0:28

Live from the headquarters of

0:30

Ramsey Solutions, it's the Ramsey

0:33

Show where we help people

0:35

build wealth, do work

0:38

that they love, and create

0:41

actual, amazing relationships. Number

0:44

one best-selling author, host of

0:46

the Rachel Cruze show, co-host of the Smart

0:48

Money Happy Hour, Rachel Cruze,

0:50

Ramsey Personality, my daughter is my co-host

0:53

today. Open phones at 888-825-5225. That's

0:57

888-825-5225. Josh

1:02

is in Sacramento. Hey Josh, welcome to the

1:04

Ramsey Show. Hi, nice to

1:06

be here. Thank you. Good to have you. How can we help?

1:10

Yes, so I'm 50 years old. I'm currently

1:12

in Baby Steps 5 and 6. And

1:16

I met a wonderful woman a year and

1:18

a half ago. We're now engaged. Yay! And

1:20

she is in, yes, and she's in Baby

1:22

Steps 2, and she's the one who got

1:24

me into you. So

1:28

she's in Baby Steps 2. She has debt.

1:30

She has $16,000 in credit card debt and

1:32

$65,000 in equity line debt. She's

1:37

going to be moving in with me in a month. And

1:40

her house is worth $600,000. She owes $300,000. Her

1:45

mortgage is only $1,700 at 2%. And

1:49

we're looking at renting it out so we can get about

1:52

$3,000 a month. But

1:56

my question is... sell

2:00

it, have $200,000 out of

2:02

it and be debt free or

2:05

rent it out. And can

2:09

we rent it out for three up to three years

2:11

and not have

2:13

capital gains?

2:16

And she wants to handle her debt. If we don't

2:18

sell the house, she wants to handle her debt. She

2:21

does want me to help. We're engaged. We'll probably be

2:23

engaged for about a year. And

2:26

I know after that, then I'm going to be more

2:29

hoping to contribute to her debt. But up

2:31

to the time we're married, she's

2:33

kind of standing firm with wanting to handle

2:36

this herself. So

2:38

when are you guys getting married? We're

2:41

looking at next spring summer. Okay.

2:44

So a year. Yeah, you said a year. About a year.

2:46

Yeah. So I wouldn't do anything

2:48

combining anything until that happens. So

2:51

if she wants to sell

2:54

her house, rent her house, whatever that is,

2:56

take care of her debt. I mean, I

2:58

still see this as two completely separate finances

3:01

until you guys get

3:03

married. And then at that point

3:05

is when I would, yeah,

3:07

I would probably just sell her house at

3:09

that point and take that

3:11

equity. And for you guys, you had to pay off her

3:13

debt to have some savings. I mean, do you have any

3:15

savings, Josh? Yes, we

3:17

both have about $280,000 in 401Ks. So 500, what is that? 560

3:19

combined. And then she's

3:29

not contributing right now. I'm contributing with my

3:31

job. And so we have

3:33

that, but I have about 90,000. I have 40,000 in my high

3:35

yield savings. And I have about 50,000 between my checking

3:43

and my, my

3:46

Robinhood account that I could do

3:48

money with. So I have about $50,000 I

3:51

could do money with, but she, at this

3:53

point I'm thinking, yes, sir. Why Are you

3:55

waiting a year to get married if she's

3:57

moving in? That.

4:02

Sweat We feel that is the best stress

4:05

right now as this not an answer Why.

4:09

Why? Do you feel is best for you. Because

4:12

we we just got engaged to

4:14

a month ago and around me

4:16

didn't want to get married right

4:18

away that she is moving in.

4:21

And about a month. Okay,

4:26

ah. What?

4:30

What I was gonna suggest as as get Married. On.

4:33

Yes, absolving, you know, But it. But if

4:35

you're not, go get married. Keep everything completely

4:37

separate. Like Rachel said, until you're married. And

4:40

she should not sell her house. Until.

4:42

She's made. Against the

4:44

she might need a place to go. Yes,

4:46

I am ist that's my biggest concern is and

4:48

i remember hero in a settlement and wouldn't think

4:50

I would run it but it because any still

4:53

don't have a know i i. I

4:55

mean. So I

4:57

know I I might not even ran. I'm I

4:59

like to sit there but if your rent it

5:01

from one year I guess advance and you're right,

5:03

you can run at three of the last five

5:05

she can run, it's real as five and still

5:07

consider person residents. There's no capital gains on up

5:09

to a half million dollars married filing jointly. So

5:11

okay I if she sells it after you're married,

5:13

she can make up to a half million dollars

5:15

on the property and have rented it for one

5:18

year. On that would be fine

5:20

if you want to do that. Carry rented a

5:22

set up to three years is yes and has

5:24

his way of last fall. Okay. I'll.

5:26

Get three of the last fast. So ah,

5:29

I'm. Amazed. It's kind of weird. You can

5:31

actually. Rented. And

5:33

then move or in or out and live in a

5:35

two years and then Rennet two more years. So three

5:37

of the last fall in are you can do it

5:39

that way. but I wouldn't publish what do that as

5:41

a strange but I'm. But. That that's how

5:43

the losses. So are the regs, the regulation

5:45

on it so. Yeah. Just Do

5:48

Not combined anything in Do Not

5:50

make a permanent moves And She's

5:52

right. Run everything completely separate. Ah,

5:54

or your roommates. And

5:56

until then I and ah, but

5:58

also your fifty freak. Years old.

6:01

Are your set up and play and house. Or

6:04

he might as well get married as my

6:06

opinion but didn't ask my opinion and he

6:08

very close thought this through on clothes. but

6:10

I don't. I mean you're doing. you're making

6:12

all these moves as if you're married. But.

6:15

You're putting off as our marriage. Which.

6:18

Them is not that that's not logical, it's

6:20

really not so. ah. if you are for

6:22

if you're twenty two are some my my

6:25

say Well okay whatever but have a longer

6:27

engagement but you're fifty Yeah I'm. Not

6:29

sure. but first. Rod on the Cabbage

6:32

truck. New Domain. Seriously. So ah, I'm

6:34

the I Am dislike and that's. What?

6:37

What I do if I were in your shoes, I'm. If.

6:40

I'm willing to move in together. I'd be willing to

6:42

get married. That. That's what

6:44

I would be doing. Arm. There's

6:46

a lot of benefits to that whole discussion,

6:48

in addition to the financial and legal. Implications

6:52

So. Yes, Ah,

6:55

But. If you're if you're unsure about

6:57

the quality of the engagement leading

6:59

to a marriage you shouldn't be

7:01

doing all was injured doing. So.

7:05

Because it. Isn't which is more of the reason for

7:07

her. Yeah to keep the have the

7:09

house at all and most of the everything

7:11

separate. Yeah, know that as a mass some

7:14

look at the question. Ma'am thank you for

7:16

joining us Open Follows that Aaa Eight to

7:18

five, five, two to five. We appreciate your

7:20

hanging out with us America, this is yourself

7:23

and out. Listen, all of you, whether you're

7:25

twenty two or fifty, do. We.

7:28

Have seen disasters and people's

7:30

lives when they combine their

7:32

finances and are not married.

7:35

In their names, on each other's debts

7:37

and then send i'm stuck with that's

7:40

x on sites car. Yeah well

7:42

to have a nice to look at all and worsen

7:44

that he drives off on enter as got your name

7:46

on it. And you

7:48

know that was the break up in A

7:50

and R and we've had that one the

7:52

south and then doesn't pay the payment on

7:54

time. Lads are yes repo and guess who

7:57

got repos the that they ex fiance the

7:59

get dist. And so are

8:01

we. Worst thing is bought

8:03

a house together when I

8:05

married. Ah mes. The. List

8:07

of stupid things that that

8:09

violates his long. You.

8:12

Really get yourself a mess or cars

8:14

really bad. Bank accounts are

8:16

really bad sharing the mustard his

8:18

bath bus. But. That go

8:20

and I made by and that's

8:23

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number one best selling author ramsey

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personality ritual cruz is marta rose

9:45

to one of the books that

9:47

she has a number one was

9:49

a children's book i'm glad for

9:51

what i have about contentment it

9:53

saw sister peace is coming out

9:55

next week on the sixteenth it's

9:57

called i'm glad for where i

10:00

I am with fabulous

10:02

illustrations by Lauren Galagos.

10:05

She's incredible. The internal illustrations

10:07

are absolutely amazing. She just does a

10:09

great job. Quick short

10:11

book all about gratitude. First one was

10:13

about contentment, right? Yep, that's right. Yeah,

10:16

gratitude, contentment, and generosity are the

10:18

three big subjects focusing. So this

10:20

book is the gratitude one. And

10:23

just really, I mean, it's amazing teaching

10:25

kids these kind of bigger principles

10:27

of life. It really

10:29

can be that simple. It really can be simple

10:31

in a sense that, you know, going back to

10:33

the basics, and that's what this book does, of

10:35

the foundational piece of

10:37

gratitude is the stuff that money can't buy. And

10:40

that, for a little one, is their home,

10:42

it's their family, and getting to that foundation

10:44

level of it is what

10:46

I wanted to do with this book. And

10:48

so it's sweet. The animals go on a

10:50

little adventure, and they find gratitude for their

10:53

families and their home. And

10:55

it's short, parents. You are welcome. And

10:58

it rhymes. Yeah, Lauren Gaye goes to

11:00

amazing with the illustrations. Beautiful. And

11:03

it launches on Tuesday. And

11:05

so I'll be traveling

11:07

around to, I'll go to

11:09

Phoenix and LA and Dallas

11:11

and Atlanta for some book signings. So you

11:13

can go to rachelcruz.com and get the schedule

11:15

for all of that. And actually, I think

11:17

Lauren, I think might be, might be seeking

11:20

to soon, might be joining me in the LA

11:22

signing. So you'll get the illustrator and the author

11:24

at the bookstore. So it'll be fun. I

11:26

bet you might get a cool signature from an

11:29

illustrator. I think you will. I think you will. Very

11:31

good. Very cool. Good

11:34

stuff. Good stuff. Yeah. If

11:36

you have an adult that has learned contentment,

11:39

gratitude, you know,

11:43

these things are absolutely, it's amazing

11:45

what it does for their lives. And

11:49

so it's very difficult to overspend when

11:51

you have gratitude and contentment. Yep, that's

11:54

right. Overspending has something to

11:56

do with something opposite of those things. And so

11:58

what you're doing is putting that. foundation

12:00

in there. Also coming up the first

12:02

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12:05

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12:07

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12:10

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12:13

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12:15

which you can just get online at

12:17

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12:19

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12:24

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12:35

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12:38

And the book walks you through how to

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so a little different type of book for

12:44

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both of those coming out Rachel's next week

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12:50

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all kinds of pre-order specials at ramseysolutions.com.

12:58

Kylie's in Augusta. Hi Kylie, welcome

13:00

to the Ramsey Show. Hello,

13:03

thank you for having me. Sure,

13:05

what's up? I

13:09

have a question for you. I am 35

13:13

years old. My husband will be 40 in

13:16

August and we are

13:18

active duty military family. He

13:20

is the active spouse. I stay

13:22

at home with our kids. But

13:26

I was active duty for five

13:28

years and left to stay at home

13:30

and raise our kids. He is

13:32

looking at retiring. We want to retire or

13:35

at least stabilize by the time my oldest

13:37

is in high school and he is in

13:39

sixth grade right now. So within the next

13:41

five years we're looking

13:44

at leaving all of this behind.

13:47

And so I need to I'm

13:51

panicking because he is quite a bit of a

13:57

Yes, he will be past his 20 year mark.

13:59

He will be, I believe, at 24. Okay. And

14:02

you didn't quite get to 20, did you? No,

14:05

I did not. Well, thanks to both of you

14:07

for your service. So you're both going to have

14:10

military retirement. Obviously, his is going to

14:12

be substantial in those

14:14

situations. So when you

14:17

say retire, what do you mean? He's

14:19

going to do nothing? Well,

14:22

I would like for him to do nothing.

14:24

And I would like to take up the

14:26

role. So we have a

14:29

substantial gap between our two children. Our

14:32

oldest is 12. Our youngest is two. He

14:34

just turned two. And so

14:36

I would like for him to stay

14:38

at home and kind of enjoy his

14:41

retirement that he's worked these last 24

14:43

years for and take

14:45

up that mantle of filling

14:49

in the gap of where so we're

14:51

going to lose a lot of military

14:53

allowances. His

14:56

pension is going to, you know, cover

14:58

a whole bunch, but we're going to have to think

15:00

about buying, not think about we're going to have to

15:02

purchase a house. We have

15:04

no debt. Our kids

15:06

college funds paid for one. Our

15:09

oldest has the post 9 11

15:11

GI Bill. So he's covered for

15:13

college. And then I were

15:17

putting my sgli not

15:19

my sgli not my life insurance, but

15:22

my, um, my TSP

15:24

account has about 35,000 in roughly now.

15:26

And we'll

15:28

use that. We're just going to leave

15:30

that alone until my youngest. How old

15:32

will your husband be when he retires? Um,

15:36

probably 43 to 45. And you'll

15:39

have a sick and you'll have

15:41

a six year old at home. We

15:43

all have a six year old. Yes. At that

15:46

point. Okay. You're not

15:48

gonna like me, but I'm going to tell you what

15:50

I think anyway. Okay. Cause I'll, cause I like you

15:52

and I appreciate the service you've given her country. A

15:55

guy that comes out of the military in a highly

15:57

structured, Very mission driven.

16:00

Ah, organization. He

16:02

comes home with six year old. Is.

16:05

Gonna be a very unhappy Madison. You

16:08

cheeky. Yeah he's going on

16:10

the I is gonna near the house. In.

16:14

He is coming out. Where is our

16:16

emotional whiplash? Though.

16:18

The dream is and I.

16:20

Another issue with this is

16:22

is dead or am I

16:24

am on a horse person

16:26

So we're looking to get.

16:30

Basically. A hobby farm if you

16:32

will. Family gets kind of want acreage

16:34

and he wants he wants chickens. Go

16:36

to the whole shebang. I just need

16:38

a couple horses to train and sell.

16:40

And train and sell. Just can stay

16:42

happy. I'm. Until.

16:46

We were gonna need to

16:48

set. Right now. We. Have

16:50

Zero that! Ah, My kids' college aren't

16:52

paid for that. This is all. Were

16:55

just I just need a bowser some

16:57

money so that we can buy a

16:59

house with cash, not go into any

17:01

debt. As a where you going to money to pay

17:03

cash for house and four years I'm confused. Okay,

17:06

So ah, my husband makes

17:08

about eleven thousand dollars a

17:10

month. We

17:12

know that. Much

17:15

as you saw in our much as Anything I'm I'm. I'm

17:18

on a to receive the printout

17:21

then so we're saving about. At

17:24

sea so. It says

17:26

here on his little budget notes

17:28

that we are him and Green.

17:31

Monthly balance about twenty three hundred

17:33

dollars. A started thirty thousand dollars a year

17:35

for four years And hundred twenty thousand know

17:37

Hobby Farm for hundred with us. No

17:41

No Ha. And. He's

17:43

got about seven hundred thousand.

17:45

In a T S P account number to

17:47

ten hours that. Know

17:50

so he will be able to pull.

17:54

On some of that out. Very

17:56

in Maryland until it's written on.

17:58

An office is tiny. Okay,

18:04

Okay, That's. Not gonna

18:06

happen with cash then. Oh goodness yeah.

18:09

So. You doesn't that you're doing exactly what you should

18:11

be doing, were just doing it. Live on. they are

18:13

in front of everybody, but they are when we ought.

18:15

What you need to be doing is to lay out

18:18

exactly where we want to go. Your

18:20

desired future is my friend Henry Cloud

18:22

Thousand. And. Then what must be

18:24

true? That's not true today. Okay, so here's

18:26

the budget for the Hobby Farm. Here's what

18:29

our income looks like. Now here's how we

18:31

can throw money at it. What? Can

18:33

we the child? What has to be true? Yeah, and

18:35

we gotta get a house in the meantime. You know,

18:37

And and what does our careers look like On the

18:40

other, an. Arm. And sales

18:42

eat you up. For. Our

18:44

to me being blunt with you. You had

18:46

planned to go play with horses and he

18:48

was going to babysit a six year old

18:50

an eye. On that might

18:53

work, some guys can do that. but

18:55

but I can tell you you're asking

18:57

him to make a dramatic change in

18:59

his daily activities in the neural plasticity

19:01

of his brain is really gonna have

19:03

to go into overdrive. Ah, to make

19:05

that turn it's the the whiplash or

19:07

and be pretty incredible married as. A season

19:09

as a kylie that he six six months and

19:11

he says kind of our home and all of

19:13

that but so long term plan of that may

19:15

not be what soon as the their south. West

19:18

of as they could have. The right thing

19:20

is gonna continue to dial out the details

19:22

of how are going to get their what's

19:24

the battle plan the use a metaphor from

19:26

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20:15

you for joining us America. I have

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muay up in the past two years.

21:00

Pretty amazing. And those five star reviews

21:02

They actually help to. So. Thank you

21:04

thank you thank you those of you that

21:06

as something nice to say we appreciate you

21:08

among the rest Levi As with us in

21:10

Phoenix I leave I: how are you. A

21:13

Very good that your free time Sara what's

21:16

up? While.

21:18

Never stool or question than

21:20

four hundred thousand people dead.

21:22

It's broken up into fourteen disperse and

21:25

a difference er principles, and it's as

21:27

rates, but I also have thirty five

21:29

thousand sitting in savings wondering how we

21:31

should allocate that best. Litter

21:34

degree and. Pharmacy.

21:37

And so you might have one. fifty. Ah

21:40

no. One Thirty. Before.

21:42

Tax. You. Paid four

21:45

hundred grand for pharmacy to. The.

21:48

As. Well. Not yet

21:50

women. Larger cities and towns.

21:54

That that that that's I'm going

21:56

up up up up a notepad

21:58

and paid for as. It's

22:01

actually very accurate. Good

22:04

for you. Wow. Well

22:10

yeah, you're, you know, it's

22:12

going to be a little while. It's going to take a bit.

22:14

I mean, if you lived on $35,000 a year and put $100,000

22:16

on it, you got four years, right? That'd

22:18

be great. Now are you single? I

22:22

am. Okay. How can you pick

22:24

up some weekends at the hospital and stuff?

22:27

Yeah. In retail, yeah, we can pick up

22:29

extra shifts. Shifts. And that

22:31

would, what kind of income can you add if you go

22:33

crazy for a short period of time?

22:38

Like a couple thousand a month. It's

22:41

good. Another 25 a year. Yeah. Okay.

22:44

Yeah. See, that's a big deal. That

22:46

is. And then, you know, so what I'm going to

22:48

do if I'm in your shoes is I'm going to live like no one else so

22:51

that later I can live and give like no one else.

22:53

I'm going to get on beans and rice. I'm going to

22:55

work all the time. I'm

22:57

going to throw all but $1,000 of this 35 at these, I'm

23:00

going to list these 14 loans smallest

23:03

to largest and start attacking, paying minimums on everything

23:05

and start attacking the little one with a vengeance.

23:07

And I'm going to take all the OT I

23:09

can get because if we had $25,000 to the

23:11

equation, you might do this in

23:14

three years. Nice.

23:16

But that's living on nothing and

23:19

no leave. Understood.

23:21

But you're clear in three years. Otherwise

23:23

you got a 10 year program, right?

23:27

Yes. And I'd rather

23:29

sprint for three years

23:31

than limp for 10. Right.

23:35

The budget is I have my

23:37

budget very tight. Planning put

23:39

everything extra towards it every

23:41

day. I'm

23:44

just wondering about that. Yeah.

23:46

I would take it down to $1,000. That's

23:49

maybe step one. Everything

23:52

that is not retirement and no money going into retirement

23:54

and no eating out and no vacations and

23:57

we're just in attack mode here, dude.

24:00

I mean, this is war and that

24:02

when you and I can kind of hear that in your voice I

24:04

think you're dialed in I think you're ready to

24:07

go your only question was about do I really clean out

24:09

that 35,000? Yeah, I

24:11

really would clean out 34 of it.

24:13

And again that helps us move the needle I

24:15

think you can do this in three years But

24:17

it's gonna be three years of hell and

24:20

we've talked to people that you

24:22

know that have done this exact

24:24

equation And they'll be on with that free

24:26

stage and you look at the numbers like holy

24:28

crap And then the income goes up right there's

24:30

always a boost of income even with just your

24:32

salaried position As a

24:35

pharmacist like you'll you'll get increases right as these

24:37

years go on too But it is it's amazing

24:39

when you talk to people and they were like

24:42

That the number one thing in a situation like this it will

24:44

be work Where you just say I'm

24:46

gonna get my income up and I'm gonna work all

24:48

the overtime I can and you know the beautiful Something about working

24:50

all time is you don't have time to spend any money And

24:53

it's not forever like this. I'll set free

24:55

screamer. She took she worked two jobs and she put in

24:57

her notice the day She like paid off the dash like

24:59

I'm done. I'm done with that other job because I don't

25:02

need any we had one yesterday lady had two

25:04

babies at home and When

25:06

they hit submit on the pay off the

25:08

mortgage. Yeah, they're 28 years old They

25:11

don't know mortgage. Oh my god, the next thing

25:13

she hit was Send on

25:15

the resignation email You

25:17

know that day this said that two

25:19

pieces of paper went out the computer

25:21

that night Two digital pieces of paper

25:23

went out and so and she

25:25

wasn't mean about it I mean, she was thankful for her

25:27

job at the bank, but quit the bank job and went

25:29

home. Yep. Yep I love it. Josh

25:32

is in Columbus, Ohio. Hi Josh. How are

25:34

you? I'm good.

25:36

How are you better than I deserve? What's up?

25:40

So I actually just

25:42

inherited About

25:45

three hundred and forty thousand

25:47

Wow for my grandparents was

25:49

amazing. Yes So

25:52

I You

25:55

know, I just I've been trying to do

25:57

some research and I just don't know what

26:00

the best course of action with that money is.

26:02

Do you

26:04

have any debt? Yes,

26:06

I have student loan debt. How much? 50,000. 60? 50. 50, okay. Yep,

26:08

I'm married. My wife, she's

26:11

basically out

26:20

of debt herself. She's paid off almost

26:23

all of her loans. So

26:26

that's pretty much it. Basically almost. How

26:28

much does she have left? I

26:31

think she has like 7,000. Okay, how much do

26:34

you all owe in your cars? I

26:37

owe 7,000 on my

26:40

truck. What

26:42

does she owe? And she owns

26:45

her car. And how long have you all been married? 12

26:49

years. Well, we've been together 12 years, we've been

26:51

married too. What's your household income? 120 a

26:55

year. Good for you. Okay. Kids? No

27:01

kids. Okay. And any money saved

27:03

just in a high

27:05

yield or anything? Yeah,

27:07

so I put that inheritance into

27:09

a money market and then I also

27:12

have like 7,000 cash and about

27:14

11,500 and like

27:21

a Morgan Stanley, you

27:23

know, creating account. Very cool. Good

27:25

for you. All right. All

27:28

right. So what we teach folks, Josh, is

27:30

the number one key

27:34

to building wealth. Your number one

27:36

most powerful wealth building tool is your income.

27:38

When you give that away in debt, it

27:40

kills your ability to build wealth. Your grandparents

27:42

probably avoided debt. It's one of the ways

27:45

they had this kind of money. And

27:47

they were very conservative and careful

27:50

and intentional. And that's all you need

27:52

to be. So do you

27:54

own a home? No,

27:57

no, that's something I want to do. Yeah.

28:00

Good idea. So the first thing

28:02

we tell folks to do is get a thousand dollars saved.

28:04

That's maybe step one. You've already done that. Two is pay

28:06

off all of your debt. So immediately we're

28:08

going to pay off all the student loans and the car

28:10

debt immediately. Right.

28:12

Okay. And then you need

28:15

an emergency fund between the Morgan Stanley, the $7,000

28:17

and the $350,000 minus

28:20

$50,000, is you

28:23

pull out some emergency fund of three

28:25

to six months of expenses. And

28:28

so in your world, that's probably a $25,000 emergency fund set to the

28:30

side. Never to be touched

28:34

except for an emergency in a money market

28:37

account. It's not for purchasing things. It's

28:39

for emergencies. Okay. Then whatever's

28:41

left you could use as a down payment

28:44

on your home or

28:48

pay cash for a home in Columbus, Ohio.

28:53

Yeah. I'm actually like, I do

28:55

home remodeling, so I kind of

28:57

want to buy something low and

29:01

build equity in it myself. Now

29:03

don't, don't make your wife live in something while you

29:05

rehab it. Right.

29:08

Bad husband. Okay. You'll probably have

29:10

around two 80 left, Josh. I mean, like,

29:13

yeah, you guys, it's a good head start. If,

29:15

I mean, if you can find a house, if you

29:17

can get something like that and build some equity into

29:20

it while you live in that apartment, go ahead and

29:22

do the rehab and end up with

29:24

no more than and have it paid for.

29:26

Oh my gosh. You got hugely progging to

29:28

the future. And the only warning sign is that

29:30

this inheritance wipes out all of your bad decisions

29:32

that you guys have made with student loans and

29:35

car payments. So don't go back into debt because

29:37

you don't feel the pain of sacrificing it, of

29:39

getting out. So just be aware of that. I

29:44

saw some recent financial statistics and

29:47

there was some pretty troubling news.

29:49

When families were asked how long

29:51

it would be before they faced

29:53

financial hardship, if a spouse died,

29:56

nearly one third said they'd be

29:58

in trouble immediately. Another. 44%

30:01

said they'd be financially drained within six

30:03

months. People, it does not have to

30:05

be this way. Term life insurance plans

30:07

are just plain cheap and companies have

30:09

made it even easier by not requiring

30:11

exams in many cases. There really is

30:13

no excuse to leave your

30:15

family in this situation by not

30:17

having life insurance. This is why

30:19

I talk about Zander Insurance every

30:21

day. They're committed to protecting

30:24

families with the only products that

30:26

I recommend and their team keeps

30:28

the entire process simple and

30:30

affordable. Go to zander.com for quick online

30:33

pricing or call 800-356-4282. This

30:38

has to be a priority. If

30:40

your family is in this situation, you need

30:42

to get this done. Thank

30:46

you for joining us America. Derek is in

30:48

Delaware. Hi Derek, welcome to the Ramsey Show.

30:52

Hi, how are you? Better than I deserve. What's

30:55

up? I have a question

30:57

for you. In

30:59

January of this year, my

31:02

car that I just paid off last

31:04

October was rear-ended by a

31:06

drunk driver in total. And

31:09

I'm a new-to-art truck driver. I'm going 10 months

31:11

out of the year and I'm

31:14

currently in the process of building up my

31:16

trucking company. In about five

31:18

years, I'm hoping to have six to seven

31:20

trucks and drivers running for me. And

31:23

right now, I don't have a car. So

31:25

my question is, is while I'm going for the

31:27

next couple years for 10 months of the year,

31:29

should I rent a car when I'm home for

31:31

those two months a year or

31:34

should I buy a car and have it financed

31:36

or just sitting in my driveway for 10 months

31:38

of the year? Okay. I'm

31:40

a little confused. Why are you

31:43

off two months a year? I

31:46

just like trucking. It's what I'm passionate

31:48

about. It's what I'm good at. No, that doesn't

31:50

mean... I said, why are you home two

31:53

months a year? I

31:55

go home for Christmas and birthdays. And

31:58

you're taking a look at it. entire month off? Yeah,

32:02

a month off at a time. Okay. So

32:05

that's just the way you're you're running two months

32:07

of vacation? Yes.

32:10

While you're doing this. Interesting. Okay.

32:12

And they're not contiguous months, meaning

32:14

they're not connected, they're two odd

32:17

months separated, right? I

32:19

take off the entire month of September. Yeah.

32:22

And I take off the entire

32:24

month of December 20th. Yep. And

32:27

to the middle of January. How much did

32:29

you get for the insurance payment if it was totaled?

32:32

I got 18,000. Why don't you just

32:35

go buy a car with that? Why do you have to

32:37

finance it? Because

32:40

the car I want is about 40 grand.

32:42

Why do you want a car that's gonna,

32:45

40 grand that's gonna sit there 10 months a year?

32:47

No, I would not do that. You

32:50

don't need a $40,000 car to sit in a garage. Yeah,

32:54

that makes sense. And it going down in

32:56

value and you're paying insurance on 40 grand

32:58

and you're paying taxes and title on 40

33:01

grand to sit there. No, if you

33:03

want a car just to sit around

33:05

versus renting something, you buy a

33:07

cheap car to do that. Just

33:10

something to get around while you're at home. But

33:13

if you want to drive a $40,000 car two

33:18

months a year, you should rent it. Gotcha.

33:21

You should go to, you know, whatever.

33:23

Yeah, but is that a smart financial

33:25

move long term? Wouldn't you rather just

33:27

have a $10,000 car? I might rather have a

33:29

$5,000 car. I mean like, you

33:31

know, I would not have a $40,000 car

33:34

sitting in the garage collecting dust in your

33:36

situation. I only

33:38

plan on being OTR for about five or six

33:40

years. But after five or six years, buy a

33:42

car. If you want a $40,000 car when you're

33:45

off the road, when you're not over the road anymore,

33:48

then that's fine because you're home driving a $40,000

33:51

car. If you pay cash for it and you're making 80, yeah.

33:53

I know, but two months of renting per

33:55

day. I'm like, that just gets expensive. It

33:57

can. Yeah. Yeah. You know, you

33:59

just... The cheapest way to do it would

34:01

be by a five to seven thousand dollar car that

34:04

just is for transportation During

34:06

this period of your life while

34:09

you are only needing it two months a

34:11

year Yeah, it's that it's that that's the

34:13

best financial move the other doesn't make sense

34:15

at all And

34:18

you know you just told me you have this goal of

34:20

getting all these trucks and Every

34:22

dollar you type in a stupid car Keeps

34:25

you from going towards the goal of that truck So

34:28

you know if I'm you I don't care what I

34:30

drive because I'm trying to build a company And

34:33

now after I get the company built, maybe I'll get me

34:35

something nice, right? Because I'll

34:38

be making bank at that point But you get

34:40

10 15 trucks running around and you're making some

34:42

money and drop you can drive your 40,000 car

34:44

then if you want That's not a problem. But

34:46

no, I wouldn't definitely not put a

34:48

car I wouldn't buy a car for cash

34:50

that was 40k and leave it in the garage in

34:52

your situation Because in one

34:54

year it's gonna be worth 30 in two years. It's gonna

34:57

be worth 20 While

34:59

it's sat there And

35:01

that that's what you know they go down in value

35:03

like a rock. That's where Chevy got that like a

35:06

rock Steve is in Cape Cod.

35:08

Hi Steve. How are you? Hey,

35:10

how are you better than I deserve? Me

35:15

and my wife are 60 years old.

35:17

I'm still working. She's retired we

35:21

owe 135,000

35:24

on our house and our mortgage at two and a half

35:26

percent. We got about six more years left and We

35:30

need to do some work on the house in addition and

35:33

stuff we have 140,000 in the bank How

35:37

much is your mortgage balance again? 135

35:40

135 and what's your household income? 200

35:45

and what kind of work are you wanting to do to the house? Um

35:49

It's only 1,300 square feet. We

35:52

need to make it bigger or better. How

35:54

many people live there? That's

35:57

two and our two of our kids. How

35:59

old are you? kids? Hopefully

36:02

they're leaving soon but one of them is going to

36:04

be here for another two years and one of them

36:07

is supposed to be leaving. How old are your kids?

36:09

25 and 20. Yeah

36:12

they need to leave. That will

36:14

solve that. No I know but we

36:16

would do some renovations if you want

36:18

to do them. Okay you want to

36:20

do some renovations for the two of

36:22

you that's fine how long have you lived in this 1300 square

36:25

foot house? Since

36:27

2017. Okay what will it cost to do

36:29

the renovations? 140 grand.

36:32

Okay all right and

36:36

you make 200 and your

36:38

house payments how much? Now it's

36:41

2,500 a month. Okay. We

36:44

took out a 10-year note for two and a half

36:46

about three and a half four years ago. Okay.

36:49

And you have 140 in savings right?

36:51

Mm-hmm. Yes yes. Yeah so Steve

36:53

you called here with one game plan and

36:55

our goal is going to be to change

36:57

your game plan for your good. Okay.

37:00

Okay. So if I woke up in your

37:02

shoes you don't need to do this renovation

37:04

for these kids you know that you're doing

37:06

the renovation for you and your wife but

37:09

you've lived there now. Exactly. You've already lived

37:11

there for about

37:13

eight years and you've

37:15

survived so far. So

37:17

I do want you to do the renovation but it's

37:19

definitely not an emergency because the kids are leaving and

37:21

you've put up with it for eight years you can

37:23

put up with it for a minute more. Now

37:26

so I'm gonna take the 140 I'm gonna pay off

37:28

your mortgage today. You're a

37:30

hundred percent debt free then and I'm gonna sit down

37:32

with the wife and we'll get on a tight budget

37:34

and I'm gonna try to with no mortgage payment I'm

37:37

gonna try to save 70 a year for two years

37:39

and do the renovation with cash two years from now

37:41

after the kids are gone. Okay.

37:46

And you got zero debt all

37:49

of that time. Zero

37:51

debt's a cool place dude. You never lived there in

37:53

your whole life have you? Yeah.

37:56

Yeah. We're gonna retire down here that's for

37:58

sure. Yeah. Yeah. and

38:00

Cape Cape? What do you have in retirement Steve?

38:03

I'm sorry I just got him. Go ahead. Steve

38:06

how much you got in retirement? I

38:09

got about $600,000 and a 401k. I got two pensions and

38:13

I got some profits here and that's worth about $400,000 or $500,000.

38:16

Good. You said you're

38:18

$62,000? I'm $60,000.

38:21

$60,000 and what's this house worth today? Probably

38:25

a million. Yeah. So you're worth a couple million

38:27

dollars right now. Good for you. Way to go.

38:30

Home run. Home run. So you deserve

38:33

a nicer, you've earned a nicer

38:35

house. That's what this

38:37

makes you say. Yeah. I think you need

38:39

to get a better house but I would

38:41

do it with cash in the next two

38:43

years and I'd pay off my house today.

38:45

Yeah it's a different order than going

38:47

renovation and then paying off the mortgage in

38:49

eight years. And I will say this since you're

38:51

over $59,500 you could use

38:53

some of that retirement to do the renovation. I wouldn't

38:56

have any problem with that at all as soon as the kids are gone.

39:00

But I don't want you doing any renovation that causes

39:02

them to stay. It's

39:05

not good for them. They need to grow up.

39:07

It's good for them. An eagle that doesn't leave

39:09

the nest is eventually called a turkey. I know.

39:12

So it's really good for

39:14

grownups to be grownups. It's a neat

39:16

thing when it happens. And

39:18

so it's not hardcore.

39:20

It's not being mean. It's actually the kindest

39:22

thing you can do is to help

39:25

your the people that you

39:27

love be what God designed them to be and have

39:29

the dignity of standing on their own too. It's

39:32

a good thing. It's a powerful thing.

39:35

And so recommended highly and I

39:38

think you're I think you're going to enjoy it

39:40

and they are too. So yeah I as soon

39:42

as they're gone I pull enough out of retirement to

39:44

do my renovation even if you haven't saved it up

39:46

yet. But I pay off your mortgage today. That's

39:49

a good question. Very good question. What

39:51

a great guy. Two million dollar net

39:53

worth. He did it. And Cape Cod.

39:55

And Cape Cod. Yeah there you go.

39:57

Hey. Thirteen hundred square feet in Cape

39:59

Cod. Ding, ding, ding, ding, ding, ding, ding, ding, ding. A

40:01

million bucks right there. Yeah, that's, uh, that, that you just

40:03

see those little things rolling over on

40:06

the slot machine right there. That just happened right

40:08

there. Those little dollar signs right there. This

40:11

is the Ramsey Show. Live

40:17

from the headquarter of the Ramsey

40:19

Solutions, it's the Ramsey Show. We

40:22

know... Build what? It works.

40:24

It works. It works.

40:26

That they love their actual, amazing relationship. I'm

40:31

Dave Ramsey, your host, Rachel Cress,

40:33

Ramsey personality, co-host of the Smart

40:35

Money Happy Hour on the Ramsey

40:37

Network, number one best-selling author and

40:40

children's book author. New book coming

40:42

out next week. I'm glad for

40:45

where I am. She's my co-host

40:47

today. Open phones at 888-825-5225. Alexis

40:52

is in Orlando. Hi Alexis, welcome to the

40:54

Ramsey Show. Hi,

40:57

thank you for taking my poll. Sure.

41:00

What's up? Um, so I'd love to move out

41:02

of my parents' house. I was just wondering what

41:05

I can do to increase my

41:07

income. Okay,

41:09

so how much are you making now? Um,

41:12

after taxes, about 28,000. What

41:15

do you do? I'm in

41:17

the wedding industry. What does that

41:19

mean? What do you do? Um,

41:22

I'm planning weddings, also managing

41:24

a venue. Part

41:27

two. No,

41:30

it's about 40 hours a week. Event

41:33

planners make more than 28K. What's wrong?

41:37

That's when I'm making it

41:39

hourly, it's 15 an hour. Mm-hmm.

41:44

I think you're underpaid. Not a lot of stuff going

41:46

on over at the wedding chapel, is there? Unfortunately,

41:50

no. Oh, there's a day. Probably really

41:53

busy. Yeah, I think you're... How

41:55

old are you? I'm 29. Hmm.

42:00

this? I was

42:02

a teacher for eight

42:04

years. What do you make doing that? Pretty

42:08

much the same, sometimes less. So

42:14

what would make your voice

42:17

change and be full of excitement if

42:20

we were talking about you doing it? That

42:24

pays a hundred thousand a year. Being

42:27

a mom, well, I like what I

42:30

do, right? I like the planning, prepping,

42:33

and organizing

42:46

that comes with my job. I

42:48

think that's in teaching, but it's

42:51

right. It's devoid of being in front

42:53

of a person or a student all

42:55

day long. So I'm not

42:58

sure that I've found that niche

43:00

of what can provide enough

43:02

income. Because your

43:04

skill sets, Alexa, I have a friend and

43:06

she works in the healthcare industry, but she

43:08

does the planning for all their events

43:11

internally for a healthcare

43:13

company, right? So I'm like there are kind

43:16

of random sectors out there that have

43:18

positions that have

43:20

the skill set. But they work. I

43:22

mean, they work a lot. It could be 40

43:24

hours a week too. I mean, like you could literally

43:27

be working the same amount. I just feel like you're

43:29

being underpaid. Well, there's nobody coming

43:31

in the wedding chapel. No, there are. She said it's boring.

43:35

No, it's busy. I'm

43:38

sorry. I'm like there's less

43:40

people getting married in the church, but there

43:42

are definitely people getting married. How

43:45

many hours a week

43:47

are you sitting there with nothing happening? Never.

43:52

Then you're dramatically underpaid.

43:54

Yeah. Because

43:56

an event planner ought to make double what you're making. I

43:59

mean, Target's paying $20. 20 an hour. Do

44:01

you know what I mean? I'm like, I, yeah,

44:04

so I would be

44:06

looking for another position and I really

44:08

think Alexis, Alexis said, yeah, I would

44:10

look around for some type of event

44:13

coordinator position even

44:16

in corporate America. And again, it may not be what you

44:18

want to do forever, but at least for a couple of

44:20

years to make some income. I mean, something- Get out of

44:22

your parent's house. If you want to just take, you

44:25

know, and start back fresh and go all the way at the

44:27

beginning, I'm going to give you

44:29

Ken Coleman's Get Clear Career Assessment. I

44:32

want you to take it. It'll take you about

44:34

20 minutes to take it and then read the

44:36

results carefully and see if that doesn't, something in

44:38

there doesn't, you know,

44:41

tickle your funny bone and cause you to want to go

44:43

do X or Y or Z and you may have to

44:45

go get a certification. You may have to go, but it

44:47

may be a completely different industry. I kind of have a

44:50

sense you just fell into this job. It

44:54

was like I needed to fall out of teaching.

44:56

Yeah, yeah. So

44:58

you're running from something versus running to

45:00

something. And I think if

45:02

you have a good game plan to say, hey,

45:04

here's some other options out there for

45:07

me, I think would, yeah, give you

45:09

a lot of freedom. Start being very

45:11

goal oriented towards something

45:14

rather than just, you know, sitting in the, in

45:17

neutral and letting all these things happen to you. And

45:20

so you say, okay, what do I want to be? What

45:22

does Alexis want to be doing

45:25

when she's 39 that makes a

45:27

substantial income and is fulfilling professionally

45:30

and I feel good about me.

45:32

I make good money. I'm

45:35

enjoying the daily work. Those

45:38

kinds of things. Now you never do anything

45:40

that every day is easy. There are some

45:42

days that suck in anything

45:44

you do. Okay. I've

45:47

been doing this radio show for over

45:49

32 years and almost every

45:51

day I love being on the air, but

45:53

I said almost. Some

45:56

days I don't feel like being here. I think we

45:58

know. I think we know those days. Everyone's

46:01

like Dave's extra feisty today. I'm like I don't

46:03

know. No, that just meant I had

46:05

too much coffee. That wasn't because I was miserable.

46:07

I'm not miserable. I'm not. If

46:09

I'm miserable doing something, I don't keep doing it very

46:12

long. I change. So

46:14

that's the entrepreneurial side. So anyway, so yeah,

46:16

that's what you need to do. So

46:19

that's what I would say Alexis is you

46:21

need to aim at something and

46:23

then pull the trigger. Don't

46:26

go ready, aim, aim, aim, aim, aim,

46:28

aim, aim, fire. And I'll

46:30

say this Alexis that the next step

46:32

may not be the absolute perfect dream

46:34

job scenario. It may just be hey,

46:37

I'm getting in that right direction. It's

46:40

paying me 20 grand more which is

46:42

significantly different and that's a stepping stone.

46:45

There's a progression there that has to occur. And that

46:47

gets you out of your parents' house which was your

46:49

question. So you've

46:51

got an income problem but it's

46:54

associated with your career not

46:56

having a clear direction. So

46:58

the get clear career assessment will help you with that. I

47:01

will pay for it and give it to you for free.

47:03

Hang on the line. The team will pick you up

47:05

and get you signed up. It's going to

47:07

work, going to work, going to work. So

47:15

there is an energy that

47:18

occurs. It gives

47:20

people energy. It gives you I think

47:23

it comes from a sense of hope or a

47:25

sense of destiny. When you spend

47:28

some time contemplating

47:31

thinking on

47:33

the back porch with a cup of coffee or

47:35

whatever it is you do, tea, whatever it is

47:37

you do for that, your mother would be tea,

47:39

me it would be coffee or something else. But

47:42

thinking about where do I want

47:44

my life to look like? What

47:47

do I want my career to be? What do I want to do? And

47:51

then you start clearly defining

47:54

that in high definition in

47:56

HD. And

48:00

then you start living in that future state

48:03

and you start identifying with the person that

48:05

you're becoming. And

48:07

then you start taking the steps. So

48:09

that's what goal setting does. It

48:12

energizes you because all goals are

48:15

our little miniature vision pieces

48:18

with work clothes on. You

48:20

know, and you start taking the work clothes, you take

48:22

the work clothes and you go put the work boots

48:24

on and the work gloves and you go to work

48:27

towards getting your goals. And that all of a sudden,

48:29

even the energy in your voice changes. This

48:32

is the Ramsey Show. Rachel

48:39

Cruz, Ramsey Personality, co-host of Smart

48:41

Money Happy Hour is my co-host

48:43

today. Today's question comes

48:45

from Margaret in Iowa. She

48:47

says, my husband has passed away recently and

48:49

had credit card debt in his

48:52

name only. Am I responsible

48:54

to pay that debt? The credit card

48:56

company says his estate is responsible for

48:58

the debt and they're coming

49:00

after me for the funds. All his

49:03

properties came to me as we

49:05

were joint owners of everything. Am I responsible

49:07

for paying that debt? If not, how do

49:09

I respond to the credit card company? They

49:12

are correct, Margaret.

49:15

His estate, which includes all the

49:17

stuff that was in his name that now

49:19

you own, yeah, that was responsible for

49:21

his credit card debt. So yes, you have to

49:23

pay the debt, not because you're liable for the

49:25

debt, but because you took the stuff out of

49:27

the estate and that was liable

49:29

for the debt. So when

49:31

someone passes away, what they own in

49:34

their name assets

49:37

stands good for any debt that

49:39

they have liabilities. And

49:42

when you're married, if it's in both of your names,

49:44

then if you want to keep the stuff that had

49:46

his name on it, then

49:49

you have to pay the debt that

49:51

had his name on it because his

49:53

estate stands good for his

49:55

debts. But to

49:57

take that to a different type scenario.

50:01

We've had the call over the years many

50:03

times. My

50:05

mother, my father, passed

50:08

away living in an apartment with $50,000 worth of

50:10

student loan

50:12

or credit card debt and

50:15

a car loan that the loan was more than the

50:17

car was worth. They

50:21

had absolutely no money. Am

50:25

I responsible as the child for

50:28

that debt? No, you're not. No,

50:30

you're not. So you

50:33

call them up, tell them to come get

50:35

the car and the other people, the

50:37

credit card is just not going to get paid

50:39

because they died with a negative net

50:42

worth. But you can't take

50:45

a $60,000 boat

50:48

out of the garage that

50:50

was in mom's name or dad's name and

50:53

keep it and then not pay the $50,000 worth

50:55

of credit card debt that was in his name.

50:57

That's in a sense what Margaret, the

51:00

position she's in. What

51:02

that person when they died owned stands

51:04

good for what they owe. We've

51:07

also had sad calls of a couple calls in

51:09

and she has an illness and cancer but

51:11

she has

51:15

student loan debt and we got that

51:17

call of hey, should we be paying down the student loan debt? No.

51:20

But in that scenario, student loan debt?

51:23

Student loan debt is forgiven at death. It's forgiven at

51:25

death. Is that the only debt? That's the only debt

51:27

forgiven. It's

51:32

also forgiven if you're permanently disabled and get

51:34

SSI. Get

51:37

your disability approved permanent. In

51:40

that case, that's one of the few times you're going to hear

51:42

me tell you not to pay down student loan debt. Yeah,

51:44

totally. But if this was not credit card debt but it

51:46

was student loan debt, then it would be forgiven

51:51

on death. The

51:53

estate does not stand good for student

51:55

loan debt. Federally

51:58

insured student loan debt. Right, not private. private

52:00

debt, but yeah, that's the

52:02

rule on that process.

52:05

So thanks a bunch. Open phones

52:07

at 888-825-5225. Jennifer's

52:10

in Minneapolis. Hi Jennifer, how are you? Hi,

52:14

doing well, how are you? Better than I deserve,

52:16

what's up? So

52:19

I have a question. My husband and I,

52:21

both live, my husband works at a boarding

52:23

school. So we live there

52:26

on campus, rent

52:28

free, expenses free. I'm

52:32

a sales rep. Our combined

52:34

income is about 150,000. Wow.

52:37

We have no debt. Yes, we

52:40

have no debt. Our cars are paid for. We

52:44

just bought our last car in cash

52:46

and contributing a couple hundred dollars

52:48

a month for each child to education. I

52:52

did stay at home with my kids for 10 years. So

52:54

we're a little bit behind in our 401k and

52:57

we have about 300,000 in it. But

53:00

I'm wondering, should we be focusing

53:02

on buying a house to rent

53:04

out? We have, one thing

53:06

I'm worried about is just down the line when

53:08

my husband is a soccer coach there at the

53:11

boarding school. So down

53:13

the line, should, you know, we won't

53:15

have a house if something happens to

53:17

his job. That's

53:19

just a little bit of a concern. Yeah, I

53:21

would have a mutual fund that is nicknamed

53:24

the house fund. That's

53:26

not in your retirement. And

53:28

I'd just be throwing money in it like it was a house

53:30

payment. Yeah, okay.

53:32

And so that someday when you need a house, you've

53:34

got a big pile of money. Yeah,

53:38

okay. Okay. Yeah,

53:41

versus going and buying something now, Jennifer, and you guys

53:43

aren't living in it, but you're renting it, somebody

53:45

else and all of that. That's just an

53:47

investment that's hard to manage in your situation.

53:49

Yeah, I would not do

53:52

that in your situation. I would just get

53:54

a low turnover mutual fund. You

53:56

can talk to one of the SmartVestor pros at ramseysolutions.com and

53:58

sit down with me. them open up an

54:01

account and I would put two, three, four, five,

54:03

six thousand bucks a month into it and

54:05

just see how big a pile of money we can have.

54:07

You might look up and be a half million dollars in

54:09

there in a few years and he changes

54:11

careers and boom, you pay cash for a

54:13

house. That can happen. And

54:17

that's the same kind of thing we tell

54:19

folks, Rachel, that are a little different scenario,

54:21

but not much where the pastor is living

54:23

in a parsonage. You can

54:25

get to retirement as a pastor in a parsonage and

54:28

you're homeless because you retire

54:30

and the next pastor is going to be living in the

54:33

parsonage and so you've got to go get a house. I

54:36

talked to a young couple out here the other day, they said their

54:38

mom and dad are on the mission field for 20 years and

54:41

you've got to prepare to come off the mission field.

54:44

It's biblical to prepare to

54:46

do that, to get ready. Same

54:49

thing if you've been living, this usually for

54:51

a shorter period of time, but a lot

54:53

of the young couples are even

54:56

singles living on base in military where

54:59

again housing is furnished but when you

55:01

quit that job or that portion of

55:03

that job then housing is not furnished

55:06

and then you get into this whole thing. So Jennifer,

55:09

you're very wise to think about that. I wouldn't fret

55:11

about it, but I'd put in place a basic game

55:13

plan and say, hey, I'm going to start paying myself

55:15

a house payment and see how quick that turns into

55:17

a million dollars. It

55:20

does turn into a million dollars pretty quick by the

55:22

way. It's pretty incredible. The phone's

55:24

at 888-825-5225. Jessica

55:27

is in Sacramento. Hi Jessica. Hi.

55:31

Hey, what's up? I have a question. I

55:34

have kind of

55:36

have a job

55:39

offer that's being given to me and I don't know if I

55:41

should take it. So right

55:44

now we originally started out with $390,000 and student

55:46

loan debt. Good

55:50

Lord, what's your degree in? I

55:53

have a doctor of pharmacy

55:55

degree and it's

55:57

all my debt. My husband doesn't have any. So

56:00

what are you making, 135? No,

56:03

well right now I make around 180. Oh

56:07

good. And then my

56:09

new job would basically bring me up to over

56:11

200,000. Okay.

56:15

My husband, or excuse me, I probably make more

56:17

around like one, I don't

56:19

know, 160. My husband brings in some. So our total net

56:21

of our house is like around 220. Okay.

56:25

Right now our student, my student loan is at 185,000. What's

56:31

wrong with the new job? Why would you not

56:33

take more money? What's wrong with it? Well,

56:36

so I have three kids and I really

56:38

just, I'm really bummed. I wish when I

56:40

was younger someone had told me I just

56:42

would have wanted to be a mom. And

56:44

so I really want to be

56:46

home with my kids. And so this new

56:48

job would just kind of

56:50

be more stressful. My

56:53

job right now, I'm really good at it. Creates

56:55

no stress at work.

56:57

What kind of stress? I'm

57:00

home. Well, I've become a pharmacist

57:02

practitioner. So I would be running my own

57:04

clinics right now. I'm an oncology pharmacist. So

57:06

I do all the chemos and I find

57:08

salt IV chemo. So basically there'd be a

57:10

big learning curve. I'd be switching to oral

57:13

chemo, which is just two different

57:15

ball games, which is fine. I

57:17

would just then be green. Just

57:20

because you're learning something new, you got a PhD.

57:23

You're going to be running a clinic though. You're going to

57:25

be the one in charge of it. Yeah,

57:28

I'm going to be running up my own clinic, which right

57:30

now I don't run my own clinic.

57:32

I work in the future. I see my own patient.

57:35

Is that what you're talking about is stressful? Yeah,

57:39

just outside of like learning because I do have

57:42

three small children. When I get home, the

57:44

time to learn is low

57:46

because I do work full time as well as I'm...

57:49

It doesn't sound like you want to take it. I

57:51

don't think you want to take it. I

57:53

don't know what to do because then I could pay off my

57:55

loan. You can't quit and go home and be with the kids.

57:57

You made a decision to go... Yeah. I

58:00

would stay with the job you have. So you have

58:02

to stay with something. I would stay with what you

58:04

have. You gotta take that off the

58:06

table. But if you want to do the other thing or

58:08

this thing either one, but you've, you know, under all this

58:10

is you really just want to quit and

58:13

you really can't. And so let's

58:15

just decide which big girl thing we're going to do.

58:18

This is the Ramsey Show. Rachel

58:24

Cruz, Ramsey personality is my co-host today.

58:27

Thanks for hanging out with us America.

58:29

Hey, this is the last day to

58:31

get the early bird pricing on the

58:33

Dave Ramsey's Essential Investing

58:37

Event that I'm doing in

58:39

May 21 and 22. It's

58:41

a two night virtual event where I'm talking

58:44

to you about not only the basics of

58:46

investing, but we're going to open our playbook

58:48

on how I do real estate, how I

58:50

do my other investing as well as my

58:53

mainstream stuff like 401ks and mutual funds. Answer

58:56

199 if you buy today, you say $50.

58:59

That's cool. ramseysolutions.com/events.

59:03

All right, Lana is with us on

59:06

the debt free stage. Hey Lana, how are you?

59:08

Good. How are you? It's

59:10

a pleasure to be here. Honored to have you. Where

59:12

do you live? Los Angeles, California. Welcome to Nashville. And

59:15

how much debt have you paid Lana? Wow.

59:19

How long did that take? 18

59:21

months. Good for you and your range of income during

59:23

that time? 34K to 223K. Wow.

59:26

Look at you. Way to go.

59:29

And you're dropping basically about $10,000

59:31

a month average. That

59:34

is correct. Rowdy. What

59:36

kind of debt was this? All student loans. Wow. What's

59:40

your degree in? I'm a PA, physician assistant. Is

59:42

that what you do? Yes. Great career field. Thank

59:45

you. Expensive to pay for though. Very

59:47

expensive. Yeah. Way to go. It's

59:50

a good choice. Thank you. So what in the world happened

59:52

18 months ago that made you decide to do this Ramsey

59:54

stuff? Yeah. So

59:56

when I graduated PA school back in late 2019, I had

59:59

such a huge... to debt, 170 through K.

1:00:01

I had moved back home

1:00:03

from Connecticut actually to Los

1:00:05

Angeles where my family's from and

1:00:07

I realized that I needed to pay off

1:00:10

my loans and that meant having to move

1:00:12

back into my parent with my parents. So

1:00:14

that was a hard change but I even had to be done. And

1:00:17

then I realized that at that

1:00:19

time with COVID happening, the

1:00:22

government was giving us a 0% interest.

1:00:24

I needed to take advantage of that. That

1:00:27

leapfrog get forward. Yeah, it definitely helped

1:00:29

a lot. So I worked hard. I

1:00:32

picked up when I won job. It was

1:00:34

kind of tough because during COVID, we didn't

1:00:36

have enough volume. I worked in emergency room.

1:00:39

So I was getting let go on some

1:00:41

days to go home because we didn't have

1:00:43

enough volume. But eventually I

1:00:45

picked up side jobs. I worked in urgent

1:00:47

care. Eventually when the volume returned, I was

1:00:49

able to get two full-time jobs

1:00:51

working in the emergency room, averaging

1:00:54

about 22 ships a month and that helped me

1:00:56

pay down my loans quickly. I think

1:00:59

my main goal was to get out of debt as

1:01:01

soon as possible so that I could start buying

1:01:03

assets and hopefully you have some passive income down the

1:01:05

road. Good for you. That's

1:01:08

amazing. So on an average week, how

1:01:10

many hours were you working? That's

1:01:12

tough. I would say it varies because let's

1:01:15

say between 60 to 70 hours a week. Oh

1:01:17

my gosh. And it was absolutely

1:01:19

doing it. It's very tough. Because working

1:01:21

in the ER, I was expected to

1:01:23

work not just dayships but days and

1:01:25

nights. And so I was averaging

1:01:27

about 22 ships a month. An average full-time ER provider

1:01:29

would work 12 ships a month. I was working 22.

1:01:32

I had to

1:01:34

flip-flop my sleep schedule from days to nights.

1:01:36

That was the first year. It

1:01:39

was worth at the end because I'm here. Yeah. And

1:01:41

now you can do whatever you want, right? Exactly. How

1:01:44

does it feel to be free? It feels amazing. I remember

1:01:46

when I was listening to your show back then when

1:01:49

I was going my run, I was like, wow, one

1:01:51

day I'm going to be on the show. Ah,

1:01:53

there you go. And here you are. Yes, there you

1:01:56

go. Look at this. Thank you. What do

1:01:58

you tell people the key to getting out of debt is 170 23,000

1:02:00

paid off in 18 months. I

1:02:02

think for me it was mainly staying

1:02:04

focused and disciplined on that very disciplined

1:02:07

person What really helped is

1:02:09

I think for me for my age generation

1:02:11

is staying off social media sometimes people my

1:02:13

age once They have a nice degree. They

1:02:15

feel like the lifestyle inflation creeps up You

1:02:17

want to get the new Tesla, but for

1:02:19

me, I just was staying off social media

1:02:22

for speakers on paying off my debts And

1:02:25

just living below my means. Really? That's

1:02:27

the key Yeah, it's being weird because all my

1:02:29

friends had nice Teslas when they graduated You know

1:02:31

and I just I was still with my B.

1:02:33

Appear and I still try to see B Appear

1:02:35

today That's all good. Okay. Was there anybody that

1:02:37

was in your life that was cheering you on

1:02:39

or were most people like looking at you Like

1:02:42

you're crazy, Lana I think I

1:02:44

do have a close friend who cheered me on

1:02:46

because she became debt-free and she's like you're gonna

1:02:48

You know get there too one day. Mmm, but

1:02:51

it was hard, you know social way to Not

1:02:54

be able to hang out friends as much because my schedule

1:02:56

was so flip-flopty But if they at

1:02:58

the end support fit and now I'm able to hang

1:03:00

out my friends again who won't give me back Yeah

1:03:02

Yes so even on the show today we've had two

1:03:04

or three calls of people with pharmacy degrees and I

1:03:06

mean some big student loan debt that we've had called

1:03:09

in just today and The

1:03:11

conversation is this encouragement kind of

1:03:13

actually using your story for an example of

1:03:15

you know If you if you condense this

1:03:18

down with a short period of time and

1:03:20

you sprint and you do what you're done

1:03:22

Versus it, you know stretching out ten years

1:03:25

So what encouragement do you have for people

1:03:27

that are listening that probably could have six

1:03:29

figures of student loan debt and

1:03:31

they're thinking I could do it in five or six or seven

1:03:33

eight years What would you tell them? I

1:03:36

would tell them just to stay disciplined Don't

1:03:39

get distracted with you know, keep me up

1:03:41

the Jones's and it's possible because

1:03:43

if you're in that field you make good income

1:03:46

You're able to pay off quickly too, but you

1:03:48

just have to not let the lifestyle inflation get

1:03:50

get to you And

1:03:52

it's okay You know to sacrifice for a few years

1:03:54

good once you're done a few years go by really

1:03:56

quickly and you're out of it And then

1:03:58

you're able to enjoy life again But I

1:04:01

think a lot of times people are afraid

1:04:03

to make these sacrifices for the

1:04:05

short term. But I think to

1:04:07

me it's so worthwhile because now I get to move on to

1:04:09

the next step in my life. That's

1:04:11

right. That's awesome. You're a hero.

1:04:13

You're amazing. Thank you so much. Well

1:04:15

done. Well done. You're a

1:04:18

force of nature, girl. Thank you. I

1:04:20

like it. I like it a lot. Well done.

1:04:23

You knock this out and there's no stopping you. You can do whatever you want

1:04:25

to do. You set your mind to it and it makes a difference. It

1:04:27

is an irony that when

1:04:30

we had a pandemic that

1:04:32

the volume to the

1:04:35

emergency room was down. I

1:04:37

guess because no one was doing anything that could cause them

1:04:39

to get hurt. That is true.

1:04:41

In the beginning I think people were so

1:04:43

afraid of like leaving the house. Yeah, I

1:04:45

know. But I mean. Yeah.

1:04:48

It's funny. It's like, but I mean if you're hurt

1:04:50

bad enough to go to the hospital, that's weird. That's

1:04:53

weird if you think about it. But that's

1:04:55

exactly what happened. Yeah. I mean we

1:04:58

knew this stuff like elective

1:05:02

surgeries, you know, like plastic surgery, that kind

1:05:04

of stuff was just gone. Completely

1:05:06

gone. But emergency room, I did not ever

1:05:08

hear that the ER went down in volume.

1:05:11

That's so interesting. Right. Yeah. Way

1:05:13

to go. You figure you navigate your way through it.

1:05:15

You're not someone that, oh well the next

1:05:17

thing, let's figure out how to solve that. Let's solve for

1:05:19

that. Let's solve for that. Whatever's put in front of you,

1:05:21

you find a way to jump the hurdle. Way to go.

1:05:24

Thank you. Very proud of you. Thank

1:05:26

you so much. Good for you. You

1:05:28

did great. So again, Rachel said it a different way. I'm

1:05:30

going to say it one more way. What

1:05:33

do you tell people the key to getting out of debt is? Staying

1:05:38

disciplined. Yeah, that's it. That's it.

1:05:41

That's it. And I will say that one thing

1:05:43

you mentioned, I just was seeing some data the other day. There

1:05:46

is a direct correlation between

1:05:50

the amount of debt that someone has, consumer

1:05:52

debt that they have, and how much time

1:05:54

they spend on the internet. The

1:05:57

more time you spend on the internet, the higher your debt is. across

1:06:00

the board because it's just

1:06:02

you're constantly looking at a highlight reel of

1:06:04

someone else's life that's not real to

1:06:07

compare yourself to because people don't put ugly

1:06:09

stuff on you know they put up

1:06:12

the only time that everything's perfect you know and

1:06:14

it's like you know and Rachel used

1:06:16

to say you know no one puts

1:06:18

a used Honda on there look what my husband got

1:06:21

me hashtag blessed right you know

1:06:23

nobody does that they put the

1:06:25

new Lexus on or the new

1:06:27

whatever right yeah that's it but

1:06:29

that's all those are all fake

1:06:31

moments and that's why you

1:06:33

know like Facebook friends are fake friends

1:06:35

that's why we say we help you

1:06:37

with actual amazing relationships on this show

1:06:40

because they're not they're not virtual virtual means

1:06:42

not true and so this is that's so

1:06:44

that's so insightful on your part I turned

1:06:46

that off and it helped me to stay

1:06:48

focused because you're not you're like

1:06:50

a mean we're like a fish the shiny lure

1:06:52

going in front of us and we got the

1:06:55

dead gum Instagram feed going exactly yeah crazy so

1:06:57

look at you way to go very very proud

1:06:59

of you good work alright Lana from Los Angeles

1:07:01

173,000 paid off in 18 months making 134 to

1:07:03

223 we've got a couple of

1:07:10

years of every dollar subscription for you will hand that to

1:07:12

you in a few minutes count it

1:07:14

down let's hear a great debt-free scream

1:07:17

three two one

1:07:20

I'm done

1:07:22

that's how

1:07:25

you do

1:07:28

it if you're Lana I like it good

1:07:30

yes rather than cheers just

1:07:33

slam absolutely free that's it I'm waiting

1:07:35

on that I've been waiting on that

1:07:37

I've been working for that look

1:07:40

at her way to go kiddo so

1:07:42

good this is the Ramsey

1:07:44

show hey guys

1:07:48

are you ready for the secret to help

1:07:50

you reach those money goals that you've been

1:07:53

dreaming about it's simple you gotta get

1:07:55

on a budget with our budgeting app every

1:07:57

dollar you'll get intentional with your money

1:07:59

and Build the habits that will make

1:08:01

those dreams a reality and will be with

1:08:03

you every step of the way. From your

1:08:06

first budget to that retirement home on the

1:08:08

beach, download every dollar for free on

1:08:10

the App Store or Google Play. Remember,

1:08:12

today, download every dollar for free on

1:08:14

the App Store or Google Play

1:08:17

today. Rachel

1:08:20

Cruz, Ramsey Personality is my co-host

1:08:22

today. Open phones at 888-825-5225. Megan

1:08:28

is in Omaha, Nebraska. Hi, Megan. How are

1:08:30

you? Good.

1:08:32

Thank you guys so much for having me on. Sure.

1:08:35

What's up? Yes.

1:08:37

So my husband and I were married in

1:08:39

September. He is financially disciplined

1:08:41

and manages money very well. I'm learning

1:08:43

quickly and currently in Baby Step 2.

1:08:46

I have about 46,000 in debt, 40,000 in student loans. He has no

1:08:48

debt and 90,000 in savings. He

1:08:54

has worked really hard to save this money and

1:08:57

I feel uncomfortable using his savings to pay for

1:08:59

my mistakes. We have discussed

1:09:01

putting 20,000 of the savings to put towards

1:09:03

my student loans and the remainder would be

1:09:05

paid off in 13 months. I

1:09:08

wanted your thoughts on if we should use the

1:09:10

savings to pay off the entirety of the student

1:09:12

loans or is it okay to do the partial payment

1:09:14

of 20,000 and then pay

1:09:16

the remainder off in 13 months? Pay

1:09:19

it off today, Megan. Pay

1:09:21

it off today? Pay it

1:09:23

off today. Open a nice smile

1:09:25

of wine and you guys cheers and say

1:09:28

we as a couple, as

1:09:30

a married couple, our money and

1:09:32

our debt is paid off and

1:09:35

now we get to start working towards a future

1:09:37

that we want and we are going to start

1:09:39

building wealth and we are going to do this

1:09:41

all together because we are married and

1:09:43

we are one. For richer, for poorer in sickness

1:09:45

and health unto thee all my worldly

1:09:47

goods I pledge. That's the

1:09:49

old marriage vows. Thank

1:09:52

you. We had a feeling you would say that but I think

1:09:55

we just needed that extra first. We're fairly predicted. Let

1:09:57

me tell you another way to think about it

1:09:59

that helps. me emotionally because we get

1:10:01

this type of question a lot and

1:10:03

a lot of actual pushback from the

1:10:05

troll land on the internet

1:10:08

that, how you should never combine your

1:10:10

money. Yes, you should always combine your

1:10:12

money because of several reasons. Number one,

1:10:14

the data says that you have a

1:10:16

much higher probability of staying

1:10:18

married, having a

1:10:20

good marriage, and building wealth than if

1:10:23

you don't combine it. Tons of data,

1:10:25

lots of research including the 10,000 people

1:10:27

that we studied. Number one,

1:10:29

number two, from a relational standpoint,

1:10:32

when you can agree on what

1:10:34

you're doing with our money,

1:10:37

when we are combined in

1:10:39

our goals, we

1:10:42

agree on our money. We're really agreeing

1:10:44

on our dreams. We're

1:10:46

agreeing on our

1:10:48

fears. We're agreeing

1:10:50

on the path that we're going to

1:10:53

use to get to the future that we want to do.

1:10:56

All of that agreement is called unity

1:10:58

and it spells excellent

1:11:01

marriage is what it does. High

1:11:04

quality relationship when you've got that

1:11:06

kind of unity with anyone else,

1:11:08

but particularly with a spouse.

1:11:11

In business, we want the

1:11:13

teams to be in agreement

1:11:15

aligned towards an agreed unified

1:11:17

future. When we get that

1:11:19

in business, we get synergy and productivity and all

1:11:21

kinds of things. Same thing occurs in a marriage.

1:11:25

All of that being said, here's a new one I can try

1:11:27

on you. Let me see how this works. If

1:11:34

you got a check in the mail today from

1:11:37

a rich uncle that

1:11:39

died and it was $96,000, you

1:11:44

would pay off the loan today, wouldn't you? Yes,

1:11:47

I would. What

1:11:50

we're saying out loud that

1:11:53

we're trying to encourage you guys to

1:11:55

change your vernacular on, change your verbiage

1:11:57

on, is you're saying that

1:12:00

that's not your money. And

1:12:03

it is your money. You're now married. And

1:12:07

he's saying that's not his debt. And

1:12:09

it is his debt. Because you're now married.

1:12:14

And if he gets sick and

1:12:16

has the flu, you're going to make him

1:12:19

chicken soup. In

1:12:21

sickness and in health. Right?

1:12:24

And we're going to be living our lives together. So

1:12:27

if you would use your money to pay off

1:12:29

your debt, then you should use your

1:12:32

money to pay off your debt. And

1:12:35

I would just challenge you guys. I

1:12:38

mean, honestly, Megan, not just the tactical stuff of going

1:12:40

online and paying off the debt today, which I think

1:12:42

you should. I think it should be gone tonight. And

1:12:44

it's what a celebration. But

1:12:47

when you actually do have that mindset

1:12:49

shift, and instead

1:12:51

of his account, your account, his

1:12:53

savings, my debt, it's this still

1:12:56

too lane idea. There's

1:12:59

something about just going all in. All

1:13:01

in in it and saying, this

1:13:03

is us together. And

1:13:06

you start really looking at your money

1:13:08

as us. It doesn't

1:13:10

have someone's name on it. It is our

1:13:12

money when it hits that account. And it

1:13:15

just changes something. There's something in it that

1:13:17

is so empowering and so exciting because you

1:13:19

can get to your goals so much faster.

1:13:21

So much faster. That's exactly right. Leona's

1:13:24

in Michigan. Hi, Leona. How are you? Hi.

1:13:27

Good. How are you? Better

1:13:30

than I deserve. What's up? OK. So

1:13:33

I am wondering what the best way to

1:13:35

buy land is. So we got an opportunity

1:13:37

to buy some land. It's a boat.

1:13:40

A little over seven acres for $15,000. But

1:13:45

we have a vehicle loan out right now. We

1:13:49

owe $8,446.99 on that. Anyways,

1:13:55

we would like to pay off

1:13:57

one debt before we have two debts.

1:14:00

So I'm just wondering if we

1:14:02

should use the money that we have saved up

1:14:04

for that land, if we should put that towards

1:14:06

the van and use that van as collateral

1:14:08

for the land. No.

1:14:13

You should pay off the van today and

1:14:16

you should save up and pay cash for the land. Okay,

1:14:21

so do you think we

1:14:23

should pass on the land opportunity? Yes,

1:14:25

you should pass on it. It's not an opportunity, it's a

1:14:27

trap. You don't have the money. Okay.

1:14:30

You don't have the money to buy it. No debt. If

1:14:33

you get out of the debt business, you're

1:14:35

going to have money for the first time in your life. But

1:14:38

as long as you're playing hide the pee under

1:14:40

some shell, trying to move it around so that

1:14:42

it makes the debt all fun again, you're

1:14:45

going to continue to be broke. This is what

1:14:47

broke people do. They constantly have

1:14:49

payments and they constantly figured out a way.

1:14:51

They thought it was smart, but they constantly

1:14:53

have no money. If

1:14:57

I'm you, and because I love

1:14:59

you, I want you to break that off of your

1:15:01

life. I want those chains to never come back into

1:15:03

your life ever again. Stop

1:15:05

it. Get out of

1:15:07

the debt business completely for

1:15:10

the good of Leona. How

1:15:12

old are you? Yeah,

1:15:15

when you're 35, you will love this discussion if you

1:15:17

go do what I tell you to do because you're

1:15:19

going to have so stinking much money. Otherwise

1:15:22

you're going to be 35 and you'll have a new set

1:15:24

of payments because you had a new plan. And

1:15:28

no money still. How much do you

1:15:30

guys make a year, Leona? A

1:15:33

little over 56,000. 56,

1:15:35

okay. What's the money

1:15:37

saved that you have? You mentioned that. So

1:15:41

we have seven grants saved and our

1:15:43

van we owe 8,446.99. Okay.

1:15:48

So that's, yeah, I mean, I would keep a thousand, pay it

1:15:51

off. You'll have a little over 1,800 left on the van. I'll

1:15:55

take overtime and put some stuff on Craig's list.

1:15:57

Sell so much stuff the kids think they're next.

1:16:00

eBay and put the cat on Craigslist and then

1:16:02

get an emergency meet fund have money saved in the bank

1:16:04

with no debt and then be looking at

1:16:07

options if you guys want to move later on down the

1:16:09

road you can but yeah not it there's

1:16:11

just not the the money to do that but

1:16:13

the land issue and everything today when you buy something

1:16:15

that's a dream with debt you turn it into

1:16:18

a nightmare because

1:16:20

it takes control of your life

1:16:23

it takes control of your largest

1:16:25

wealth building tool which is your

1:16:27

income when you

1:16:29

don't have any choices anymore because you're wearing

1:16:31

this stuff around your neck all the time

1:16:33

it takes the fun out it sounds fun

1:16:35

it sounds like a way to get something

1:16:37

I want when I'm not ready to get

1:16:39

it yet but the net result

1:16:41

is hell I mean you

1:16:43

just get stuck in this forever

1:16:46

mud hole and that's

1:16:48

what most Americans do they go from car payment

1:16:50

to car payment they've got a stupid

1:16:52

student loan that's been around so long they think it's

1:16:54

a freaking pet and

1:16:56

then they run from master card

1:16:58

who named that anyway you have

1:17:00

a master in your life master

1:17:02

card to American distress

1:17:06

to a visa to the land of debt

1:17:08

I mean come on seriously think

1:17:11

about this people if you break that

1:17:13

cycle off of you it changes your whole thing

1:17:15

we're known for getting people out of debt but

1:17:18

we're only want to be getting people out

1:17:20

of debt so that they can increase their

1:17:22

generosity and increase their investing and become wealthy

1:17:24

so they can increase their generosity and increase

1:17:26

their investing so they can become more wealthy

1:17:28

so they can increase their generosity and increase

1:17:31

their quality of life and instead of that when

1:17:33

you're in the debt cycle you're making everybody else rich

1:17:35

you're making the bank for I mean everyone else wins

1:17:37

but you in it who's got the tallest

1:17:39

buildings in the skyline life insurance

1:17:42

companies and banks you think Santa Claus built

1:17:44

those you

1:17:46

did they screwed you they

1:17:50

got furniture nicer than yours and you

1:17:52

paid for it this

1:17:54

is the Ramsey show from

1:18:00

the headquarters of Ramsey Solutions at

1:18:02

the Ramsey Show where we help

1:18:04

people Build

1:18:06

wealth do work that

1:18:09

they love and create

1:18:11

actual amazing relationships

1:18:15

I'm Dave Ramsey your host Rachel crew

1:18:17

number one best-selling author and number one

1:18:19

author in the children's category and My

1:18:23

co-host Ramsey personality is my co-host today

1:18:25

the book She is coming out next

1:18:27

week is I'm glad for what I

1:18:30

for where I am I'm glad for where

1:18:32

I am the other one was I'm

1:18:34

glad for what I have the first was a best-seller

1:18:36

So great kids books be sure and check

1:18:38

them out She's gonna be out touring around America in

1:18:40

the next week or so so be

1:18:42

looking in Atlanta and Phoenix and Dallas

1:18:45

and Los Angeles and you'll see book

1:18:47

signings there with Rachel and Storytime

1:18:49

and come out and bring the kiddo. She'll sign

1:18:51

the book. You'll hear this book read by her

1:18:53

It's gonna be a lot of fun a lot

1:18:55

of cool stuff going on also

1:18:57

let you guys know it is

1:18:59

financial literacy month national literacy month

1:19:02

and We're

1:19:04

celebrating teachers right now the teachers

1:19:06

of America love our kids Well, and

1:19:08

so we want to just stop whether they

1:19:10

teach our high school curriculum the foundations of

1:19:12

personal finance Or whether you are a teacher

1:19:14

of another subject. We want to salute you

1:19:17

one teacher is going to win $5,000

1:19:21

vacation plus two other teachers are going to

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win a $3,000 vacation

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each to wherever you choose completely

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free no purchase necessary. This is

1:19:29

the teacher Appreciation giveaway

1:19:31

sponsored by Ramsey education. So

1:19:34

for more information go to Ramsey solutions comm

1:19:37

slash teacher and Enter for a

1:19:39

free chance to go on a vacation. Love

1:19:41

our teachers. I did a shout-out on Instagram

1:19:44

about something and and I had so many direct

1:19:46

messages from teachers because my kids are in public

1:19:48

school and I was like there's just

1:19:50

still so many great teachers who love our kids who

1:19:52

are wonderful people and they do a lot They

1:19:55

work so so hard and so they you

1:19:57

know, there's so few of them that I

1:20:00

mean you I know they're out there, but there's

1:20:02

so few of them that mail it in yeah

1:20:05

I mean they just they bring every teacher they

1:20:07

bring their whole self to the deal. Yes, they're

1:20:09

amazing They really are so we're so thankful thankful for

1:20:11

all you teachers out there April is

1:20:13

in Austin, Texas April. How can we help

1:20:15

today? Hi

1:20:19

I'm calling in because my

1:20:21

husband Passed away in

1:20:23

a car accident that we were both in about a

1:20:26

year ago Oh, man, honey We

1:20:28

were teeth. Yeah, we were t-boned.

1:20:31

I woke up in the IC finding out he

1:20:33

had passed How

1:20:36

long were you and I see you? About

1:20:39

a little over a week. I

1:20:41

had two emergency surgeries. I was air flighted

1:20:43

there. How you doing now? I Am

1:20:47

healed as it like I'm back to where I was before the

1:20:49

accident But

1:20:52

I'm still you know just learning how to do

1:20:54

this. We've been married for two months. Oh I'm

1:20:58

so sorry You're physically

1:21:00

ill which is still got a broken heart. Oh my

1:21:02

gosh How

1:21:05

old was he I see

1:21:08

it was um one week after his

1:21:10

31st birthday How

1:21:15

can we help today, huh Well,

1:21:18

I got because of all this

1:21:20

a life insurance policy he worked for

1:21:23

Apple and Had

1:21:26

one and I Want

1:21:28

to make sure that I'm doing the right

1:21:30

things with it. We were both like

1:21:34

We had bought in our home together. We've worked

1:21:36

hard to save the money for it Um, you

1:21:38

were actually working to pay off

1:21:40

the debt through the baby step You

1:21:43

were basically almost That's

1:21:45

free. So I have

1:21:47

I have paid off all like the residual like

1:21:49

little debt But

1:21:51

I just want to make sure I'm 27. And so

1:21:54

I just want to make sure that I'm doing The

1:21:57

right and you said this was a this was

1:21:59

a year ago? Yeah

1:22:02

that happened on February 25th of last year.

1:22:04

It's just been about a year. Yeah, a

1:22:06

little over a year then. Okay. Yeah.

1:22:08

And so what do you make? I make

1:22:12

just, I make $74,000 a year.

1:22:15

And how much is

1:22:17

owed on the mortgage? So

1:22:20

the mortgage currently is at $210,000.

1:22:24

Okay. And how much

1:22:26

life insurance did you get? A

1:22:29

million dollars. Okay. And

1:22:33

any other debt? April, now you said you guys were working

1:22:35

to pay off debt. Is there any

1:22:38

consumer debt left? No.

1:22:40

So I paid off. There was like $5,000 and

1:22:42

then we had, we had just gotten a new

1:22:44

car for me and that

1:22:49

is now paid off, which was

1:22:51

our goal too. We wanted to pay it off like

1:22:53

in full. I

1:22:57

take it you plan to stay in the house? Yes.

1:23:01

Yeah. We were settled here. I

1:23:04

have a community here so I don't

1:23:06

want to move. Yeah. Okay. I wasn't trying to run

1:23:08

you off but sometimes the memories are

1:23:10

in every room and

1:23:12

people decide not to stay, right? Yeah.

1:23:15

But you've been, that part is okay

1:23:17

and you're working through that part and

1:23:19

you're enjoying the benefits of the

1:23:21

house right now still. Yeah.

1:23:24

We, I mean, we picked out the house

1:23:26

when it was just a lot. We built

1:23:28

it and picked out everything in it. So

1:23:30

it has a lot of special things in

1:23:32

it for us. Wow.

1:23:39

Well, you've illustrated the importance

1:23:41

of life insurance for sure.

1:23:44

And you'll be a proponent of

1:23:46

that for the rest of your life. Anybody

1:23:49

that will listen, you'll tell them about it. So

1:23:52

if I woke up in your shoes, I can't

1:23:55

imagine waking up in your shoes, but I

1:23:58

would go ahead and pay off the house. Okay,

1:24:02

that was kind of something I was wondering. And

1:24:04

then I want to just systematically do

1:24:07

three things with money the rest of my

1:24:09

life and that is invest it, enjoy

1:24:13

it, and

1:24:16

give it. And

1:24:19

so, you know, if I'm

1:24:21

in your shoes, I'm probably thinking

1:24:23

of something that was close to

1:24:26

his heart that I could

1:24:28

do in his memory. I

1:24:31

mean, if he had a real thing for starving

1:24:33

children or foster care or sex

1:24:36

trafficking or water or whatever,

1:24:39

I don't know, maybe you all have talked about

1:24:41

that. But it doesn't have to be

1:24:43

a ton of money, it's just whatever you decide. But

1:24:46

I'm probably going to do something that's

1:24:48

representative of that because I think

1:24:50

that feels right. And that

1:24:52

starts the generosity muscle for the rest of your life, you're

1:24:55

going to be generous because you're going to, you

1:24:57

know, you're sad, you don't have

1:24:59

any trouble now. And

1:25:03

then I'm going to have a chunk invested,

1:25:05

I'll sit down with a SmartVestor Pro and

1:25:07

start learning about investments. Click

1:25:09

that on ramseysolutions.com, click on SmartVestor Pro

1:25:11

and they'll help you start to learn

1:25:13

about some mutual funds and some place

1:25:16

the majority of this money in investments.

1:25:19

And I would have some, I would just enjoy and

1:25:22

not feel guilty about that at all. That's

1:25:25

what he would want, it's what is normal

1:25:27

and healthy and

1:25:30

it's awkward but everything is a little awkward right now.

1:25:35

And so whatever it is you want to do,

1:25:37

if you've got a sister you're close

1:25:39

to and you too want to go on a nice cruise

1:25:41

for a week and you pay for hers and yours, that's

1:25:44

fine, go do that. I'm making something

1:25:46

up, you do whatever you want to do. Just

1:25:48

enjoy a segment of it, give a

1:25:50

percentage after the house is paid

1:25:53

off. I'm going to put this percentage to

1:25:55

enjoyment, I'm going to put this percentage in

1:25:57

investments and I'm going to put this percentage

1:25:59

towards generosity. And then

1:26:01

that'll set you free to start taking

1:26:03

action on each of those three

1:26:06

buckets. Start your

1:26:08

investments, start your generosity, and plan some

1:26:10

enjoyment. And

1:26:13

you need some enjoyment. It'll be good

1:26:15

for you. So sorry April. Wow, what

1:26:17

a devastating thing. This is

1:26:19

the Ramsey Show. Hey

1:26:22

friends, it's Ken Coleman and I've got some

1:26:25

big news. The Get Clear Career Assessment is

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1:26:51

to ramsysolutions.com/store. Rachel

1:26:55

Cruze, Ramsey personality is my

1:26:57

co-host today. Guys, we are

1:27:00

super pumped about the

1:27:02

upcoming Total Money Makeover Weekend

1:27:04

here on campus at

1:27:07

the Ramsey Event Center. It's May

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a Total Money Makeover like you've

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and bring that person that thinks you're

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crazy. When you leave with them, they'll

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be crazy. We'll teach them

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how to be crazy. We teach crazy

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right here. We know how to do it. But

1:27:44

we want you to come. This is the ultimate motivator. Bring

1:27:46

your friend who thinks you're nuts because

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by the end of the day, we'll have them completely

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convinced. It's what we do.

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We can show you how to win and give you

1:27:55

a step-by-step plan. You're going to leave here jazzed, wired

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up and fired up and ready to go, man. not

1:28:00

wait to get your tickets. Our Platinum

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Plus tickets are sold out. You can

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still get Platinum or VIP, but there's

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just a couple of those left and

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the general admission is also going fast.

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So ease anxiety, learn to invest, learn

1:28:14

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1:28:16

out of debt, and learn how

1:28:18

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1:28:23

makeover weekend. Here, come to

1:28:25

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1:28:27

south of Franklin, Tennessee. We

1:28:29

would love to have you for

1:28:31

that weekend. It's going to be really exciting.

1:28:33

We have a blast doing these. I was

1:28:36

going over some of the materials this morning.

1:28:39

You guys are going to be blessed. We're

1:28:41

just so glad you're coming. Thanks for hanging

1:28:43

out with us. All right, Nicholas is in

1:28:45

West Palm Beach. Hi, Nicholas. How are you?

1:28:47

Hi, I'm great. How are you? Better

1:28:49

than I deserve. How can I help? I'm

1:28:54

29. I'm looking to start my own

1:28:56

business and obviously I

1:28:59

have, I have hiccups every single year to

1:29:01

get into that point. And I'm wondering if

1:29:03

there's anything that I can invest my money

1:29:05

in to be able to reach my goal

1:29:07

faster. What

1:29:09

are you trying to start, Nicholas? I'm

1:29:13

currently an assistant trainer for

1:29:15

resources and I'm trying to be my own

1:29:17

trainer in a couple

1:29:19

of years from now. Okay.

1:29:23

So would you not go to

1:29:25

other people's farms and barns to

1:29:29

do the training? Currently,

1:29:32

I work for somebody. So basically he

1:29:34

provides the horses. No,

1:29:36

I'm asking if you were a full-time trainer, all

1:29:40

you need to do is have a way to get to the

1:29:42

barn to do the training. What does your

1:29:44

need to do to start a business? You

1:29:47

need to have money in the bank, but also you need to

1:29:49

build up the clientele to be able to get there. Why

1:29:52

do you need to have money in the bank?

1:29:54

Because sometimes when you build the owners, even

1:29:56

though you build them for a 30-day cycle,

1:29:59

sometimes it takes them 40 days. days, 50 days, even 60 days.

1:30:02

Yeah, but that's all. I mean, you're not, there's nothing

1:30:04

you really have to buy to start this business. You

1:30:07

do have to buy equipment. Not a

1:30:09

ton. Not a ton. Not a ton. Not

1:30:12

if you don't have all of the horses, no. Yeah.

1:30:16

And most of the owners have the equipment too. No,

1:30:19

but the equipment's provided by the trainer. Everything, the

1:30:21

fees and everything's provided by the trainer. Yeah.

1:30:25

Okay. All right. So you don't need

1:30:27

much money as my point. How much do you think Nicholas will you

1:30:29

need realistically? Somebody

1:30:31

had told me 50,000, but that was

1:30:33

a huge global cost before the market

1:30:35

got crazy. You gotta be kidding me.

1:30:39

That's what somebody had said. Well, somebody's an idiot.

1:30:41

That's ridiculous. Okay, Dave, you're not a horse expert.

1:30:45

No, I'm a business expert. I know,

1:30:47

but listen, Nicholas, have you, Nicholas, priced

1:30:49

this out. Have you said, okay, here's

1:30:52

realistically, if I had eight clients or

1:30:54

whatever, here's probably what I'm going to

1:30:56

need. Have you just

1:30:58

run some numbers realistically? Yes, I

1:31:01

have, yes. And I would say that

1:31:03

the average racehorse per day would cost,

1:31:06

at the cheapest way possible, would probably cost $80 a day

1:31:08

to maintain. You

1:31:11

don't maintain them. The

1:31:14

owner maintains them. But

1:31:16

the owner has to pay me back. The

1:31:19

owner maintains them. He

1:31:21

has to pay you the training fee,

1:31:23

but he's maintaining the horse. Correct.

1:31:27

So it doesn't cost you. You

1:31:30

gotta go over there in your cowboy boots and sweat and

1:31:32

get your work done. Well,

1:31:34

you also have to put up

1:31:36

with the payroll and the billing.

1:31:39

I understand. You don't have any

1:31:41

payroll. You're it. Well,

1:31:43

for now, yes. Yeah, well, that's it. That's all it takes.

1:31:45

So what it takes you to start a business is $5,000

1:31:47

max. Maximum.

1:31:52

I started this business on a card table in my living

1:31:54

room. I didn't have spit. I

1:31:57

didn't have anything Except just...

1:32:00

nobody would tell. Nobody could tell me know.

1:32:02

That's all I had. A

1:32:04

wouldn't be denied. Yes, but you do not The

1:32:06

you. You do not create all these false barriers

1:32:08

in your head to go do your dreams so

1:32:11

you are already a train or the first thing

1:32:13

you need to do is start getting some clients.

1:32:15

The important than that you didn't steal from your

1:32:17

employer and that you do. I start doing five

1:32:19

on the sad to on the sad, three on

1:32:22

the sides and you go over there and you

1:32:24

work and whatever money you makes he said over

1:32:26

and will account. So if you need a buy

1:32:28

a few pieces attack here and there you can

1:32:31

be. pick up a saddling, pick up a piece

1:32:33

of equipment or whatever split. Is not a

1:32:35

lot of money. My aunt's the secret sauce

1:32:37

in this business as you it's not you

1:32:39

needed some forty thousand or piece of equipment

1:32:42

your the horse trainer. Years. The

1:32:44

man. Years. Your the a year

1:32:46

years the sauce almonds on the Big Mac

1:32:48

new guy is. Anything the biggest jump

1:32:50

is gonna be from a income

1:32:52

stream standpoint and be excellent. Pay

1:32:54

your bills personally, so. You're

1:32:56

just read Africa Up cup of clients

1:32:59

on the saw that you didn't steal

1:33:01

from your current employer or the maybe

1:33:03

cause your current employer did not want

1:33:05

any would allow you to work them

1:33:07

on the side and you start a

1:33:09

little side a soul and you get

1:33:11

your clientele built up. You get your

1:33:13

reputation built up. you're gonna be a

1:33:15

whole lot wiser on what you actually

1:33:17

need to purchase. but do you don't

1:33:19

have to have money so suffer payroll?

1:33:21

your yet. You. Keep working a full

1:33:23

time jobs. You go get the horse Bill

1:33:26

Ellison When you're little, here's what you do.

1:33:28

You walk up to the owner new go

1:33:30

I'm little. Lists. I'm

1:33:32

not your bank. You. Gotta pay

1:33:35

to say yes You gotta pay me on

1:33:37

a barrel head man on a to be

1:33:39

paid any money at the end of the

1:33:41

week because I'm little. I'm not your bank.

1:33:44

That's. Okay, there's nothing wrong with being little. Nut.

1:33:47

Rolls that's how I started yet have

1:33:49

terms we didn't feel any body you

1:33:51

if you wanted to get counseling for

1:33:53

me when I started you paid before

1:33:55

we sat down. Then I would

1:33:57

do counseling. And co that there's no way

1:33:59

on. In a bill you and hopes broke

1:34:01

people pay their bill know we're not doing

1:34:04

that. How do you have you Bill Bradley

1:34:06

charge broke people for doing counseling up front?

1:34:08

You do it in our answer Me: this

1:34:11

is what you deserve Your what your little

1:34:13

This is how yelling. And it takes

1:34:15

levels humility but honestly is in attorney.

1:34:17

Some shriver traits. Yeah, and you're

1:34:19

awesome necklace, so it's like you're the best

1:34:21

horse trainer ever right at that level of

1:34:23

confidence that you go. And. Say

1:34:26

me now I'm amazing, upset and

1:34:28

or and I'm a small business

1:34:30

on Matter Bank. Yeah and you

1:34:32

know, pay me. An. Animal

1:34:34

give you great deal and in Iran be

1:34:37

glad you've hammy around and I'm obese. Train

1:34:39

and your grandkids horses because we're not. Be

1:34:41

friends, arrest your life and so on. Them

1:34:43

do such a good job. You can get

1:34:45

rid of me and your this is who

1:34:48

you are. Nicholas and go be that the

1:34:50

don't sit around go any somebody told I

1:34:52

fifty thousand dollars to be Oh no I

1:34:54

am no. No. No No No. No

1:34:57

necklace to your credits and Dave not being

1:34:59

a horse trainer himself which may be shocking

1:35:01

is that you they're really may be these

1:35:04

costs that your that you do know. Nicholas

1:35:06

A. Do it Hs like, don't get out

1:35:08

ahead of yourself either right? So like, plan

1:35:10

accordingly and be putting money aside to make

1:35:13

sure that when you jump over to Europe

1:35:15

full time gig that you're able to support

1:35:17

yourself. But also realistically if there is equipment

1:35:20

and they're saddled in different things that you're

1:35:22

using, don't smart search. For. Army

1:35:24

for fifty grand you can buy the horse I'm

1:35:26

in. Come off. As. Soon as you

1:35:28

need of you'll need Eclipse you skipped The

1:35:30

horse is just a. Note: That

1:35:32

never know. That's just for the outside.

1:35:35

Look into it. Nicholas virus. You can

1:35:37

do it. You bootstrap a dude. You're

1:35:39

organic. cash flow of you make money,

1:35:41

put it back and make money. But

1:35:43

I'm nervous. A snake handlers by guess

1:35:45

that's what I star doing thirty five

1:35:47

years ago in here are said I'm

1:35:49

be in this guy. This is the

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solutions.com Slice Events. As

1:36:30

the thorniest America read your Cruise Ramsey personality

1:36:33

of on bestselling author my daughter's my So

1:36:35

host in the lobby of Ramsey Solutions. One

1:36:37

of our favorite things to look out and

1:36:40

see folks watching the show. We do the

1:36:42

show here on the glass from one to

1:36:44

four, Central Time and Eurydice. Come by have

1:36:46

some homemade cookies. When you walk in the

1:36:49

place smells like mom's kitchen. And.

1:36:51

You have you some coffee all of

1:36:53

it's own house and watch the show

1:36:55

and hangouts. Also in the lobby there

1:36:57

the Debt Free Scream so we get

1:36:59

to talk to people do in their

1:37:02

debt free screams every day. It's that's

1:37:04

one of our favorite things as well.

1:37:06

but our most favorite thing of all

1:37:08

is one of our own Ramsey Team

1:37:10

members is on the Debt Free stage.

1:37:12

During their Debt Free Screams, Natalie Fleener

1:37:14

and her husband Hunter are on the

1:37:16

stage and that lays on the entree

1:37:18

leadership team as a marker. Been here.

1:37:20

What about six? Years Natalie. Guess six years,

1:37:22

Six years. Way to go guys. it's been

1:37:24

fun. Know you'd been here work in an

1:37:26

entree team for a while, not our teams

1:37:28

kill on it. We got some at coming

1:37:30

up and ah it's completely sold out and

1:37:32

know we can't We can't seem to do

1:37:34

enough to keep people of the people just

1:37:36

beaten the doors down to come to some.

1:37:39

As you marketers are don't a good job.

1:37:41

Where to go say one time. good stuff.

1:37:43

good stuff Hunter, What do you do? I

1:37:45

am a General Dennis. Okay, excellent excellence. Okay,

1:37:47

so what kind of death did you two

1:37:49

guys have and how much. While.

1:37:51

We had a mixture. We had

1:37:53

some credit cards, he had a

1:37:55

car loan, We had student loans

1:37:57

for my undergrad and his undergrad.

1:38:00

And then we had the big Hunk

1:38:02

Her. Death

1:38:04

As long. As

1:38:06

the that. Would make sense are butter long

1:38:08

as it's another day. Another ago and

1:38:10

ours are. So what was that? Grand

1:38:13

total of all this mess. Three

1:38:15

Hundred Eighty Two Thousand One Hundred

1:38:17

Sixty. One. Dollars and amazing And how

1:38:19

did it take you to pay it

1:38:21

off? Six years, six years since you

1:38:24

been here? All right, very cool. Very

1:38:26

going. We're not gonna ask urals income

1:38:28

cause you got about fifty of your

1:38:30

team members standing around and as completely

1:38:32

awkward of and. So

1:38:35

we're not going to do that. But so

1:38:37

you came here six years ago. What's the

1:38:39

rest of the Ramsey stories? That's about the

1:38:41

time you got out of dental school nurse

1:38:43

out of this whole story unfold. word. Six

1:38:45

years later, you guts almost four hundred thousand.

1:38:47

Dollars gone. And. Yeah. So

1:38:50

I graduated when he seventeen and

1:38:52

then. Moved. Back here

1:38:54

thousand Memphis for school and

1:38:57

then. I guess we

1:38:59

just got out and we're looking at the loans

1:39:01

and they were does. It seem. Like a

1:39:03

mountain And of course we how ya been

1:39:05

married. Four. Years at that point?

1:39:07

Okay, at that point. and so. I.

1:39:09

Ten years of marriage now and so it for

1:39:11

years and graduate dental school and you look at

1:39:14

this mountain ago I just finished a really hard

1:39:16

thing now got. Another hard yeah. I

1:39:18

was crazy because we were in as

1:39:20

making the minimum payments or even trying

1:39:23

to. we can make the minimum payments,

1:39:25

but we were watching. The balance though

1:39:27

at Oh Tressel filled so quickly on

1:39:29

an amount that large and so I

1:39:32

just don't think that was something we

1:39:34

were really expecting. Ah, so it just

1:39:36

felt like a mountain. honestly. Ah, so

1:39:39

I started looking for work and I

1:39:41

am a unicorn. I grew up here

1:39:43

in Nashville says and so just knowing

1:39:45

the reputation that Ramsey. Had of being

1:39:48

a great place to work and I

1:39:50

used to listen to their Ramsey show

1:39:52

with my dad. ah when we drive

1:39:54

around town he's a Realtor itself as

1:39:56

as familiar and so I started researching

1:39:58

the company's watching other people's. Free Screams

1:40:00

and I was super inspired by that

1:40:02

and one it out for ourselves. so

1:40:04

I applied thinking I wasn't going to

1:40:07

get it because of how much that

1:40:09

we had. Our

1:40:11

thoughts so we don't. We don't turn

1:40:13

people down from ointment because they have

1:40:15

that. We would have no workers as

1:40:18

a around so. Anyway as

1:40:20

part of my on boarding we started as you

1:40:22

and not just gave us a super clear plan

1:40:24

I'm in plan of attack to just get on

1:40:26

top of it and says that was what.have started

1:40:28

and we've been going ever since colleague six years

1:40:31

as long and they looked at the people on

1:40:33

the so you know we had one earlier last

1:40:35

hours eighteen months? yeah I'm people are at all

1:40:37

different lengths of six years minutes. That's the marathon

1:40:39

status right? There that one hundred shows a lot

1:40:41

on and. Of them at them. Same did you

1:40:43

guys six years ago? Did you map it out

1:40:46

to think okay and twenty twenty four it is.

1:40:48

You have Twenty Twenty Five in your head I

1:40:50

did. You guys have a go a goal that

1:40:52

you are seeing out there and you knew that

1:40:54

can be six years or resist like wine months.

1:40:56

one quarter at a time. Job

1:40:58

and we were just trying to taken at

1:41:00

one month at a time. Lows or Hims

1:41:03

is getting on the budget first just trying

1:41:05

to stick with it. We have two beautiful

1:41:07

daughters were we have faults Are you know

1:41:09

that snowball? Guess save up and pay for

1:41:11

them and they could go in and happened.

1:41:14

yep so had of take up there for

1:41:16

me in that gas so I'm in assessments

1:41:18

trying to stick with it. I'm trying to

1:41:20

keep the blinders on and the mountains and

1:41:23

valleys sir six years as it a real

1:41:25

along long as yes hard to keep going

1:41:27

with does having perseverance. Yeah and what

1:41:29

was a real game changer for us

1:41:31

was actually when they pause the interest

1:41:33

on Sudan's for three years and when

1:41:35

the media was reporting like the payments

1:41:38

or pause I was like know, the

1:41:40

interest is pies. And ah ah

1:41:42

ah ah. And that's why.

1:41:44

We. Were doing and it helped us a

1:41:46

lot because everything was going straight to the

1:41:48

principal. So good and in you had yes

1:41:50

suited to kids two girls during that they're

1:41:53

five and two I said what was the

1:41:55

hard part is are so many parents. That

1:41:57

listen to the show and they have young kids.

1:42:00

And are thinking how do I even do this

1:42:02

journey Because I'm juggling work and kids and all

1:42:04

of it's a full lox right? But you have

1:42:06

the way encouragement or what things really helps you

1:42:08

in that journey. I

1:42:10

mean I think really does one thing with the

1:42:13

budget even though yes when you say you have

1:42:15

kids, it's like how can we afford it. He.

1:42:17

Got a plan it out when you get that plan

1:42:19

and used to it it it really does work isn't

1:42:22

even though it is along like we had six years

1:42:24

so hard and there are times where I was like

1:42:26

you are getting frustrated but you know I think we

1:42:28

had to separate it when we got some my big

1:42:30

school loans and the like aren't paid off this amount

1:42:32

of money you know. So then we kind of did

1:42:34

a little celebration than than to set goals to achieve

1:42:37

in and out. and then it was like little we

1:42:39

paid the last payment or like. That.

1:42:41

That. Is still we're not, We're done. Others

1:42:43

example: surreal that is the I that off

1:42:45

his i don't know what your family get

1:42:47

there goes your been hold your breath so

1:42:50

long it feels like this way to go

1:42:52

to a job guys. So ah Natalie you're

1:42:54

working in the middle the entree leadership team

1:42:56

which is not all. Of.

1:42:58

Financial Principles all day long as all small

1:43:00

business which the you know, But you're in the

1:43:02

whole team here as part of Ramsey and ah,

1:43:05

it's the stuff's all around you are. Lots.

1:43:07

Of peer pressure is that make it easier.

1:43:09

Or harder. Ah, I don't know if

1:43:12

I'll call it pressure as much as

1:43:14

encouragement. Honestly am I mean I would

1:43:16

keep people updated as like how we

1:43:18

were dealing. I'm on our debt pay

1:43:20

off, we have our walk, the talk

1:43:22

at staff meetings and is this? You

1:43:24

know everybody's cheering you on. It's it.

1:43:26

Doesn't feel like pressure, just feels like

1:43:28

you know you has. Seventy.

1:43:30

Eighty people every single day reading

1:43:32

on cereal. Yeah. Good good

1:43:34

I was hoping are easy and. In

1:43:38

I was some newspaper has a son

1:43:41

of a success against the after six.

1:43:43

Years you guys you have something sign that you're gonna

1:43:45

do like. is there like a celebration x ray? Some

1:43:47

point at the end of this. While.

1:43:49

We paid off in February and so we it

1:43:51

was. It was fun for me at the worked.

1:43:54

As a city course and I went

1:43:56

out to Arizona and so I learned

1:43:58

a lot better. We almost you that has

1:44:01

like a debt free the threats to the and as

1:44:03

like right after we paid if we little he pays

1:44:05

off that week and then i went to that trip

1:44:07

saw that were yeah commons and then they are going

1:44:09

to the beach. This young are so nice the sell

1:44:12

price girl rice very good the out for your guns

1:44:14

as it's amazing What are you tell people the key

1:44:16

is to getting out of that. I

1:44:20

mean need easier? The. Buddies is