0:24

From the headquarters of

0:26

Ramsey Solutions, it's the

0:28

Ramsey Show where we

0:30

help people build wealth,

0:32

do work that they

0:35

love, and create actual

0:37

amazing relationships. Ken Coleman

0:39

Ramsey Personality is my

0:41

co-host today. Open phones

0:43

at triple 825-225-225. You

0:45

jump in, we'll talk

0:47

about your life and

0:50

your money. Emily is

0:52

in Jacksonville Florida. Hi

0:54

Emily, how are you? Hi, how are

0:56

you guys doing today? Better

0:58

than I deserve, what's up? So

1:01

quick question. I've been dating

1:03

a lovely young man for

1:05

about nine months and we

1:07

had a random conversation that

1:09

came up about retirement savings.

1:11

I'm a big saver, so

1:13

I'm really into I have

1:15

401k and a raw fire.

1:17

And his response was... that

1:19

all that matters is working

1:21

and making money now and

1:23

that 401ks are a scam.

1:25

And I just want to

1:27

know what the best way

1:29

to approach this conversation is

1:31

to try to help him

1:33

maybe understand the importance of

1:36

saving for retirement. Did you

1:38

ask him why he thinks there

1:40

are a scam? Was there

1:42

any kind of follow-up on

1:44

that particular classification of it? Not

1:47

necessarily he is actually

1:50

he moved here from

1:52

Albania six years ago And

1:54

he just became a citizen

1:56

this year and how he's

1:58

32 and I'm 30 Okay. Well, I

2:01

mean, what he's saying is without,

2:03

I mean, I don't know why he

2:05

thinks 401ks in particular or a

2:07

scam, but what he's saying is

2:09

that I came from an area

2:12

where we are living hand to

2:14

mouth and thinking about the future

2:16

is not something I want to

2:19

do. I want to just enjoy

2:21

the moment because the way the

2:24

situation I grew up in, there

2:26

might not be a next moment.

2:28

for whatever reason. I don't know.

2:30

I'm guessing, okay. I'm going to

2:33

try to give him the break

2:35

here because what he's saying is

2:37

basically he's saying I'm immature and

2:39

I don't want to think about

2:42

the future. And we can give him

2:44

a lot of grace as to why he

2:46

might be in that based on,

2:48

you know, I mean, I don't

2:50

know what the situation was in

2:53

his area of Albania. I'm not

2:55

privy to that. but uh... i

2:57

can i can guess that maybe

3:00

the instability politically or whatever uh...

3:02

safety wise or whatever in that

3:04

in the area he was in

3:06

has influenced this viewpoint agreed

3:09

agreed but it is a

3:11

broken and stupid and immature

3:13

viewpoint regardless of how he

3:15

got there okay and so

3:18

that's a problem for you

3:20

because you get to live with

3:22

someone who's going to do no

3:24

planning for the future which guarantees

3:27

your future sucks. Right. That's

3:29

a problem. So that has to

3:31

be solved relationally going forward. So

3:33

we have to solve for this

3:35

and walk him out of that or walk

3:38

away from him. Yeah, I'm going to recommend

3:40

Emily. I'm going back to the days

3:42

when I taught all three of my

3:44

kids to ride a bike. And if in

3:46

fact he is truly scared of this

3:48

product, 401k, because he doesn't understand it,

3:51

maybe there's corruption, all the things that

3:53

day pointed out. If in fact he's

3:55

truly afraid of it, and that's why

3:57

he calls it a scam, then in.

4:00

fact now you can deal with fear

4:02

because he doesn't understand it so it's

4:04

like teaching someone to ride a bike

4:06

they're scared to death to ride a

4:08

bike so what do you do you

4:10

put training wheels on first right and

4:13

then you move from training wheels to

4:15

I would hold the back of the

4:17

seat and I would run with them

4:19

for a bit the point is this

4:21

is going to be a gradual teaching

4:23

process for you I think if we

4:26

talk about this relationship being permanent that's

4:28

right Right, no, and so yeah, I'll

4:30

give you another example that that runs

4:32

parallel. Okay, if you come from a

4:34

Latin American country where the where the

4:37

banking system is full of fraud and

4:39

is unstable and doesn't have an FDIC

4:41

underpinning and people lose their money when

4:43

the bank goes broke like they did

4:45

in the Wild Wild West in America,

4:47

if you come from one of those

4:50

Latin American countries and you come here,

4:52

it's not unusual at all for that

4:54

people from that type of a culture

4:56

to have a deep distrust of banks.

4:58

And yet the banking system in America,

5:00

even though I hate banks, but I

5:03

mean, it's not your money's not unsafe

5:05

in a bank in America. That's an

5:07

absurd idea. But it's based on where

5:09

they come from, not based on reality.

5:11

Now, if you're going to marry someone

5:13

who says, I'm going to stack $200,000

5:16

under our mattress in cash. because I

5:18

refuse to accept the fact that American

5:20

banks are safe based on the country

5:22

I grew up in, they're not safe,

5:24

then that's not marriage material. You're marrying

5:27

someone that is not adapted well to

5:29

the new culture that they live in.

5:31

And you're going to have problems as

5:33

a result. And shortages and issues. And

5:35

so, you've got to make, they have

5:37

to make the transformation. If that's what

5:40

it is. If it's simple immaturity, I'm

5:42

14 years old and I'm going to

5:44

live for Friday. Thank God it's Friday.

5:46

Party for the... weekend and I meet

5:48

57 year old Americans who do that.

5:50

Okay, they have no, where there is

5:53

no vision, the people perish. And they

5:55

end up retiring and trying to live

5:57

on Social Security and griping and whining

5:59

because all the opportunities gone in America

6:01

because they drank theirs on Friday night

6:03

because they were so freaking childish. Now

6:06

I meet those that are Americans that

6:08

are 57 years old. You don't want

6:10

to be married to that guy, you

6:12

know, 25 years from now, agreed? Agreed,

6:14

yes sir. So I think you got

6:17

to work, I think you're wise to

6:19

bring the question up and you got

6:21

to work through this with him or

6:23

I'm going to be your old ugly

6:25

Uncle Dave and say I love you,

6:27

don't marry this guy, ain't worth it.

6:30

Yes, I appreciate all the advice. Thank

6:32

you so much. That's a really cool

6:34

question. It really is. I would take

6:36

him to your SmartVester Pro if you

6:38

have one, if you don't need to

6:40

get one, but I would literally take

6:43

him in there and I'd honor all

6:45

of his questions. If in fact, and

6:47

Dave and I don't know, but if

6:49

in fact he's scared, I think the

6:51

best way to help someone who's scared

6:53

is to honor their fear. Well there's

6:56

two types of fear. What are you

6:58

afraid of? What are you afraid of.

7:00

False evidence of. False evidence appearing. False

7:02

evidence appearing real. False evidence appearing real.

7:04

uh... you know if i invest this

7:07

i fell on my bicycle the last

7:09

time you let go of the seat

7:11

right and i skin my knee so

7:13

the next time you let go i'm

7:15

going to die that's that's right that's

7:17

false evidence appearing real you know actual

7:20

fear is of something that is logical

7:22

if you're standing in the middle of

7:24

the interstate and a team leaders coming

7:26

at you at a hundred miles an

7:28

hour you should move that's a actual

7:30

fear you're going to die you know

7:33

that's a lot different though and so

7:35

this is a this is false evidence

7:37

appearing real or it's immaturity i don't

7:39

know which and but it's one of

7:41

those two things and uh... either way

7:43

you gotta deal with it to go

7:46

forward so we gotta go we gotta

7:48

drill down we gotta get the ground

7:50

zero on this and then work our

7:52

way out really good question and i

7:54

just want to point out again when

7:57

you're in a relationship and you're not

7:59

on the same page and it's really

8:01

fear holding that the spouse or a

8:03

boyfriend or girlfriend back. Honor their questions.

8:05

Don't dismiss them. Don't always try to

8:07

explain them. Let them sit in that

8:10

and ask the questions and get with

8:12

somebody a third party. In this case,

8:14

a smart investor pro who can answer

8:16

every question about fraud and anything like

8:18

that. And if hopefully they get there

8:20

and the light bulb goes off and

8:23

now we're on the same page. Yeah,

8:25

it's tempting to roll your eyes at

8:27

something that's stupid. That's right. But you

8:29

can't. You got to honor it and

8:31

go, okay, there's a reason for this.

8:33

And then let's get to the root

8:36

of why. And can we solve for

8:38

it so we can go forward? Because

8:40

we're not aligned on what reality is

8:42

here. And when you can't align on

8:45

reality, you have a problem.

8:47

This is the Ramsey Show.

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Thank you for joining us

9:23

America. I'm Dave Ramsey. Ken

9:25

Coleman, Ramsey personality is my

9:27

co-host, number one best-selling author,

9:29

and host of a brand

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new show that's blasted off.

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9:44

your life a very interesting

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interview you won't want to

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miss these i promise you

9:51

front row seat on the

9:53

Ramsey networks all right Jacob

9:55

is in Dallas hi Jacob

9:57

how are you I'm

10:00

doing good, thank you for taking my

10:02

call. Sure, what's up? Yes, so I'm

10:04

going through your baby step program currently.

10:06

I'm past baby step one, I have

10:08

about 3,000 in savings. My long baby

10:10

step two, paying off debt to be

10:13

debt three, currently have about 10,000 in

10:15

debt. But my question is, is after

10:17

I pay off all my debt, and

10:19

I'm looking at baby step three to

10:21

six months of emergency funds, you know,

10:23

uh... but i'll ultimately want to be

10:25

able to buy a house and with

10:28

our current financial situation it to me

10:30

i just don't see a way of

10:32

being able to get there even following

10:34

the baby steps how much that we

10:36

made off so far uh... so i

10:38

don't know it was a little over

10:40

ten thousand i've already paid off uh...

10:43

but about a fifteen hundred dollar toll

10:45

bill i paid off three hundred and

10:47

forty three dollar bill in collections I'm

10:49

looking at paying off another $700 billion

10:51

collection. So you paid off two or

10:53

three thousand of your ten thousand so

10:55

far? How long you been working on

10:58

this? This actually was more recently so

11:00

I started doing this this month with

11:02

my tax return. So in one month

11:04

with a tax return and by focusing

11:06

and being on a budget you move

11:08

the needle three thousand dollars? Yes. How

11:10

does that translate to being hopeless about

11:12

the future? That doesn't make sense. You're

11:15

proud of you. Yeah, I appreciate it.

11:17

But I have about 9,000 left in

11:19

a vehicle loan, which should be paid

11:21

off in a year and a half

11:23

if I just keep thinking the payments

11:25

as I am. You paid off the...

11:27

I know, but we're not going to

11:30

make the payments as you are. You're

11:32

going to roll up your sleeves. You're

11:34

going to sell so much stuff that

11:36

kids think they're next. We're going to

11:38

get the stupid car paid off so

11:40

you can build an emergency fund so

11:42

you can get a house. Understood. i

11:45

mean you you you've already moved the

11:47

needle three thousand dollars that's a that

11:49

gives me reason for hope more than

11:51

you seem to have and you've got

11:53

three thousand in savings baby step one

11:55

is actually just one thousand so you've

11:57

got two grand that you need to

12:00

be putting on that car today exactly

12:02

so this is all new to you

12:04

this whole ramsy thing's new to you

12:06

isn't it Jacob your name has definitely

12:08

gone around my church a lot and

12:10

that's no but i'm talking about you

12:12

actually looking at the information and applying

12:14

it is new Yes, okay, because it

12:17

sounds like you're fresh on this. That's

12:19

fine. I get that. The thing that

12:21

I've experienced in walking with people now

12:23

for 30 years doing... the baby steps

12:25

in detail exactly as we teach them

12:27

okay so you stop all 401k contributions

12:29

temporarily you don't get any more tax

12:32

refunds because you adjust your W2 to

12:34

where your take-home pay is accurate if

12:36

you get a refund it's because they're

12:38

taking too much out of your check

12:40

Santa Claus doesn't live in Washington DC

12:42

okay it's your money you got it

12:44

back with no interest a year later

12:47

so go ahead and adjust your W2

12:49

stop putting money in 401k stop eating

12:51

out stop going on vacation, take an

12:53

extra job, sell everything in sight that

12:55

we can get our hands on, and

12:57

let's get this car paid off as

12:59

soon as possible. When that is paid

13:01

off, then build your emergency fund very

13:04

quickly, and then start talking about saving.

13:06

Now, if you start saying, Dave, it's

13:08

going to take me three years to

13:10

pay off $9,000 because of my lack

13:12

of focus and sacrifice, then yeah, you

13:14

do have a problem. You may never

13:16

get a house. Because you're living in

13:19

a, you're living without really leaning in

13:21

and focusing on this and sitting down

13:23

with your spouse and saying, we're going

13:25

to sacrifice, we're going to live like

13:27

no one else so that later we

13:29

can live and give like no one

13:31

else. As I've walked with people doing

13:34

that, Jacob, they pick up momentum. So

13:36

that by the time the car is

13:38

paid off in the emergency fund, it's

13:40

in place, and they come in here

13:42

and do a debt-free scream, they almost

13:44

always have seen an increase in income.

13:46

number of people that their income went

13:49

up dramatically while they're getting out of

13:51

debt is substantial because they're just focusing

13:53

on it. They're going, I need more

13:55

money. I got to get this moving.

13:57

And so I predict that if you

13:59

follow the stuff exactly as we teach

14:01

that five years from now, you will

14:03

be making $130,000, you will be debt-free,

14:06

you'll have an emergency fund in place,

14:08

and you'll have a good strong down

14:10

payment have already been made on a

14:12

house with a 15-year fix that's a

14:14

good starter into retirement and be on

14:16

your way to be a millionaire that's

14:18

how what we show people how to

14:21

do and you can do that with

14:23

what you're doing but you're not going

14:25

to do it sitting there half you

14:27

know it takes me three years to

14:29

pay off nine thousand dollars That's, you

14:31

know, no, that's not okay. You're going

14:33

to have to lean into it harder

14:36

than that. Hang on, I'll send you

14:38

a copy of the book, The Total

14:40

Money Makeover, which gives you every detail

14:42

of what to stop doing, start doing,

14:44

and when to do it, on the

14:46

baby steps. And if you'll do that

14:48

formula exactly and not try to make

14:50

it Jacob's plan, but instead just do

14:53

what you're told, it's going to blow

14:55

your mind how you'll move the needle.

14:57

And get your spouse on board with

14:59

you Jacob with you, Jacob. Yeah, I

15:01

just would underscore what Dave said. We

15:03

have heard so many debt-free screams just

15:05

right across the studio here and Every

15:08

time their income goes up. I've never

15:10

I'm not saying it's always the case,

15:12

but I've never heard one something and

15:14

to your point It is the momentum

15:16

mental and emotional momentum of the baby

15:18

steps is what's the genius about it.

15:20

When you start ticking off the debts,

15:23

even in baby steps too, momentum takes

15:25

place and good things happen to people

15:27

who have momentum. I'm just telling you,

15:29

it's not a mystery. It's just, because

15:31

you're happening to life instead of life

15:33

happening to you. Well, and we know

15:35

we're momentum. Hey, throw that book in

15:38

Christian as well. Throw in the momentum

15:40

theorem. Because momentum theorem says this, it's

15:42

a thing we developed to try to

15:44

communicate that idea. Focused intensity. over time

15:46

multiplied by God. his blessings creates unstoppable

15:48

momentum. But wandering along doesn't create any

15:50

momentum. You know, dancing through the Rose

15:52

Garden doesn't create any momentum. It's you,

15:55

as we say in Tennessee in the

15:57

country, you lay your ears back and

15:59

you get into it, right? You stick

16:01

your face in there and go. You

16:03

stick your face right in the middle

16:05

of the war, right in the middle

16:07

of the battle, and you get after

16:10

it. And that's when stuff starts to

16:12

move. But just going, well, I think

16:14

I can just, no, no, you can't

16:16

do it, you gotta have more energy

16:18

and focus in your voice than that,

16:20

and in your actions. And Jacob, you

16:22

can do all of that, you've got

16:25

the ability, you've already, just in the

16:27

limited time you've had some focus paid

16:29

off $3,000, just because you thought about

16:31

it. I mean, that's just the power

16:33

of thinking about, just the power of

16:35

intentionality. It's very good, I'm proud, I'm

16:37

proud, I'm proud of you. Very good,

16:40

I'm proud of you. I'm proud of

16:42

you. I'm proud of you. I'm proud

16:44

of you. I'm proud of you. I'm

16:46

proud of you. I'm proud of you.

16:48

I'm proud of you. I'm proud of

16:50

you. I'm proud of you. I'm proud

16:52

of you. I'm proud of you. I'm

16:54

proud of you. I'm proud of you.

16:57

I'm proud of you. I'm proud of

16:59

you. I'm proud How's it going? I'm

17:01

doing good. How about yourself? Better than

17:03

I deserve. How can I help? Well,

17:05

what as far as phone call is,

17:07

I'm getting a bonus check. It should

17:09

clear on Friday. I will clear $3,800.

17:12

I'm still working on paying off debt.

17:14

And my truck broke down early this

17:16

week. And I found out I'm going

17:18

to be losing my job sometime after

17:20

one year, but before two years. How

17:22

much debt have you got? About

17:25

60K on what? Uh lines of credit

17:27

that kind of stuff. How much on

17:29

your cars? Nothing. They're both paid off.

17:31

What's it gonna take to fix the

17:33

truck? Two K. Well, there's two of

17:36

your 3800, right? Correct. Okay. All right.

17:38

What do you what you say you

17:40

make? I make with the overtime about

17:42

58 or 58,000 a year. What do

17:44

you do? Do I mention I was

17:47

trying to start up a landscaping business

17:49

as well? I'm sorry if I... didn't

17:51

know but I mean you're trying to

17:53

figure out what to do that makes

17:55

sense if you're gonna lose your job

17:57

it's gonna be a while for you

18:00

lose it you make 58,000 so what

18:02

what do you what's it take to

18:04

get the landscaping business going I need

18:06

$400 and I know that sounds a

18:08

little bit ridiculous but I used to

18:11

own the landscaping business and I shut

18:13

it down but I already have all

18:15

the you know I already have the

18:17

trucks to trucks to trailers the trailers

18:19

the equipment I just need to do

18:22

in a week Doing that way if

18:24

you do if you do the tune-up,

18:26

right? Correct. Yeah, go do that I

18:28

should be able to do about 800

18:30

a week Yeah, go do that and

18:33

then then let's get this business up

18:35

to 8,000 a week before you get

18:37

before you quit before you get fired

18:39

You quit before you get fired, right?

18:41

Because you're making so much money in

18:43

the landscape. That's right. Yeah, definitely. Let's

18:46

get this thing get tooled up and

18:48

get going I'm in. That's what I

18:50

would do if I would do if

18:52

I were you if I were you

18:54

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28:12

good stuff, very good stuff, very

28:14

good stuff, very fun. And so,

28:16

they can also hear you on

28:18

your podcast. No podcast right now,

28:20

but maybe one to come soon. Okay,

28:22

very cool. A robust newsletter, yes?

28:24

newsletter, several times a week, and

28:26

you can get the book, anywhere

28:28

books or sold. Newsletter is

28:30

at sawhillbloom.com. s-a-h-i-l-bloom.com. Very very

28:33

good. That's where that book

28:35

came from by the way. I want

28:37

to brag on him. I had been

28:39

following you for years because of that

28:41

newsletter and even on X you would

28:43

put out these little nuggets and he

28:45

lives what he believes on that. That's

28:47

how this book came about. You tested

28:49

this content for a long time. And now

28:51

you're seeing the results of it.

28:53

So I wrote a book with an

28:56

absolutely horrible title that didn't do

28:58

very well. It's called More Than

29:00

Enough. So answer that question. What

29:03

does it mean to have enough?

29:05

I love the whole idea of

29:07

enough because fundamentally enough is where

29:10

you build your best life. The

29:12

chase for more is a plague.

29:14

More is the most dangerous word.

29:16

The minimalist would love you. Yes,

29:19

they would. Love it. The five

29:21

types of wealth. Saw Hill Bloom.

29:23

Thanks for stopping by my friend.

29:26

Thank you for having me. So

29:28

proud of your success. Very well

29:30

done. This is the Ramsey show. All

29:33

right, Dave, you have some

29:35

strong opinions. Possibly, yeah. I

29:37

think so. Okay, because you

29:39

really prefer credit unions over

29:41

big banks. So why is

29:43

that? Well credit unions for

29:45

one thing are non-profit which

29:47

means that the members, the

29:49

customers own the credit union.

29:51

So any profits that the

29:53

credit union makes goes back

29:55

into customer pricing so you

29:57

get better interest rate on

29:59

saving. cheaper checking and so on

30:01

that kind of thing. And but

30:03

that's what's more important than that

30:05

though is the fact that the

30:07

customer is the owner changes the

30:09

spirit on the credit union. So

30:12

I find very few credit unions

30:14

that aren't very customer-centric. Yes, well

30:16

and I think we have found

30:18

one that is incredible and that's

30:20

fair ones. They are an incredible

30:22

credit union that is really out

30:24

with the heart to help the

30:26

customer. You know that's why we're

30:28

partnering with them. because they've got

30:30

a scope to be able to

30:32

handle the Ramsey audience and they're

30:34

the right kind of people with

30:36

the right kind of values. And

30:38

they've done a really, really good

30:40

job with customer service and the

30:42

deals that they're offering, the Ramsey

30:45

tribe is incredible. Yeah, absolutely. And

30:47

you're right, their customer service is

30:49

unbelievable. Winston and I just signed

30:51

up and we got an account.

30:53

Yeah. And I'm not kidding. It

30:55

took less than five minutes. It

30:57

was so user-friendly, like the step-by-step

30:59

approach was unbelievable. And then the

31:01

next day, my phone rings and

31:03

it says fair winds on my

31:05

phone. So I answered it and

31:07

talked to someone there and they

31:09

said, yeah, they give calls to

31:11

every new customer. And so again,

31:13

they just really care about your

31:16

experience. And I so, so appreciate

31:18

that. So again, you guys, I

31:20

know it could be a pain

31:22

to switch banks or to open

31:24

up new accounts, but fair wins.

31:26

Again, they make it so easy.

31:28

Plus anything that you can do

31:30

at a traditional branch, you can

31:32

do with them at fairwinds.org or

31:34

on their app, and you'll have

31:36

free access to over 33,000 ATMs.

31:38

Hey, you guys know how much

31:40

I hate banks in general, and

31:42

so for me to do this

31:44

is a big deal. Talk to

31:46

our friends at fairwinds and check

31:49

out the combined checking and savings

31:51

bundle that they created just for

31:53

the Ramsey Tribe. You guys, it's

31:55

incredible. Yeah, you guys, it's so

31:57

easy to join Fairwinds, no matter

31:59

where you live. So go to

32:01

fairwinds.org/Ramsey to learn more. That's F-A-I-R-W-I-N-D-S-O-org

32:03

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32:17

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33:07

show question of the day is

33:09

brought to you by why refi or

33:11

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33:23

f y.com/Ramsey may not be available in

33:25

all. Today's question comes from Craig

33:27

in Delaware. In previous years, you've advised

33:30

using a tax professional, but lately you've

33:32

been promoting a software that listeners can

33:34

use to do their own taxes. We've

33:37

had professionals do our taxes for years,

33:39

so I don't disagree with that advice.

33:41

But what is the reasoning behind changing

33:44

your stance on tax preparation? Data.

33:46

We did a better job than flying

33:48

by the seat of our parents, analyzing

33:50

who was coming to the website. someone

33:53

came to the website and ramsi solutions.com

33:55

and clicked on elp endorsed local provider

33:57

for tax preparation when they went to

34:00

a tax professional and they had a

34:02

extremely simple return and the tax

34:04

professional would charge two or three hundred

34:06

dollars to prepare a return that takes

34:09

fifteen minutes uh... the people would say

34:11

no i'm not going to do that

34:13

And so we were seeing like 60%

34:16

of the leads that went through to

34:18

the tax professionals were not qualified leads,

34:20

meaning the people were, they were

34:22

not in the market to spend that

34:25

kind of money to do a simple

34:27

tax return and they would opt out

34:29

and go do something like turbo tax.

34:32

And so we weren't serving the listener

34:34

well. and it was aggravating our tax

34:36

professionals because they were getting about over

34:39

half of their people calling them

34:41

were not turning into customers because they

34:43

were not qualified leads and so the

34:45

data told us that about half of

34:48

our audience would prefer to do a

34:50

quick easy digital tax return about half

34:52

of our audience has a complicated return

34:55

they own a business they've moved they've

34:57

gone through some kind of life

34:59

change or they have investments or whatever

35:01

and they need a tax professional in

35:04

a couple hundred bucks is no big

35:06

deal to them to have a more

35:09

complicated return done and they continue to

35:11

use the tax professionals but basically about

35:13

50% of the people that in our

35:16

audience were just saying bye-bye you're

35:18

not helpful to me and to our

35:20

tax professionals and so we said oh

35:22

we need to be helpful let's figure

35:25

out something because because turbo tax is

35:27

is not really free most of the

35:29

time most the time you're going there

35:32

they give you some kind of an

35:34

up charge and they promote the

35:36

snot out of financing they'll loan you

35:38

the money against your refund they'll send

35:41

a credit card, they get you all,

35:43

they forget they're there to do taxes

35:45

and try to sell you a bunch

35:48

of debt. And I thought, well,

35:50

if I can, if I can punch

35:52

that in the nose, I'd like to

35:54

do that. So, simultaneously with serving our

35:57

customers, we created a product with the

35:59

tax layer people and White labeled it.

36:01

And the Ramsey Smart Tax is now

36:04

there to serve the half of the

36:06

customers we were dumping in the

36:08

street and we don't feed them a

36:10

bunch of crap about credit cards about

36:13

credit cards while they're doing it. what

36:15

it says it is whatever we charge

36:17

couple of dollars is not much it's

36:20

that's the number it's not we don't

36:22

upcharge you and get you six ways

36:24

from sunday on this so that's

36:26

why we did it Yeah, and be

36:29

paying attention folks. It's two weeks away.

36:31

Ramsey solutions.com/smart tax, by the way, that's

36:33

where you go. Fabulous product. If you

36:36

have a simple return. If it's simple.

36:38

If you don't, go to the LP

36:40

page and get you a professional just

36:43

like Craig is asking. But Craig,

36:45

that's a great question because really, that

36:47

was what, four years ago or something

36:49

we started working on that. But the

36:52

team came in and said, Dave, we're

36:54

losing, we're not serving half of the

36:56

people that are asking for help. We

36:59

need to find something to serve them

37:01

and prior to that I was

37:03

just like everybody needs a tax professional

37:05

But I've always had some kind of

37:08

weird return my whole life because I've

37:10

been self-employed or straight commission or some

37:12

kind of a thing going on in

37:15

my I've had real estate all this

37:17

other stuff So I've always need a

37:19

so I couldn't imagine just you

37:21

know with a piece of software and

37:24

being done. It doesn't occur to me,

37:26

but it turns out half of our

37:28

audience has a very simple return don't

37:31

use Ramsey Smart Tax, get a professional.

37:33

But if you have a simple return,

37:35

don't pay somebody 300 bucks to do

37:38

something you can do in a

37:40

few minutes with a simple piece of

37:42

software for like 30 bucks or something.

37:44

That's a much better deal for you.

37:47

And it's a lot faster and it's

37:49

very accurate. That was the other thing.

37:51

I was worried about it being accurate.

37:54

It's extremely accurate. So good question, sir.

37:56

Jack is in St. Louis Missouri.

37:58

Hey Jack, what's up? How

38:01

are you? Better than I

38:03

deserve, how can I help?

38:05

Well, I am facing a

38:07

decision of wanting to move

38:09

to a bigger, more exciting,

38:11

yet more expensive city and

38:13

I'm trying to rationalize it

38:15

to myself. What's the reason

38:18

beyond it being exciting? Or

38:20

why is it exciting? Well,

38:22

so I've lived in, I've

38:24

been renting in St. Louis

38:26

for about 10 years. I've

38:28

stayed here for school and

38:30

then I just happened to

38:32

get a job here, but

38:34

never really felt like thrilled

38:36

or passionate about life. St.

38:38

Louis is not a small

38:40

city. Well, I know it's

38:43

not a small town, you

38:45

know. I guess by big

38:47

city, I mean like big

38:49

metropolitan, you know, metropolis is

38:51

like New York City or

38:53

Chicago. Where do you want

38:55

to move? I've been

38:57

looking at Chicago and New York

38:59

City. Okay, what do you do

39:01

for a living? I'm a software

39:04

engineer. I work remotely making 110K.

39:06

Okay. So are you going to

39:08

keep your current job and move

39:10

to those cities or are you

39:12

going to try to upgrade? Well,

39:14

I guess that would be a

39:17

good question, because, for example, New

39:19

York City, like that would be

39:21

very difficult. Yeah. 110K. Yeah, you're

39:23

gonna live in a car or

39:25

a box and you'll probably have

39:27

a rat companion at that. I'm

39:30

kidding, it's not that bad, but

39:32

you're gonna have to really think

39:34

about that, cost of living. Yeah,

39:36

your real estate's gonna double. Other

39:38

cost of living is gonna be

39:40

higher, but not double. But, and

39:43

there's another fear I have, if

39:45

I can tell you. I'm 33,

39:47

I'm not married, no kids, I'm

39:49

squared away, I'm on big step

39:51

two, three, and I'm saving. 15%

39:53

for retirement and four, but I

39:55

don't own any real estate and

39:58

I never have and so I'm

40:00

like worried that I'm delaying home

40:02

ownership to move and making life

40:04

more expensive if that's something yeah

40:06

you would be what what what

40:08

what is that you're wanting to

40:11

get out of the move what's

40:13

the move give you I guess

40:15

just invigorated passion and just lighting

40:17

up my world little bit I'm

40:19

gonna tell you something I seriously

40:21

doubt that moving to Chicago or

40:24

New York in its in and

40:26

of itself in other words the

40:28

proximity to those cities i don't

40:30

know that that's going to give

40:32

you this passion that you're looking

40:34

for if you don't change other

40:37

parts of your life in other

40:39

words you're getting excited about work

40:41

you're dead free you make a

40:43

hundred and ten you're thirty three

40:45

years old you you you could

40:47

just move there and live there

40:50

a month and see what happened

40:52

leave your leave everything in your

40:54

apartment Just pack a suitcase and

40:56

go to an Airbnb for a

40:58

month. You can afford it. Yeah,

41:00

that's true. And see if it

41:02

does what you think it's going

41:05

to do or see if Ken's

41:07

right. Okay. I'm hearing so much

41:09

uncertainty on you and that's not

41:11

a negative. I'm not... I'm not

41:13

criticizing you, but I'm hearing so

41:15

much uncertainty. There's no clear why

41:18

on this. And so I would

41:20

hold, I like Dave's idea of

41:22

kicking the tires and see what

41:24

it is you're actually searching for.

41:26

But I'm going to challenge you

41:28

that I think what you're searching

41:31

for is more fulfillment in multiple

41:33

areas of your life, not about

41:35

where you live. Can I tell

41:37

you something else? I spent my

41:39

20s in grad school living poverty

41:41

line and I spent my early

41:44

30s with dealing with like chronic

41:46

illness and I've just gotten better

41:48

and I'm ready to just live.

41:50

Yeah you're ready to like backpack

41:52

your up or something. Yeah. I

41:54

mean you need you need you

41:56

need you're You're ready for an

41:59

adventure. I, Dave nailed it. That's

42:01

what's going on. You're looking for

42:03

an adventure. An adventure is different

42:05

than moving. Yeah. Okay. So go

42:07

have some, finance, pile up some

42:09

cash and go do your remote

42:12

job from a backpack and go

42:14

to New York for three weeks

42:16

and go to Chicago for three

42:18

weeks and go to San Francisco

42:20

for three weeks and have an

42:22

adventure. And then come back home

42:25

and sit and pray about it

42:27

for two weeks and see what

42:29

you think. But that's different than

42:31

loading up the truck and heading

42:33

to Beverly. That's different than moving,

42:35

right? So that's probably what I'm

42:38

gonna do if I'm in your

42:40

shoes. I get it. I get

42:42

it. There's a pent-up lust for

42:44

adventure that's fair and accurate here.

42:46

You know, one of the first

42:48

things I discovered working in the

42:51

financial world is how absolutely devastating

42:53

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42:55

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42:57

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42:59

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43:03

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43:06

also discovered that there are a

43:08

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43:10

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43:12

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43:14

What you need is level term

43:16

life insurance, usually 10 to 12

43:19

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43:21

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43:23

your family. The key is finding

43:25

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43:27

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43:29

you, not for the insurance company.

43:32

This is exactly what my friend

43:34

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43:36

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43:38

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43:40

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43:42

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43:45

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43:47

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43:49

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43:58

Visit zander.com for instant online quotes

44:00

or for a more... personal touch

44:02

give them a call at eight

44:04

hundred three five six forty two

44:06

eighty two live from

44:08

the headquarters of Ramsey

44:10

Solutions it's the Ramsey

44:13

show where we help people

44:15

build wealth do work that

44:17

they love and create actual

44:20

amazing relationships. Ken Coleman Ramsey

44:22

personality number one best-selling author is

44:24

my co-host. Phone number is triple

44:26

eight eight two five five two

44:28

two five. Clara is in Tallahassee

44:30

Florida. Hi Clara how are you?

44:33

I'm good how are you better

44:35

than I deserve. What's up? This

44:37

is a career financial question so

44:39

I'll set the question and then

44:41

I'll give you a little of

44:43

the background. I've been Am I crazy

44:45

to turn down a job? So

44:48

I've been unemployed for five months.

44:50

I'm an older worker and financially

44:52

I'm doing fine. So I could,

44:55

I'm not in a rush, but

44:57

I do need a job. So

44:59

I've been applying and interviewing for

45:01

different jobs. This is the

45:04

first job that I've been offered

45:06

and great people. It is

45:08

a ministry organization, so

45:10

good stuff. Yet as I'm

45:12

going through the process. There are

45:15

just questions that I have

45:17

not ethical questions, but

45:19

just process questions.

45:21

And I want to turn it down,

45:24

but I feel should I turn it down

45:26

because it's the only job

45:28

I've been offered in five months,

45:30

it would require a move

45:32

across the country, which is

45:35

big and expensive and I've

45:37

done that before and it's

45:39

not easy. So I guess. Going back

45:41

to the beginning of this is

45:44

career financial questions

45:46

Great place great people. What

45:48

is the process concern?

45:51

I don't understand It's

45:53

just Everything seems like

45:55

an emergency to them

45:57

So lots of last minute

46:00

changes and I've worked in an

46:02

industry where emergency industry so there's

46:04

always going to be changes and

46:06

that's not what I'm implying but

46:08

it just seems like everything is

46:10

last minute and I'm not so

46:12

sure I want to be in

46:15

that type of environment. When you

46:17

say you're fine financially yet you

46:19

need to work can you be

46:21

very specific with us on that

46:23

from a number standpoint because it's

46:25

going to affect my answer here?

46:27

Awesome, okay. I have savings that

46:29

will keep me for about two

46:31

years. I get a small pension

46:33

from a previous job, so I

46:36

can afford to not work for

46:38

a while, but I want to

46:40

work. I'm not ready to retire.

46:42

So that's my marketing. Okay. Are

46:44

you going to be in a

46:46

leadership role with this next place?

46:48

No, it would be a... Dep

46:50

or two down. So you can't

46:52

help them from that position necessarily

46:55

clean up their lack of planning

46:57

which is creating emergencies. I think

46:59

you're saying there you know unnecessary

47:01

emergency. This has got red flags

47:03

all over it for me Clara

47:05

and the reason I wanted to

47:07

know the money situation is because

47:09

that determines our response here. You

47:11

would not take this job if

47:13

you were currently employed. You wouldn't

47:16

even consider it. Right. And so

47:18

for that reason, I'm out. I

47:20

would not do this. I would

47:22

not move across country for a

47:24

job that you're already concerned about

47:26

frustrations mounting. And I think you've

47:28

got enough wisdom here. I can

47:30

read between the lines and what

47:32

you're saying. Be patient, but I

47:35

think that it's okay for you

47:37

to stay where you are. And

47:39

let's get a bridge job. Let's

47:41

just find something even if it's

47:43

a part-time marketing role or a

47:45

remote yeah remote get active get

47:47

back in the game freelancing yeah

47:49

I think there's a lot of

47:51

freelance opportunities for someone like you.

47:53

I would keep your chin up.

47:56

I'm gonna give you a copy

47:58

of my book called The Proximity

48:00

Principle. I think it's what you

48:02

need right now. I think you

48:04

need to spend a lot of

48:06

time getting around the right people

48:08

and in the right places and

48:10

you know who those people are.

48:12

But I think that's what I

48:15

do. How old are you? 60.

48:17

Okay. Then you already knew the

48:19

answer to the question. I think

48:21

I just needed your confirmation. The

48:23

spirit of God inside of you

48:25

is saying don't do this. And

48:27

you need to listen to it.

48:29

Thank you. That's what's happening. And

48:31

because you're seeing things there that

48:34

aren't, you're seeing the symptoms flare

48:36

up of some deep rooted problems

48:38

that are going to drive you

48:40

bananas and you're not a fit.

48:42

Yeah. You're right. I just, you

48:44

know, being out of work, you

48:46

start. Not panicking, but you know

48:48

what I mean? You start getting

48:50

concerned. If you don't know how

48:52

to put yourself out there as

48:55

a freelancer in the digital world,

48:57

get a 14-year-old to show you.

48:59

But you can make a lot

49:01

of money as a marketer right

49:03

now, just sitting remote, working a

49:05

few hours a week from your

49:07

computer, and that'll even give you

49:09

more staying power until you land

49:11

the exact right thing for you

49:14

to enter into a quality place

49:16

at the right thing. So yeah,

49:18

this is a when in doubt

49:20

don't thing right here. When the

49:22

bell rings, my dad used to

49:24

say if that bell is ringing

49:26

inside your head, listen to the

49:28

bell. Listen to the bell. And

49:30

my old pastor friend of mine,

49:32

Pastor Don Finto, he said, he's

49:35

legend. He used to tell us,

49:37

he's like 90, something years old

49:39

now, he used to tell us,

49:41

don't tell, don't say I'm listening

49:43

to my gut. don't call the

49:45

holy spirit of gut right yeah

49:47

don't insult him so yeah it's

49:49

really good yeah but it's you're

49:51

listening to the bell listen to

49:54

your intuition whatever you want to

49:56

call it in this case and

49:58

you already Good question. I love

50:00

it. Caleb is in St. Louis.

50:02

Hey Caleb, what's up? Hey, it's

50:04

honor to speak to you. You

50:06

too, sir. How can we help?

50:08

Hey, I was wondering about selling

50:10

my classic car to fund my

50:12

daughter's college fund. What is it?

50:15

It's a 65 Mustang. Oh, what's

50:17

your asking price? $10,000. How did

50:19

you get it? How did you

50:21

get it? Sell it to me

50:23

Dave. I love a 65 bus

50:25

thing. Ken's on his way to

50:27

St. Louis. I'm not kidding. A

50:29

mere $10,000. That's a classic. How

50:31

did you get the car? Okay,

50:34

so the main issue is it

50:36

was given to me by my

50:38

grandpa when I was 15. I'm

50:40

now 28. What do you make

50:42

a year? My household income is

50:44

about $45,000. Honestly, if I were

50:46

in your shoes, I'd take six

50:48

extra jobs and fund my kids'

50:50

college fund and keep my car.

50:52

I agree. It's not an either

50:55

or. It's not the only way

50:57

you fund your kids' college to

50:59

sell the car. Life's not that

51:01

simple, sir. Go find some money.

51:03

My grandpa gives me a 65

51:05

Mustang. You know, that's like asking

51:07

your wife to sell her wedding

51:09

ring. No. We don't do that.

51:11

We go find some money by

51:14

working and doing some other things,

51:16

working on our career, taking side

51:18

gigs. What's your wife do for

51:20

a living? She works at my

51:22

daughter's Christian school that she goes

51:24

to and that pretty much pays

51:26

for her private schooling. We're currently

51:28

in Baby Step 7 excluding college

51:30

fund. The house is paid for?

51:33

Yes, sir. And you're how old?

51:35

28 years old. You haven't paid

51:37

for a house? No, you definitely

51:39

don't sell this car. Yeah, not

51:41

at all. How is the 10K?

51:43

Even if Ken wants it, don't

51:45

sell it. Well, yeah, I gotta

51:47

tell you. I was gonna be

51:49

your Huckleberry there. I was gonna

51:51

jump in and help out. But

51:54

I'd have to run it by

51:56

Stacey first. But in all honesty,

51:58

why is the 10K the number?

52:00

all you've got left in the

52:02

529 that you need to fund

52:04

or it's a baby? That's what

52:06

I'm saying. You're not 10 grand

52:08

off? It's an odd number. Go

52:10

get you some money. Okay. Keep

52:13

the car, man. This is from

52:15

two guys who have classic cars.

52:17

That's okay, but I would tell

52:19

you to sell it, but this

52:21

is a priceless thing you can't

52:23

get back. I have a 1960

52:25

Corvette. That's different than your grandpa

52:27

gave it to you. If I

52:29

get in trouble, the Corvette's gone.

52:31

Okay? But that's different than grandpa

52:34

gave it to you. Are

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55:21

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55:23

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55:28

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55:37

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falling for an April fool, Joe? Ramsey

55:41

Solutions is in big pharma, maybe we

55:44

figured it out They actually made these

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vials up for an April Fool's joke

55:48

You guys don't have a job in

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there? I mean don't you have work

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printed up took it. I mean Somebody

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in Creative actually made debt-zimpic vials. Oh,

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this one says debt and mortgage on

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it. This one says baby steps millionaire.

56:04

Oh, that's the booster. So the boosters

56:07

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56:09

then you got to get the booster

56:11

shots. Yeah, that's how that works. Yeah,

56:13

well, and there's no guarantee you won't

56:16

get it, but you just, we're told

56:18

you might not get it. You know

56:20

how vaccines work, right? So, like, you

56:23

probably will get it, but you won't.

56:25

But you think Fauci would like these?

56:27

You think Fauci would like these? I

56:30

don't think that needs to even be

56:32

part of this conversation. It's an April

56:34

Fool's joke. Now you've left the part

56:36

of funny and gone to serious. Oh,

56:39

sorry, I did do the trigger word.

56:41

Trigger word. That's great. Very good job.

56:43

Creative team with too much time on

56:46

their hands. No. Really good. Dezimpic. Brought

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you by every dollar. I wonder how

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quick I'm going to get sued for

56:52

running that. Okay, we'll see. Just, oh

56:55

well, hey, you know, some people don't

56:57

have a sense of humor. That's all

56:59

I'm saying. And they work for drug

57:02

companies. So, all right, here we go.

57:04

Funny guys, really well done. Eleanor is

57:06

in Charlotte, North Carolina. Hey, Eleanor, what's

57:09

up? Hi, Dave. I can. Big fan

57:11

of the show and of both of

57:13

you. Thanks for the. So

57:15

my question is, if it would

57:17

be morally wrong to offer to

57:20

open 529s for my friend's children,

57:22

but with the stipulation that I

57:24

get to maintain ownership of the

57:26

account. And I can give a

57:28

little bit of background on why

57:30

I'm asking that question, but so

57:32

I was listening to the show

57:34

last month and George and Rachel

57:36

had somebody on who had a

57:38

baby and his brother opened a

57:41

529 for the baby and wanted

57:43

to maintain ownership of the account

57:45

and they felt like that was

57:47

a strings attached situation. And so

57:49

this is really relevant for me

57:51

because I've been wanting to do

57:53

this for a friend of mine

57:55

with that same stipulation. But now

57:57

I'm wondering, is it morally wrong

57:59

to make such an offer? Let's

58:01

clarify, there's no such thing as

58:04

you can maintain ownership. When you

58:06

open a 529 it is in

58:08

the child's name. permanently. You are

58:10

the custodian. You are the custodian.

58:12

You are the custodian. Right. Until

58:14

they're 21. And when they're 21,

58:16

I'm sorry, on a 529, when

58:18

they're 18, it's their money. You

58:20

have no control after they're 18.

58:22

You are not the owner of

58:25

the account. The owner draw on

58:27

it with penalties or something like

58:29

that, though, that's my concern. You're

58:31

the custodian. you are in control

58:33

of the account but you no

58:35

longer own it until they're 18

58:37

when they're 18 you disappear and

58:39

they have 100% agency 100% control

58:41

okay that's how it'll work and

58:43

so if you want to maintain

58:46

the control of the account and

58:48

that you also would be the

58:50

one that could uh... make the

58:52

decision to move the investments around

58:54

inside the five twenty nine if

58:56

you wanted to all of that

58:58

you're the custodian you are acting

59:00

on behalf of the minor okay

59:02

but it's not your money anymore

59:04

you can't take it back okay

59:07

so then there's nothing wrong with

59:09

me offering to uh... I'm offering

59:11

to open a 529 if you

59:13

can't fund it this year, I

59:15

will fund it, but I'm going

59:17

to leave myself as the custodian.

59:19

And when they turn 18, the

59:21

money will be theirs. And I

59:23

can't take it back legally, but

59:25

I do manage it until they

59:27

turn 18. That's how it works.

59:30

And just tell your friend that

59:32

and ask them if they're OK

59:34

with that. That is not morally

59:36

wrong. Nor is that controlling if

59:38

your friends are not handling money

59:40

well. Yeah, that's my concern. Or

59:42

life well, or whatever. You know,

59:44

I mean, like, if you got

59:46

a, let's say you got a

59:48

niece or nephew or a friend

59:51

that one of the, one of

59:53

them's got a problem with substance

59:55

abuse, right? Then this would be

59:57

a perfectly natural way to do

59:59

it, and I would want to

1:00:01

maintain control. I'm not going to.

1:00:03

leave someone that's doing cocaine in

1:00:05

charge of a kid's money. Right,

1:00:07

exactly. And so, you know, or

1:00:09

if they're just grossly irresponsible and

1:00:12

lazy or whatever, right, anywhere in

1:00:14

there, but you know, if you

1:00:16

want to do that. Now, in

1:00:18

a different case would be when

1:00:20

each of our grandchildren are born,

1:00:22

we have responsible children that are

1:00:24

their parents that are very good

1:00:26

with money, the Ramsey. kids the

1:00:28

next generation Rachel each of the

1:00:30

grandchildren the parents me and me

1:00:32

me fund the first year that's

1:00:35

like a tradition we want to

1:00:37

fund the first year of their

1:00:39

529 and but they're the custodians

1:00:41

there because there's no issue of

1:00:43

addiction or responsibility or whatever right

1:00:45

right right So I do turn

1:00:47

it over in those cases, but

1:00:49

it's not controlling at all if

1:00:51

it needs to be controlled for

1:00:53

the good of the child. Because

1:00:56

what we're dealing with here is

1:00:58

we're wanting to benefit the child,

1:01:00

no one else. We're not really

1:01:02

worried about anybody else in this

1:01:04

scenario. You're not going to benefit

1:01:06

the child, no one else. We're

1:01:08

not really worried about anybody else

1:01:10

in this scenario. You're not going

1:01:12

to benefit, because you're the custodian.

1:01:14

Yes, that's the only way I

1:01:17

would do it in that in

1:01:19

that case. Hi Dave, hi Ken,

1:01:21

thanks so much for taking my

1:01:23

call. Sure, what's up? My husband

1:01:25

and I are, we will have

1:01:27

a very comfortable life thanks to

1:01:29

the program that you have. But

1:01:31

we have one debt that I

1:01:33

think, I want to pay down

1:01:35

and my husband says that we

1:01:37

probably need to keep it just

1:01:40

for tax purposes for the deduction.

1:01:42

Oh, okay, how much do you

1:01:44

pay an interest last year? Oh

1:01:46

gosh. 32,000. Okay and are you

1:01:48

filing a standard deduction or are

1:01:50

you filing an itemized return? Well

1:01:52

we are a farm. Are you

1:01:54

doing an itemized return? Yes. Okay

1:01:56

then that $30,000 is deductible. What's

1:01:58

your household income? 190.

1:02:01

Okay. And so you are giving

1:02:03

the government, or you're giving the

1:02:06

bank $30,000, that creates a write-off

1:02:08

which saves you 39% of $30,000.

1:02:10

So $12,000. So you're sending the

1:02:13

bank $30,000 to keep from sending

1:02:15

the government 12. Okay. Your husband's

1:02:17

wrong. Okay. Pay the land off.

1:02:20

You see what I'm doing? Yes,

1:02:22

I do. You do not keep

1:02:24

something for a tax write-off, because

1:02:27

you're trading dollars for quarters. It's

1:02:29

a bad trade. This show is

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sponsored by Better Help. All right,

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Guys, if you want to

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1:06:13

David is in Houston. Hi David

1:06:15

welcome to the Ramsey show. Thank

1:06:18

you. I'm in $80,000 of debt

1:06:20

after I graduate and I heard

1:06:22

you're the guy to get me

1:06:25

with a game plan to get

1:06:27

me out of debt. Wow.

1:06:30

What's your degree in? It's in

1:06:32

engineering. That's good news. So you're

1:06:34

an engineer? Yes. What type of

1:06:36

engineering are you going to go

1:06:39

into? I'm going to be working

1:06:41

in oil gas. Okay, good. And

1:06:43

you've graduated? I'm going to be

1:06:45

graduating this semester. Good. Okay. Have

1:06:47

you lined up the new job?

1:06:50

I have. Very anxious about it.

1:06:52

What are you going to make?

1:06:54

120 with a 10K signing bonus.

1:06:56

Awesome. What'd you make last year?

1:06:58

All you're in school. Only internship

1:07:00

money, so not much. Mm-hmm. Well

1:07:03

done. So guess what we're going

1:07:05

to do next year? Live like

1:07:07

an intern. Okay. Live like a

1:07:09

college student? Yeah. Yeah. I think

1:07:11

I just freed up the majority

1:07:13

of your 120 to pay off

1:07:16

your 80. including your $10,000 signing

1:07:18

bonus you don't get to buy

1:07:20

a car with. Okay. You have

1:07:22

to clean up the poop before

1:07:24

you can buy a car. Okay.

1:07:26

Does that make sense? Is that

1:07:29

logical to you? Let me give

1:07:31

you some great news. Our company

1:07:33

Ramsey Solutions has worked in this

1:07:35

space helping people with money for

1:07:37

35 years. About five years ago,

1:07:39

our research department did an airtight

1:07:42

research project studying, did the largest

1:07:44

study of millionaires in North America.

1:07:46

ever done. One of the things

1:07:48

we asked was and we figured

1:07:50

out was what are the top

1:07:52

careers of the person who becomes

1:07:55

a millionaire. By the way 89%

1:07:57

of America's millionaires according to that

1:07:59

study and it's accurate our first

1:08:01

generation rich meaning they started with

1:08:03

nothing they did not become an

1:08:06

millionaire because of inherited money. They

1:08:08

became a millionaire cause of hard

1:08:10

work and getting out of debt

1:08:12

and then saving and investing. You

1:08:14

follow me? I do follow you

1:08:16

as loud and clear. Top five

1:08:19

careers with the highest probability to

1:08:21

become millionaire. Number one. Engineer. I'll

1:08:23

take that. Number two. Accountant. Number

1:08:25

three. Teacher. Number four. Business executive.

1:08:27

And number five. Lawyer. Medical doctors

1:08:29

didn't even make the top five.

1:08:32

And you were number one. But

1:08:34

here's why. One of the things

1:08:36

your academic discipline has taught you

1:08:38

is that there are systems and

1:08:40

processes that must be followed. There's

1:08:42

only one way to do it.

1:08:45

You don't get to be like

1:08:47

creative arts is not part of

1:08:49

engineering. You follow me? I do.

1:08:51

There's a set of chemistry formulas,

1:08:53

there's a set of stress formulas

1:08:55

if you're building a bridge, and

1:08:58

if you don't build it that

1:09:00

way, the freaking thing falls. There's

1:09:02

one way to do it. There's

1:09:04

one way to do accounting properly.

1:09:06

There's no such thing as creative

1:09:09

accounting unless you go to jail.

1:09:11

Okay? So... that kind of stuff

1:09:13

so all of these people in

1:09:15

this top five are process people

1:09:17

you're a process person it's what

1:09:19

your discipline is trained your brain

1:09:22

to do so i'm gonna send

1:09:24

your graduation gift it's called the

1:09:26

total money makeover it's the book

1:09:28

that we did uh... we're coming

1:09:30

up on twelve million of them

1:09:32

sold now and that many people

1:09:35

have gotten out of debt that's

1:09:37

why somebody told you to call

1:09:39

me okay okay Thank you. Yeah,

1:09:41

you follow that system exactly like

1:09:43

it was a chemistry formula, like

1:09:45

it was an engineering formula, a

1:09:48

math formula. You follow the process.

1:09:50

Be a process guy, follow it

1:09:52

and get yourself out of debt

1:09:54

super fast. And then you got

1:09:56

the rest of your life to

1:09:58

live with a fabulous income and

1:10:01

building wealth and building the ability

1:10:03

to be generous and help others,

1:10:05

okay? Okay, that makes sense. David,

1:10:07

I'm going to warn you, you

1:10:09

agree with everything Dave said. rightfully,

1:10:11

but you're going to go out

1:10:14

and tell people. that don't know

1:10:16

what we teach or have no

1:10:18

idea who we are or why

1:10:20

we are the way we are

1:10:22

and they're gonna try to talk

1:10:25

you out of this because you

1:10:27

got a good income. They're gonna

1:10:29

tell you to live a little

1:10:31

and enjoy it. I'm telling you

1:10:33

you you've got to have that

1:10:35

engineer brain fully engaged right now

1:10:38

and treat this as a problem.

1:10:40

On the other side of this

1:10:42

you are going to stack wealth

1:10:44

really really quickly and you're going

1:10:46

to have no stress in your

1:10:48

life when it comes to finances.

1:10:51

Number one mistake people make when

1:10:53

they graduate college and get the

1:10:55

big job, they go buy a

1:10:57

new car. Yeah. What are you

1:10:59

driving right now? I drive an

1:11:01

old Honda, but I already have

1:11:04

it paid off. So how old?

1:11:06

It's only like 2015, so it's

1:11:08

not. Oh, dude. That's going to

1:11:10

be perfect. Yeah. You know what

1:11:12

that is? That's a millionaire car.

1:11:14

Yeah. It is. That's a car

1:11:17

that makes millionaires. 25 miles of

1:11:19

the gallon, and they're super-alindeer buddies

1:11:21

start pulling up in the engineering

1:11:23

parking lot in their new F-150

1:11:25

decked out. I know. The Raptor?

1:11:28

Yeah. It's a beast. I got

1:11:30

one. It's incredible. And I want

1:11:32

you to get you a Raptor

1:11:34

later. They're awesome. But right now,

1:11:36

you just be happy that your

1:11:38

car will fit in the back

1:11:41

of it. Fair enough. and take

1:11:43

the ten and then pay off

1:11:45

no throw it at it you

1:11:47

got seventy left you make one

1:11:49

twenty and so So we know

1:11:51

that if you live on 50

1:11:54

not counting taxes, that boom, you're

1:11:56

out of debt in one year,

1:11:58

if you did it even faster,

1:12:00

nobody here would be mad, because

1:12:02

the sooner you get out and

1:12:04

you're free, the sooner you get

1:12:07

to live all the dreams that

1:12:09

you had when you worked so

1:12:11

hard to get this degree. And

1:12:13

you pay cash for a record.

1:12:15

Exactly. So that makes sense. I

1:12:17

could probably pay off all my

1:12:20

debts in like a couple years,

1:12:22

three at most then. Uh-uh, honey,

1:12:24

you weren't listening. I thought you

1:12:26

said you had $80,000 in student

1:12:28

loan debt. Yeah. You got other

1:12:30

debt? What? No, no other debt.

1:12:33

Okay, you're making 120. Yes. Let's

1:12:35

do some fourth grade math. All

1:12:37

right. One, plus a $10,000 signing

1:12:39

bonus. If you make 120, you

1:12:41

throw 10,000 at the 80, it

1:12:44

becomes 70. Yep. You live on

1:12:46

50, pay 70 off in one

1:12:48

year. Okay, yeah. That's what I

1:12:50

was saying. Okay, now I get

1:12:52

what you're saying. Like super fast.

1:12:54

How much, how much, because it'll

1:12:57

be 120 or 130 pre-tax? I

1:12:59

know, I know, I know, you're

1:13:01

gonna lose some to taxes, which

1:13:03

means you're not gonna live on

1:13:05

50, you're probably gonna live on

1:13:07

30 or 40, but you lived

1:13:10

a lot less than that this

1:13:12

year. Live like an intern, I

1:13:14

wasn't kidding dude. Okay. And clear

1:13:16

it up in one year, how

1:13:18

old are you? I'm 21. Okay,

1:13:20

you'll be a millionaire by the

1:13:23

time by the time you're 30.

1:13:25

Okay, sounds good. All right. Hang

1:13:27

on, I'm gonna send you the

1:13:29

book. I think you can do

1:13:31

it. Oh, it's only another year

1:13:33

of ramenoodles, Dave. He can do

1:13:36

it. Or whatever college kids eat

1:13:38

on the cheap. Law avoids the

1:13:40

peer pressure from his broke friends.

1:13:42

That's what's gonna happen. Driving a

1:13:44

new Ford with a $1,200 payment.

1:13:46

Yeah, but I'm looking good at

1:13:49

the stoplight for people I don't

1:13:51

know. Hey

1:13:56

guys good news pre-sale is on

1:13:58

now for my new book bill

1:14:00

a business you love. If you're

1:14:03

a business owner, you know running

1:14:05

a business is hard. That's why

1:14:07

I wrote this book. To share

1:14:10

what we learned over the last

1:14:12

30 years so business owners can

1:14:15

grow your business faster with fewer

1:14:17

mistakes. Pre-order your copy today and

1:14:19

you'll get access to over $350

1:14:22

in bonus items only at Ramsey

1:14:24

solutions.com/store pre-order today. Ken

1:14:48

Coleman Ramsey personality is my

1:14:50

co-host Peter is with us

1:14:52

in Vero Beach, Florida. Hi

1:14:54

Peter, how are you? Good

1:14:56

great Dave. Glad to talk

1:14:58

to you. You too. When

1:15:00

I sent you an email,

1:15:02

I was talking about this

1:15:04

woman that had a 401k

1:15:06

with a million and a

1:15:08

half in it and she

1:15:10

was living in New York

1:15:12

City and that was on

1:15:14

her bucket list and you

1:15:16

suggested that maybe she should

1:15:18

move back out of New

1:15:20

York City. and go here

1:15:22

and visit. But I'm thinking

1:15:24

that if she was invested

1:15:26

in the right stuff with

1:15:28

her one and a half

1:15:30

million, and I'm big on

1:15:32

dividends stocks, so my opinion

1:15:34

is that she could invest

1:15:37

all that money into dividends

1:15:39

stocks, and basically she could

1:15:41

stay there making $20,000 a

1:15:43

month with a million and

1:15:45

a half dollars. There's

1:15:47

not a dividend stock that pays that.

1:15:49

$3,000 a month is 240,000. You're talking

1:15:51

about a 25% rate of return on

1:15:54

a dividend stock? Not a chance. No,

1:15:56

no, no, no. You get $20,000 a

1:15:58

month on a million too. Right? Your

1:16:00

math is screwed up. You said $20,000

1:16:03

a month. That's $240,000 a year. On

1:16:05

a million five, that's a million. That's

1:16:07

a unrealistic rate of return. I guess

1:16:09

that's why she didn't call your show.

1:16:12

I guess that's why she called ours.

1:16:14

Open phones here at AAA. 825. 5-2-2-2-2-2.

1:16:16

Ashley's in Atlanta. Hi, actually. Welcome to

1:16:18

the Ramsey Show. Thank you. How are

1:16:21

you guys? Better than we deserve. What's

1:16:23

up? I had a question. I currently

1:16:25

am on step one of your, I'm

1:16:27

reading your book, and I wanted to

1:16:30

know, I have two jobs together that

1:16:32

told about 76,000 I would say. a

1:16:34

year. I have a 403B, a 401A,

1:16:36

and a Roth IRA all with my

1:16:39

employers. My question is should I stop

1:16:41

contributing to them because I do have

1:16:43

$169,000 in student loan debt? I have

1:16:45

about 300 in credit card debt and

1:16:48

then I owe my mom and my

1:16:50

father together about $1,800. So I wanted

1:16:52

to know if I need to take

1:16:54

care of that first and then start

1:16:57

back contributing after. Yes, ma'am. That's what

1:16:59

we teach. We've taught folks for several

1:17:01

decades that baby step one is you

1:17:03

should have a thousand dollars saved as

1:17:06

a starter miniature emergency fund. Do you

1:17:08

have any more money than that saved?

1:17:10

I have 1400 and then I have

1:17:12

saved because I don't have a car

1:17:15

so I put 1500 aside for a

1:17:17

vehicle. When are you buying the car?

1:17:19

I haven't decided because I try to

1:17:21

be smarter than I was. I let

1:17:24

them take my vehicle because it was

1:17:26

a mess. So now I'm going into

1:17:28

it, but I don't want to go

1:17:30

to it stupidly. So I'm trying to

1:17:33

be smarter. That would be pay cash

1:17:35

for a car. Yes. No debt. hadn't

1:17:37

worked well for you girl. Okay so

1:17:39

we're gonna go no debt so you

1:17:42

have 1500 saved towards a car do

1:17:44

you have any other money saved? Other

1:17:46

than the emergency fund is 1400 that's

1:17:48

it. Okay so you have 1400 and

1:17:51

1500 for a car so you have

1:17:53

if we threw it all together you

1:17:55

could get a $3,000 car. Okay go

1:17:57

do that that's a good idea because

1:18:00

you can make more money if you

1:18:02

got a car right? Correct. Okay, let's

1:18:04

get some wheels under you. Then your

1:18:06

first goal is to save a thousand

1:18:09

dollars back in your emergency fund. Your

1:18:11

second goal is list all your debts

1:18:13

smallest to largest and pay them off

1:18:16

in that order. Stop all investing while

1:18:18

you're doing that. Temporarily. But I want

1:18:20

you to zoom zoom now. I want

1:18:22

you to kick your income up because

1:18:25

you got wheels. I want you to

1:18:27

be on beans and rice rice rice

1:18:29

and beans and total focus. on each

1:18:31

of these steps as you're going through

1:18:34

it. So we're gonna knock out the

1:18:36

credit card in your parents within just

1:18:38

a few months, agreed? Yes, I do

1:18:40

have four children, so I do kind

1:18:43

of budget them into my... That's budgeting.

1:18:45

Food is in the budget. I'm talking

1:18:47

about finding money out of the budget

1:18:49

while you eat, keep lights on and

1:18:52

the rent paid, and that's about all

1:18:54

we do and work, and we throw

1:18:56

money at these student loans and get

1:18:58

rid of them as fast as we

1:19:01

can. What's your degree in? So I

1:19:03

have an undergrad and community health and

1:19:05

a master's in human resources, which I

1:19:07

should never have done, but I know

1:19:10

that now. Why are you only making

1:19:12

76,000 in Atlanta, Georgia then? You should

1:19:14

be making more than that with those

1:19:16

degrees. I agree. Are you qualified to

1:19:19

be NHR? Yeah, I'm currently NHR, both

1:19:21

of my employees are in H.R. Okay.

1:19:23

But you're, it sounds like you're doing

1:19:25

entry level H. H.R. stuff. Yeah, after

1:19:28

like that's what I am doing. Yeah,

1:19:30

but you got a master's in it.

1:19:32

Okay, so Ken what are we going

1:19:34

to do to get this income up?

1:19:37

Yeah, this because primary focus right now

1:19:39

that is who do I know connections

1:19:41

connections connections is a big marketplace in

1:19:43

Atlanta so I'm looking to upgrade as

1:19:46

quickly as I can or take on

1:19:48

some fractional HR duties maybe for some

1:19:50

smaller businesses and I'm thinking what do

1:19:52

I have to do to make an

1:19:55

additional two to three grand a month

1:19:57

set your sites higher ask your supervisor

1:19:59

what can I do here to add

1:20:01

value to be worth more so that

1:20:04

i can make more not i need

1:20:06

to get paid more because i have

1:20:08

a degree that's not what we would

1:20:10

ever we would never say that but

1:20:13

going there go i've got this master's

1:20:15

i've got these tools in my belt

1:20:17

i want to be able to do

1:20:19

more for this organization because i want

1:20:22

to move up how to help me

1:20:24

do that mentor me show me what

1:20:26

to do show me how to add

1:20:28

value yeah and if the supervisor refuses

1:20:31

then you need to move But I

1:20:33

can tell you how many times great

1:20:35

opportunities come to people when you start

1:20:37

telling everybody let a listen in your

1:20:40

friends, your family, your acquaintances, you have

1:20:42

got to put the word out that

1:20:44

you've got talent, you've got experience, and

1:20:47

you're looking to work. And that's how

1:20:49

you increase your income quickly. And you

1:20:51

get a couple quick wins, you know,

1:20:53

if you get some contract work, even

1:20:56

something like that. Here's what I don't

1:20:58

want you do. I don't want you

1:21:00

to default to getting in your car.

1:21:02

and driving right here. I'm not against

1:21:05

that at all. You don't need to

1:21:07

do that. You don't have too much

1:21:09

talent for your time. Yeah, go, let's

1:21:11

have a goal of moving up through

1:21:14

the career with all this training that

1:21:16

we have and doubling our income in

1:21:18

the next three years. Yeah. I want

1:21:20

you're making 153 years from now. And,

1:21:23

but you're going to have to concentrate

1:21:25

on. How can I add value? How

1:21:27

can I make myself value? What have

1:21:29

I got to do to make myself

1:21:32

more presentable as I interview for these

1:21:34

positions within my company or outside my

1:21:36

company? And we'll send you a copy

1:21:38

of Ken's book, The Proximity Principal, which

1:21:41

is what he's talking to you about

1:21:43

right now. And then we'll send you

1:21:45

my book, The Toxic. money makeover which

1:21:47

is what I was talking to you

1:21:50

about with the baby steps and showing

1:21:52

you how to walk up through. Let's

1:21:54

get wheels under you, let's get the

1:21:56

thousand dollars in the bank and then

1:21:59

let's start paying off these debts as

1:22:01

fast enough as we can. And as

1:22:03

your income goes up and you get

1:22:05

better and better control with your money,

1:22:08

usually every dollar app, it's a free

1:22:10

download. uh... as you get more and

1:22:12

more and more control on your budget

1:22:14

you're going to see your money work

1:22:17

harder and harder and harder and you're

1:22:19

gonna plow through that hundred sixty nine

1:22:21

thousand most mornings you wake up right

1:22:23

now you think you'll never get that

1:22:26

paid off in your life and i

1:22:28

see people in your situation pay it

1:22:30

off in three years all the time

1:22:32

But it has to do also with

1:22:35

maximizing your career potential. It does. And

1:22:37

one of the things that people overlook

1:22:39

is the most underutilized question in the

1:22:41

world, Dave. When we're talking about professional

1:22:44

advancement and getting more income, it's this.

1:22:46

Will you help me? This isn't a

1:22:48

handout. type question. It is a I'm

1:22:50

a mom, I got four babies, I'm

1:22:53

trying to get out of debt. It's

1:22:55

a compelling story. People respond to that

1:22:57

kind of stuff to say, hey, I'm

1:22:59

looking for work over here, I'm an

1:23:02

HR pro, I can do this, this,

1:23:04

and this, and here's why I'm doing

1:23:06

it. I want to get out of

1:23:08

debt, I want to have an emergency

1:23:11

fund, set my babies free on this

1:23:13

journey. People love to help people who

1:23:15

are help people who are helping. that's

1:23:18

tied to a vision of becoming debt

1:23:20

free of building an emergency fund all

1:23:22

the kind of things changing your family

1:23:24

tree people respond to that you'd be

1:23:27

surprised but we forget that the narrative

1:23:29

is what's attractive to people they want

1:23:31

to help somebody who's helpable yeah and

1:23:33

who are willing to help themselves bust

1:23:36

your top your chops you're saying hey

1:23:38

I'm gonna work give me put me

1:23:40

in coach Give me a shot. Give

1:23:42

me a shot, you know, yeah, and

1:23:45

And and how you know, I'll work

1:23:47

so hard. It'll make you you know,

1:23:49

that's right happy that you did this

1:23:51

by the way opportunities and you know

1:23:54

this they show up for people like

1:23:56

that they do they just randomly but

1:23:58

not so randomly shows up. This is

1:24:00

the is The Ramsey

1:24:03

Show. show.