You Need To Do a 180 From the Life You’ve Been Living
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Why from the headquarters of rams y solutions, it's the rams y show where we help people build wealth, do work that they love and create amazing relationships. I'm George camel ll, joined by my cohoes Rachel cruise. She's also the go host of another show we do to together called smart money happy hour.

The number to call is triple ate, eight, two, five, five, two, two, five. You jump in will talk about your life. Your money will help you take the right next step. And we will try to make IT entertaining .

to cause know life too short. Yeah, yeah.

Money is fun, world heavy. And out here making the light of IT all and shown you some a path forward, some hope. So germany is gonna ick us off across the boards in otaka, canada. What's going on, jeremy?

Just trying to keep on britton from the other yourself.

That's right, my friend. How can we help?

Well, hopefully with some answers to some money problems, but and and a not show, I rooted my family and and moved, ended up taking about a sixty five percent pay. And now everything starting to pile up and pile up. And I I want and all that makes me A A dead beat. Father F. I, I move back to my old job and making north of one hundred and fifty eight versus south of fifty day, just to keep all all the bills paid and food in the fridge.

What was the reason for you to approve them and take this paper? That was clearly a big enough reason that you guys decided to do this.

I just keep the family together, be a little closer to my partners family. They're super close, but okay, and I are realizing .

we can sustain this financially with our lifestyle bills and our much lower income. This is stressful for us. Even they were closer to family.

Exactly is are you in a when you moved away? How far away are you from where you guys moved? Because when you say to go back to my jobs, that mean move again to go back to the old job or you could do something different with where you guys live. Now.

uh, it's three thousand miles and I was told if, um if I go back and go back on myself.

wow, like an automated yeah .

does SHE understand .

what's going on financially at all how how is he feeling as he stressed about IT?

Uh, SHE knows that it's not well, but i'm she's kind of blind to IT and SHE h SHE just took a different job to work less hours too okay, when you say she's blind to IT.

does that mean that he doesn't have all the information or SHE has all the information but the way is processing IT is not correct in reality?

Uh, I think she's just ignoring the the issue.

okay. How much are you guys in the whole month financially with after everything's paid? How much? How much more do you need?

Uh, I don't know. He doesn't tell me what, uh, what her expenses are OK.

You guys don't have any finances combined? no. Are you are you legally married or .

just cohabitation uare common 吗？ We got two two little ones.

okay, and bank accounts separate. Do you guys then know each other for the mortgage? How does this work?

Um I take care of the mortality in one vehicle and he does the rest.

Okay, she's not feeling the stress of this financially. Just you a no .

SHE ah SHE is too because apparently he hasn't unable to uh to make her minimums either OK.

So IT sounding more like a relationship issue jermy IT sounds like you guys just start doing well like couple in general. I don't know moneys the main issue, I think it's become a symptom of IT. But you guys and then sound like you guys communicate well or or have the same goals or do this life together very well seems very separate even from an emotional standpoint.

Is that right?

So so what sounds like you went along with this to appease her to be close for a family, knowing full well you guys are gonna in the whole financial. And I don't know if you didn't make that clear or if he just was blind to IT, as you said and just going, I don't care, we're making this move.

You figure IT out well there need I don't know who you're god is, but you need to come to jesus conversation where you go listen, you're clearly not doing well financially. I'm not doing well financially, the families not doing well financially, and life is too short to live with this kinds stress. So we're going to stay here.

We have to make this work and here's what that's going to take. And that's when we lay out the finances together, get on a budget together and figure out what the hole is and how we're getting out of IT. And that might mean you need to find a higher paying job.

He needs to work more hours. We need to combine bank accounts. That might be some of the step, the next steps you take.

okay.

And if if that .

doesn't work, so I should I jump back out to, uh, tomorrow jobs just what I know that my kids are said.

I mean, that's the noble thing to do. I don't think that helps your marriage at all or with this common law situation you have going on. So you're going to a grow further apart uh, while keeping the kids fed. And so i'd rather .

can you get the kids fed the where you guys are to be overall on the relationship but get a higher paying job where you are?

Or can you sell the car and make other sacrifices to cover your four walls for now?

Uh, the cars upside down by the fifteen.

Do you know what he makes at all?

He supposed .

to make eighty five a year, but SHE has a habit of not going to, uh, to work. When do you .

get fired and final shope to work enough? Dave says, right? We're going to find someone else who can actually do this job.

Well, uh, shea works in health care. So there they are begging for people to to work there.

And what do you do?

I'm in the construction. Okay.

I know. What were you doing before when you're making six figures?

Uh, I was A, I was working in a in a mining industry and that .

industry obviously doesn't exist where you're at. No, is there an equivalent or there a Better construction job up up the latter that .

you can aim toward? I I progressed up the up the latter in my company a little bit already and the ah the next step would be to uh become a supervisor but that at least A A year and a half out because I i've asked my boss for more hours and if you would be able to give me give me a wage increase and how he just said i'm not there yet.

So german, I think what IT comes down to is U. S. Aren't paying your bills. I mean, what's happening financially, there's an issue.

So the adult thing is that you both sit down together as I here's what IT takes to run our household. And we have to make example every month for this to happen. And we don't get to decide that we don't feel like doing that.

That has to happen. So either we're cutting our freaking lifestyle and taking everything off the table and doing nothing in order to feed the kids or we're going to have to different jobs. We're onna have to choose to move back like we don't get to just sit and not make money and not pay our bills like that, like we can do that.

So that's on an option. We're adults and this is part of life and so that's one thing but the everything i'm very concerned germ y is the relationship. I mean I mean I just IT sounds bizarre to me that she's so in the clouds um that sheet points nothing to do with you financially then she's made that very clear.

My question is why? Because long term, this is not a sustained relationship. You cannot live your life on two separate pages financially because what that is, is an indicator of how your relationship is in general.

And you guys are going to just keep moving further and further part, and you guys have two kids together, so it's worth the fight. But you first from attacks, same point, have to get enough money to pay the bills. And you both have to come to that understanding. And if she's so in the clouds of that and SHE may not be a great partner a long term because she's probably in the clouds on everything else. So so there has to be some big decisions that I can be really difficult, but you both have to step up as adults and decide to face IT together.

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Welcome back to the rainy show. I'm George camel, joined by Rachel cruise. This hour phone call is right there. Just pick up dialog. Triple ate, eight, two, five, five, two, two, five.

And if you get through the screeners, you'll be lucky enough to talk to Rachel cruze herself and get some financial wisdom. That's my goal list. I'm open a call in very soon. All right, let's get to you a question of the day.

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right? Today's question comes from sid in nebraska are advice about retired senior citizens purchasing a house between social security and pensions. My husband, I have an annual income of about one hundred and twenty five thousand dollars.

We have two hundred thousand dollars in cash and a little over five hundred thousand dollars in our I R A accounts. We are going to buy a house for about four hundred and fifty thousand dollars. Should we take money out of our I R S to pay for the house or keep IT invested and take monthly distributions .

to help pay off the mortgage? And less than ten, it's very exciting OK. The houses four fifty, they have some cash to enter key.

So that's great. They'll be a serious down payment if they took that minus and emergency fund, and they could take some from the I R. A. And pay cash, but they would deplete their native, so they would have to live off of those security pensions for the rest of their life, which we don't know how old they are, how many years that live. I don't a postal ball.

but that sounds like between the social security and the pension.

It's twenty five case. It's not bad. I could live off of that. yeah. So IT depends. They live in nebraska. I don't know what the cost of living is there, but I do like the idea of they could take on a more because because they are paying rent right now either way.

yeah.

So if they could at least have a fixed expense of a mortgage and then knock that out over time. And if times get tough, they have the money and they can leave the money invested. Let IT continue to grow. And seven or ten years from now, let's have a goal to have no payments in the world.

Yeah, I think that's that. I think you do so have an aggressive goal of paying IT off because as quickly you can pay IT off, that's going to leave those investments to continue to grow first.

Like in a perfect world, i'd say let's buy the house with cash, right? There's not a ton of that to go around right now if they had a three million .

dollar S I mean, not even looking at four hundred and fifty thousand dollar house. If you're retired, get something smaller.

Do you need the three bedroom at the stage of life and you can downsize? I think that's the move, but I like the way they're thinking and I don't think there's a wrong option here, but the goal is lets have no payments as soon as possible.

Yes.

it's great. Glad we agreed on something today, right?

We ve got there. Always disagreeing.

George, disagreement. alright. Amy's up next in savana, georgia. What's going on? Amy.

hey, guys, I go in pretty good.

How are you? A good?

Thank you. Thanks for having me.

absolutely.

And I am looking for your top investment recommendation to a entrepreneur in her twin.

nice. What do you do?

I have a online business. It's digital marking base, but we work with influencers.

Oh, it's great. And I have multiple .

other online business ideas as well as a broken mood and want to get into real estate investment. So just looking to set myself up. Well, well, Young.

fantastic. You married.

yes.

okay. And what is the household income between what you take on from the business and seventy five? yeah. okay. What is part of that is yours from the .

business that so we both work full time for our business OK home together from the business.

Is IT just youtube working the business? You have other employees.

We have four other contractors team coal.

And so what is your next goal?

You guys have debt you're going to clean up. You have savings are working on or you in that investment phase where you ve really .

got those two? Yeah, we're on one step for. So we've got the emergency find. We've got all the dead covered except for the mortgage. And so I really know you hear all the advice, retirement account, fice insurance, stock market, really a stay. And I just I just want some narrow direction on where we should be investing.

Yeah well, we have very simple instruction when IT comes to investing, and that's mutual funds in real estate. That's pretty much all day of he does that. The only thing i've done, Rachel, maybe fancy er than me.

I don't know. No not fancy tour for the requirement.

no retirement account there is no.

no, that's what's within .

the retirement account and have options as a self employed person that I want ever want to know if you're self employed, you're free answer contractor. You don't just get to say, well, don't have a foreign ke. So I guess I never impressed you have the option of a solo for win k if it's just you in your spouse, you have the option of a simple I ra or A P step I array. So those are some options you can look into. And i'd be working with a financial advisor to figure out which one you can legally do for your situation.

Yes, I think the goal aiming for you guys is to invest fifteen percent of your income into retirement. And so that's gonna look like from a business side. What what Georgeous saying gather steps.

Um there's solar. There's different options for entrepreneur s when IT comes to investing for retirement, then there's also just a traditional like just a rough and anyone can open up that. You can put in, I think, seven thousand dollars a year per per cent, so you can do that as well.

So those are two great avenues to be putting that fifteen percent and then anything above that once you guys are at a point that the houses paid off, love IT, that's when you can get a little bit more um expanded when IT comes to investing. So that's when you'd max still max out those retirement accounts because they are just great from a tax perspective. A lot of those grow tax free, which is fantastic.

Um or yet or real estates, another great option down the road. And we always talk about paid for real estates. So it's not starting big and fancy. You're actually starting pretty slow because it's at the .

speed of cash and it's only after you've got your primary house.

Peter, yes, this this baby, seven. yeah. But for right now, amy, that shooting for that fifteen percent of your income going into or retirement specifically is gonna the best bet for you?

perfect. So what about like a separate mutual fun through fidelity or something .

like that just like a possible? Yeah, I wouldn't ry about that. I the wisest thing to do to take advantage of these tax advantage accounts first, like the rai.

and then put extra money towards the house. Do you guys on the house? yeah. okay.

So I would put extra money to pay that off first before I opened up, just like a mutual fund account. And then again, once the house is paid off. That's one thing winston and I did. We opened up with just a separate metros fun account that we just kind of had in there just to put extra money. And you know if we had IT, so so definite those other options.

that's more of a baby step seven item once you get the house paid off, then you can crease your investing and then those taxi ble accounts become part of your wealth building plan to maximize IT. But for if I was in your shoes, I am, I would just open up two of fire rays.

Both of you put fifteen percent and there is a little over eleven grand between the two accounts and within the raf rea, once you have money in there, you have to actually purchase funds. And that's what we talk about, those growth stock mutual funds IT. Yeah and .

I question.

sure. yeah.

So we've we've purchase our first home in the four thought of turning IT into a rental after the first. So what is your advice on how long to live in IT? Can we move out of IT for IT paid off to buy something else? Like what would you recommended me there?

I won't. I mean, I would I would get to a point that you would be able to cash for the next purchase because yeah, I think because if anything, it's if you went got another mortgage and had a rental, then the rental payments you is paying the is going to eventually be paying the mortgage of your primary house.

And so you just adding another layer of risk and headache. And uh, i'll tell what I did. I just sold the house and used all of the equity toward the next one. Until you have that house paid off, then you can focus on cash lying that next purchase. So that's the simplest, most peaceful way to go about IT. But again, if you scroll tiktok are going to see a lot of people go on, oh my god, you know, keep IT as a rental every time why would you let go of IT?

Yeah and and I love the question though because I think again, we're all four real in investing. But I do think there is this like romanized idea of having all property and its not that passive. I mean there there is so much that goes into IT.

You have to deal with people. You're dealing with stuff breaking. I mean, like you have this massive asset and if you don't have a lot of cash flow to cover some of those things, IT just ends being a al headache.

And so again, the most peaceful thing to do is um what I would do is yet roll all your equity into the next thousand and like windsor, I which I know this is these years are not here anymore, but this is about a decade ago. But we got a condo, George, for forty four thousand thousand and four closure and like that way is far out nashville, crappy, crappy country that we went read IT all of IT, and we kept IT for about a decade. And so like you can start really, really small.

Start small, don't feel like you have to go big. And again, it's not as passive as you think. It's a lot .

of pete guy to invest tions flash guide. Anyone listening out there? It's our free guide for investing RAM c solutions.

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Well, come back to the razi show. I'm George camel. My cold today is racial cruise, and the number to call is triple eight, eight, two, five, five, two, two, five, or the holiday season.

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Got a rami solutions that comes last store or click the link in description. If you're listings on youtube or podcast, let's get to the phones linzee up next in level. What's going on.

linsey guys.

we're doing well.

How can we help today? So let's a quick question. And my boys and and I have recently moved in together and we've been together for a Better year now. Um i'm very early on in the baby steps. Have about seven hundred dollars in my broken .

dollar .

fun you and yeah the big deal um so I have about thirty grand and debt and this was all accumulated before we got together. He has his own dead. I don't know all of that, but it's definitely not as much as I have.

My question is, do I focus on my dead alone and he focus on his dead alone? Or should we combine me and tackle them together? I just don't know what's right.

So keeping them separates is what we would recommend because you guys aren't legally married. So combining finances to someone that you're not married to can get really messy, really, really fast. Um so yeah, I would definitely keep IT separate.

So I would work to completely separate baby steps. So you have your seven hundred with your debt. He has his.

And then if you guys ever did get married, then you would combine IT. After you say, I do, rings are on good to go, combine IT all. And you can work out of one account. But yeah, what we have found, Lucy, is just that um you know if for win you know break up happens and so much of either his assets your assets end up getting entangled with each other and you're using your income to pay off his dad. He's using his income to pay off your dad and I really from an individual standpoint, you've made no progress or less progress than you would have made if you just worked on your own if something were to happen and you guys separated. So um so yeah that's what we we would say.

Can I ask a harder question, linsey? Yeah only guys get married.

Well, we have talked about IT. Um IT also is kind of weird because I just got out of a fifteen year relationship and well, not centered, you know well go and all of our debts were combined but his debt were my debt you and then the .

separate the toy yeah .

a little different. I was like me. And what if something happens? We're only paying off his death and I look, you know, i'm coming out. Yes.

there is one thousand things that could go wrong with this situation, and that's why we recommend just waiting. You'll have legal protection. You'll have the moral unity of gone right IT is we know it's our one account, our one pile of dead and that, uh, that is the best way when you get to that point, you will find that does accelerate. But now is not the time to do that. So even when you guys get married, combine and we hope both of you are on your journey and keep each other countable is he on board with this plan?

Yeah, yeah. We and we've been kind of learning with the idea separately, obviously, for about three years.

And I think you make IT a competition you may like .

that's a great that's actually a great idea. Everything in the competition.

How about this u payers off first, he's got a point. The question, if he .

serious .

about he's 的， i am kidding, but I don't let that hold you guys back from getting married either. That's another thing that comes up is the well we want to wait toward debt free to get married. Get married when you feel like its the right time to get married and the debt will care of itself if you guys on the same page.

awesome, awesome, awesome advice. I do have one work. Quick question. I already .

know the answer that tells the answer you .

done ious I have about okay I have about twenty grand and so on that um I plan on going back in january. Um obviously I don't want to take out more dead to do that. So i'm guessing the right answer here is pay out of pocket.

yes. Why are you going back? What are you getting back? What kind of degree?

Um it's a so short degree so I am going to be a therapies um I have two years and I need pretty much too more to even be taken seriously um for more to actually get anything done. So yeah, that's kind of my thought process.

What are you gonna cost?

Oh, that's good question. Going to university. So i'm sure it's gonna up there. Um I went to in denver for one semester and IT cross me tender.

And so well, I would caution you .

to make this as affordable as possible because I know if you know but like social workers air, they're not out there flex on with their crazy high income. So I don't want you to go spend fifty grand to go make thirty five o and so if you going to even cash flow IT find that, is that the only way? Is that the best way as a friend can common would say, and if that means an online program, a community college, they really don't care where you went. They just want to see that you did the work.

you ve got the experience. Okay, okay, that's great advice to that.

You solution, we held at least one person today, right? To a great start. Alright, let's move on to stuff on insane. Paul, minnesota. What's going on?

Every house has .

gone great. How are you doing?

great? Hey um so little bit about me. Uh I am twenty years old uh and I still look at my parents a at a high school. I wanted to trade and I currently worked for a small company where I do did IT the Operations and uh um i'm merely designed as well. So I guess my question for you guys is, you know i'm at that stage where I would like to move out and I have a good chunk of money saved, but i'm wondering if I should wait another year to and put A A large payment on a house or I should move out now. And so we save up and wait to the time is right to buy a house.

I mean, i'm usually more on the side of moving out now if you had a very, very specific goal with a very specific time frames saying maybe you had fifteen thousand dollars in dead, you know like I if you working three jobs, I want to pay the soft, but i'm saving money on rent. But in six months, I move in out after the deaths paid off. Like there was like something that was more specific for you.

Um there may be considering IT, but but the fact that is just to save up for a dog payment on a home. I don't know there's something to be said about just living on your own and and figuring out life. There is A A something and within your character that changes when you have to be the one responsible completely or an adult and you're working full time.

You're making great money. I think it's just I think it's Better for you to be out on your own. Now you're twenty years old, so you're still pretty Young and you're not you oh yes, twenty eight or thirty thirty two.

I moved out at twenty stuff on if IT if gives you any, you know and I moved across the country in school all that. But in your shoes, I would think it's wise to rent. It's kind of like you don't want to go for your first car when you're sixteen and get a lorg ini is just too much car.

The maintenance is too expensive. You're not prepared for that at that age. So similar to becoming a home on or twenty, I would say it's a it's a lot going on right now when you're frontal low is still developing and you're trying to figure out life, but it's a great way to stair step IT and right I know how to pay bills on my own. Still having na take care of my own life is a sense of independence. There's a maturity that happens and that's why I think it's wise to rent for .

a year or two or how .

to move out yeah before. So I would say yeah absolutely move out. You're out of debt with an emergency fund.

Um I currently have um about I currently all about seven thousand dogs in my car, but I worked besides us over the summer and i'm going to pay IT off year and awesome.

That would be my goal. Let me get the debt paid off. Let me get a little savings going to prepare for you know that the deposit is going to be required for rent, some furniture for my own place and then I would say, mom, dad, it's been awesome.

Thank you so much. Yeah but ah and I would have a money goal between now and that if you decided you're going to move have a goal of a amount you want and a time frame and I think that would be very mature of you to a deck your parents and say, hi, here's my plan. You know i'm going to be here for for four, five more months. Uh my plane is to save up this and want to pay off my car and just give them the dignity as parents like a i'm in adult and I I moving off and well dad moment that thanks for all the help and um i'm a man now and i'm making my own money and live in my own spot.

I'd seria if I was that parent.

I A good job and this .

is also what .

a fun right .

of passage .

to move out of the house and get your own place. Even if that's running, it's the wise thing to do. This is the ramsey show.

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Rampy any very special? Yes, I O I for this and a all back. So you guys took a call on the road show and IT became legendary. They've reacted to this call and we got an email from them back and we wanted to give you got an update.

So tee Operator, yeah. So we got a call when kid and I were on the show probably few months ago, and IT was a mom who got her daughter tickets to the Taylor swift concert. And he was like, well, if SHE sold those tickets now, you could pay off all over to alone that what should we do? And I like you go to concert.

I mean, like, like, like you live once this is instance, go to the concert, you can't get tickets forward. If you got tickets, you go, you figure out the debt later. You can go into debt for the concert, but the tickets, but just go and enjoy and then can, over here, became a swift tea and said the same.

Thing he said, if we sell them, will make somewhere in the tin grand range and we will put IT towards that. I said, are you are you planning to spend that amount of money out of your own pocket to help your daughter with a student loan? And he said, no.

And then I said, to real shock, I think I go make a memory with your two daughters. Life is short. yeah. And he acted like I was the grant who got a heart.

I could not believe comments the day. So then when dave was on the show, we later we played the clicks. I like, dave, you tell amErica where we wrong.

And he agreed with us only because I was a gift from the mom to the daughter. And he said, you can't undo a gift. You can't, like, make her now, sell IT now, he said, if your daughter called me, then maybe I would make herself. But I think, I think we do have a.

we have a clip we can play. James OK.

my daughter is twenty two, and SHE just graduated the college with some student long debt, and about a year ago he was able to get on the need to scale. And I H three tickets for her or my older daughter and myself to go to a Taylor swift cancer in the appoints. Got like two hundred nine dollars A P.

So now i'm seeing these crazy, crazy IT am, yes. And so I told her like, why don't sell those tickets and you can knock down to something but you'd be so far ahad SHE says absolutely is non negotiable. It's a buckets list item. She's like probably u actual a study and this is you know .

in a turn money, right?

pay. But you know I mean, this is infer me too. I'm looking at like, you know, she's iconic.

I would love to go to her concert. My daughter of all the people that he could take, he wants to take her sister and me. You know, I think that it's gonna a fun thing. And what would .

you what would you take me? What Rachel Walkers? That what do you think you could make .

on these tickets? I'm thinking, is up three, three, four grand.

Take easy.

Yeah.

a court ticket. And so her student learned that is twenty four thousand, and that's what you would want to put the money toward.

Absolutely a hundred percent of that .

would go to there. Would you be putting nine thousand plus dollars towards her student alone? If you hadn't bought these tickets?

I would. I wouldn't .

reall these tickets. Here's the deal. deal. You aren't planning to cut, cut a check for nine thousand five hundred dollars to put on your daughter student.

one ever.

I was not. So my whole point is .

like a right, if I nine thousand five hundred to my ad, I might do that.

I get IT.

But this is.

your daughter is a once in a lifetime concert.

Oh yeah, I you go jail, go to the concert.

You weren't gonna do this anyway. And I think your daughter had absolutely no way. And I think that creates an unnecessary tension.

She's twenty two. He needs to pay the thing off herself anyway. Um there is a lot of reason I want to audience to know. I'm not just I just think when I look at something like this, this is about the emotional.

not there we go. I mean, that's some common sense wisdom right there. And here's the update, jill emails back in.

We got this .

yeah sweet note.

Can I read this? Yes, I outcry. okay. true. I was pretty amazed that my con question got to so much discussion and the follow up with David, Rachel, great love, that I wanted to send an update because we went to the indie concert this past sunday and IT was just as amazing and experience as Rachel indicated that would be.

Taylor swift really puts on an impressed sive performance in the crowd, and energy was fabulous. I had a wonderful weekend with my daughters. I can advise I made great memories with my daughters and attached in a couple photos you're seeing on the screen if .

you're watching on the and look at .

this braced the friendship brace that now tailor made famous, uh, what's to say.

can says, make memories. And I got choked up when I read a siler day. I did.

did you everything that you'd make IT to a Taylor swift friendship with you.

But I wasn't that I .

was included in that IT was that I had a little tiny, tiny, really fun and entertaining small infant play in that mom making memories. And I just think that you don't know if you have tomorrow. And I think I got chopped because I got one little girl, yes.

And I if Josie said, dad, take me tailor s with, i'm onna, go deliver garbage. I might feel some organic garbage. I'm just making the point you do. You would do IT a little. I got a little.

What T, L, R Spark notes here is. SHE didn't go to dead to do a gift. He wanted to be generous to make a memory.

yes. And because that the tickets.

the value in front road, a little cyc.

she's laughing. Oh, you're not cry. Maybe you kind of at me. No one know he was crying.

SHE was so special .

was .

a sweet thing.

I know.

And I think we .

turn him into a swifty by .

accident your heart.

I think you, because it's always the tension on this show when we talk about money that we say you live like no one else, so later you can live and give like no one else. And so this mom was debt free. The mom was responsible financially.

SHE had the cash to pay for these tickets. Like SHE did nothing wrong. I mean, nothing that we would say like, oh god, SHE shouldn't do that.

But her daughter, on the other hand, right, is the one with the student loans and all of IT. But IT was a gift to her daughter. And again, is this tension between we want to be wise financially.

You want to to get to a place that you financially are at peace. You have a solid foundation under, you don't have dead, you have an emergency fine like we take care of that. We are adults.

We're going to be wise with our money. But then on the other hand, here me say this in all of you that have listened for a long time in our own babies, steps four, five, six and seven. Enjoy your life, enjoy your life and everyone like, oh, dave, you know, saves all the time day thing, doesn't he? He saves, but dave spent dave parties like, I mean, he's he is a spender and that's what we want for you too. We want you to be at a place where you have the money and you can enjoy .

IT downshift from the extending to international budget.

The message is not, oh my god, sh, when I have to find coupons for everything, a purchase for the rest of our lives, because we have to just save a time and we're going to just die with .

all this money and we never enjoyed .

life talking you I know .

I think all that I enjoy life.

Enjoy also using a .

coupon no, you enjoy counting .

money oh .

my god person but you like count your coin .

t petites ers at restaurant .

to people .

like there's a point, people, there's a point that we need to just relax .

and tizer Taylor, if you buy any .

member ilia or merch salad afterward.

I probable .

the tickets .

invest in a good, great ual fund from twenty two .

to sixty two is now now I probably would .

have been on team cannon, Rachel said, begging, ly, you low .

even.

Well, it's the recipient deal. He gets to do what he wants with that gift if he wanted to sell IT and pay off that .

or do anything else that's up to her.

absolutely. I do want to point out that at the that when I watched on youtube I was also, I think Rachel's and SHE ah collab bed with me on that one but i've .

finished with the .

lyric .

from twenty two that's in and the mom says.

yeah I thought I was like I thought I was going to a cool host and drop in a lyric and and mom came right back and Rachel was so happy I don't know that i've ever gone to commercial break where SHE was so emotionally just over filled you so much for men in her face, you've got to watch the clip. For those who that were listening played that you got to watch her.

She's so excited and scared. I want to see you guys unica .

joys of happiness. And they've found the scientifically proven artha broke talks about this. You actually can find joy when you spend money on .

experience with IT.

Let's book a guys trip. I .

only .

tailor swift. no.

Yeah, let me guess. We're onna. Go a hunting and kill stuff.

No, thank you. You'll take Taylor swift. This has been in the razi show.

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Why from the headquarters of ramsey solutions? It's the ramsey show where we help people build wealth, do work that they love and create amazing relationships. I beamed the personality George Camille, joined by best selling author and cohosh money, happier Rachel cruise.

And we're taking your calls at triple eight, eight, two, five, five, two, two, five. You jump in will help you take the right next step for your life and your money. Alex is, will kick us off. And phoenix, how can we help? Alex is.

hi. Um so I am single, all the coping. And I currently make fifty doors before taxes. So I bring him about forty, thirty eight to forty thousand after taxes. My problem is I have thirty five hundred dollars um in bills monthly by my pay checks. I went from three thousand dollars a month, so i'm always five hundred dollars below what I need to pay my bill. So I didn't know if I was smart to stop paying my personal alone or to stop contributing in to my foo one key um but I don't want I heard my credit by at the same time I like need more important to tackle the bills that are are unnegotiable yeah .

how much of the three thousand is debt and how much of IT just bills for lifestyle.

although the olive is on those, the thirty five friends that I owe monthly, all the bits bills. My rent is I K eighteen hundred for everything in my house. My car note was like five hundred and thirty four.

Car insurances, two hundred. Help insurances, one six? yes. So IT all .

adds up to OK. So tell me debt specifically. So your car alone is how much total?

Thirty thousand?

Thirty thousand. And you pay how much a month?

Five hundred? Thirty four?

Thirty four? okay. And then what other dead you had a personal loan?

Yeah I have um a couple of personal and consolidate IT well have one twenty five hundred one and I have a couple of credit. Ds so also other that's another ten thousand so i'm forty thousand dollars in debt. I'm just like my my debt that I have a four thousand and that yes, okay.

so how much is the payment for the personal law, the twenty five hundred.

three hundred.

three hundred OK?

And how much paying credit cards every month?

Uh, I actually stops pay. Well, one of them as if I take fifty dollars for um the small credit to five hundred dollar credit card. The other two ended up uh, going to collection okay. So I haven't been making any payment on that and I I have been thinking about putting the other one go to collection. You know that on my credit.

yep, for sure. Um okay. So yes, I would stop contributing to your forewing cay for sure. I would stop any retirement savings. I would press puzzle on that. So I would call your each other department on monday make sure that no more money is taken out percentages .

at what's the monthly amount let's taken out.

Eighty dollars and and they um go up to six percent. We imagine me to I to contribute to four percent.

They contribute you. Okay, all right. So if we pause that, you'll get A D box back in your life.

Here's what we're doing, the math for work trying to find new margin. There's two ways to get IT spend less and make more. I think we need to do both.

And this car looks us IT. IT is way beyond what we would recommend. We always say that you want anything with motor's and wheels to be half or less of your annual income and you're making, you know, fifty thousand of a thirty thousand or car.

You have too much car. So I would be getting heard of that. Do you know how much you would be if you sold IT Kelly blue book? IT?

Uh, no, I just got IT this year, got severe. So two thousand and twenty four, I don't know. I know I will be upside down and I little having to get the car because the one that I had, a little twenty sixteen, wasn't the best car.

I want to show you about your language that has gotten you to this point. You said I had to o, nobody has to get a thirty thousand dollar car right now. I understand that you didn't have the money to pay for a car cash, but it's these tons of decisions where we take that off the table.

We start to go OK what car can I for? What I could afford to seven thousand dollars AR if I save up five hundred box a months for the next twelve months. That kind of decision in process will help you get to the point where you no longer ever touched that again because .

if you think about this, car payments is the exactly the amount of money you need to stay current on all of your bills every single months and break even. Um so yeah and I would an analyst I would do a private sale yeah I I won't like traded an ideal erp anything.

And so if if you're underwater on IT, then you will take another small personal loan a and you can add a couple of thousand dollars to that one as well just to get a car to get you buy bit. Again, i'm talking about like a really crappy, not great car. Like something really, really, really, really cheap, like five, six, seven thousand dollars, because I would rather you have a ten thousand doll alone than a thirty thousand doll alone right now.

So if you're under water by five, let's say it's only worth twenty five new o thirty and then you're going to buy for five. Well, that's a ten grand delta we need to fined. And so that's where Rachel saying, go on your credit union, get one personal loans so that we lessen the debt and get you out of that payment.

yes. And then um what's the situation with your um with your kids you said your co parenting um what what is what is like? What do your weeks look like? Are you do you have the kids everyday or you um split custody? Or how does how is that working?

Yeah I have her four five days league um but it's you I was very flexible ble you have a set that schedule again but he does he is very involved. He he has the baby and if ever ever need him to hover.

Okay, okay. So yes, I mean I if I were you in this position, um I see a way out. You're able to you're going to be able to get out of this stead even though I know IT feels overwhelming.

But if you think about IT, if you go down in car and i'll pretend your new loan as ten thousand um yeah you have some credit or debt than the that's going to be twelve thousand. How much is credit card debt you have? Did you say total ten thousand?

Okay, you your dead and half just by getting one of this car and that's going to get you out of debt twice as fast.

Yeah I, I, I, I, I how I was going to, you know, eat up the what I was over in. But yeah.

I guess either you have in savings or you need to get the difference in that personal alone. And I didn't. Do you have anything in savings .

right now? Not this one now if you at all.

okay. So your next goal, your a one is, number one, keep food on the table so you're four walls need to stay covered before any other bills are paid. So your food you is housing, transportation and if that means the bill can get paid for the credit card companies, whatever, we'll deal with that later and beyond that need to get a thousand bux saved really fast to cover those little .

ankle bitter emergencies. And then like us to a but you're rent, you're bring home three thousand a month in your rent is eighteen hundred, so that's more than half of your of your of your take on pai. So I I don't think that's sustainable.

That's gonna a really, really hard hold to climb out of in a sense VS. If IT was, you know, a thousand box, right? And I know that rent and more, the housing situation .

less in your .

control is so difficult, so so difficult. But again, for a season for two years, right, like it's not going to be forever. But for two years, finding something that is weak, cheaper is something that that I would look into two because it's either getting your income up or it's gonna lovering your expenses. And that's that's a glaring expense that I see. That's not from a ratio steam point is going to be be really difficult for you to get ahead with keeping that more than fifty percent of your income going to .

to rent or might mean that you get a houses that brings in one hundred twenty five box a month, mean five box a week, five hundred X A to keep you a float to cover all the bills yeah that might be what necessarily in the .

season on top of working getting your core income.

I say, still on top of moving place. Yeah, might be a little further out. Not as nice .

because I would hate to have a side hustle just to keep your living expenses of love because the goal is that your income keeps everything of flow, that you need your four walls and then anything extra going at the dead. And so again, I think it's going to be difficult to do that with that eight hundred hundred dollar rent payment. So I would really, really hard, alex, us for somewhere cheaper. I hope that helps.

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solutions is a paid non client promoter participating prose or more rams y solutions that comes like smart George camel, joined by Rachel cruise. This is the RAM c show. Open phones tripled. Eight, two, five, five, two, two, five. We hadn't temper next to talk to corry.

How can we help corry there? Thank you for sure.

What's .

going on? Uh, i'm consulting, telling my small business to accept a job that would increase my total income to try and get out of the debt that we're in as quick as possible. And i'm just trying to make sure that i'm doing the right thing.

Okay, how much there are you in?

Uh right around one hundred thousand before a my mortgage OK.

And what kind of dad is one hundred thousand?

Um let's see you got thirty five is allocated towards the small business is a to food truck. Um so that was the start up loan from friends and family members um about thirty thousand and student loans uh ten thousand to fix A C um and then about twenty two thousand and earn twenty five thousand and vehicles.

okay. And what is this business worth if you were to salad?

Um I would estimate around forty two thousand to just sell the trailer. Um and then I also have a truck that I thought to use with the business that I could potentially let go as well.

What's that worth?

Um it's worth right around thirteen thousand and I own six, uh eighteen five on us.

Okay, see are about five grand underwater on that. okay. So you would get uh fifty five k essentially for selling this business, correct? And you need another five to get out of the underwater loan and you're about a hundred cane debt. So this gets you add debt twice fast. And what's the household income now?

Um right now my wife just got a promotion SHE makes um seven uh sixty seven before bonuses with potential twelve thousand and bonuses um I make about five fifty and a part time job a week. And then the trailer, we really don't take a paycheck from IT. I just whatever profits at the end of the month I throw at depth, which is averaging between um no two thousand and thirty five hundred a months.

okay. So altogether you guys make about one hundred k year.

Roughly not including the trailer in any way, shape or form scene. So I don't take a paycheck from IT.

Yes IT .

closer to like eighty five and ninety.

And what's the new job, corry, that you're looking .

at be taking a uh, shaft decision at the part time job now, which will get me up to um seventy three guaranteed with a potential twelve thousand bonus as well.

Amazing um for the .

food truck itself is is something you would go back to doing after if you were completely debt free. Would you still keep this keep doing this or are you going burned out?

Um well I kind of burn out on um been doing IT for about two and half three years working seven days a week seventy eighty ninety hour week um and just IT was never supposed to be the end all be all is supposed be a stepping stone towards a brick modern location and it's just looking like the reality of IT puts IT know five, six, seven years down the road and I just don't think that I could put my family through that hardship .

yeah totally that's much.

yeah.

I think I may I think you're um listening to your guy and I think you're you're seeing kind of the teves of what's happening. What I think is really smart corry, really, really smart. Especially we talk about the food industry.

We've gotten calls of people um that go straight want to go straight to the brick motor and take out a massive loan. And the food industry is one of the highest ones that know the highest parts of of small businesses that goes up and IT goes down and IT IT closes more than any other industry. It's just a written.

And as you experience with the food truck, IT is just say it's a tough it's a tough world to be an is a lot of work, a lot of work. And again, not always with the guarantee that it's gonna successful. So being a chef somewhere I think sounds like the perfect next stepping stone.

You're going to get fifty grand race while getting rid of half of your .

death and you're still do anything you love. You're still you be in that world of of cooking and food and hopefully innovated yeah I mean, like to me this is kind of a no brain or honestly because I don't know you get to still live your dream but not have to deal with owning anything right now.

right?

So yes, I I will.

Do I try to get top dollar for your trailer and the truck? And do you have anything in savings?

Um we have right around two thousand and our emergency savings and then I have about two thousand cash. Just kind spoke around for expenditures. Okay.

you may want to wait to know to pay check or two get that five thousand difference that you're underwater on so that you have the money to actually get rid of the note on that truck OK and that what you're not having to take out another alone to clean this up. And then I take that new job, man, and I would clean this mess up. You're probably get, I mean, you be making what one hundred and fifty .

k household at that point, fifty guaranteed. So there is a little bit of fluctuation on IT 是 and then making .

about one hundred fifty with fifty k left to pay off。 That's gonna knocked out real quick versus your situation now, which is we make eighty ninety with a hundred to pay off the math math on that one. So we do need some drastic changes you're willing to do IT.

You're burned out on this and guess what, later on down the road, you may decide to do this dream again, but you going to do with cash, with more experience while making more money. And so I don't want you I know it's it's hard to grip something that you put your heart and soul into. And I can tell your passions about IT, but there's also wisdom and going now, not the time.

Yeah and yeah, we we just found the vi in your whole system a few months ago, and we have made considerable progress towards our debt. We always live all of our debts from three years previous. We haven't gone into any debt in the last three years.

We were just paying minimums and then we read, you know uh, total money makeover and we've started trying get out of this that we're still struggling with the budget somewhat. I feel like there's still more room for cutting some expenses. Just been a little struggle .

yeah give up and say using take four months to relegate in the cycle of doing and and IT actually be correct that you can live on. So you guys are just starting out in the fact that you're so gung, how about you? You make great progress .

and the budget is easier to do. When you have less that more income, the numbers will start to give you some hope. Instead, I go home.

My god, S. H, are we going to fix this puzzle? And so we're wishing you the best core.

I appreciate the you know how on the line core Christian pick up and will give you every dollar premium for a year on us. And this is our budgeting APP that hopefully will um help get this a little bit more organized. It's a very it's a great APP because it's it's very fine to unlike you need to see all the cats. Yes, right.

Let's go to the the boston. How have .

Cathy?

Hi, what's your question?

okay. I'm sixty seven years old and i'd like to retire in three years, and I do have money, in fact, in bonds of, and i'm not if I should keep IT there or if I should, maybe this switch to annuity or I R A C D, I don't know the best. Well.

I mean, switching to annuities, I R A C D, you're talking about really lowering your ability to make any money. And so you're just sort of preserving what is. And you know, if you're sixty seven, there's a good chance you live to eighty seven if you're in good health, right? yes. And so I want to see your money grow beyond the rate of inflation. So what is your money in and how much?

Um I have appropriate two hundred and fifteen, two hundred and fifteen thousand and that would be like stocks mon's mutual club in three different places that kind of manage IT.

Okay.

what else? No, I do have. I get have social security.

okay.

and then I work and I work.

okay. So what's your plan to actually retire? How will you cover your expenses and .

retirement just with my investment in the money I have? And of course, my social security?

What are your monthly expenses?

Be hundred I A thousand OK. And what's your so security .

payment?

No, twenty one hundred after tacked.

okay. So that's enough to cover the baseline bills for now without more inflation. And I would leave your money invested in the market. I wouldn't go.

Tips, search for a four percent return when when asked in the market, I just check my phone in k last year, Cathy, thirty seven percent return when I just left IT IT and didn't touch IT and left IT in the overall market and grow stock mutual funds versus those less risky but lower return, things like those cds and unity. So I would stay on your plan. This is the rainy show. This shows .

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Well, come back to the rainy show. I'm George camel, joined by my smart money happy, our cohoes racial cruise. If you like this show, you'll definitely like smart money happy.

I will go check IT out on the rani network cap or wherever you get your podcast as well as youtube. So you've been hearing to talk about the budget that really is the key to creating margin with your income, spending less, making more, making a plan for your money. Every dollar is the best way to do IT.

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Go download every dollar for free in the APP store or a google play. You can click the link. The description if you're listening on youtube or podcast stay is up next in the land, georgia. How can we help you today, Stacy?

Uh well my problem is um my husband at work for two years, he indusind in something that just didn't work out and so um he had to go back and get a job and we put over life savings everything, retirement everything into IT. So we have no thanks. Yes.

what happened?

How much are we talking and what was this dress?

Um he actually um invented the product and its still underway. An E P A just kept putting IT back and putting IT back and putting IT back. So um it's kind of stuck with california E P.

A. And he just thought IT wouldn't be like, oh, it'll be a five year plan me and more a realist than like this can take at least ten or twenty years. Well, I was right and it's not hungry, right and so he had to get a job.

He's sixty one. Nobody won't hire, and he's a smart guy. Somebody find me to time. He's make one hundred twenty five thousand years.

good. How much money did you guys take? How much money went into all of this?

We had a million .

doit was as cash. Did you take on debt .

now we took everything out.

Yeah see you still over .

millions in dead? No, we only know um we only know eighty thousand dollars in that every house it's did borrow .

in the hospital.

No, kay. no.

See i'm so how long ago was this?

We about ten, ten years years.

Yeah so over the course of that man of time is IT added up to a million.

You're just dumping money into IT. There's nothing we can get out of .

this IT would pretty million in and and then they would pay. You know he was trying to pay and um had investors is everything that people drop out and it's just it's a shit show.

So what's your income? Are you working?

So I I have always been a stay home mom. I had raised my kids. I had a special each child who they said no one never would graduate but we actually got him to where he has a scale. He's the welder .

now so the huge yeah um so but .

all my efforts were put there. So at one time, I was capable.

So your household income is now one hundred thirty five. K, U, O, A, D, K. And consumer dead correct? yes. Okay.

what's your question in the house? The house .

um is is that alright?

Or do you guys do you .

guys know .

anything? And so of course, we thought about moving. We have try to figure we're a move and god, house markets terrible we were at. And so we're trying to figure out that I am working part time and actually in my third time and artist.

So I sell pieces to like, thirty five hundred dollars of peace, my art, but a few years at one every two or three months. But that doesn't cut IT. sure.

And I have applied to over three hundred and fourteen places, twelve interviews and repeat interviews, only to not be heard, because one fifty five year old with no health education. So I just need to know, do I get a consolidated loan and and put IT all because of interest. Strates are killing us and i'm optimistic.

So let alone isn't going to solve any your problems. You're moving the data around and they're gona take an average of the rates. So it's not really going to, you know, work in any miracles here. Your best bet is to use this hundred thirty five cave income you have live on as little as you can and threw the rest of this A D K. Until knocked out.

Just keep home. And at IT and IT, will you think I will make a damn because and well.

here's the good news, if you d use the dead snowball method, small, so largest baLances ignore the interest strates. And on that hard right now because you see how much you're paying. But if you knock out the little debt, free A A payment. Now take all the margin you are done at that thought of the next male st debt, you free a payment and you see IT that as you go down hill, the that snowball's is going to pick up more snow.

They see how often can you paint because when you said I can sell painting for thirty five hundred.

I mean that if you can saw one a month that's .

seriously ah I mean I kidding that that .

makes you I know and i'm trying to desperate to get there. I have literally um you know I I tried to build my own website on my own, did IT you know i've been doing this and not good .

for social media and get to with local communities .

and you have and sitting do you have painting, sitting.

waiting to be sold OK .

OK OK so matter. Maybe you could sell prince.

there's a lot of options in the art world where you can make some good money. Sounds like your talented.

Yeah, I H just in the job.

You're time, not entrepreneurs ah yeah no you're could say say I think yeah yeah um look at the jobs if you've been applying for.

I'm just curious as I just been.

so even like administration type roles.

everything .

everything .

and really I mean everything and you know what you .

could have you looked at online type jobs? Like I just wondered even for like as a virtual assistance, like usually moms that have raised kids can get crapped done like they know how to schedule, they know how to run a household. I even wondered from like a virtual side, you could do a virtual thing and paints and try to kind of get that going.

I haven't done that. I have not done that. Look to something like that because a lot of people.

you can even piece together a couple of jobs because some people just need someone for ten hours a week, you know, when you could get out two or three people that that you're helping. And then on the side, how are your kids?

They are grown now. The Youngest is still his twenty one and still live in at home.

But were twenty something year odds? Yeah, do you have a daughter? No, okay, daughter will have no family. Thinking from a social media perspective, what if your sons, any of like their girlfriends, that they know where people like friends and jump on the phone and learn some of us i'm not kidding, like this is and you don't want to grow this like crazy account by getting your paying out there because they say that i've really think that thirty five hundred dollars that's .

I got four hundred fifty followers right now. I'm trying to work target five hundred cousin I can start um getting payments for like a fly.

You know these the ideas when you start coming up with not what's the next piece of debt we can jump to because you're going to a get add of this, but it's the only way out is to get out, not to switch IT to a different type alone with slightly lower interest. You guys are your best bet to get out with this amazing income, and that's just coming in, getting to work and living on less. So do a budget with your husband tonight.

go. What can we live on? How little can we live on out of one hundred thirty five so that we can get out of dead fast?

And sider, you guys know viren says you probably will be. You guys, pi will be working for the next five, ten years or so. So we're going to give you kin kalman's material his assessment.

Yes, find the work you're wired to do. IT comes with a get cleared career assessment.

So take that and it's awesome because IT will, as you fill IT out, maybe Spark ideas for you from from a work. Same point that could just kind of kitchen wheel turning on other opportunities, tickets and income in because I think that's gonna your best bet in um and and i'm so i'm so sorry that this happens. I mean, I know you guys are adults and you guys made the decision and you're reaping the you know, the consequences of IT.

What is I oh yes, good out after yeah I I I would do they see I would do but you guys, yeah as a couple, you know and that's that's a hard, it's a hard it's a hard pill to swallow that you guys but you know how to say if you guys had a million dollars at one point so obviously I know yeah you you hate online. We will get you king commons material in my contempt journal and we'll get that out to use A C. But IT is it's it's a little bit of the ground and it's swell, that pill of bitterness of, like, man, yes, what did we do? But hey, that was in the past. And now you get to choose, choose a different .

future and choose in hope and choosing confidence. Yes, who's gonna to hire a fifty? I would want to hire sty SHE sounds very hard, working and talented.

And so you get back out there and you shown what you're made of Stacy, and calls back when you guys are debt free. We can't want to celebrate with you. This is the ramsey show.

Hey folks, dave, here, if you haven't book your cabin on the live like no one else screws now is the time because it's ninety something percent. So you do not want to miss joining me. The rami personalities and amazing guest entertainers, the ultimate dead free celebration will be sAiling the carribean march twenty second through the twenty nine, twenty twenty five, stopping at the incredible turks in chaos. Porter, rio, 3Thomas and the bahamas。 Hurry to here your spot with a six hundred dollar deposit today at ramsey solutions dot com slice crews.

Well, come back to the ramsey show on George camel, joined by Rachel cruze, open phones at triple, eight, eight, two, five, five, two, two, five. You call in will help you take the right next step for your life. And your money down is up next in chicago. How can we help them?

Yeah i'm a pastor. I'm been most of my ministry have lipped in a home that has been provided by the church and um get ready to retire and my wife and I kind of feel like we need to buy a modest home in order to you know perhaps gain little bit equity and protect us from you know rising rents and things like bad.

That's wise. Um i'm sorry that is wise. I like that. It's no it's why sorry there is wisdom in that. I like that OK. So you want you want to buy house when you retire next year. How much money did you guys have?

Well, we're going to have about two thousand dollars a month after of the medicare deduction and social security. We've got about three hundred and fifty thousand dollars in a four or three b account and we don't we've got fifty thousand dollars cash. We don't have a any debt.

Um you didn't know what the right move for us would be. What is a Better for us to go head and spend the money on rent? Or is that Better for us to try to find a home, the two in our Price range and then take on a mortgage?

Well, i'll give the good news. And bad is the great news is you're gona retire with no debt in an emergency fund. The bad news you don't have much money to put into a house as a downpayment to be able afford the mortgage because you said your income is going na be fixed at two grand .

a months in retirement yeah plus whatever we was drawn of our three uh our four three b .

in the four three b at three fifty. I mean it's not a massive nesta's that's gonna last us thirty years. And so how much money can you guys save in the meantime to get the down payment while you start working?

I'm plan. We're saving right now about thirteen hundred dollars a month. okay. And i'm plan on working you know that ten to a month.

Yes, that be cost of fifteen thousand. Yeah I mean, have you looked at homes I noted as chicago on the board where you're from, I guess a suburb of chicago. Have you looked at homes and what are costing?

Yeah, we're really in a small town about west chicago and we feel like we get a more than adequate home for us for or you know in the one one forty one fifty range OK.

Yeah, I would sit down tonight and in a pop the mortgage calculator and say, hi if we put, let's say, fifty down into a house, we had one hundred thousand dollar mortgage.

What would that be monthly? Because my concern is if you're live in off of two k and you're probably not going to be able to pull a ton off that four three b while it's sitting at this stage at three fifty because you you would designate if you took out one hundred fifty from that four three B, I mean, that's a large party. Your next take that you've unplug from future compound growth.

And so I would sit down the sea doesn't make sense to rent. Can we rent for you know seven fifty in our area versus the mortgage being twelve hundred box? That's the kind of math i'd be doing to see how can we live off of this income because not a lot of income to live off of just considering the two grain and .

plus a little bit from the .

four three b three term oro m, i'd .

rather in a house right now, there's not a ton of money to to thrown on to the housing and just purchase IT with cash without .

just using ah you may not have to purchase IT in cash. He could put a down payment.

He put fifty down to a hundred thousand orgasms. Doubt the payment would be astronomical. Hi, but again, if you're making two grand in the payments of thousand bucks, that's a lot of your world just eaten up by the mortgage.

Yeah well, I did know, didn't know what my options were.

Could you work longer? If you could you do an extra year?

I could yeah that that i'm not pressured, retired and I might just .

give you guys a little more wiggle, allow you mistake to grow, allow you to get more cash for the downpayment that would give me some more peace personally because .

you guys could get close to I mean, if you guys saved for the next two years, let's say you could save up to thirty grounds and just that cash flow that you're you live in off of plus the fifty that you have ah that get you close to fifty percent of a one forty mortgage you know I mean so like your math is um IT can compound pretty quick if if you do work maybe one more year yeah and I if I were you in your shoes .

and I would sit down with the financial advisor who can actually these numbers four year. But I wouldn't be comfortable taking out more than a thousand five hundred bux a month out of that four three b because you guys might have another thirty years ahead you that you need to live off this. And so the numbers coming.

yeah, how much your expenses a month down for you guys? How much you guys spend .

a month right now probably about to twenty eight to .

three thousand OK. So yes, I think what George was you know was saying that three thousand .

and and that's without paying.

That's right. That's right. So then yeah, that's four thousand. Let's pretend that the mortgage was a thousand dollars. So I am joining four thousand a month. And so you get the two thousand that you were saying comes in from here, so to security everything and making sure that you can withdraw again that we're just speaking on you round numbers .

here and taking out two thousand of that mistake every single month. You probably run out of money while your expenses may be going up later in life. So that's my concern.

I don't want you guys to be down to the wire every single year. That's not the kind of retirement I want to have. And so that's where we were saying, pause, work longer, keep stash away in that next stage, stash money away for the downpayment and then see where you're .

at a year or two for now OK. Well, appreciate your .

your .

address preps sure.

You know that's a common issue that we hear with people that do ministry and housing is provided as unless it's great, I don't have to pay for went or a mortgage and then you get to dan's age, a retirement age and there hasn't been an intentional savings towards a house um and then you're kind stuck .

with you in that boy here I would do thousand years shoes, whatever you would be paying market rent. I would take that amount and put IT away investment account as long as you have that career so that when you do retire you go on, my gosh, we have four hundred grand.

just allocated four. And always remember, your housing line item in your budget is usually number one, the most expensive and number two, the most bulletin because IT rent especially, we will always be going up. That's what we've experienced right over the last years. I get continues to go up IT rarely if I never goes down. And so twenty years from now.

dance might be four Green.

exactly. So if you like to say, why am never going to buy a house, someone just be a renter for the rest of my life. That's one expense in your budget, very expensive and will continue to go saying i'm going to buy a home and i'm going to work to paid off.

That's White, the baby. Step six and we actually met somebody um at the brick. George SHE just paid off her house on tuesday and someone else paid off. House was two houses .

a row where a people paid.

And so that's the beauty is that line I am again is out of the budget.

So retirement has a lot more flexibility, that's right, when you get that house paid off going into retirement. So that's the goal. Uh, Rachel, we've got a really fun al assessment on the website right now that helps people figure out after if they're staying on track with the baby steps.

So you can take a quick quiz to check your progress and receive a personalized plan just for you. So here's how you get to get started assessment. Go to the show notes of this episode, the description, click on the link titled are you on track with the baby steps and you can complete the quiz.

Yeah, this is always helpful because it's much if you're new to the show out of people, find us some podcast, youtube and balancing just a little bit you there to no kind of where you stack up uh, against other other people, you know other people, other americans, but also against the plan just to kind of where where am I like? How do I even start? This process helps you really kind of get a baseline for her. And I think that's always helpful if you're you know moneys in area for some people, they don't really .

about seventeen things.

It's right, yes. So to get actually a concrete idea OK, this is exactly the next thing I need doing is a great tool to make sure to check IT out.

Can I tell you one of my secret gear grinders?

I can't wait when people say so.

Rachel, um we've been doing the baby steps um just out of order. Go then you're not doing the baby steps. If you're investing and trying to pay off dead and saving and you bought a house wire and debt that I like, you don't say you're doing the baby's steps out of order. Just tell me you're not doing the baby steps. So perfessional personal gets you.

it's rare that .

I bothered by something. I'm George.

not uptight at all. No worries, high standards. Maybe wind do that after .

this hours over. For all of you listening to the show on youtube or podcast, IT is about to end, but you can listen to the rest of the show. We get more to come over on the rams in network APP. You can finish the show in a distraction free experience. So go check out the rains in network APP in the APP store completely free, and you can get a whole another another hour of this, so don't miss IT, click the link in the show notes, or go watch thus to the show in the APP for free. I'll see you over there.

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