Quit Beating Yourself Up for Your Money Mistakes
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From the ramsey network. This is the ramsey show, where we help people build wealth. Do you work that they love and create amazing relationships? And George camel, joined by my good friend, doctor john the loni.

And we're taking your calls at triple eight, eight, two, five, five, two, two, five. You jump in, will talk about your life and your money. And hopefully if we do, our jobs will give you the right next step to take. Calvin is at first and tosa oklahoma cow and.

Welcome to the emc show.

跳空。 so.

I am, you know, law research, jon, you guys in a this told the whole rent method.

and be careful. I just had be careful i'm just kidding around. I'm john. What do you .

do in research for um well so right now I am uh I I want to be financially for um i'm a Christ um a very poor debt with um that money is uh happiness are best love of money is real equal, but money itself not equal um I come from my family where my parents had a very large income but do not use IT directly at all that imagine will and they run that for practicing our life. I think you just get a that last year um and now that i'm about to be married um i'm married to into a beautiful, beautiful family where they have zero date and they have a really well income and they are giving really well love. And so nothing nothing is used that lives and i'm used to the other right now I am of the um and more self each, I make pretty good living for five actually move yourself georgia to pursue this career um and both was put together will probably make everything around hundred thirty thousand years been a single mobility that is pretty outside come out you around area um in the reason doing research I know we can set a lot of money back to be financially free within we last ten years。

What is financially free mean for you and .

a free means me is not worrying the ap and not where the eight is, not worrying about um payments, not worrying just so let's .

get Crystal clear and what the goal is, is that I want to be debt free, including my house.

Um actually one of those yes OK.

what do you have for i'm .

making forward to be financial police to give guiterman sly without happen .

to think about IT OK. So a chAllenge you're gonna have, psychologically speaking, is not being very specific and acknowledging when you cross certain thresh holds and then checking yourself in your new marriage or five years from now, your five year old marriage, and saying, okay, let's reexamine these goals. Let's reexamine how these goals feel to us.

Because what you're going to do based on what you're doing right now is you're chasing a feeling and you are going to be a lonely, miserable guy with ten million dollars. You're going to be an Operator making a million bucks a year, and you're going to be miserable day around because you're chasing how somebody is gonna feel. I'd much rather you say, I want to be able to tip really well every time we go to eat.

Cal, I want to be able to save for my kid's college and not worry about IT and possibly start a scholarship for somebody else in our neighbor. D cool. So be specific with us.

What is free feel like for you? me? What is IT tank evey?

What is IT for you do IT.

So um we are saying ten years. So at thirty five years old, lets fast forward. Calvin is debt free, including no mortgage payment. That's a good feeling. And then what do you want to be able to retire because you have two million dollars in an anesthetic? That's the kind of specificity that will help us.

help you or I I can tip at washhouse any number, and I don't worry about IT dave rams he could give me a million dollars in cash and he wouldn't notice .

IT so IT be specific are yes, the music answers on what i'm looking forward or what i'm trying to say is that um I want to go to invest my money um in anyway check perform and to be even more specific is to not happened to worry about my family or most my wife happen to work and being a traditional hole。

Well, you'll be in the I mean, you're talking about I get that out of debt. How much dead do you have 利润？ okay.

So why aren't giving that right now? You guys you said you're making great money. As long as you live on less than you make, you're on a written budget every month. You and your wife are on the same page. I don't see why this dream doesn't happening today.

Uh that I will everything is i'm been doing, Richard, on how they will rain uh the David is tim so is set the boundaries to the mean. Last night we talked about this um me SHE is done a wife yeah but he will be so much um I say I was they were touto anything on financial as right now the next he is in my wife and I were both pursuing that now setting yet when we out to OK, that's why this is a future thing you're looking .

at instead of a present because you're not married yet. So here's what's going to happen. If you want your wife to be able to stay home, you need to budget based off of your personal income.

So if you're saying that one hundred thirty grand, how much do we take home after taxes, after investing fifteen percent, right? We have to learn how to live on that. Can we live off of eight grand a month? I think the answer for your lives yle is probably going to be yes.

And how much can we allocate to giving outside of that? How much can we allocate to getting our house paid off? That's when you start to baLance all these things over a long period of time.

If you're asking this magic question, i've been doing research on DRAM that means ve been watching youtube, been googling and pride reading redit, right? Which for a guy who spent two years in the academy, that's not research, it's just google. But fine.

The core message of dave raj is live on less than you make and give a hobby ch of money away and enjoy some of your life and be able to x tail when you put your head on your pillow and if that doesn't resonate with you, that's the core message if you're like, not no to sip when you get into the nuts and bolts and word to put your money in your funds the core ramsey message, he is living less than you make. And when you have access, give dave us generously. I could save recklessly.

I just be able to just give, right? And that can be money. That can be time. That can be in spirit. That can be. I got a crazy week this week, just five minutes ago to take, can you run, can you drive the shows what we say and he's like, I got to do that.

It's a spirit of right? It's a, it's a ethos is the way we we into into the world, the exist in the world that's IT man. And if you and your wife choose for a season for you both to work great. And if you have a dream of marrying somebody you wanted to stay at home, um you'd love to have your wife to at home and raise kids that if you are are able to have kids um cool, great, you'll discuss that and but it's this research in a plan is not about researching a plan living less than you make. And George saying you make a budget and you know how much money you make budget for IT spend less than that, and if you own deaths, pay those off and then get to zero and then begin to save and begin to locate and begin to delay gratification. Do you can pay for and .

you and right now, calvin IT sounds like you're running from the existence you had growing up with your parents. And I we want you to run to something specific, not just away from to be both, like my parents said, making good money. That's not going to be you.

You've already decided that's a choice you get to make. And I have full faith you'll do that. So hanging in the one cow and I want to send you my book breaking free from broke.

It'll walk you through that and help you set those very specific money goals so that you can have that financial freedom. This is the ramsey show. Okay, here's the hard truth.

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Open phones at triple, eight, eight, two, five, five, two, two, five. Well, fifty days of Christmas deals are happening right now. Perfect for those looking for great deals without overspending this holiday season.

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I was a great radio like that.

I was outstanding and anxiety, he is everywhere. I just talk to a Young man out in the lobby. Jones got fifty eight cents in the checking account.

Is Young teen and I, who? That gives me anxiety, thinking about IT. And if you want to help with this general, walk you through the six daily choices to create a more peaceful, joyful life.

We've got john's questions for humans. Decks s just twelve bugs for the classic ones. There we had couples, friends, parents and kids editions. Go check out razi solutions to dot com slash store or if you're listings on youtube podcast, click the link in the description Richard is in saint cloud, minnesota. Next, what's going on, Richard?

Hi, thanks for taking my call. I'm in a place where I ve never been before, where I have no debt other than the what remains on the principle of my house. I have nothing invested, uh, but I do have my six months emergency fund h spoken with a smart vester pro and uncomfortable with dom but um i'm wondering I can pay off what I have remaining on my house of seventy nine thousand and thirty months or I can start investing. Um what would be the point of investing if I can pay off the house, I can like the weight of that off of me?

That is true, but we also need to realize that compound growth is our best friend when IT comes to our natick e and right now, you don't have a lot of time between you and retirement when you looking to retire.

I like what i'm doing, and as long as I can do that, I don't plan to retire.

What do you have A A pension or something? Let's say your body says like, okay, so at seventy years old, how are you going to pay the bills if you don't have anything invested?

With a social security.

do you know what that payment will be? Because the average payment is about seventeen hundred bux.

Well, I currently at work, uh full time, uh, well, mostly full time, and I also received source security disability and then that will switched to standard source security automatically at age sixty seven. And presently between the disability and income, I have a take home of forty five hundred and much OK my house payment is thirteen seventy seven uh um as I said I have seventy nine thousand principle left I refined when I was in the basement so that at one point eight, seven, five, ten year which if I stayed on course, would be paid off in thirty one. So here's what if you did.

what if you play the difference and you invested, you have catch up contributions. You can take a manager at the age and you began paying off the house. And that way as you into retirement, you've got one less expense by paying off the house.

I don't know that we need to go full on on one of them because you're going to free up that payment if you paid IT off now, uh, or you paid off the next thirty months, that's about almost three years. And then beyond that, you free your payment, you could then invest. So either way, we're going to make a trade off here.

But i'd like the plan of you getting into the habit of investing to build that muscle because for sixty years, we haven't. What is your smart ster process? I'm guessing they were on the side of investing.

They were on the side of investing and I would have the attitudes to do a catch up contribution for ti twenty four uh up to be eight thousand mark and then do eight thousand and twenty twenty five as well.

I guess I my thought is for what investing for two and half year period um and what might be built in that or may not be built in that period but what would be off the the uh off my shoulders as far as uh the mortgage did for sure in that period. I'm wondering ing what what the the nominal difference would be as far as a build up or loss or a definite pay? Yeah.

you can crunch the number of your smart vesta pro. I just don't want you get stuck in this paralysis analysis mode where we don't do anything because, you know, the best time to plant a tree with twenty years ago, the next best time is today. And so i'd i'd rather see some action.

And if that means making an extra payment a year on the house right now while aggressively investing, that's fine. And eventually, if you go, hey, I got a retires and let's get this housepainter, we can switch gears. What do you think? Hn, there's not a very clear you've got to do this or this.

The baby steps would say, let's put fifteen percent of our income. Alan, retirement. Anything beyond that, let's throw out the house.

Yeah I mean, this is tough because I improbably of of the rainy personalities. I'm probably .

the one that's most debt allergic.

So the idea of I don't think of dad if my dad called and said i'm going to be sixty three and I could have twenty five thousand box in retirement, I bet the zero dollars and um you probably looked up in google the social security clock the same as everybody else in amErica washing a psychotic c and he was supposed to be in twenty, thirty and thirty five and so I would not hang any hats on social security um at the same time the thought of being sixty two or sixty three and having nobody can take my house right I can see that for me personally being a really compelling option. My concern with .

you is so sew yeah my concern .

is um as as George mentioned, that sounds like you've had disabilities like this sounds like you've had you've been fighting some battles over the last twenty thirty years, right?

Yeah well and um it's foolished combination of foolishness for reality uh medical necessity with my wife who passed and then a long term relationship recently past uh so it's now it's just me and the houses have paid off and uh I guess that I ve never been at this point before yeah so it's IT you know IT feels like I should get out from under IT and have that for sure thirty months on the other side, freedom as opposed to thirty months investing and see IT feels like IT would be kind of tennis of possible accumulation and investing as opposed to, you know a real solid asset that .

got tells me the thing told could you invest the months .

right now?

Uh, probably two thousand. Okay.

let me do some crick number crunching. For year from sixty to seventy, you invest two thousand bugs. You'd have four hundred thirty three grand. Let's say you started at sixty three because you wanted to get the house paid off first, right?

okay.

That would then give you two hundred fifty grand. So you got a one hundred seventy grand difference there.

What year with that mature?

Well, I just compound growth over those seven years versus ten years of investing two grant. So and again, you'd be investing more because you give free up the payments. You'd be investing three grand instead.

That's three seventy seven. You still didn't catch up to those first three years of investing that then had time for compound growth targets, magic. So that's why I feel like getting started early, getting some money in there, working that muscle, getting used to investing and then focusing on the house.

You could split the difference, but either way, you've got to get investing. I don't want to rely on your social security to be able to pay the bill the rest of my life. I want you to have somewhat of an estates to help question that with those security.

what do you, what do you do for a living rule?

I I do security and uh it's it's a good position, is a good company and I enjoy what I do and know it's not going anyplace. Burnt is very .

possibility um and to be on your team here is very possibility that for eighteen months you could just go B A N A N, just go bananas and work extra shifts and work over time and get the thing off your chest.

Uh, no, because the social security disability has a earnings limit, and I would need to be going one hundred hours a week to do that.

That's right. Yeah.

yeah, yeah. dying. Well, i'd obvious with the difference. I want to see you get to investing and build a habit and anything else we can throw in the house. Let's get that knocked out in the next five years that set a real clear goal. And get to IT moment.

This is the ramsey show.

I've been doing this show for over thirty years. And some of the sad calls I have taken are from situations that are completely preventable yeah .

and what so hard as I feel like one of those, especially the ones that i'm like a terrible air, people that call in and their spells has passed away suddenly and they don't have life insurance when you have to think through how I gna pay .

my bills in the metal yeah in .

the middle of all, like it's just IT is it's terrible to life insurance is the one thing, especially as a mom with three little kids that i'm like so big on for people to get because it's inexpensive. There is the place that s and I should .

get all of our life insurance andes among a gillion different company. IT doesn't cost much. You just have to admit that someday you're not onna be here you got to say out loud and you got to say i'm going to say I love you to my family by taking care of them and taking the time to put the stuff in place to costa stinking pizza to get a free quote call eight hundred three five six forty two eighty two that's eight hundred three five six four to eight two or go to a sander dot com.

Welcome back to the RAM z show open phones at triple ate eight, two, five, five, two, two, five. I'm George camel. Sit next to me as doctor john loni. Stefan joins us up next in Charlotte, north CarOlina. What's going on to .

for hey guys.

thanks for taking my call. I can help.

I am I am in a world position. I am I lost everything and I am driving a sim truck um working for a really big company in i've been in trucks for a lot of years now, uh, for about five years um I mean a lot of money enough for newton ship, but I handled IT wrong um I had a four old daughter. I have a four daughter.

They want to had her four years ago just a china to make money in, get rich and I just didn't hand the money right. I just, I think from this generational curses, no one in my family has been able to really get past poverty. I was chasing, chasing money in getting past poverty.

But the more are not be like that. Uh, I found myself getting this is the same way, and losing in the amount of money that I have some kind of position where I just want to I wanna get ahead and I want to do money, right? I want to do money that way, not to get get rich quick, but something that sustain, something that, you know, I can give consistently.

I can tell const, where I can be a Better father. No, right now be. But I know I be a little .

how I just want to have no bills.

Well, with a outside, like when I say no bills, I mean like no major overhead vehicle payment, house payment and no.

no, dad, you .

know where .

you live?

Hi.

step still. Can I .

tell you how proud I am that you're making this call? That's a hard thing for you do if just set out out that you told me and gorging IT.

What i'm witnessing here is is may be the highest form of bravery, which is a man who loves his kid and wants to do right and wants to do something different. And it's not even as much as change your family tree. But you, anna, go till a new plot to ground and plant a new try, because he starts with you, and you shut out the can in for five years.

And I went sideways on you. And it's real easy to fall back into old patterns. The neighbor's we grew up in. And it's real, real hard. Just stand tall and make a phone call and say, i'm stark yeah can I just shut out and see pretty men if more men would make .

the phone call you made today .

to their friends, to their neighbors, to their council, to their, to their ministers? Um the world will change in IT within the week but they won't but you did and proud you OK where's your daughter right now?

SHE was a mary went with her mom.

How weren't you in maryland with with doing what you came down the street to be in her life?

Um so uh long story short, h ministry, uh here with her on min charliet uh, where we went to school together um and I just I pray about I pryed about that we pray about IT. We go here we got in the middle of IT too. You can be a mad, and we just believe that supose still be here.

Attest me, your user as .

well. Yes.

no, no.

This is maybe.

maybe he's talking to me. You need to go be down the street from your daughter. And here's why I spent my career with eighteen to twenty five year old Young men and women whose mom's and dads had caught code different calls in their life.

They didn't include them. And i'm not saying that you don't work. I am saying you go find what you got ta do to be in your daughter's life .

so that he sees her dad can.

after this, do anything you want.

That's right. Her mom, her mom, they move back home when he had, when he had when my daughter now um they actually looking to move back to charley. That was another part of IT. Um he was always to go back to Charlotte .

scout on her too. But one is that happening .

with in the next year, I will say that happy as one thing that kept me uh you know keep you going. This isn't easy, CoOperating far away at, but very hard.

I don't want to be a jerk much co parenting how is this little girl.

my baby? Four um just to give you a little bit on that, um when I was doing great and making a lot of money, this is the longest gap in nothing baby, I spend a lot of my money beating my baby drive, driven those six hours, get my baby over for two weeks at the time go get in a week later before he started school because he he just started preak yeah it's not like he had any systems in the way. Um I do everything I can to get to my baby.

except you do everything except to be with your baby so here's what George trying to tell you. I want you to build a life from the inside out, not from the outside in. And you're using words like co parent, but you haven't seen you're you're four year old and four year olds don't do face time. Four year olds do touch, they do presence, they do stelis okay, four year odds are basically a giant nervous system.

And the kids either dad just want telling you ay, and I don't want to get the middle of the theology and what prayers you've had, whatever what I know is um when you make a kid, your priorities in your life changes I might saying that you stop work and not saying that you don't work really hard. A full entrepreneur, you don't try to make money and so i'm saying i'm saying a dictator where you live and if you and mom can't make IT work, then you'll figure out how we're going to live by baby. Okay, that's not why you called, but maybe that is why this call ended up getting through all people trying to call.

I want you to figure something out and IT might cost you money in the short term, but you will have something that millions of dads don't have, which is a daughter who wants to come home. Kay, you're playing in a twenty five year game with this daughter now that when she's thirty, when she's twenty five and he thinks of her dad, her shoulder will drop and she'll x tail and say, dad, home. Kay, yeah.

yeah. And so my new goal would be, what do my finances need to look like, where I could take a pay cut to go move across the country to be my daughter and IT won't, you know, destroyed my finances. So I would have a very clear goal of why we're getting on track.

You said you don't have opinion that, right? no. How much do you have in savings?

nothing. I just start this.

okay. So that is your next goal. You said you have no bills. How much you make in per month?

So how much .

of that four thousand do you actually need to cover some expenses like food or whatever .

insurance unit? Maybe, maybe six, six other.

So you're telling me right now in front of amErica that you could put away thirty four hundred dollars a month into a savings account.

absolutely.

Let's do that me on. And once you have six months worth of expenses and let's expenses, our fake right now for you, but let's say you have real life expenses, you are renting a place. Let's base IT on that.

Let's say he was three grand a month, six months at eighteen, maybe round up to twenty. Once you have twenty grand saved up in a high yield serious account. That's your emergency fund.

That is, you're never going to dead again. Insurance policy. And once you have that now, we can begin investing. Does your employer have a retirement program?

H, i'm going into all enforcement.

They have great one.

great. So one time once you .

have that that emergency fund, let's begin investing fifteen percent of our income into that retirement program. And then beyond that, I would be looking to go, i'm onna own a house one day. I'm probably not gona live on the road for the rest of my life, hopefully.

And so I would begin saving up in another higher savings account for that down payment for whatever next. Maybe it's a deposit for somewhere, the rent for a while, but those would be my next goals for you financially. If okay, what can I tactically do right now? And so having the same account is your next day.

Now do what I should I should be .

saving the money to those kind of how you're saving account now right now?

Yeah, you're a one as the emergency fund, six months of expenses, your next day one would be retirement fifteen percent beyond that. Lets begin saving up for a downpayment deposit, all of that for housing. And that will put you in a position to where you're not stressed out.

If you have to do cross country move, if you have to take a pay cut, you know how to live on nothing you make. That's the key. You're really good at that part. But now let's make good use of that thirty four hundred because others SE it'll slip away into snacks and lifestyle. Who knows what else?

And didn't i'm telling you right now after I would have a conversation with mom tonight? I'm not going another sixty days even if I have to get another job. There are hiring law enforcement agents everywhere across this country.

I'm not go on another sixty days without with forcing my daughter to live without a dad and calling that god will. Right now, it's not true. Figure out a way to be around your daughter as soon as possible, as often as possible. This is the range show.

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Well, come back to the razi show on George camel, joined by doctor john the loni. We're taking your calls at triple late eight, two, five, five, two, two, five. And with those calls, we get a lot of voice miles, lot of calls we can take, but the producers, they come through painstakingly and find some of the best voice males.

And occasionally we will do a segment called, sorry, we missed call. And producer James has a few calls for us. H, A few voice mells lining up for us. James, can we play the first one?

Here we go. I have a question about a trust. My families involved and my wife and I just were notified that grandma had passed away in and left us one quarter of a multimillion doll trust in.

But we're this feeling really weird lives from her parents who basically felt like they got in the in hurricanes IT and that we should give them the money back somehow anyways, if would love to ask about what we should do with this money and how IT would works. Thanks so much. Like.

wow, so grandma has and says, hey, the kids aren't in jake squad, the grandkids are gona get IT. yes.

So here's the .

deal.

And since since as only one side of this call, we can ask any questions. The fact that their first response was, hey, that's bull crap we get give us our money maybe a reason why grama is like i'm not leaving in the many money i'm going to leave IT to .

the next general specially and ma clearly was doing well, managing her money and creating this. So there is a piece me that says there is a reason, maybe IT wasn't that the .

parents are mismanaging. I know it's fun for .

me to great drama. We say, you know, maybe the parents who says, hey, the parents, they're n they're older, they've got money. The kids, I want to give them a leg up as they begin journeys as adults.

Who knows what the reason is, but the truth is they can feel the all the weird vibes they want and be as mad as they want. But this was not your decision. Yeah and I would not give them a penny of this money ah you don't want to gloat and hold IT over them, but this is not it's really not your money to give grandma .

gave IT to you yeah I mean, I guess IT technical is your money to give. But I I I just wouldn't um I like what you said. I wouldn't.

I wouldn't I wouldn't just go buy a bunch of new cars and new houses and like wo like I would be smart with that. I sit down with the smart vesta pro and invested wisely. But here's a thing we're just feeling really weird vibes. I don't do really weird five is when IT comes relationship you have a chAllenge call me if you have problem to talk about IT otherwise um i'm going to go do the next right thing and grama left you a quarter of a multimillion trust be a wise good story of that money and use IT as though grandmother sitting the table with you in ways that would make her smile and .

bring her bring her peace. And this is your your wife battle with her parents to deal with. I wouldn't involved .

as the sun in law. And one of those electric commerce that that we will turn sideways and make .

park themselves and that really make a angry. So what do with IT? Yes, i'd get with a smart vesta pro. Obviously, run through the baby steps, pay off your deaths, invest for the future, and hopefully you can do the same for your grain kids one day.

maybe skipping your kids just to keep the tradition.

We ve got another voice, male James, you get one of the tank. Alright, let's see.

We've got next. My and I bb steps seven, and we are, nobody had done, but I have several vehicles, two collector cars and a about the tractor that I need to take care of, of our seven acre property. Do I save my toys? Because there worth more than my annual income even though they're all paid for.

And that's my question. We are investing everything the rage way. Thank you.

Great question. So baby, step seven, meaning they have completed all the steps. They paid off their house, their building wealth giving generously.

But he's got a lot of toys, that collector cars, the tracked and millionaire, some of we can agree, is for fun. Some of that, he says he needs to take care of this large property. And so I see no problem with this.

And when we say here's the premature, that's why he's calling in. We have the premature of, hey, everything with the wheels and motors shouldn't have more than half of your annual income. So let's say he makes a hundred grand and the toys are where one hundred twenty total we're going hop.

That's a lot of your world tied up in what we would say are depreciating assets. The tractors not making the money. The collector cars, air may hold their value.

Who knows? The collector cars might be a little, if you on this one, several vehicles. So if it's weighing in on him, I would say sell what you need to get the weight off your back. But as for as financials go, I mean, there's nothing on fire here either no.

And I think the weight is he wants to do everything court and quote the rains away and we have this um I think the principal begins to dissolve when you become a millionaire and you're multimillionaire, as dave says, could you take one of those, collect your cars and set IT on fire in the living room of your house? And I would make a mass, but IT wouldn't IT wouldn't hurt your network. Yes, you're good.

Do you need a tractor to run your property? yes. And so when i'll sell the tractor, you've paid for IT, you owe IT.

It's in cash. It's a part of making your life run. Let's don't let's don't do that. Um if you like George says those two collect cars, going to wait on your little bit, sell one of them if you want to but man and you're millionaire, are there you can now spend some money on somebody these things and give your money away generously .

yeah the goal of that principal that premature is to allow you to make IT through the baby steps to build wealth, right? And so we don't know there are networks. You could be in baby steps seven and not have a high newarth.

So a lot could be true here. There's a lot to dig in to. So if you're on track for a great retirement and you have plenty of money to give, save and spend as you please, then I would say you're on track. But if you're going on hop or am really not where we should be with our retirement, we could invest more. I might look at selling some of these to um you know just get rid the .

way or maybe you're what I would call a technical millionaire. Value of your home is a million dollars, but I cash poll ll the two collect cars.

Your land might be worth a million, but you don't have .

or not because of some secret rains, the formula, you know, the money.

Thanks for the voice meals we appreciate.

I would love a cuba .

IT sounds fancy that if you're mentioning the brand name, I imagine it's like the majority of tractors. No idea. I only know john deer. John, I mainstream when IT comes a tractors.

John n. Dear, outstanding. I do cobos. Yeah, I can cover at me a about attractor.

I would love one from my property. Um so yeah, you paid for IT with cash. Rock and old brother.

there we go. All right, let's get to a call from every in heart ford. What's gone on every we get right to your question.

Hey, as I going that, I thank you for taking my call my my way and I are currently discussing buying a large track of uh on of uncleared one to build a remote great .

cabin on can .

change the language right?

Yeah and less so if we can afford to do so, we have the cash. It's more more so if its the right time to do so.

Okay, what's going on your life that you think IT may not be the right time?

The goal was always to pay off the house aggressively. And so far we we've been doing so um in this this money was um kind of sitting there to to pay off the house. That was kind of the unspecified go of the morning and would be taking in your we have one hundred thousand dollars in a broker account that was supposed to go towards the uh the remaining baLance of the the mortgage once we got to that point in.

But on the safest thing you can do, every that all goes down, is to have a house that nobody can take from you pay off your primary mortgage first.

What's left on the mortgage?

Say.

i'm started again. What's left on the mortgage?

One hundred and forty seven thousand dollars.

okay. And what's the land gonna cost plus the cabin .

build the fall? The land is thirty thousand, the cabin itself is twenty thousand. The whole Prices to be about a hundred thousand.

Okay, so walk this out. What if there's two scenario? One is you aggressively paid down your house, so you take one hundred thousand your mortgage down to forty seven. How quickly could you pay off the remaining forty seven?

Would deep like a few years? Two, two years.

two years? okay. So two years from now, you begin saving up for this new hundred thousand dollar land in cabin project that i'm guessing could be done in another four years or less.

presumed okay.

So six years from now, how old are you?

I would put me at thirty five.

both of us at thirty five. That feels a more peaceful path, to me personally, is getting our primary house paid off. Then we save up and purchase the toy and have this this cabin dream is going to be less land. Is there going to be maybe a little more sure.

Have you ever lived in the woods? Do I said what .

time the world you.

O K, I grew in the world, have you, would you consider selling your primary resistance to move to the woods?

No.

okay. Yeah, i've got, I got a thing in. My god, I love the woods, but more so than the woods. I like having a house that nobody can ever take away from me.

And six years GTA fly by yeah as a hedge and man.

if IT really means a lot to you can set up and get thirty thousand box. I think I got that.

Thanks for the call. This is the rainy show. Do you ever feel like .

you're finally making progress for your goals only to get quickly distracted by something else in your feet? Well, that's why we created the m network APP, your single source for content that keep you motivated. The M C network APP is designed to keep you laser focused on reaching your goals.

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up today from ramsey network.

This is the rams y show. But we held people build wealth, do work that they love and create amazing relationships. I'm George camel, joined by best selling author doctor john baloney, and were taking your calls at triple eight, eight, two, five, five, two, two, five.

Don't be shy. Give us a call and will help to take the right next step for your life and your money. Robert is gona kick us off this hour in chicago. Robert. Welcome to the show. You with this .

hey how can we help? Yeah so um basically what i'm wondering is my wife and I um we bought a car um in the basically the beginning a coped um got IT for a zero percent interest ate IT was great um you know I would consider ourselves living by the rampy principles like paying off but um no avoiding debt, saving up all the things um was wondering if we were Better off paying off the vehicle that we have with this percent interest one or just continue to pay IT off because it's not costing us any money.

Know what do you mean is not costing you mind within you're saying because the interest isn't there, because that payment is costing you, there's opportunity cost paying a payment.

And .

okay, how much money do you have saved up?

Um well, so that a thing buy another car this weekend, but we're doing IT in cash or not going into dead. Um but we have about eighty k set up um and then we will have the delta of that would be basically our emergency fund. Um so wondering if we get into that or paid IT off what you consider .

your emergency fund? Give me a number .

uh thirty to forty eight. Okay.

so let's say you have forty to spend on this car. What's your household income?

Um over two hundred people.

awesome. Okay, what's this car gonna cost you the .

year about to buy .

fifty fifty.

Okay.

so leave you with thirty three emergency fifty for the car. And what's your car worth that you do? You have the zero .

percent loan on, honest. We bought a brand new um so he was like zero percent interest for seven years and we put a pretty good bit downer IT um so I don't know what it's worth as a twenty twenty two for charity, but there's like eleven thousand left on IT so we'll d have a pay OK march of twenty twenty seven .

cool yeah I mean, I get rid of the alan. And the truth with these four percent loans are that they charge you top dollar. The dealerships are going to make their money. And so there's a reason they can offer these zero percent loans and they are the ones winning in the payment. What is the payment on this car?

3 ty five a month。

So that three, eighty five that you're free up that you can now use to do whatever i'm guessing invest for the future will pay dividends more than paying down an asset that is going down in value.

Truly fair. I mean, I plan on having this car for at least another six years, then hopefully longer. We are having a kid um in the next month or so.

So again, trying to like this figure. I know lots of adopting. So trying to figure out .

in are you going to go buy a .

brand new car? Feel like you guys .

like brand new cars. You cannot settle for the twenty twenty three. It's simply too old.

Are you guys do you guys have a network of a million dollars or more? No, okay. I personally, I would caution you against purchasing a brand new car. Please don't IT will lose ten percent of the values soon as you drive off a lot and sixty percent over the next five years.

Think about this way, when you own the jeep grand cherokee, that's what you're lighting on fire in the parking lot of the car dealership and you drive off the new car because if you drove on the block c and the rape back and sold, they'd buy a back for about eleven grand less. That's what you're going to a light on fire in their parking lot, and you don't have to kind of money to do that. Dave rams, you does. You don't.

So the reason for that parameter of only buy a new car for your network millionaire, that too much of your world is wwb ped up in cars until you have the network to stomach IT and you guys are doing great let me to say, Robert, you guys are crushing IT. You have an amazing income. You're gonna get this dead paid off and very soon you'll be you can buy new cars for the rest of time once you hit that um million millionaire at us but right now I would can we year old car and say, dee, we can use to pay off my r done you can .

have a we have .

the baby here that would be a cool feeling. What is IT there .

that makes sense?

And there's a room are going around that I can dispell for you because both both georgian and I ve ve lived IT new babies can drive around town in used cars. And I didn't believe that to be true, but it's on the e because he says on the internet. But both of her kids have done IT right a right, all of them. My wife.

we got Robert when we had our first kid, my wife finally upgraded her car. We'd sacrifice for long enough. We paid cash for a nice car for her. And even then I was like, going to let someone else take the appreciation on these luxury cars. And so we saved upwards of at our ten or twenty grand .

just by buying slightly used. But I saw, I saw a child seat in your three hundred year old tesla of the other day.

That's right, eleven years old, and I still Carries child. And amazing. So here's the deal, Robert.

I would look at at thirty nine thousand out the door Price for this new to u car. And I use the other eleven. You were gonna spend and pay off car today.

Not the answer you're hoping for.

But that's what I would persons. That's what john and I would personally do for you.

In in my in my life, I still do that exact same thing. And a forty thousand dollar paid for a cash car is nothing to sneeze.

It's a nice car. You can degrade with that.

And I love the idea of a baby coming into the world with parents who make, uh, almost a quarter million dollars. Don't anybody anything? That's just a cool.

It's A A stress free home or a stress. It's got less dressed in IT stressed, less free home. And for that little babies, nervous system man just seems like a pretty weak gift.

Hope that helps. I don't think it's what he wanted here, but it's .

what he heard.

Let's see if we can help Grace out real quick. Grace, can you get right to the question up against the clock?

Hey hey, you guys, thanks for having me um so after college I start with a financial visor um of making seventy five k and I got a million term policy. Everything I read that was a good decision um a year and he says, oh, we're going to start this new that's in vehicle and we're gona convert. And I didn't know IT was a conversion dropping my million to seven hundred thousand and i've been getting into like emails with him and conversations and he is just anti cancer the .

policy and taking IT .

into who is I can disclose the name.

I really like your insurance person because you should fire them.

They work for you. yeah. Fire them.

I know. yeah. So seron get turn life in place. Go go to and 到 com and get term life in place。 They'll shop the top companies for you.

Get turn life back in place and then surrender the whole life policy and be very firm. I'm not asking you. I'm not looking for your opinion. I'm looking to surrender this policy i'm done doing business with.

Yeah, yeah. I guess my my thought is can I just at this point, I can contact him without him actually try something more and more more of a conversion at this point? Can I just go through the insurance company to surrender IT and then start investing in IT and this kind of send him the emails ing and working with you, i'm tired of .

yeah I think you make you don't have to make IT emotional, just say everyone of the policy that's IT i'm done, i've moved on. I've got term life through a separate company .

yeah and then I had to disability policy through him and probably just I don't do business .

with unethical people yeah don't do business that want to take advantage of what they see as an easy target and a Young professional woman. I don't do, don't work with people who treat you like that. Good for you.

Time to move on. This is the anzy show.

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To john. Once.

hi, thank you for taking my call. Good afternoon.

Good have you?

How can we help? Yeah so i've listened to your show for very long time and um I actually started following rem c in the nineteen the early two thousands and you know succeeded in having some decent financial security. And then um yeah about five years ago I have been suddenly .

passed away and yeah that was hit .

fifty nine so you know I was just a bomber because um we were planning, you know we had educated a kids. We were get making good his way on finances our home. We are planning a future.

So um I went into like a state of just crazy and I don't know what you're call IT, but very, very angry. Yeah very angry. And um I actually donated a lot of money and I spent our emergency fund money and I charged up thirty seven thousand dollars worth of credit at debt. And um so i'm back to replay punishing my emergency money and i'm getting rid of my credit cards, consolidating back to the baby steps. But um my question is I have and I feel like my situation so awwad because I have one point one million dollars in my retirement account.

Okay.

um I have i'll have uh you know i'll be secure when I retire because i'll have two pensions and on and how old are you? Uh, i'm sixty three, so this is my question. I have two more years of working full time and I plan on i'd like to go part time.

I'm a nurse and like to go plat time at sixty five. Should I plan to just, you know, go back to baby steps in and pay off my credit cards with my working income now as fast as I can? Or should I just take some money from my retirement and get that off my plate like I don't know which is the best.

is your to that right now.

thirty seven thousand.

you have a mortgage? Yes, what's on that?

And so I have a ninety seven. Okay, so when I when I fully retire, i'll have that pay that will be paid in four years.

okay? So should use your workings income in the future to pay this off or take some out of retirement. It's not a lot.

You're taking that one point one million and taking thirty seven. I mean, the ratio here is small, but here's what I love about you using future income. You will never go to that again when you have to make those extra payments on those credit cards.

And I I would encourage to cut them up after. So from a math and point, you could take retirement money and pay this off today and be done with IT. But I want to see your habits change forever. And that's where paying off the step with future income, you'll feel that more. And I think adding friction into your life is what's going to cause you to make Better decisions in the future.

That's one man's take. Yeah, that might got feeling. But i'm like I might be and stupid financially though, because I do have the money, but I do want to make IT uncomfortable for myself.

I think this comfort is undervalued in today's world.

I think we've .

been comfortable for too long. What are using?

Just yeah.

yes. And we do me a favor.

Yes.

this is kind of a weird request. What are you holding anything, any other of your hands?

No, but i'm kind of know with some shake in my legs and I make them a lot.

No, no, no. You anything wrong? I want you to take your hands.

yeah. And I want you to freeze him as hard. You can together.

okay? Squeeze really tight. Three, yeah, two. And then let them go open up again OK. In your shoulder are pretty right, right now, because you nervous. I want you to pull him all the way down.

consciously pull them down. okay. yeah. okay. Done 的。 What can you see me? A sometimes.

no, I can hear you. Now, listen to me. Listen.

what is your .

husband's name?

He just opened .

he up and passed away in he, yeah, and you miss my body hell ah.

he was my okay.

can I tell you you are lot of made its stinking bill and when you get to the gates, he's going to a get a air full from that's fine okay and can I tell you some yeah he going to be wait there for you holler at you to hurry up quit taking so .

long I .

going to take some males .

when he passed away .

the world got real grain you bought some stuff who gives a crap? Will you quit? Beat yourself up .

over that I know I .

am today today were done if he was sit right now to you hit A A N quit. Oh my gosh. Quit talking about IT woody, yeah yes I know .

to do with your pain.

You try to be in service to other people. good. I can think of a lot of worse vices that you could have gotten into after losing an army and a leg and part of your heart.

yeah. Okay, so quit. Beat yourself up. You're a millionaire because of the life you in bill created.

You're gna get this debt paid off. You're not a scared of hard work. You're not scared of put in a couple of small hurdles in front of you. You're amazing. Sixty to year old woman.

oh my god, this is such a nice phone call. What I expected.

I know. But listen, every day you wadia to the craziness of hurting people, and you bring them a little peace.

Don't you can at least .

commit for the rest of today to give yourself that piece, because you were there too.

Thank you.

You promise.

I really appreciate that. Yeah, because it's financial ally. I have felt a lot of shame.

I not. Dude, you know what happens if my wife up in possible? Do you know what happened? You would see the supernova from boston. I could tell you right now, I would not make a string of good choices back to back to back to back.

yes.

Okay.

good guys. Now you do feel like you lost your Better half .

is the funnest was the hardest he ever made your life?

Oh my god. He was always making me that he used to dance around the house. You know.

just wow. And is the family show?

What do you do around the house? Have all these funny video? Yeah, he, he, he was just a great guy. Yeah, right. Join that light is still .

sit and inside your chest and you to quit, cover on IT up with shame, because you spend some money and gave some money after he passed away. K.

we're done with that now. So paying off these credit cards with your future income, this is not a punishment to end because she's made bad decisions. This is a gift to herself.

Yeah I feel good with that. I feel really good with that because um I my husband, I work so hard to save up that money and that would be like just very defeating if you know, IT just make me feel bad that I packed up money. I mean, I I read gay rims first book in two thousand and two. And I remember I was just putting ten dollars a weekend, my retirement account, thinking this can't possibly this isn't .

doing anything much money. Now you get one point one million, sixty three. And I guess that is something IT does.

And I never stop contributing. I never saw when the markets crash. I just didn't even look at IT in one day, I turned around and I had eight hundred thousand in my account. I couldn't believe that. But of course, it's been thirty nine years.

So right.

just this moment. And i'm glad, i'm glad that our pets cross today. My life is gonna, but british. I got stuck to you.

Thank you so much. And selfishly, as a guy from the outshore, I just miss a good boon. X, X, and, and and really did something for the viewer.

And a hova bow haven't a log right now. IT would make me feel a lot Better.

But I may need some plan chatter tonight .

in your hour just like that.

One of my heart.

oh, great. I like, feels so much Better. You know, even though I have to struggle and take this, I feel much Better with that decision. Thank you.

Thank you. Everything right? You're on the right path, man.

Bring a new picture of what's next as my doctor john, what's it's not the one you had in your mind, not the you are created everyone listening is is proud to you. They're cheering you on for this next chapter of your life and you're entering into IT with freedom, no debt, with a beautiful memory of this man who who made you the woman you are. Thanks for the call. In this is the rain show.

Hey, guys, i'm never done this before, but i'm partnering with a nutrition company, field of Greens. Each fruit and vegetable in the field of Greens is selected by doctors to support heart, liver and kidney health, plus metabolic for healthy way, and your doctor will notice your improved health, or field of Greens will give you your money back. I can get behind the promise like that of the of dcom sash. Ramsey, hey guys, George.

Camille here. And it's that time of year again. The store shelves are packed with little Debbie Christmas trees, matching pajamas for you and your dog, you know who you are, and giant inflatable centres for the yard.

I'm not mad about that. And speaking of inflation, americans are about to spend close to a trillion dollars this Christmas and get this one third of that spending will be swiped on credit cards. Yx, now I get IT.

You want the holidays to feel magical and you want to have a good time. But trust me, there is nothing magical about staring down a mountain of credit card debt come january. So here's the deal.

If you don't want january, you to hate december, you i've got a money hacks oria downloaded the every dollar APP it's free to get started and you could find an extra four hundred dollars of margin in your first months of using IT. See with every dollar, you'll keep your holiday spending under control, you'll track your expenses, you'll make a plan, you'll stay accountable and maybe even set yourself up with some sweet new year goals. So skip the post Christmas regret and download every dollar for free in the APP store today.

Your future self will thank you. Welcome back to the M, Z show. I'm George camel, joined by doctor john the loney.

Today's question of the day brought to you by why refer why I refer refinances to fault to drive a student loans defaulted meeting in the bar or can't make the required payments. So that describes you and you've get private student loans contact wirefly. They can offer you a low fix rate loan built for you. Go to why we find out com slash ramsey today. That's the letter Y R E F Y dot com flash ramsey might not be available in all states.

Today's question comes from Andrea in arkansas. My husbandman's mom inherited the family hunting branch. I would love to get this call one day, which is worth about a million dollars.

My human and I pay most of the expenses. We use our personal equipment to maintain IT, and we are the ones who scheduled and host hunters. I also handle all the bookkeeping Andrea call me.

So I told my mother in law that an L, C needs to be created for the amount of business we do. You know what? Her eternity.

And now the ranch is now only in hers, in my husband's name. I feel like she's trying to cause a rift between my husband and me, trying not to judge their family history. But every one of the other four kids are divorced.

This seems to be her way of creating an easy way out of that. If we are divorce my husband, I have a strong relationship and he shares me not to worry, because this will change nothing in her marriage. But everyone doing all the network in, hoping this doesn't mess up our relationship.

Am I wrong for voicing my opinion in this matter? What happens if my husband unexpectedly passed away? We have two questions. We have two kids that will need to be cared for. And we earn nothing from the range that .

those last four words tell me a whole lot we are. That's really the resentment she's putting a whole lot work in. She's getting zero dollars for IT and her names not attached to IT. So there seems to be that all playing into this picture.

Yeah, this this is a mess. They use their personal equipment .

to maintain IT. They're the one scheduling doing all that. She's doing the book keeping and she's the one hand a link telling the mother in law to meet with this person.

And I personally don't know the full story. I don't know if the mother and was being malicious. If this is really strategic move, this was inherited family land property right that SHE inherited. So the the the daughter in law doesn't have a right to this land even though she's doing work for for this property.

right? And yes, so as multiple things happening here, I think, George, I think one of them is you're running a business that doesn't making money. Stop, stop winning a business that doesn't make money.

Who is making the money? That's the question.

And the only thing I can think .

so we earn nothing. So like the husband, she's not get anything. Husband's life is mom making all the money?

Yes, so husband is using all of his tools and stuff like that to help because he wants help out mom and he's the one good kid. He's the um all other kids divorce causing problems and he's the one good kid. So he's just gonna dump some money into the thing.

That's that's one thing. If it's mom's property and he wants to bring on your husband as a co owner and L, L, C, in cash passes away, it's easy to go to him. I wouldn't do sleep over that.

But the fact you're asking this question and tells me there's something else going on here and if you had trust in your mother in law because of the way he has treated in the past, and this came up, you went, think twice about IT, right? If my in laws is one of my in laws of my father all or my mother in law um was to do a joint venture with my wife, then I helped with. I wouldn't think twice about IT because I trust both of them implicity forever.

This tells me the other trust issues and that moms maybe been trying to cut you up for a long time. And this is another way you can edge anyway whole things messy. So I would ask this way, number one, um if your husband likes hunting on this property and it's fun and he likes doing IT and he likes to make a little side, my side money bringing in hunters in, you'll figure that out even if you bring inside money all does he pay the taxes on the land and pays for the fears.

Fine if husbands trying to do this to winds mom's favour and maybe one day should leave IT to him hopeful live IT. And now we're get in a messy stuff. And if you're running a business is not earning anything, you I need to have that conversation. Yeah whole things in s but want to go back to this um one question here. Am I wrong for a voicing my opinion on this matter if you are a part of a marriage where both people have a voice and both people can be heard and to say what's on their hearts and on their minds no no.

If you have voiced your opinion and your husband said, I don't care, don't worry about IT, then nagging or complaining are going to war, is not going to solve the problem then your marriage has deeper issues, which is your husband is we care what your opinion is on these matters. He's going, he's gone. You you just that court, right?

yeah. And talk to me. You said, what happens if my husband unexpecting passed away? Figure out what the White looks like and what the state planning journey looks like. What will happen with this is I will see that he's a part of I would I think you have a right to know what would happen there, but I also wouldn't I think there's just more resentment here because of the effort she's putting in. So maybe he goes, i'm in the back out of this .

and you all can hire a book keeper, hire somebody who is booking these hunts. I'm going to step out and just be with the kid. There you go and it's not a job. It's not going to lose money on IT and you'll knock your life out of that's something .

doing so not much to live here. Alright, let's go to the phones, Daniel and cleveland up next. Let's coming on.

Hi, I should guys for taking my call.

Sure I help.

So i'm twenty three years old um my wife is twenty four. We have a three months old daughter. Um my life stated home, i'm a nurse.

Our yearly incomes ably around sixty thousand. Um we bought a house around six months ago. Um we have about one hundred and fifty thousand dollar long um like five point six percent years I think.

So my question is we have about one hundred thousand dollars in our in a high od saving account. I mean that looks like we'll end up getting another hundred thousand um from like an inheritance basically in the next month. Uh, we have zero death. And this I guess just like looking forward, I guess should I be paying off my home and I just don't know exactly, I guess, what to do with the money. I I still wanted to sit there.

Yeah so the hundred thousand in the high eld, does that include your emergency fund? Is that build into that?

Yeah, let's go to the yes.

okay. So what number would that be? What's separated out?

Uh, I think probably around twenty one.

Okay thousand so eighty thousand is freed up. You've got one hundred coming in from the inheritance. You hundred fifty on the mortgage. I would pay off the house as soon as as that inheritance comes in. Okay, it's onna lower your expenses.

You've got to state at homeless fe, it's going to free you up with more margin to build wealth, to give to up the lifestyle, whatever is you want to do with that. But that's absolutely what I would do, especially as you fill through the baby steps. Are you guys .

currently investing fifteen percent of your income? anything? Um i'm just starting to try that. I still haven't listened to day very .

not than the last few months. We provide here that .

means you're trying to Better your finances and in your family's future. So I love that. So I would begin. I'm sure as a nurse, you have a retirement plan, right?

They are very, I think they would match, like, I think four percent on a four one. K, so I need to do that. And then my wife factory has a rough right that her father set up a long time ago. He put much money into IT.

You can deposit money into there because of a spouse or alfie race. So even if that spouse isn't working because you're married, you know she's married to you, you can have you know that earned income from you going into that account. So you could max out to rapier rays, you could put the four percent to get the match and invest that way.

And i'll walk you through this in my book, breaking free from broke, and show you that past building wealth. So i'll send you copy of that. But the the Spark notes is here as i'd get that housepainter. What's your mortgage payment?

Uh, it's around one thousand, two hundred.

okay. Some guessing on interest of that is a big chunk.

Oh yeah, I mean, I think we're paying eight hundred dollars and interest just the way that they set up the you know the .

do what again to be twenty three and twenty four and not a payment in the world with plenty of money in the bank. If you just keep living like that, you're going to be a multi millionaire giving .

very generously. You know, if you pay the house off tomorrow, you d just got a race to seventy two thousand dollars a year.

Yeah because of the IT makes sense. I mean, I guess like for us, uh, i'm just like a man somewhat of a pivotal point because just don't know exactly what I want to do. I also thinking about going back to school um to try to increase obviously yearly income.

I'm really hoping my life can continue. Payment with money in the bank. You can margin to seven side jobs, so you can be there with those Young kids.

You don't have a house payment. This is a great place to be. You want, you want if you don't screw this up and go take our stupid student loans because don't take an grind IT take this extra money and spend IT invested in yourselves, bro. George, your right dude.

you want you if you never have a payment again at twenty three years old, you're gonna be just fine a man. Thanks for the call. This is the Randy show.

Folks, the rami Christmas cash give away here and you could win big or giving away five hundred dollar Prices each week and one grand prize of five thousand dollars in a daily for your chance to win at ramsey solutions dot come should give away. It's that easy. Plus our fifty days of Christmas deals is on right now get up to thirty percent off best sellers and life changing gifts that won't break the holiday budget ramzy solutions outcome slice store.

Welcome back to the ramsey show on George camel, joined by doctor john the loney open phones and triple eight, eight, two, five, five, two, two, five. We just launched a brand new tour with dave franzy and doctoral Johnny the hitting the road with the money and relationships tour.

They're going to louvre on April twenty first, drum on April twenty third, atlanta April twenty fifth, feenix on my fifth, 4 worth on my seventh and ending in kansas city on mayday。 And here's what's go about this event. I don't know how they're doing a john, but they're gona let the audience choose the topics that you guys talk about.

Do you know how they are doing this? What magic? What source is this?

Yeah, it's gonna pretty chaotic. I'm just i'm laughing. You and I one of just a few people on the planet who knows what it's like sitting next to dave, not knowing what is going to say next and not knowing what's going to come out of his mouth and then he looks at you and says, jack, you're turn here and so yeah, I haven't been nervous. Renovate in a fun way .

like it's .

gonna be kind of wheels off who topics and people get to write in .

and we kind of just vote.

And then based on the IT is game on.

we can talk about intimacy or wealth building.

talk about retirement in sex and marriage communication.

and where else can you get that in one room in one night? That's amazing.

Great money in relationships .

toward dave and doctor john ramsey solutions 点 com slash tour if you're turning in on youtube or podcast， click the link in the show notes. Medicine is up next in hartford connect. Kate, what's gone on medicine?

hey. So I want to thank you for taking my call. So i'm currently twenty four. I just started my second nursing a job after redoing college. I will always always saying that I am in some debt um for got from going to school and like a car loan but um with benefits and then being so overwhelming and confusing, I do have a few pressure OK. So with my employer they have a six percent match on my retirement and even though I have some this I assume that I should contribute that amount.

Be careful.

Assumptions I know, right.

okay.

But I guess depending on the end to that question, my second pieces is they offer IT as like pretext or in a raw, yes, I guess that you I can stop there. The second part kind of something different as another benefit.

okay. So your number one question is, should I contribute to this even though I have debt? yes. okay. The not fun answer is that I would pause all investing until you knock out all of this step for two reasons.

Number one, it's going to give you back six percent of your annual income to tackle the dead faster, right? okay. In number two, it's gonna put a fire under you to get rid of that debt really fast because you wanted get to that investing and get to that free money. And as humans, we cannot need to have this current dangling in front of us, otherwise we get comfortable doing seventeen things .

are not .

making progress on any of IT. So what is your household gross income?

I personally was seventy before over time.

seventy. okay. So six percent is forty two hundred a year. That's three fifty months. So you'll have three fifty back in your paycheck to attack debt. What's your total debt load?

Um about twenty thousand .

and student get in twelve in a car alone OK.

So you are thirty two and that you make seventy. How aggression can can we pay this off? My guess is eighteen months.

Yeah, I said ten thousand of our last year.

So if you get aggressive, if you do a georgian john's way, this dead is gonna gone in eighteen months. So that puts you at twenty five years old. And now you're investing fifteen percent instead of the measly match, which is what most people do for their whole life. They can never get above the match. They don't have the money.

right? So imagine you're more money.

You're investing fifteen percent, which is ten thousand five hundred. I investing eight seventy five inside of thirty.

fifty for the rest of your life.

So what IT comes to that time and eighteen months by by should that be in the pretext retirement or the raw .

I would personally go off. And it's a simple reason you're going to use after tax money. So you you won't get the reduction on your when you do your taxes like you would with traditional side.

But that money you already paid, uncle sam. So it's onna grow tax free and you can withdraw a tax free. So if you have, let's say you retire, i'm going to you're twenty four years years old that say you start interesting at twenty five.

You work till sixty two and you never get a raise after putting in that you know eight, seventy five or whatever. Well, guess what, you're going to have five point four million dollars. And if you're in traditional, you've got ta pay taxes on that money as you withdraw IT.

But if it's rough, you have five point four million dollars of take home page of net income. You see the difference. Oh.

for sure. And that's why I was confused. Able, I should start now even though IT wouldn't be fifteen percent mance that are .

tally separate good as IT should be until .

your mary don't combine.

just go for IT.

Have you in in? You've been a job one and not your job two. Have you been in a room? win. A doctor flew by and said, do this, this in this. And your first thought was.

For sure, that's why i'm on the .

same with you. Now there you go. So here's, here's what I want. I'm gonna come to you as a nurse one day holding the most precious thing in the world to mean that's my daughter. Or i'm going to come in holding my son, and i'm to be using super human strength because his humongous. And i'm going to look at german.

They help.

And I would much rather make eye contact with somebody who is completely free. Doesn't oh anybody anything who can say I can help your kid? I would much rather than that interaction than somebody who says, or we're enough to run you through the whatever spectrum matter because this is the plant because, you know, I got to pay these credit card bills and I got to fall the you see .

him saying over, sure.

I want a health professional that is free to do the right thing in the right moment. Not something is going to think through hole much of filters because a bank owned the next move. And so I want you to think about being twenty six and twenty five.

You don't know anybody, anything you know, you can do the next day, whatever you want. And then after that, what do you want? Perfect is you what i'm saying and then George George gave you the georgia, gave you the road method, just you're sorry alone five million dollars and .

that if you never get a race, which you sound like you're an incredibly nurse, you're gonna go places you're gona make more money over time will always need nurses. And so let's just go to show you if you if you get this dad out of your life, it's going to free of margin for the rest of your life. yes.

And so you'll save up and pay cash for your next car. You'll never go to student loan that again, you will cut up the create cards. You use your own money because you don't need a bag. You don't need .

a lender over. Sure, never touch a card dumpling and omit awesome OK.

But do you come a moment when you're going to want to go someone's gona at your office going to say, hey, we have a little program that cost twenty five thousand dollars or fifty thousand knowledge of inner practitioner. We want you. We've seen you. We want you to do IT and start in the fall. I want you and your husband be in a place where you'll have that money saved up because you know that is going to come to start looking for now.

Okay.

you said you had a one more question. I don't want to leave you hang.

Yeah ah so the second part I I kind of get to just now, but IT was the H S. A. That my work off as well. So they they contrived every year some hundred fifty dollars when .

h awesome at one hundred percent of that.

yeah. So obviously the free money is super smart. Um my other pieces is so I have approximately like one hundred dollars in medical bill. Bit like that I could use S H S A for every monk yeah um you look like a pretty disposed condition um and so i'm wondering is for like I know IT can be investing and I know have a thousand dollars I can be invested and so on. I know and i'll have this bill, these medical bills at a three hundred dollars months for the rest of my life. Um so should I I get them asking, should I be putting enough in there to pay for my one hundred dollars a month? So that's coming out pre tag.

sure. Yeah i'd give you the most benefit.

okay? I want it's going .

it's going to be a light L G.

It's getting a fifteen or twenty percent discount on that bill every month by running IT through the agi.

And then eventually, after this death is clear, be contributing more to that .

makes .

the whole thing.

Yep, my goal for you would be once you get fifteen percent your debt free, got the emergency fund, then beyond fifteen percent, retirement investing max out your hs every year as a kind of a bonus retirement account one day and sixty five. You can use that as a traditional forever N K. For non medical expenses.

You will have to pay taxes on that if it's not for medical. But it's kind of a cool, fun fact about the h sa. So a great call.

Metsa on party, twenty four years old to be asking these questions tells me that you're gonna be just fine and a morally proud. You get your fiance, say, on board, and you guys will be going places in building wealth together. This is the remedy show, keeps listening on the rainy network APP. We've got more calls to come go downloading.

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