going to be five years that the five years is just when the math lines cross you could take the money out any day you want it to there's no limitation on it and the beauty of it is there's no required minimum uh distribution no rmd on it when you're 70 and a half if it's in a roth so that roth money can just sit there and grow tax-free the rest of your life and you may never touch it and that would be a wonderful thing from an estate planning standpoint okay so if you could ideally that's what would happen and the uh so let's just say we move 350 000. you said you had 750 in the in the 403b yes so let's like move 350 into the roth and then the 400 you're just going to live out of that but that 350 go ahead and pay the taxes on it move it into a roth and let that grow tax free the rest of your life okay if you're going to do it that way then mathematically the advice he's giving you is correct okay okay well that was my question and you answered it and i appreciate that and he can he can actually i can't do it on the radio because it takes too long to unpack it all but he can actually show you the present value of those tax dollars today and show you what i'm talking about where it makes sense at what point it will have made sense and if you cash it out before that then this advice would have lost you money yeah so if you cash this out i can tell you if you cash it out in three years if you use the roth ira money inside of three years you're going this is this is a bad move if you're going to leave alone 10 years it's a good move and somewhere between there is where the lines are going to cross and make it a good move the math lines but it's not a it's not a requirement it's not a regulation you leave it alone i just want you to leave alone enough that it was the right decision does that make sense yeah it does and so so i would assume then if you are younger and you're definitely going to leave it alone you would always want to roll it over as soon as you could and you had the money to pay the taxes you know when you're not 65 when you're 45 and you call in 100 yeah yeah because you're not going to touch it for 20 years right for sure right and it's always going to make sense if you can pay the taxes without using the money in the account to pay the taxes right so like he's got the tax money on the side and the side account that he got the cash over there to cover the tax bill and that's really that's key too because it has the mathematical effect of having actually invested that much more right yeah in there it's what you've done because you've converted it from a taxable account to a zero taxes and so it's as if you put you know if he did 350 000 and his tax bill was a hundred thousand dollars okay it's as if he invested another hundred thousand bucks is really in into a retirement account it's what it amounts to that's the way the math will work out sam is with us in nova scotia hi sam welcome to the dave ramsey show uh hi dave thank you so much for taking my call i always turn to your show when i need someone to tell me i'm screwing up [Laughter] yeah that's our new tagline sorry that's our spiritual gift song that's our new tagline thanks all right so i'm a 22 year old student i'm in my fourth year at university i funded all my education in scholarships and i have a scholarship to from the final year i have about twenty eight thousand dollars in savings and uh my question is about starting a business with a friend i wanna know if it's a wise idea so uh six months ago my friend and i had a business idea to start a delivery service we live in a small town where or whenever you want to shop online it takes at least like three or four days when you pay for premium shipping even to shop online and we want to have a service where we connect local stores with shoppers because it's so cold here so shopping in person is always difficult the we participated in a competition at the university to develop a business plan and we actually won first place so they decided to give us a fifteen thousand dollar grant if we decide to go ahead with the idea however the business costs uh fifty five thousand dollars and uh my friend and i would have to each pay twenty thousand to go ahead with it and so that would be most of everything i saved but at the same time like uh whenever i look at entrepreneurs they're like when you're young 22 perfect case big risks and i don't know i'm also getting married in april so like a lot of things are changing and i don't know is it a wise idea to invest such a huge amount of money in a bid okay christy you don't need 55 000 to start a delivery business that i can see it's a delivery business right like you're connecting with the local stores i think you can do this for close to the fifteen thousand dollar grant and maybe a little bit of your savings i would also caution you about going into business with this friend i you both can do your own thing but you know it's always uh it makes me nervous to get them tangled up in any kind of partnership or something like that but i think a delivery business is conducive to a lower startup cost you can get scrappy get connections and relationships with the local store start at a small scale i don't think you need 55 grand as a 22 year old to start a delivery business i completely agree yeah basically what you did was you ran a a business scenario for the contest and you ran out your budget for this fictional idea right and then the idea became real right uh and so now it's fictional again right let's just do it on a scrappy basis right and that's not the case that kind of money yeah what's that let's uh let's cut this thing out and not spend as much to get her going and if you're going to set up a partnership it's dangerous christie's right i would prefer that you one of you be the boss and the other one be the uh one of you be the owner and the other one have some rights to the prophets but not be the owner this is the dave ramsey show [Music] so [Music] [Music] our scripture of the day second peter 1 21 for no prophecy was ever produced by the will of man but men spoke from god as they were carried along by the holy spirit margaret wheatley said leadership is a series of behaviors rather than a role for heroes ooh very nice good stuff nicholas is in sioux city iowa hi nicholas welcome to the dave ramsey show hi dave thanks for having me i appreciate it our we're our honor how can christina help um i have a few questions i'm trying to figure out what i should pay off first i have about thirty five hundred dollars in credit card debt i have about eight thousand dollars saved up in the bank um i have twelve thousand dollars in school loans my current total living expenses right now are twelve hundred dollars um my car is paid off but i'm going to need one soon it's got about 200 000 miles on it um so i'm trying to figure out what do i do with the credit card loans um and then with the vehicles do i purchase something super inexpensive for two thousand dollars to get me pet um for the next couple years or what do you make i make 58 000 a year good for you how old are you 28 years old good for you okay so what's your total debt thirty five hundred and twelve thousand twelve thousand plus thirty five yeah just under fifteen and then did you say that you have savings eight thousand okay that's about eight thousand dollars in savings correct great well this is the first time i've kind of been in this position so i've kind of just been saving and really kind of scared to pay off these certain things because the first time i've actually been accumulating money at this rate and making decent money at this point yeah it feels good doesn't it feels good to have somebody it feels it feels really good yes it does well you know here's here's the cool thing when you get this debt all paid off you're gonna get to have that feeling again but actually get to not have this debt weighing you down you're in a good position you can knock this out super fast i mean you can pay off that credit card debt keep it thousands for your emergency fund starter emergency fund just like we say with baby step one baby step two list your debts smallest to largest by balance which means you can pay off your credit card debt right now and then you've got an extra four thousand close to almost four thousand to put towards that other debt and then you start chipping away at that with your you got a good income it's not going to take you long i would say i don't know what the status of your car is but i wouldn't worry about the car right now i'd get this debt knocked out drive the car as long as you can and then i want you to buy a better car and do it by christmas with cash when you're dead when you're done yeah and you'll be able to i bet your car will go till then you can get this knocked out and make sure you don't make it till christmas yeah yeah okay okay let's do this we teach you we teach a thing called the baby steps which is the shortest distance between where you are and wealth okay and we've taught it to millions and millions of people baby step one is a thousand dollars saved you've already done that you've got eight thousand saved baby step two is you list all of your debts smallest balance to largest balance and attack them in that order with any money you can find in your budget and you're going to be on beans and rice rice and beans totally focused because we're going to get this paid off really super fast and we're gonna use any other money we have available so we've got seven thousand dollars above the one thousand total of eight that we can throw at this now your student loans do you have more than one loan that totals to 12 or is it just one twelve thousand dollar loan it's just one twelve thousand dollar loan okay so what christie's prescribing is this we're gonna set one thousand into a savings account we're going to use seven thousand towards your debts so that's going to pay off all the credit cards you get them out cut them up and close all the accounts as soon as you pay them off never use them again get a debit card and that's all you'll need it'll do everything a credit card will do except put you into debt you're going to get on a budget with the every dollar budget we're going to put you in our program called ramsey plus i'm going to pay for it for a year for you and you go through financial peace university in ramsey plus you start using the every dollar budgeting app and it'll cause you to do that now we've got 3 500 left over because we put 3 500 on credit cards we had seven we're going to put that towards the 12 you're following me so we're down to 8 500. i think you're gonna pay that off and with your income you're gonna pay that off in three months okay so three months from now you're a hundred percent debt free with a thousand dollars in the account the next thing you do is baby step three and we're gonna raise your account i want you to keep on with this intensity and we're gonna just pile up cash now and now your goal is three to six months of expenses in savings for a rainy day fund only not to be used for anything except emergencies okay and in your world we're gonna call that twelve thousand dollars that's three to six months of your expenses i just made that up you can change it if you want to okay but the goal is how fast can we have twelve thousand dollars and then save up for a car and buy a car by christmas with cash and you'll be able to buy about a six or an eight thousand dollar car with cash you'll have twelve thousand dollars in the bank and you'll have zero debt and that's where you're gonna be at this time next year sounds like a great plan to me and that's gonna feel really good even better than that eight thousand dollars sitting there it's gonna feel really good to have that savings and no debt hanging over your head it's gonna feel really good it's gonna be worth that hard work between now and then yeah we'll show you how to do it i'll put you on hold and kelly will pick up and we'll put you into ramsey plus and go do the financial peace university stuff get on the budget i mean this is your this is boot camp for money baby i mean we're going to show you exactly how to do it and you just game on don't let your foot off the gas until you get there now once you get there you can start investing for retirement and you're going to start building wealth you can ease up a little bit but get that emergency fund and get debt free these are big goals and you knock that out it's going to change your whole position well done very well done madeline is in orlando florida hi madeline how are you hi i'm doing great how are you better than i deserve what's up so um first i want to say that my fiance and i have paid off recently thirty six thousand dollars in debt right again thank you so much for thank you um so we have some tenants that he my fiance at the house in texas and the tenants are moving out and we have six thousand dollars cash and i'm wondering is that going to be enough to sell the house right now we were thinking of maybe just replacing the floor and touch-up paint it's a mobile home and it's in texas and live in florida yeah what do you owe we're not sure if that's going to be enough 115 000. okay what's it going to sell for after you spend 6 000 on it we honestly don't know because i know that you say mobile homes go down in value yeah so i and i've never even purchased a house or sold a house so i have no idea my guess is it's sitting on a piece of ground though isn't it yeah it's sitting on about half an acre yeah and you own that right yes okay all right so you need to get in touch with a real estate agent in that area go to daveramsey.com and click on elp for real estate have them go out and look at it for you and they and ask them to say what i got six thousand dollars how can i spend that the best to cause this thing to get sold and what am i going to be able to sell it for okay and they can tell you they can walk through there and go okay you need to do this floor you need to paint that you need to haul this junk off you need to break out the yard you know they're going to tell you you know some stuff to do to get it ready to sell the most efficient use of your six thousand dollars right yes and i hope to god that they'll sell for enough to at least pay the bill yeah that's what we're praying for as well yeah that's my hope i don't know if that's the case i have no idea what that lots worth under it or what this trailer's worth but you know get a get a an endorsed local provider to help you with this because you're going to need a real estate agent to list it and get it sold and they can they can advise you on and even help you get the repairs done you know help you coordinate since you're out of town and then get you know you get those repairs done spend the six thousand dollars efficiently you may want to go over and spend a couple weeks and do it yourself i don't know to get the best use let's make that six thousand dollars go as far as we can and get this stinking thing out of your life because getting rid of a hundred thousand dollars worth of debt is a beautiful thing yeah yeah that would free them up so much financially and just the headache and the stress of having that in a completely different state and having to worry about it but i love the i love how our endorsed local providers walk people through these major life decisions and major life transitions because it takes so much of the fear and the overwhelm out of it they're experts in what they do and they can walk you through and show you exactly what you need to do exactly good show today christy thanks for having me well done james childs our producer kelly daniel our associate producer and phone screener great job i'm 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] [Music] you

Channel: The Ramsey Show - Full Episodes

Views: 65,490

Rating: 4.8451614 out of 5

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

Id: 7PuyuaM67CY

Length: 122min 45sec (7365 seconds)

Published: Wed Jan 27 2021