Never Take Life Advice From a TikTok Video
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Welcome to the anzy show, where we help you win in your life, winning with your money, winning in your work and winning you with your relationships. That's the goal because if one of those areas isn't winning, it's effecting the other is triple eight, eight, two, five, five, two, two, five? Is the phone number triple eight, eight, two, five, five, two to five at your show? So that's your phone number to jump in.

Joining me today is George camel. I can common and we here to coach you up, take all those money and budgeting questions and i'm here to help out on that income side of thing. You want to make more money to get through the baby steps faster, feel in stuck little lack of meaning, uh, want to start that business related to winning your work.

I'm going to jump in on those as well. So let's get right to IT you ready to go? Let's do that.

You got your quarter a jacket so you're favorite. You're false. You're all festive and ready to go.

It's the time, even though it's eighty degrees. Your national health for some reason.

was nice, cool in the morning. So I like, like that choice today. You look fantastic.

Thank you. Allen is up in washington, D. C. Allen, how can we help?

Yes, uh, i'm a would just like to discuss something with you. I'm on about baby. Step eleven. I do a lot of financial uh uh finagling, particularly with card.

I'm not familiar with baby step eleven and I I guess .

most of audience is what is busy uh very big at all on credit cards. But I think IT is possible to uh pay a mouth and to make IT work. Uh, I average you about five percent on the back. Everything that I .

spend good for you, but you're getting some great rewards as well. But I want to go back to the start of the call. What is baby step eleven?

How do you define that?

Well, I guess it's what i'm saying is i've been through all the baby steps and uh.

so you're dead free. You don't have .

more good nothing great .

in the legacy face and .

you know I have uh, unfortunate enough to have uh, more than I need. I was a big size. And so what's your how .

older you and what's .

your network that works? The eight figures, uh, um eighty two.

Wow, good for you. That s pus.

yeah. I learn that.

How do you do at all? And I mean, it's not credit or rewards.

let's be honest. I was physician, and that sounds like I meet a lot of money. But the most ever met for about five years. I got one hundred and thirty five thousand.

and you saved, the majority of you .

invested eighty. But how do you actually .

get ten million dollars? Is IT twenty years of investing thirty .

years of investing? Yeah i'm you know i'm certainly saved a lot, probably eight twenty five percent and i've invested IT mostly in the stock market. I did uh have much of runs when I was Younger, but I don't want to fool with that right now. Um amazing.

Well, so agree. The reason you are where you are is because you lived on lesson. You made and invested a big chunk for a long period of time.

yes. okay. You can certainly do that well.

And so your questions .

I do now as much how you say you know that I would bother you to have uh, a credit card because you've just don't feel good about IT. Uh, actually may I feel very good about having credit cards because I game great for you.

alan, how how can we help you today? What is or is .

a statement .

if you think there .

is A A role for uh in a trying to save extra money with rewards and uh you can also buy a gift cards and and get a substantial discount OK。

All right. So there we go, George. So I think we've got our question now.

Now I understand he's saying i've done really well. What's wrong with the system of me gaming the credit or rewards? I get my rewards.

I'm doing well for myself. And I would say it's a false erant. You can do IT clearly. You've spent a lot of time over, who knows how long, eighty two years old if you've been doing this since you are in your 2， we're talking sixty years, which is about when credit cards were invented.

I mean, in book, in my book breaking free from broke, I actually go through the and IT wasn't until the fifties and sixties that the credit or was popular. Zed, so he's been doing IT before. I was cool.

And the key is, as dave would say, no one has built wealth because of credit or rewards. Can you build wealth and user credit card and paint off perfect every every single month? sure.

But here's the deal. Can the status show we have one point two eight trillion dollars in credit cardite. Do you know how much we have a debit card debt? Zero dollars.

And so when you look at the stats and where we're at as a country, I can't in good faith go tell anyone and go pick up a credit card and be like Allen. You'll be alright because there be the next color who racks up a bunch of credit card that trying to play a stupid game. Yeah, he a, you're the unicorn, Allen and I aspire to be you one day at eighty two with the eight figure networks.

But we can all agree that IT wasn't because of the few thousand and credit or rewards IT didn't hurt you clearly have been gaming this thing very wisely, been very frugal, very, and those character traits are what caused you to become very wealthy, not because of the credit card companies blessing you. So I just don't want to conflict to. And again, it's not a moral posture.

You can look into where the credit card awards come from. It's not pretty. I covered that in the book as well, but you're not a bad personal and and i'm cheering. You want to wealth build and build a legacy .

and we will stay there. Where do those rewards come from?

Well, the fed, this is again not my opinion on a ramsey research study, the federal reserve at a study and found that fifteen billion dollars a year moves from the minority areas, from the less educated, from those in poverty to those that are wealthier, that are more educated. And so there's a clear wealth transfer happening. And again, this is not a political statement that has nothing to do with that is just saying this is whether awards actually come from me.

I explain that because the those are less educated, those that are have less income are proportionally funding your rewards because there the ones going into that, paying the five A P R, and then the credit card companies give you two percent as a thank you, right? Well, the credit card companies are not charity, is not not on profit. They are making billions a year.

And so it's not entirely funded by those interest, are not trying to make that argument. But when you look at the actual profits of these companies, I broke down capital ones profits and showed you exactly how much is coming from those that paid interest and fees versus merchant transaction fees. And IT was scarce in favor of the interesting fees as where they're making their money, of course.

And so I just again, that's one angle is not feeling good about. He said he doesn't feel good that it's not a tummy age issue. That's just one more you nail in the coffin for me to go.

Not touching the thing, not worth IT. I'm going to use my own money. That's what's going to cause me to build.

Would you support legislation that's never gonna en but hyper? I like this hype. Would you support legislation that would make credit cards legal?

Oh you know um I I would again, IT won't happen because we we do live in a very debt based society. And the reason the economy is the way IT is, is largely because of the debt floating around all around us. But I do I think we'd all be in a Better place if they just made IT illegal to borrows money. Yes.

because I think you could make the case. That is pretty. The credit cards are great.

absolutely. Well, in the game of fiction, the psychology they use, the marketing they use, it's really sick when you look at the experiments they run every year on customers over ten thousand and x capital. One to manager told me that can they're simply rats and amazed. And you think you won because you ve got to the cheese, but really, you're just a rat and someone else. Is experiment .

something to think about? I think that was a worthy discussion. Alan gott started for us today. I remember Allen is the minority. This is the rainy show.

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ladder, forty nine, malone, three, two.

Welcome back to the rams e show where we help you win with your money, win in your work and win with your relationships. So excited you with this George camel joints. Me, I can come on.

Triple, eight, two, five, five, two, two, five. Heading into the fall of boy, we're not heading into IT. I feel like we're here. My gunness. You know.

tomorrow is George halloy.

yeah. See your first big one as a dad isn't it's true. Are you taking the little one out 啊？

I hope so. You don't know how the SHE can even even so I don't know how far will get up for one of percent. Yeah what you going to go?

I'm not in charge of that. Couldn't tell. Tell you interested. That's great. I should probably know.

Should i'm in travel ah we'd love you to join Rachel ws in the every dollar am for a free live training coming up monday in over over at one eastern twelve central. As to help you get clearly with your money, you can register for free range y solutions, not come flash web on rainy solutions, not com flash web on are the number one way to eliminate debt is too budget. The number one way to build wealth is too budget. The number one way to get on the same page, this spouse about money is to budget. The number one way to eliminate stress in your financial life is to budget.

I seeing a theme here.

Thank you for paying attention. A raised solutions t. Com slash web.

And our racial crews will be doing a free life training monday in november one eastern, twelve central time. Christine now is on the line in dallas, texas. cristine. How can we help?

Hi, can George.

Thanks for having me. You bet you are a bundle of sunshine.

How we help? Thank you. So my husband and I have a network close to five million.

right? right? All right.

And for the past thirteen years, we've kept a spread sheet charting every penny we've spent in various categories. So we know how much we need to live on once we retire.

You'd like Georgeous favorite peeve.

this ism. I want to be Christine when I grow up.

We have two hundred and three hundred thousand and our bank account at all time. And when I built too high, we transfer the cash to pedal mutual friend. We know where we spend money filling in the fey travel and wine.

And if anything happens, we know where to cut back. We actually eat out less than we used to before we reached one billion network. We buy used cars. And my question is, do you recommend a monthly budget for your baby steps? Millionaire, I know that's looking out the front window and I we've looking out the back window.

interesting. I like this concept because I think you guys should be buying nicer cars and I think you should be going to really nice .

dinner on on a IT. Sounds like you've been too frugal and there's a scarcity mindset here. Do you feel like you're spending enough and giving enough and saving enough?

I just recently .

let us .

get business .

class .

to get wow.

no, no, no. But we fly, we fly pretty economy back where .

were actually joking are saying you've earned IT, I think business. So you're asking, should I do a budget? Yes, absolutely. Maybe you can switch you know the spread sheet lifestyle to the every dollar lifestyle. And I think you're going to find IT far less and far more freeing yeah I think you know at this point what you're gonna spend.

And guess what if times get tough, world get back to SHE didn't make sure that were, you know, uh, accounting for every penny here, but every dollar is going to help you do that just the same, just without the spread sheet. And so OK, I would I wanted know what you're doing with a three hundred grand. Why do you need that at all times and a checking .

account because I me is is .

IT a fear thing of if the stock market tanks and we need money or what because you guys aren't a retirement age sounds like .

well because um my husband to a lawyer so we pay cordery taxes and each quarterly this has been forty eight thousand so I have to be ready to write a forty eight thousand check a .

record so yeah .

that's kind of the big thing but um he would have more like a hundred thousand in the account. It's me and the one who .

want how old are you do?

Fifty six.

Okay, fifty six. Now once you're at retirement age where you guys, or maybe is work optional, then I would understand having, you know, a year or two of expenses talked away a higher saving savings count. But to have three hundred grand right now, IT feels like you didn't make Better use of that money by either investing IT using IT toward a goal that you guys i'm assuming you guys have no dad, no waggins .

where our houses worth one .

point eight wow.

and it's paid for. Of course, that's the first thing we did.

You guys are incredible. So I would turn that down and go, okay, we know we need fifty grand once a quarter, but we don't need three hundred grand all at once, all all year long. So let's turn IT down to a six month emergency fund in one high field savings.

Let's have another field savings that's accounting for the estimated quarterly taxes. Maybe it's a sinking fun where you put in however much you need. If you know every order you need fifty grand, then we're talking about fifteen grand a months going into that thinking fun to the high .

old savings yeah because the draws are like ten thousand or even nothing one month and then seventy eight thousand .

next month big expenses and that's where that sinking fun. But IT feels like you're leaning a little too far on on the fear side right now of what if and what if. The truth is you're gonna have the money.

We know the money is gonna there. You guys have the money in these accounts. You have money outside of retirement other than the three hundred grand, like a non retirement investment account.

呃， yeah, we have a one point eight in the four one k one point eight in the house, eight hundred and twenty invest in and fidelity mutual.

that's just non retirement. eight? twenty. Yeah OK. So think about worst case, you could liquidate some of that non retirement money and you'd probably have long term capital gains of likely fifteen percent. I don't know what your income sounds incredibly high. What is your household .

income average?

amazing. Yeah, you guys are crushing IT. And you know we get colors at living more average lifestyles with far less with debt.

And so you guys, you're doing great. I would encourage you to the increase, the giving and spending ARM because your savings ARM. You've got the muscle there.

you right, you right.

so that every dollar budget will help you force you to do that. You can put a fun money line item for Christine, and that sounds like you guys like the travel, you like wine. Let's increase the experiences, upgrade the cars. Do IT all with cash. I don't think you guys are the type to go crazy.

But I mean, just listening to her, I I can't imagine times getting tough for them because no matter what would happen that should be so prepared.

There's a lot you can do here when you one point million dollars, one point eight and k in the road account, i'm breathing easy. Oh yeah, but you get the feeling she's not.

You have a feeling .

that at any time you could all come crashing down. We've got to be ready. I can't live in that apocalyptic mindset too long. No, I go not but wait to go, Christine. And there's something too.

you know, when a person has been tracking spending on a spread sheet for that long, I mean, that's that's a there's a deep emotion driving that. And we didn't have time nor was IT really relevant. But to tie this into the rest, the audience going, and I see myself in her, there is a, there is something in her past.

There are just, is the way that her parents are treated. money. Talk about money. Something happened.

We're rated the scarcity.

Oh yeah, yeah. Because scarcity one thing, I mean, it's almost like he has A A deep seated fear that things could go really bad really quickly. And i've got ta be ready.

I mean, when you talk about somebody who says at all times we have three hundred thousand dollars in our checking account, we did. I mean, I believe her. I think if he gets to two seventy five, SHE goes, oh, well.

And I think he feels a lot on her throw to get twenty five grand more. And I really believe that and there's something there and think it's important for all of us understand how we view money comes from something in our past. And if we're going to get out of debt and and live like no one else, we also have to to deal similar all patterns too. And here SHE is she's winning on paper yeah, but he doesn't feel like she's .

winning and she's winning. Everyone listening is rolling the eyes going, oh my gosh. This is a real problem. What is a real problem? Question behind that, right?

He doesn't see that share numbers. I mean, most americans, we were on the street.

did me on the street. You would.

how would you feel he had three hundred thousand dollars at all times in your check to help people .

would just start laughing. Asterisk lottery winner and retire today. That's the kind of stuff you here and she's going out of.

It's enough. A lot of scenarios I got to account for you. Rachel talks about this in her book, know yet your classroom.

So it's a great for Christine. I'm going to send that to you, Christine. I might help you get to the root of this. Know yourself, know your money by your friend Rachel cruze.

Hang on the line. Christin al, pick up call I quick break his George cal and you're listening to the room show.

This show is sponsored by Better help. October is the season for wearing costumes in my. But let's be honest, a lot of us hide our true selves behind a mask and costumes all the time.

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Welcome back to the rmc show, where we help you win with your money, win in your work and win in your relationship. Tripled late. Eight, two, five, five, two, two, five is the phone number triple?

Eight, eight, two, five, five, two, two, five. George, is the long side I can comment. We're here for you today ready to show question that sponsored by why? ref.

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Today's question comes from veronica, texas. My husband, I were married a few months ago. Before the wedding, he told me he was a successful business man and had a network of just under a million.

He had stories about property, his own farm leases and businesses who has invested in. We live together before marriage, and he rarely helps with household bills, using the excuse that my income can handle the regular expenses. And he would cover the big stuff when I came.

Actually, now there were a legally married. He admitted his stories were lies. He doesn't have any assets and has over one hundred fifty thousand dollars in death that he is behind on.

I am freaking out. I made plans for my business based on his promises to contribute more into our shared expenses. I have some debt from our wedding in the slow months of my business.

I'm not sure how I can keep supporting the whole household while while he faces that off. Where do I go from here? I would go straight to counseling. I don't know where anywhere else to go when your relationship was built on the throne.

One of lies, I would go straight to the judge and I would get the marriage and hold. I think this is it's a far, this is a fraud. SHE has been to fraud.

This is not a marriage problem where we want to work out some differences. This is straight up fraud. I hope, you know, I really don't care with the audience things if they think i'm wrong. I really know as I think this is such a fraud illan deal. This is, she's been .

completely duped. The question was tention ally him coming her? Yes, IT sounds like that really pattern and the .

studio audience seems to be half with me on this one. I I think I think this is not a counselling thing. This is a fraud and this is not.

We're done and I go to the judge and I tell the judge and and we get this thing and hold. And then he moves all her life. Now give him the chance to get remarried if he fixes his life.

But this is, this was entered into on such deception. I just don't know how you go. Well, we should go see that there. But i'm not not no.

I I think that was me being kind here to say I be outraged. I I don't know there's hope for this marriage. I don't think it's a marriage.

I don't you can rebuild from that level of dishonesty and false pretenses. So veron, I mean, James doesn't make these up. These are really males that we get people thinking that we make these up for the great content.

This is just the state of america. guys. I don't know what to tell you. Dark stuff.

Yeah, I I wouldn't. yeah. This is done, done immediately.

The fact that he had no idea is also worrisome. There was no signs this guy was like, what does he do in all day? I don't .

want to pile on. She's been lied to, but I think there were some science. I I knew where this was gone.

I don't know where the emails was going, but as soon as the old, he said he was worth this, but he didn't help out when we were living together because he was like, well, it's enough to live off years. I handle the big stuff. I mean.

sector was going. The farm leasing is a very specific lie. I don't know that I even that was not on my bingo card, but at a farm.

This is a fraud. This is a .

complete this guy might need to .

go to jail maybe, but he's definitely going to uh, the courthouse .

hundred percent ex .

mark is up in Greens. Burn north CarOlina. Mark, how 给我？

Hey, guys, thank you so much for what you do. I have a most see career with a little bit of a spiritual twice to A I M A pastor. And I also drive a check.

Um i've been pasture for almost three years and when I came on I was I came on in a fourth position and unfortunately the church has not done well. Church is behind downhill. And I had to go back to work driving a truck, which is what I did before I started plastering.

And bottom is one of my really working out all that great. And I just don't know what to do because the church is just continuing to struggle. And i'm not a point where I feel like I have to make a decision for my family because be working and and i'm based only have to work four days a week at the driving a truck.

But even during four days a week and trying to take care of the things at the church, I feel like i'm never at home and it's putting a lot of stress on my marriage and on a home. And so i'm i'm in a place where I feel like I have to step down from the church, but then I feel like i'm losing all my purpose because I believe that I was called to be a pastor. And so i'm just really struggling with how to move forward now.

Well, sorry, you're going through this. This is definitely tough. I'm glad you acknowledge the calling peace. So calling the ministry is clear.

So you've got to honor that or you really will feel miserable and and then that's a really destructive type situation. But you got to realize how big was the church and how are they doing. When you came on board a few years ago.

when I came on board, we probably had about thirty to thirty five people. And I know that sounds really small, but in the churches, completely debt free. And so with those thirty, thirty five people we were .

able .

to sustain, able to at point forty five thousand. okay.

And and what is the reason for the struggling? And what is struggling look like right now?

Well, the reason for the initial, I call the accidents, we had a bunch of people leave at once. And just to be completely honest, they chose, uh, they chose which region over the bible.

So they didn't .

like you preach trade, right? But I was in that they didn't like my threshing. They didn't like some of my views that I began to be honest about and share uh what I thought was .

just a typical big of you .

I know I I say I don't match with traditional rever thought I was .

right exactly. They didn't like you're preaching that doesn't not thought about style, just they didn't like what you had to say. And you just don't you know that when you get thirty five people and you're lose uh a percentage picture percentage, you feel IT.

So so you've got to acknowledge that he took a job that was not a good job to take. I'm a pastor, son, my dad pastor small church is my whole life. And those are precarious situations because when when you have such a small flock of people whose ties and offers pay your bills, when they leave your toast and you I didn't have a large group to pull from anyway.

So i'm not knocking in your decision as much as i'm just being ask with you. You took on a lot of risk when you decided to become a past or such a small church. That's the reality.

So now we've gotta survive. And the thing is going downhill. So you have two options.

Your options are one, you go all in on the church and you start trying to get people to come to that church. That's a lot on you yeah that's not the best way to grow churches. However, um you go out there and you act like a church plant. You get some support maybe from some organizations that will take care of you for a year and you try to build the thing back up, try to build IT from scratch with people that want to hear your type of preaching. That's one option.

The other option is you walk away from this knowing that you're not walking away from ministry, you're walking away from this particular situation and you stay in the truck, uh, until you can make a transition or you go get another job that pays you forty to forty five thousand until you can make another transition um and you join another church staff, larger church staff, get some maturity in in ministry and learn some more. I mean, those are your two options. You've got to take care you and your family and that's not you walking away from the call that you've been a good story, which the vivo is also clear about, but you ve got a reset.

I think those are two options. So appreciate the call. It's tough stuff, George.

That's tough. I mean, I found him. I might go, can I be associate pastor? Another church that is thriving that can get me in a position to do this calling.

That's right. These got a lot of options with administrative ir church ministries if you wants to do that. But that's like going to a new job or he stays in the truck for a while, walks away now, but he's GTA shore up his income or else now your ability to minister is this effect .

can give up both right and do so.

Thanks for the call. This is the remi show.

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Welcome back to the ramsey show. I can common in George camel is alongside, tripled, eighty five, five, two, two, five is the phone number. Let's go to Chris and pedals a can tucky Chris hot, can we help? Well, hello, Chris, your alive on the remi show. How well?

Thank you. you. Um I was wondering my wife and our building .

with each our total .

home at .

home to tag tot. Okay, i'll be honest.

never heard that enough. That was a kentucky thing.

right? I didn't know what he was.

It's a little bit .

more bit, but I like it's creative SHE.

Yeah he he's kind of that way.

yeah.

okay. But anyway.

we're not going to send. I'm wondering, is four hundred and fifty thousand dollars to build this house, is that appropriate in relation to our one point two million um networks?

So your turn network is one point two million correct? Do you own a home now?

Yes, then were selling okay.

And what's that home worth or what's your equity?

I say about three fifteen who get out of IT.

I think OK and you want to build four fifty.

correct?

And what's the concern?

Is too much. I mean, you follow retired. He's follow retired. I'm so I retired.

So how are you guys? I'm sorry. How old are you too?

He is sixty eight and I am fifty eight.

Oh, the older woman. Oh.

nice 表演。

okay.

So your your question is as a realized your network, there is no problems there. There really the only premature looking out when IT comes to buying this home is can we handle the mortgage? Can to be twenty five percent of our take companion on a fifty year fix rate mortgage. Is that gonna the case?

No, I was working to spend uh just use OK oh OK yes.

no. okay. So there's no problems. And i'll tell you the stats on this, Chris. We did our millionaire dy over ten thousand of them. And just as a general bowl park, we found that the millionaire, their homes made up about a third of their network. And so you're right on tracked, okay? And even if he is hate, it's going to be fifty percent of our network, but our network is five million dollars as well.

Who cares? It's about can I retire dignity? Will I have the income from my assets in my investments to replace IT in order to cover my expenses and retirement? And as long as you guys are on track with your retirement goals, there as much houses you would like.

Kay.

yeah, it's a yes it's yes for us.

criss. We love when it's all Green .

lights on the show to talk some .

off the ledge and we're trying to tell .

Chris go IT yeah, he was to pay cash. Amazing for I would also .

say you're heading into retirement. Your goal should be to not have a mortgage that's going to really reduce how much you need to cover your expenses. And good .

place to be. Joe is up next in naxal, tennessee. Joe, how can we help?

Yeah um I am trying to figure out you know mean, I have been listened to your show for a long time. We love IT. So we've been here a long time and .

we'd like to be doing much .

as here is only the .

but um that being said, uh you know we are making up to and trying to figure out how much we should be budgeting to um put towards our our debt stable every month.

Well the answer is simple as much as possible.

right? OK, yeah yeah. I mean.

what do you need to cover your your bare bone's expenses if we're talking grocery shopping, utilities, your housing, transportation in our fuel, maybe insurance or any sinking funds for maintenance, repairs? So beyond that, how much can you throw at the dead every month?

So let's a good question. So I guess you little more details you even make be set to we can adjust jun into this. Just I was able to, four thousand hours out, get one pretty fast.

So I did I but get every dollar and I put everything in there in from that. Looks like initially about six hundred dollars in months. However, I think um there's more um you know that I think there's stuff that we can save off that that we had our spending right now monthly, I think like that.

What's your total debt about seventy .

thousand and a little less than that, pretty close to IT.

And what's your household income about .

one hundred and ten hundred and five thousand somewhere rammer.

okay. And we found that the average person that's following this rainy baby steps with gazelle tensity, so they're not falling around the going scorch earth, only every dollar budget. They pay off debt with between fifteen and twenty four months so that your good kind of ball park to O K.

Based on what we're currently doing. If it's gonna take three years, we ve got a problem. We need upper income. We need to cut our spending. But if you're telling me you right now it's going to take six hundred box a month at seventy grand, that sounds like it's gona take a decade.

yeah.

So sometimes is not adding up here. So making one hundred ten a year, why is there only six hundred and months left?

I A fantastic question.

And that's what the budget will tell you that this is not a trick question. And the budget will reflect, oh, we're spending eight hundred dollars on eating out. We're spending four hundred dollars on amazon, and that's now we can do. We need to cut this where both the Green, no big shake, we're not going to spend .

this money now. okay. So that let me get to I think I can clear up that a little bit. So that goes back to when I mentioned that you know I think is more than that we can save off.

So you know previous this we had uh certain elements like um you know spending, running and so IT was two hundred dollars of peace for me, a wife. So let's know the four hundred hours a month. Um we have way too many subscriptions.

Uh I um and I have them all listen out. I have to admit to the so I say that to say I have six hundred that is currently not budgeted as far based on last, like what we spent last month, that's really never are coming from. So I have worked to do to cancel some of these things and stop paying for things .

we've been paying. yes.

And there's more you can do. A number one, are you guys doing any investing right now?

Um I think she's playing in there for one day.

We're onna pause that that you're going to get a few hundred box back easily, right there. Are you getting a refund every year on your taxes .

now it's it's basically right. okay. Have you restock your .

insurance in the past year across the board so you can go to that ramsey solutions to calm slash coverage? We can help you save some money there and probably get you Better coverage than you have. A lot of people who just don't realize they're overpaying.

So there's lot of things you can do on top of cutting subscriptions. We're not eating out. Cut the fun money down to the bare minimum.

What do we need to just have a assemblers of joy to get through the next month? It's probably not two inner box a month for peace. We can probably make this work with far less.

So all of that combined on top of making more, which can can get into, is going to help you get out a dead wife faster. And my goal for you guys would be two years or less sure. yeah.

So what can you do outside of your full time jobs to make more over time side hustles? yeah. So I have .

been actually, I worked over time the plastic weeks. The number I gave me was not calling over time so I having good over time, I can always get over time but when I can um I fix some fears by stop is broken so you know what .

I would be going i'll be telling everybody IT will listen in your social groups online in social media um that you can do this this in this from a technology to import. You might be surprised how small businesses might pick you up because they don't have a true you know, tech person. I mean, here's here's what you're doing when you start think IT through that.

All the things that I find worked for me or worked for me when we were in this situation years ago was okay. Let me reverse engineer this thing ago. If I wanted to pay off all my debt in two years or one year, you just start playing with these numbers.

What would I have to do? What would I have to make or put towards the debt? And and so if you OK that's three thousand dollars a month to get a paid off in two years, just making this up, that throw close channel is IT close close, barry.

yeah. So it's like, okay, that to me is a much easier goal in seventy thousand psychological yes, I if what do I got to do to put three grand a month towards debt? That to me IT gives me the intensity that I and the intentionality that I need. But IT feels doable.

George. Now, again, that's just in my affection, reality, instead of, well.

hope, I love that. Then you start going, oh, if I put four thousand one month way, that means I I get there faster. And oh, one month we actually got five we put towards IT. That's the kind of mentality to say.

And those people it's it's faster than I think once they get going because they are willing to do whatever IT takes.

What can we give jode to encourage them on the journey?

If I give you breaking free from broke and along with that is my book, you'll get three months of every day premium to help you lay all this out, read the margin of breathing room chapter. It's got tones of ideas to help you spend less and night more.

Ally, come on across his George clause, but he's George camel and i'm came common. And this is the rage show.

Do you ever feel like you're finally making progress towards goals only to get quickly distracted by something else in your feet? Well, that's why we created the rams. I N work APP your single source for content that keep you motivated.

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where we help you win in your life. We want you to, in your money, win in your work and win in your relationships. Triple eight, two, five, five, two, two, five is the phone number.

If you'd like to jump in, I can comment which canal is along side. You're plate eight, two, five, five, two, two, five. Let's go out to the west coast. The coal is there in the los Angeles area and the coal, how can we help today?

Hi, so thanks for taking my call. Um um basically a twenty fixture old i'm having relationship complications this to financial issues I rack up. I have about a hundred thirty total and debt um about hundred thousand of that you don't loan a thousand of that credit card about twenty one of that is all alone and I just I can not get on my feet.

I lived in a last cup for a bit and then I came down here with family and like I just cannot service my payment like IT is tech to tech. I live with families. I don't have rent right now um but I mean, i'm just struggling and it's put in strains on my life .

and i'm going try not .

taking emotional about IT.

K I I well then we got. Were here for you and it's going be OK. And we've helped a lot of people in your situation.

We really have. So it's good for you to feel this that you're going to be OK. We're going to help.

So tell us about where you're animal. Are you working right now?

Yeah i'm working full time. I have an interesting field in biology so my file kind of competitor for what IT is um I am working full time, my salary right I was about forty four year.

Um is that Normal for your area?

Um that's about a good starting point for my area. Uh you know a lot of positions dates are calling for entry level. They want like your masters or P H D which is like super n realistic, but that's the job market that everybody's in right now. Um so yeah right now it's it's a great job for where I met right now, honestly. okay.

Well, i'll tell you this looking if I just seen these numbers, IT feels like a lot of car for someone making forty four, it's about half your income tied up in this car.

Yeah, yeah.

How much is .

the car work? So they gave IT to me not give um I got the car for I think .

he was twenty .

three thousand .

and to twenty eighteen to reform the um they give me a do good interest right because I had I was been a terrible relationship before and I of course to spend here use whatever you need IT for and destroyed my dit completely I got myself out of the things I hadn't action that recovering my credit has been like a huge part of the journey as well. Um what's your .

car payment for month?

What's the car worth?

Could you sell IT today and get get something about IT?

Um I think I could get eighteen for IT as why I found locally .

is that private party value?

Ah yeah okay.

How much do you have in savings? anything?

I have nothing.

And are you behind on any of these payments?

absolutely. Almost every single one of them is about to have a thirty day mark.

So they're about to all go to collections, student loans, the credit card, the car alone, everything.

Yeah, when I moved down here I had about seven months of being job list and because I left a last good due to my least ending and I couldn't find more housing, um I chose to be down here with family. I tried to find a job, my field. I couldn't collect unemployment because I technically chose to leave my job and we actually the government is that so I couldn't get any financial assistance for anything. I have found a really great job, worked IT for two months and then they decided that they were going to a downsize the company so last hired for um have .

you looked into an income driven repayment programme for student loans to get that payment lower? Yeah so for my student loans .

yeah for my student loans, they just knocked me down to a payment of three eighty six months for that and then um we know have been keeping up with everything federally. So half my loans are federal and then the other half private. The private is the one that I was able to negotiate and for my federal, they currently have a year dollar of payment plan just because of my uh, financial situation.

okay. And you're living with family, are they able to help at all?

no. Okay.

here's the deal. Do you need a car to get to work right now? Or you place where there's public transportation or you could get a ride?

Um I yeah I absolutely need a car. I my work is actually about an hour and a half from home and there is not metro or bus transportation works that there is that nei but not where I work.

Oh okay, the glaring thing that you can due to get out of this hole is get rid of this car. But you're going to need the amount your website down on that three thousand. So you could now sounds a credit shot.

So the chances of you going to your local credit union and getting alone for, lets say, eight thousand and use three to get rid of the car, use five to get a beter car, I don't know that that's gonna out, but that's what I would attempt to do. Thousand, your shoes, because that will get you out of the car payment, give you back five hundred box a month to then help you climb out of these other one. You cannot have the credit card debt, roque, that's a thousand box. Then all you have less left. The student learns right now.

this is really doable and cold. But I got to tell you, you know what the big thing is? Here you ve got to go get more income.

That is the MRI George. I don't know where he can cut. She's living with family.

While the math problem here you you took one hundred thousand dollars and two loans to go make forty and so it's just a mountain to climb yeah yeah.

IT is. And you know, really like my parents were always the ones who were like, you have to go to close to a degree and I did. And unfortunately, literally my four years as during covin. So and I am not an online learner. I mean, I tried and they were just like, we'll out another low you have to get.

Oh my god, let me tell you, call is not all your fault, but IT is your responsibility. And I know what feels like, gosh, all life has happened to me. That's LED me here. But the part that you can take accountability for, the part that you can control.

that's what's gonna you out of this? That's right. But they all, I just want you to see. So that really quick. Do you see if you added some more income and you ve got rid of that car payment, that you would have some room to breathe?

Yeah, yeah.

Okay, that's the first step. We got ta get room to breathe because you just feel so much pressure and we get IT. okay.

So room to breathe that means more income right now for two, three, five, six, eight months, super intense. Let's get the car situation gone. Get the payment out of your life.

And George is write a thousand of our credit card. That's enough in either. Knock both of those up. It's going to bring real money. Now it's a long hall for you on the hundred grand in the student only, but it's very dull if that's the only thing you got and you ve got more income. yes.

Okay, then so you .

came on this call overwhelmed. And boy boy, we understand that, George, but but he called this is doable, but you are gonna have to make more money and not saying, walk away from your marine biology job, but at this stage of your life, uh, driving and now and I have I would change some things in my life in the short term and and IT may be the job to make more money. Multiple jobs get this thing right size. You can breath.

George, yeah. I mean, if you can go to box an hour once you get home from a job and do that for twenty hours, I mean, that would add another one fifty percent of your income back in there. 4 box an hour full time。 That's forty grand a year.

And that's what you're making right now with your horr income. So can s right? We got to get the income up.

So as so much more we can do to cut the expenses. But eventually, i'd love you to move out and get closer to work that we want to go. But right now, we get to clean up the little mess and get rid of the car. That's a one we're going to help you. I want to send you every dollar premium to help you make a plan for your money, along with my book breaking free from broke.

to give you the path we believe in you a call. You ve got this this show.

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solutions dotcom slice crews, welcome back to the ramsey show. I can comment or camel is alongside triple y eight, two, five, five, two, two, five is the number answer is joining us in which a talk kansas answer how can .

we help money has to go on .

good how are you?

Oh not too bad. Um so recently my uh grandfather away and he worked for a bullying in NASA for about thirty five years um he was also in the next states army and when he passed away, uh when his will out, he left me, my two older brothers um very haly sum of three million dollars in his will uh along with uh equal shares of his um estate .

in miami no .

I three million .

each S H .

and I have absolutely .

no idea what to do that kind of money. I think the biggest page thing was like twenty five hundred box for two weeks.

And um how long did you .

get .

IT to do with IT? Uh I I got IT uh back in july and I don't get to touch IT until i'm twenty one. That was part of the agreement was when I turned twenty one and I get full access to the fund.

S how old are? You know, I have i'm twenty. I turned twenty one. OK, wow. And I want to know to do with IT, I have no idea what to do.

I I want to know so I sit on IT for you know twenty years and let know accumulate interest in a bank somewhere. You know take somebody out and know buy a house, you know not something super huge or invested um you know, put IT in A A rough I R A. I mean, you know what what? What should be the next step for somebody whose twenty years old and just became a little five million?

Well, number one, I would like you're doing, take great pause in care with this and go, okay, I want to make sure that I managed this. This was a big legacy, a big responsibility put on my shoulders. And I want to be able to do the same thing for migrant kids one day versus squaring IT and your grandfather, obvious ted.

A great job to manage their investments wisely. Allow me to grow. He, he's in real estate.

He's in neutral funds. And I would encourage you to do the same over a long period of time. So I would make sure that sets you up well for success. That might mean, you know, buying a reasonable housing cash and investing the rest.

What do you want to do? What's let's assume that let's just assume for a moment that the insurance isn't there. What were you on track to doing, at least thinking about doing with your life?

So right now i'm a full five days and I I manage A A D O shop um close to where I live. And about a year a half ago I thought um I used early two thousand and campers trailers that I told behind my pick up and I was working in the oil field and then I switched over being indeedthe mechanic just to be able to stay closer to one spot. And i've been living in the trail in my rent five hundred box a months.

I own the trailer alright. Um I have no vehicle payments. I bought a twenty five hundred dollar beater pick up and I traded that for my current truck that I have now um and so I have no I have no other payments and you know my internet in my film bill in my grant, I think my total monthly export maybe under two thousand dollars and I was on track to saving up to go to um welling trade school.

But since uh since a about a month ago, i've been more stealing down the road to just getting uh going to college for my h degree in a deal mechanic and getting actually piece paper. This is yeah I know how to do this and that was kind of the past I was going down. I have have a personal savings about twenty five, twenty dollars.

I'm not tell you this right early and i'm not worry about you squander this money, not after the the feature you just kind of painted for us. That's fantastic. Let me ask you this, do you on the disco mechanic thing, did you want to eventually open up your own shop and own your own business?

Yeah, eventually that that that would be kind of a long term goal. You know, I D like to get some experience under somebody else's wing you been doing IT. You know, I mean, I got my first job at fourteen, and I was on a ranch working no combines and trucks and .

to like this .

time .

and something. But I I just got to believe that there's a short way for you to get that certification that hey, I know how to do this. Am I right? I'm assuming there's a trade school for deal mechanics. It's not a college .

and and there is but along and I were away from uh actual trade school is uh along with um you know getting A A degree and and I could take a major and they is canister whatever, but I can also .

stick a more money right there. So based on the school that you want to go to and and you get into and whatever that cost, there's a chunk to change right there, George. So we now know kind of worry he wants to go.

I was trying to dig that out. I mean, education is a great next goal. And I can said what's the best way to do that in the most cost effective way? We only need to go blow the money just because we have IT in the beyond that you're going to to have future goals.

You don't need to go out and buy a real estate just because you're twenty one with a bunch of money when the time is right and you want to buy a home for yourself or maybe for you and and someone you meet and you get married. That's a great next goal to do that with cash. And even if you spend five hundred thousand, let's say, betwen education and the home, and you get your life set up, that still leaves you with two and a half million.

right? right? Yeah, exactly.

And so if you connect with a smart metro pro rams y solutions, not com, you need a trusted team to walk with you. One person is gonna that investment pro, another one that would be a trusted real state agent. Another one would be a tax pro. And you can get connected with all three of those range. These solutions don't come and click on trust services, but I crunched the numbers for you and to show you what this could turn into, from twenty one to sixty one, you put two and a half million in an account, let's say, its growth stock, mutual funds, whether it's retirement or not, at a ten percent rate of return, which has been the average we've seen the stock market, there will be one hundred and thirty four million at sixty one years old. Wow, does that not blow your mind?

Wow, I don't need to think about that.

That's crazy. I feel like that put a smile on grandpa's face and it's not because you're storing treasures on earth. Great for the right reason. Think about the impact you could have in your lifetime on your family, your community, the country. With one hundred thirty four million, you would become what's known as a philanthropist with that kind of money.

And I want you, the part that's going to be difficult is start starting to change your mindset while also keeping the same life you have. I can mentioned we're not going to go retire tomorrow. I want you to sink your teeth and to something that really put some pep in your step and that might mean the job that pays eighty grand that's great and let this money cook and let do its thing. And when the time is right and as you mature and get older, you're going to have different goals for generosity .

and for spending well. And I and I would say too, if you talk with a smart resa probe, put some away for retirement, but put some way for a benefaction being a benefactor, for instance, let's say, because you came into all this money that you you invest some money in about fifteen and twenty years, and now it's a pretty large number. And also you start some type of a school for maybe under privileged kids to who are good with their hands. And like rather is to go straight from my school right into the workforce. And you have a local training program that is attached your business and am not trying to hang them on you to say like that.

that say that it's funny that you say that actually because the place that I work for actually does that we take about five special new kids a week from one of the local school .

days and bring in.

and we range on stuff. And he said that because that was actually part of my, you did have mechanical. I want to have a separate places, like connect one of the school district system kids out here, you know there one to .

be mechanic on a car .

for an afternoon and I thought that was kind you know, on the back of my mind um and can I go back on the the whole spouse thing too of Mandating the same woman for going on four years now for sixteen and we met in high school um and I I total that I inherited some money but I didn't tell her how much and I I am i'm holding out on that only for the few reason because you know I don't I want to kind of have IT. And be sure that I have IT you know before. I think .

that's nice. You will keep the relationship when you go on. By the way, I just inherit three million dollars.

So I think it's wise to wait even until you're married to go. Hey, I told john heard of some money. I wanted to do this the right way.

Here's what this is. Here's what my plan is to do with this. I'm managing this on behalf of of someone else.

really. Of all right, quick break will be right back. His york came alone, can comment, and this is the rainy show.

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Walk back to the rams, I show I can culin and George camel is alongside triple, eight, eight, two, five, five, two, two, five. Well, George, i've been talked about this for a while, and I feel like it's GTA be here before. We know that I told you last time.

I hope you get your sunscreen. Seven S P, F. I hope I think i'm going to .

see if there's an eighty out there.

If there's an eighty year by IT gotto protect this temple, I will tell you live like no one else. Cruise, it's a thing or certain sale on the open sea, George, uh, march twenty two, twenty nine, twenty twenty five. This is a premium carribean cruise.

Turki, cao's, porter, reo synths and b is all on the docket. How in america, new starting dmm ship is just absolutely beautiful. The food is great at all kinds, a great content coming your way from the ramsey personalities day rams y we will get special guest, even curse chapman, community trade Kennedy, world clash, shift money show hand and country music legend DNA Carter. And don't forget, we'll get to SPA fitness center and pick ball courts, where I will be daily um hanging out teaching people how to play if you want to be taught and if you want to compete, i'll be there to compete as well.

And I wouldn't there. I ouldn't dark in the .

door of that court. That's ue, fact. You will be out there because I recently, uh, uh, we played, we had a, uh, a personality outing, and you got out there and you improved.

I improved. But you still crushed me like .

a bug that you enjoy the experience other .

than being crushed. Yes, I will admit IT was fun. Coach can made IT fun really about .

comp flash crews, RAM y solutions, not come slash crews. Or click the link in the description in the shown notes. If you're listings on youtube, excuse me, watching on youtube and listening via your favorite pockets, we have a fox in the lobby today watching.

And if you go on the ruiz, any crews or no, oh, we get one thinking about on the fence, trying to convince he doesn't .

look to be very ends about IT at all at all. I know he booked IT .

as a surprise, probably, and he just found out again.

that's awkward. A boy, when will talk to them during a commercial break and provide some council triple later? Two, five, five, two, two, five is a phone number.

Alex a is joining us now. And clever in ohio. Elea, how can we help?

Hi, I am getting married in march, and I have some money saved up. I've been investing. I'm debt free now, but my sim say he has some student on debt. And I was just wondering if I should use the money that I ve saved up to buy a house for us, or if I should just keep saving and then put IT towards the debt when after we get married.

Do you want the fun answer? Or do you want the correct answer?

Probably the correct answers that I need to hear.

the correct answers would be let's keep saving, knowing that we have this upcoming expense. If you knew you had to cover a broken h fac six months from now, we're probably not gonna go blow IT on a vacation. We're probably to go alright.

Let's save up knowing we've got to cover the age fact. It's on its way. I would look at this debt the same way you know, you're getting married to this person.

And here is the hard part. You have to grip the dream that you were going to buy a house on this timeline, that man, this time and twenty twenty, i'm going to buy the house. And now it's all right. Let's clean up the estin he made and will the house will be delayed by another six months or whatever IT is and do the math because most likely with do income, I assume he'll be working full time.

You'll be working full time.

Yes, combining your incomes and then having no debt because you are able to help pay this off once you're married, is going to then expendable the process to get the down payment in the emergency fund. Have you done the .

man on that? Done the man how and that from ground zero? Yeah, one hundred and thirty thousand.

That's nothing to check a first step. And what will his income be?

His incomes about one twelve OK.

And what's your .

income minds about seventy?

And how much you have saved?

I have about forty five thousand right now.

Okay, and that that would be including your emergency fund. yes. How much do you think you've saved by march of twenty twenty five?

Well, with wedding expenses and hoping about fifty.

okay. And he going to work on paying these loans off before the wedding.

He is working on that right now. He's putting extra .

money towards IT. good. okay. So my guesses, you know you guys are Young couple. I always advise renting for the year anyways. There's just a lock going on. The wedding alone is so stressful on top of home ownership and all the details and work that goes into that I would just rent for year work, campaigning off the debt, save up a down payment and you'll be there no time.

All right. Well, thank you. Yeah, absolutely.

Thank you for calling no funny.

The funny answer was going to be, just go by a house, live your dreams. He can kick rock. You'll deal with that later. That's not how marriage works no.

no. But George, you're not here. I'm not here to give the fun answer. Unfortunately be very different. Show the .

that would be yeah by the limber gini life short coming .

the four only live on what a .

bizarre.

a world that would be but shockingly probably popular.

That's true. People want to hear what they want to hear. That's right. We have to be.

The barriers of bad news is much of the time. Christian is now join us in santonio, texas. Christian, how can we help.

sir? Um I have owned my own residential cleaning business um probably for the task six or seven years um and it's just myself as a soul per prior um and I absolutely love that is my passion and I do very well and i've just come across your you know system of things and I have every dollar APP really stories about budgeting. But I am kind of little scared. I am about forty three years old and I do not have a four one k or savings um and i'm not sure how I can do that as far as I mean, if I explain my business or do I invest IT? Just wanted to run IT by and see what you'll think give us some .

a little bit of the numbers there. So what are you paying yourself? And then how much left over do you have if i'm assuming that you are um paying yourself out of your business account? So so what kind of savings you have in the business and and what are you pay in yourself?

So basically i'm doing is I am taking out for my and taxes was my tiding, of course. And so after those um expenses, I am about three thousand a months right now.

okay. So do you have anything stacked into your savings account for your business?

No care.

What's you what are you doing with the extra three thousand? Or what have you been doing with IT?

IT has been going to build honestly where we have some debt. Oh.

okay, I didn't realize you had some debt OK. Maybe we should start there.

And you said we who is their .

spouse involved?

Are they working full time? yes. okay. So what is the household income when you file your tax return? What is that number?

I would say a total of about one hundred and five.

Okay, how much of that was yours from your work?

Uh about about forty thousand.

okay. And you guys have any that yes, what kind and how much?

So we have some consumer debt that we have a debt of consult dating about thirty seven thousand in that. Um we have about a seven thousand dollars um truck that we are paying off soon and um a house of about two hundred and fifty.

Okay, so i'll leave the house for later. But if you're fall in these baby steps, your next step would not be to start investing, which I want you to do at forty three, trust me. But we have got to clean up this mess so that we have the margin to them invest.

So we're not trying to do seventeen things at once. So making one hundred five if you really got on that every dollar budget and you went, all right, we're going to battle n down the hatches no fun spending. We're not onna eat out how quickly could you pay off that? What is IT forty four thousand .

and debt um i'm i'm not a hundred percent shore uh I think our expenses are close to about close to about five thousand. Ah i'm bringing him about three thousand .

and he bring him about what's say five, five, eight there's probably a few grand left over that we need to start chunking at this debt because think about two grand a month that's twenty four grand year. These things done in less than two years and by forty five, when I investing fifteen percent of our household income into retirement. And you can look into a solo for one k or a step I R A and a smart vest probe can help you. With that, jump on rainy luxury com, click on trusted services. The time is right because you do have a lot of options to invest as a celebrity.

R he is George camel, and i'm just thrilled by next i'm kid. This is the rentier.

Hey, doctor john l. loney. Here, data suggests people who have amazing marriages are happier and they're healthier.

But in the modern world, marriage, especially a deep, intimate marriage, can feel impossible. And that's why i'm thrilled to announce the launch of questions for humans. Intimacy addition, these cards will help you build a stronger marriage, help you learn to feel connected. And yes, there's a lot of questions about the all yes stuff get yesterday IT rage. These solutions det comes like store or click the description if you're on youtube or podcast.

Welcome back to the rain s show. I can commandor camel is log side triple eight eight two five five two two five. Is the phone number today's ramsey network? APP question is from sydney.

My husband, I have been debt percent twenty twenty. And we work hard to be able, enjoy life and safe for our future. However, my brother and law, his wife for children, were victims recently for the second time in three years.

Touch their parents, refuse to let them stay in their home morning sign. Number two, staying in our home is not an opportunity. I told my husband was willing to pay for them a one week stay in a hotel, but no more.

He now wants us to go in half with their third brother to purchase a home, so the evicted brother can move in and pay us rent. They are not respectful of property, have no study income. And I could see this being a disaster. How do I convince my husband this is an unwise move by lane, down some ground rules and be as firm as possible. Assume you get a road.

you ve got to have a vote in this marriage, and that vote is a hard no.

Yeah, I I feel like i'd go back and go a dear husband. Do you remember that point last week? And I said i'd be willing to pay for one week day to hotel, no more, no less.

You recall that conversation, to which point he goes, yes, and i'd start there. This is insect. She's she's got her head completely on her shoulder the right way. He knows exactly what's going on.

SHE needs to welcome through exactly what's going to happen. The world to, they're going to destroy the property, pay, never pay rent and then stay there until one of the brothers get sick of this and goes, we have to evict them. This is insanity that we're enabling .

the misbehavior. Now you've get yourselves into debt and now you've created a potential more time mortgage, by the way, the two brothers have to pay.

Yeah.

so this is creating, she's nailed IT.

This is a disaster. He's got to wash his hands of this. And I think there's other ways to help. I want to see them help, help them get on their feet where they can sustain themselves instead of propping their life up.

So guess our advice, he has to tell him all of the realities and how they're onna play out, not just the worst case energy, because is a strong chance that the worst cases ario is is gonna happen.

There needs to be some boundaries put in.

I mean, the parents of this kid, this adult who's actually like a kid.

won't even take mom and dad said, you're not coming near our house that tells you a lot bikes and he knows that they're not respectable property. There's no steady income. SHE sees this being a disaster. I don't know how he doesn't see that at this point. I don't know he's choosing not to see that is the truth.

Oh my god. As well. Thank you for all of you that are in the APP. The APP is the range of network APP is the point. It's just really, really taken off people all over IT.

So want to point out if you're listening the show right now on youtube podcast, this is your last segment. Those real radio will continue on. So you ve got to head over over the range of network APP to finish after this segment because we ve got more calls come in your way.

You can go get the APP by clicking in the link to the shown note however you are taking in the show. Um and it's easy, easy, easy and you can deal load IT right now. So go do that. All right back to the phones began in grand rapids, michigan. How can we help?

Yeah today are you do you know well, okay. So right now the main, the main problem, not a problem, bit level house right now is worth about four hundred, four hundred, about four hundred and forty, i've want to say, around that range, four hundred to four hundred, forty thousand 的。 And I took out a home equity line of credit on the house for fifty thousand dollars.

Now that was really, I watched this one video about a few hundred fifty thousand back in on the house. IT will drop the on. IT will make this over to pay more on the principle and left on the interest, which is somewhat to, I put about forty thousand on back end of the house, which the payment, which the mortgage payment, stayed the same.

I want to say that instead of the principal pay, and like is basically only a hundred dollars difference that I play, that I saved myself their goals. Storch principal, first of the interest for the whole fifty thousand. Now the fifty thousand cost about two hundred and fifty dollars a month.

And interests, I have the table, two hundred and fifty dollars a months on interest on the fifty thousand. And IT only saved me a hundred dollars, one hundred dollars more goals towards principal verses the end. So in all, almost like a move in a hundred and fifty dollars, like no reason. So i'm pana curiously to which I think about that, because I am thinking about kind of light, see, must retain back fifty thousand at any time soon. So i'm thinking about trying to sell the house.

So here's here's how I tell you how I think about this. Go back and watch this clip and just listen to yourself. You're gonna.

What have I done? This is madness. I did all these backflips in order.

Try to pay down the house early when I could have just paid down the house early. So what you're describing is called velocity banking. And I know you saw like A A guy on instagram.

Here's what I don't want you to know. Here's out to pay off house early. Take out a he lock and it's going to apply more to the prints, right? You saw this one guy.

You, I guess i'll take out a he lock easy enough. And here we are, spinning in circles, chase in our tail. What you could have done, what you should do is just pay extra to the principle every single month.

That's the simplest way in the the least risky way to do this. What you've done now is added risk because that he lock. If you don't pay IT.

they can take your house right?

Your house is collateral. And so your goal should be to knock out the sea lock and then just put extra toward the principle to do this the right way. And yes, on paper, does velocity banking, if you play IT perfectly, can you technically save? sure. But it's the due same .

or the .

squeak as they say.

We've get some other pipes .

in your we get some commentator got this great. Is that your wife?

No.

I O dented guys in the chair about .

ready to go under the gas. And he's getting in a quick call for some advice, getting a lot done today.

Be joan, i'm impressed. B ilo city banking IT remains incredibly stupid, especially when he Operates as high as they are. And this could be nearly double your mortgage rate and they're generally variable with the hillock.

So for a thousand reasons, i'm out on this whole velocity banking scheme where you take out debt to pay off other dead a little bit faster. Just say if you wanna pay off your mortgage, just apply extra to the principle that that's how I did IT. It's all millions of others have done IT. IT remains to be the simplest way and yet can as humans, we try to find the most complex way because that sounds smarter.

feels like the more hoops we jump, three, we're doing more when in all honesty, we're just wasting time.

You're burn in in your tail, but you're not getting any further. But I got to respect the hustle from bejan of the dentist. I actually.

I I like bees, try so hard. Well, I thought we were about twenty seconds from the dinner is .

having mouth while I thought I.

Thought he is the cryptic go head I was .

waiting to here the .

drill start he's like, I thought we were headed in towards that before. We know that you know guys getting is filling to check check out and you ve got appreciate .

the hustle that had warm my heart and here's just another life lesson here. Never take out a he lock because you saw a sixty second video on tiktok just general life advice, not a wise move, and began, I hope you pay off this mortgage. H aggressively. I love the spirit behind IT, but never think that using debt to pay off either debt faster is going to be a wise strategy. You to get rid of dead is to get rid.

And what we're on the life advice. Uh, glad he called us in the dinner year before they gave him the laughing gas .

or whatever is with a much more interesting .

call really oh, that's the first time ever, James, first time ever that I recall taking a call on the rated show with someone who was at the denis office that that right there that made my day. I'm not not going to alive about that. I think that that's where where we are.

I needed that this hour. And if you want to keep the rest of the rams as you show it's happening over on the ramsey network, a goto er APP store I go to the shows notes, you can download the rams in network up for free. There could be more dentist .

calls in our three because we don't know we could have somebody call on us from the zoo.

Hey, you're still here. What are you doing? You do know that the rest of today show is playing right now over on the rami network, right? All you got to to do to finish the episode is search ramsey network in the APP store, google play store, or just click the link in the shower notes to downtown the APP or free.

Yes, you heard me right for free. Then right there on the home screen, you can watch the rest of today's about of being bottom. All right, i'm get out here. enjoy. We will see on the APP.