The Rachel Cruze Show - A Recession May Be Coming: Here’s Why You Shouldn’t Panic

Episode Date: June 6, 2022

Recession: It’s the big, scary word everyone’s been bringing up lately. Is this something we should freak out about? We’ll talk about that in this episode—plus we’ll answer all your car questions with Kelly Stumpe (aka The Car Mom)! And we’ll wrap up by revealing one big strategy people are using to save money right now. In this episode: A Recession May Be Coming: Here’s Why You Shouldn’t Panic All Your Car Questions Answered with Kelly Stumpe Should You Go This Far to Make More Money? Helpful Resources: EveryDollar Christian Healthcare Ministries  Follow Kelly Stumpe Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsor has paid for the programming you are viewing: Christian Healthcare Ministries. Learn more about your ad choices. Visit megaphone.fm/adchoices

If the pandemic wasn't a wake-up call, all the stuff going on the last few months around the world that has caused inflation, all of that hasn't given you a wake-up call. If this idea that maybe a recession is looming hasn't given you a wake-up call, I want you to have it now. Hey, guys, welcome to this episode of the Rachel Crewe Show podcast. So glad that you're here. So in this episode, I'm excited because we're going to talk about how to protect your finances right now. People are moving all over the U.S. and we'll talk about why and how it can bring. more money back to your bank accounts. Then you'll hear a conversation I had with Kelly, the car mom on Instagram. She is so fun and we talk all things cars. It's a crazy market right now and

she has the answers to so many questions we've all been wondering. But first, let's talk about the recession, how it might be coming and why you should not panic. So take a listen. All right, There's been a lot of talk about a recession lately, and it's something that a lot of people are really worried about. So the question is, should we be afraid? I mean, there's a lot of reasons what people are freaking out. So high prices on gas and groceries. We have inflation. We have global unrest around the world.

There's a lot of things going on. But what are the actual signs of a recession? So we're going to talk about those signs in just a few minutes. But first and foremost, what is a recession? So a recession is what happens when there's a slowdown in the economic activity. And there are at least two quarters in a row, so six months of negative GDP, gross domestic product. We'll go back to econ and high school, growth rates. Okay, so the GDP is down for two quarters, which is, again, around six, eight months.

So the GDP represents the market. represents the market value of goods and services produced during a certain period of time. And again, goods and services is everything from hair products to wallets to dental care, everything. So a negative GDP basically means that there are less things being made and sold. That's not the only factor that leads to recession, though, but that's a pretty high view of what is a recession and what leads to a recession. So here are some warning signs, again, that a recession is on the rise, that there is an inverted

yield curve. So it has to do with the bond market. So it's kind of complicated. So we're not going to go into all the details, except that according to the Federal Reserve Bank of San Francisco, an inverted yield curve has predicted every recession since 1955. Fascinating. So that's one thing. Another thing is that the feds hike up the interest rates. So they do. this to curb inflation, but sometimes it goes a little too far and it creates an entire economic downturn. Also, another kind of red flag is sudden changes in external economic conditions. So, like the rise of oil prices is just an example. So where are we as a country? Let's review. So, number one, is there an inverted yield curve? Has that happened? Yes. We actually saw another

inverted yield curve in March of 2022. Have the feds hiked up the interest rates? Yes. The central bank just raised interest rates by half a percentage point after already raising them a quarter point in March. So they are raising interest rates. How about sudden changes in external economic conditions? I think we can all say yes. We've all felt that. Mm-hmm. The skyrocketing prices of gas. and other things, I mean, we're just, we're seeing that. Plus, the GDP was negative last quarter. So we were waiting for the quarter close to see, and it was negative. Now, we're in the middle of the second quarter, so things can turn around for sure.

But technically, at the end of the second quarter, if it is still negative, we would technically then, yes, be in a recession. So I know that's a lot of information, and you're probably thinking, oh, my gosh, should I be freaking out? What do I do? Okay, I'm going to show you how you can recession-proof your finances to deal with the matter. But first, let's just clarify a few things, okay? Because I don't want you just going underground and hiding in a bunker and collecting canned goods,

even though the conspiracy theorist to me would probably be doing that. But listen, we're okay. I don't want you to stress out because here's the deal. We have had recessions before, okay? And we've had bad things happen in our economy. But listen, we are here, okay? we are okay and I just want you to educate yourself because I don't want you making bad decisions on fear, okay? Again, we can look back and see, yes, we have had recessions before and we have

bounced back. Were those painful times for people depending on what market you're in, where your job is? Yes, absolutely. So I'm not saying that it's like everything that's going to be 100% fine 24-7, all of it. Yes, will there possibly be a little bit of pain and you're going to feel it? Yes. But you can actually do something about it now. You can can start taking control of your money. If the pandemic wasn't a wake-up call, if all the stuff going on the last few months around the world that has caused inflation, all of that hasn't given you a wake-up call, if this idea that maybe a recession is looming hasn't given you a wake-up call, I want you to have it now, okay? Because I want you to know, hey, you can actually do things in your own finances, in your own

money that you can control. And I just want to give you, you know, kind of an encouraging piece that we've been through a recession before. Again, not saying that it was. completely painless, but we made it out, okay? And recessions are actually part of a natural economic business cycle, okay? So this is what happens. And the business cycle is just a way to kind of explain how the economy grows and shrinks over time. So over the past 75 years, the U.S. has had more periods of growth compared to the number of recessions. And the average length of a recession since World War II is about 10 months. So take a deep breath. It's going to be okay, but I also want you to be proactive in the places that you can be proactive. So here are three

quick ways for you to recession proof your money today. Number one, get your financial house in order. You need to do a state of the union of your money if you've not. If you don't know how much debt you have, if you don't know where your money's going, if you don't know what's in your investments or what they're invested in, if you don't know if you have life insurance or a will. Like all of these big things, you need to have a state of the union and say, where are we at financially? Because that's going to allow you to jump into a plan, like the baby steps, to build an emergency fund and get out of debt and really start getting that solid financial foundation under you. So do that state of the union, get your financial house in order.

Then I want you to save up an emergency fund. I want you to go and get $1,000 quickly. If you already have $1,000 saved, I want you to start paying off debt. If you don't have any debt pay off, then make sure you have a $1,000. fully funded emergency fund. Those three steps right there are going to give you peace and a level of control that's going to be huge, regardless of whether we're in a pandemic or not or a recession or not, or inflation's high or not. No matter what, that is going to help you breathe easier. It is the best thing possible. And then lastly, do a budget. If you've not done a budget yet, sit down and

talk about your monthly expenses because that's going to give you a level of control over your money as well. Share this with a friend, you guys, who might be freaking out and worried about a recession and they don't know what to do, give them a little bit of hope and just the smile that it's okay, we're all going to be okay. We're going to make it through and we can control the things that we can control. That is our job. Hey, guys, I'm so excited because we're going to talk all about cars and I have the best person to help with this conversation. I have Kelly, who is the car mom. So Kelly, welcome to the show. Thank you so much having me, Rachel. So excited. to be here and talk about my favorite topic, which is cars.

Which is cars. I love it. Well, you have a YouTube channel dedicated to helping moms find the best cars, anyone to find the best cars, to have confidence when you go and buy a car. You have a podcast, The Carpool, with Kelly and Liz. So you spend your day talking about cars. So what made you so passionate about this? Like, what makes you excited about cars? You know, I'm the third generation to be in the car business. So my grandpa and his brother started to use car lot in 1957 in St. Louis. And then my dad and his brother grew it to a multi-store franchise with five different brands. And then me and my sister started a blog. So like a slightly different approach, but equally as passionate. And we are just really passionate about cars, of course,

but also the car buying process. I think that dealerships across the country have not so great stereotypes or stigmas around them. And being someone whose entire livelihood is centered around car dealerships, I know there's good eggs out there, and I know, and I just want to help my audience find good dealerships, get good deals on cars, feel empowered. It really saddens me to think that there's women and families and everyone who doesn't enjoy the car buying process because I think it's a lot of fun. So that's what we do over at the car mom. We keep it fun. We talk about cars, car buying and everything in between. Yeah. Oh, so good. Okay. So I feel like, though, the big topic of cars right now is gas because of inflation, everything going on. And it's like, I mean, it's that. It's groceries and it's gas prices.

like the two big things that are happening. So for people, they're feeling it, even including me. I'm like, every time I fill up at the pump, I'm like, oh, my gosh, this is insane. So do you have any tips when it comes to getting better gas mileage, like just even driving tips to help save on gas? Yeah, there actually is quite a bit we can do to get better fuel economy in the cars that we have. The first one is to really make sure that your tires are at the correct PSI. So, I mean, I've been guilty of it.

I'm like, oh, my tires light on. It's fine. that really can affect, one, it's horrible for your tires, and two, it actually really can affect your fuel economy. So making sure your tires at their correct PSI, super important. Also, so many vehicles, especially the newer vehicles, offer eco mode. And I think a lot of the times those don't always get used. They can save a lot of fuel when you're using eco mode. Not so much on the highways, but if you're a city driver and you're just like bouncing around town, put it in eco mode. Another big tip if you are on the highway, cruise control. Cruise control is the one. It's one of the safest and one of the most fuel-efficient ways to drive. I'm a huge fan of cruise control. Avoid idling. I think

like I'm really bad at that. If I like show up to daycare a few minutes early, I'll like sit in my car. Like if it's a nice day, especially as the weather's warming up, roll the windows down, turn off your car. I mean, I'm horrible. Like I'll sit in my driveway for 15 minutes, just drinking a nice coffee. Yeah. So avoid idling. And then finally, just like remove any extra weight on your car. So like if you can help it, like, and if you don't need to carry that big double stroller or like all of that cargo, take out what you can. If you have roof racks on your car, cars and you're not using them, take them off. All of these things together can save up to like 25% fuel economy, believe it or not.

That's crazy. So there's definitely things you can do. And I'm guilty of almost all of those. Kelly, when you're saying, I'm like, dang it, dang it, dang it, dang it. So that's amazing, though. And what it does, I feel like, it's pretty empowering. You're like, okay, I actually can do something. Yeah.

I mean, to a degree, right? Not the entire thing of your gas budget, but like there's enough that I can do that I can actually see a difference. So what kind of cars out there do you find, really do have, really do have the best when it comes to fuel efficiency. I mean, I'm really excited about the hybrids that are hitting the market right now. So there's two types of hybrids. There's plug-in hybrids. And then there's active hybrids, standard hybrids, regular hybrids, whatever you want to call them. One you plug in, one you don't. They work the same. They both have an electric motor.

They both have an internal combustion engine. And they both work together to make your driving experience more fuel efficient. If you're deciding, like, is a plug-in for you, is active for you. What's cool about a plug-in hybrid is you actually get to drive on electric for 20 to 30 miles of range. And those vehicles are designed to literally, you drive on electric, when electric's over, then you're switching to the engine. The active hybrids, there's no plugging in, and they just work intelligently together to make sure that you're getting the best fuel efficiency possible. I swear, like every week a new hybrid is coming out. So I'm really excited about some of your favorite cars out there may be available in a hybrid that they

weren't two or three years ago. So I'm excited about those. And then I'm also still excited about a lot of the sedans. You know, sedans are kind of windling away in this market. A lot of brands have taken a lot of their sedans out of their lineup. But those sedans get good gas mileage. If you look at a car, and they're still, some of them are still a really good size. So like if I'm thinking for families, they feel like, oh, I have to get this SUV, which means I have to get 15 miles per gallon. Yeah. But I'm like, oh, no, like I install car seats for a living. Like you can fit just as many car seats in a Toyota Avalon as you can a Ford Explorer. So I think it's also just thinking about, like, do you need the SUV or can you get by with a smaller vehicle? And don't necessarily think,

like, just because it's a sedan, it has less interior room. So smart. That's so good, though, because I'm like, yeah, there's a stereotype, or at least for me, a go-to, like, oh, yeah, well, of course SUV is going to be, you know, bigger and enough room, all of it. But that's not always the case. Okay, what do you think about Teslas? What do I think about? What do I think about? about Teslas. I like them as cars. I think that they're pretty, I think they're fine. I think it's like so annoying that they like don't have the same charger as the other electric cars. Like why did you have to be so rude? Elon, come on. And I mean, I don't know, I'm a big believer in local family-owned dealership. So.

Sure. Okay. Okay. Tesla's never going to get like my full statement of approval, but I think as cars, I think they're fun. They're fine. Yes. I know. Expensive, but fun. The idea of not going to a gas station, though, makes me simple. We mentioned the hybrid though for an element right you get if you plug in you get 20 30 miles like you said which is awesome yes so when you said it just sparked in my head and i thought i don't know okay so if someone does have the big SUV or whatever in there they have to fill up all the time they don't get good miles per gallon like all that is it worth buying a new car like selling that and getting a sedan getting something that's more fuel efficient is it worth going through that process or do you think like you can still do

things on your end to save gas and it's not worth the trouble. I really think it depends on your driving style and the exact situation. I mean, use car prices are so high right now. SUVs hold their value better than sedans and smaller vehicles. So like if you have a large SUV that is sucking gas, it is a good time to get out of it because there is still so few large vehicles on the road right now. like SUVs, minivans, any three-row vehicles are in such high demand right now. I think you'd get top dollar and I think you'd get into a more fuel-efficient car. What's interesting about what's happening right now is, you know, last time gas prices spiked like this, it was like, oh my gosh, cash for clunkers.

Like, it's over. You don't want these cars anymore. Now the gas prices are still not ideal, obviously, but the cars are still going up in value. So I would actually say if you want better fuel economy, I do think it's probably a pretty good deal to trade it in and get something new. Okay. Okay, so good. Okay, so you mentioned it, but it's true.

It's the first time, I think, in history, or at least in my lifetime, that use cars are more expensive than new cars, which is crazy. And so for me, on my end, of the money side, you know, I'm looking at the supply and the demand issues, like all of that supply chain. But for you, when you're looking at just specifically cars and in your industry, what do you think is causing it? Like, what are you seeing is causing this insane inverse of use cars are going up and value more than even a new car? Yeah, I think what's really scary about the used car market is the new car market is going to stabilize way before the used car market will. New cars are easy to make. We need microchips. So there's a global microchip shortage happening right now.

They're going to get more chips. We're going to get more new cars on the road. Like that's going to happen. To make a used car, though, we needed those chips three years ago. So the used car market is going to stay high for a lot longer than the new car market, which to people looking to buy a car, I actually have been telling them like, I think, I think a new car is not that bad of an investment. I mean, if you're after a new 2022 Hyundai Palisade, there was like, what, 2,000 of them built? So when you think about trading that in in three or four years, there is going to be such a need

for used vehicles. I think we'll be surprised to see how well those cars hold their value. It's some spooky stuff right now just with how few vehicles we have. I really feel for anyone car shopping, especially for the people who are put in emergency situations, like if their car does get totaled out. I mean, I've been telling my following, start the process six to eight months before you actually want to buy a car. Like, new or used, honestly. Gone are the days of you roll up on a Saturday morning, you roll out on a Saturday afternoon with a brand new car.

You have to start that process early. So the people who don't have that luxury, I really feel for them. For sure. Okay, so if someone is in that situation and they're like, oh my gosh, you know, yeah. Or my friend, her car literally just died. I mean, it was done. It was like 15 years old. She's like, we have to buy a new one.

And the whole, I mean, Escher's telling me, it was like stressing me out of all the things they're having to do and go and this person there and they're driving here and there trying to figure out and buy. So what are a couple of things for people that they're like, no, I have to replace my car now. I don't have an option. Are there a couple of tips that you have? They're like, here are things to look for when you're going to replace your car. Yeah, I think that right now it's kind of interesting for it, especially if you're a car salesperson, because for the first time ever, like, their job is super easy. You have nothing but customers who want cars. So my advice to people who kind of get put in these situations is like you have to find a reputable dealer and you have to go a step further and find a good salesperson because in a salesperson who like genuinely will care about their customers. I like to share this platform called dealer writer. It's great because you can actually read reviews about individual salespeople and then you can decide who you want to work with. Like you have to choose a good salesperson, but you also have to be proactive as a buyer to stay on that salesperson. I've kind of been comparing it to like the real estate market right now. Like if you work with a realtor,

sure, they may send you a house, but like you also look for houses. You also check in with them because you want to get a house. Like if you just, you can't just reach out to a salesperson, say, hey, I'm looking for a Kia Telly Ride and then expect them to call you when one comes in because they have nothing but customers in front of them. So choose a great person and build the best relationship you can with them. Let them know you are looking to buy a car as soon as possible. And, you know, also be as flexible as you can with things like color, trim level. And I've even had some of my following, you know, buy not the car they've. want, like a really affordable used car to get them to the place where then they can be a little bit

more picky with like their bigger investment of their newer vehicle. Yeah. I've also been really preaching, don't be scared of higher mileage vehicles. I mean, there has been a lot of things that have come out recently on why cars over 100,000 miles are okay. The cars are built to last. They are built much differently than they used to be. The manufacturers would not put in recommended maintenance for 200,000 miles that they

didn't expect the cars to get there. So don't be scared of cars over 100,000 miles, work with a good salesperson, be flexible, and yeah, it's those are my tips. So helpful. And it's a lot of people being proactive themselves, like you said, if you want something, you have to take the responsibility as well on your end, not just expect it just to be handed to you because it's not going to be in this market right now. And I say don't stop window shopping.

Like, you know, I'm not trying to plug my own car tours. But like, you should always know, like, oh, if something weren't having my car, like, I'd be really interested in this. Yes. And I think it's, like, good for you to know, like, what your next, at least I have a short list of here are the cars I would look at when I decided to go get a new vehicle. For sure. That's awesome. So good.

Okay. So besides the Tesla, my other love, Kelly, is a minivan. I never thought I'd be a minivan driver and the cruise family got a minivan. And I love it. I mean, it's like, never say never. That's right. Never say never. Because this thing does everything and more.

It's like a, I mean, you sit in and I'm like, this is insane. So I've loved it. So for you, what have been the minivans that you've researched and you found that you're like, oh, yeah, these are some great options or some ones that you've loved? Well, what's interesting about the minivan market is I think people have the misconception that there's a ton of them. There's actually only four minivans being made right now. So it's the Toyota Sienna, the Kia Carnival, the Honda Odyssey, and the Chrysler Pacifica. So, like, they're not making some of the minivans that they used to make, which, and it's crazy that not every manufacturer even has a minivan.

Because like you said, I think minivans are awesome. I think they're sexy. I always say like if someone drives a, if you drive a minivan, someone thinks you're sexy. So like I don't know where they got this stigma that they weren't cool. Like they're cool. I think the many van, the four minivans that are on the market, what's fun about them is they all offer something different. And they're all tricky because they all like have different things patent.

So like they all can't like swap features. Oh, interesting. I mean, I think the Kia Carnival that just came out, it's super futuristic. It's really elevated. it's probably the best looking one. I think a car like the Honda Odyssey offers the best flexibility for multiple car seats. I think the Sienna is exciting

because it's the only one that comes in a hybrid. Well, I guess the Chrysler Pacific comes in a hybrid now too. But they just kind of all have their own little corks. And I definitely think, like, I can't say one minivans the best because it really depends on what you're going to be using for daily.

Yeah. What many do you have? Do I, the Odyssey. Let me just tell you. I mean, number one, having a vacuum in the van, brilliant. Number two, the seats that slide, side to side, I was like. Rachel, I know, Rachel, I know. I was done. I was done. I was like, I'll do it. I'll do it. And the price was crazy, which we bought ours in 2019, knock on wood, thank you Jesus, that we did it before, all this

crazy stuff. But what I could have bought, I built an SUV, I built an SUV online of one that I wanted, and I just put everything on it because I was online and just having fun. And, you know, over six figures is what it ended up being online of what I built. And I was like, you can buy three mini fans for the price of this thing. And it does everything. Like, I mean, it's just, and then I have a camera. I can look at the kids. I have cabin talk. I can click and it comes in the speakers. I'm like, what am I driving? It's, it's amazing. And when do you want a cup holder? There's a cup holder. I need another one. Oh, there. Oh, I need two more. Well, there and there. Oh, actually, there's four more back here. I mean, cup holders are everywhere. You need to do a car tour for me.

It's so good. Which rolls? Do you do a car tour? It's so good. Oh my gosh. Okay. So, so speaking of vans and kids and all the things, how do you keep things organized with multiple kids in the car? Are there items or products that you use that you're like, yes, you need these things in your car to keep it clean, keep it organized? You know, I am kind of a less as more person when it comes to keeping things in our car. And also, I think there's a lot of things sold on Amazon and Walmart that look fun and look clickbaity, but they actually tend to be like really unsafe when you kind of get down to the nitty gritty. So when it comes to like children driving in the car, I'm all about like limiting my projectiles as much as possible. So like those back of the seats organizers, like all these tablet holders, like one, I think they're kind of a waste of money.

And I think they're actually pretty dangerous. So my like tips for an organized car is truly less is more. You can buy some great like mesh bags off Amazon. I do like to keep those in my center console. And then my biggest tip is this is so silly. But I have a little plastic bin. I put it on the floorboard of the passenger seat because no, one sits there daily. And anything that doesn't belong in the car goes there. Over time, like,

normally like two or three days, I take that basket, dump it on my kitchen table, put it back in my car. Now my kitchen table's a mess, but like, I'll put that away. I really think I wouldn't spend your money on it. Less is more. You don't need a lot of stuff. Pack your diaper bag and then take it out of the car. I think that just makes for a better experience. If you feel better in your car, when there's less clutter, that's my tip. Yep. Okay. Kelly, love all your knowledge. Everything that you know about the subject. And for people out there, they're like, okay, I want more. I want more. Where can everyone find you? Oh, well, thank you. You can find me on Instagram at the car mom. And then we upload all of our tours and car buying tips to YouTube at the car mom. And then if you just want to hear

some more like mom slash car content, you can find us over at the carpool podcast. So great, you guys. Make sure to check out everything's Kelly's doing. And last question, Kelly, I ask all my guests, what's one thing that you're doing with money that's creating a life that you love? You know, I, the carons went around for about two years. It's been one of the biggest blessings in my life, being able to make income from the comfort of my home, the flexibility of being a social influencer. So I really strive every day to give that gift to other moms.

I know what it's like to have to feel like you choose between your career or being a stay-at-home mom. So at the car mom, we're really passionate about hiring other moms wherever we can to help us with virtual assistant type stuff, copywriting type stuff. So that's why I'd spend my money. I like to give that gift back to moms

who are looking to have their own thing and make a little bit of their own money, but also be moms. That's amazing. Oh, so great, Kelly. Well, thank you so much for being on and you guys listening and watching the show. I pray that this episode helped you

because, again, cars, car buying, gas prices, all of this. We feel it almost daily. So I know these tips are going to help you. So good. All right, a lot of people are moving. If you're not aware, moving is a big deal and a big reason. people are moving is because of financial reasons. So a couple of years ago, we started seeing a

trend here in Nashville, people moving here from all over the country. And relocation is actually a trend in many states. So some of the top states that a ton of people moved to in 2021 are South Dakota, Florida, Idaho, Tennessee, and Texas. And what's something all of those states have in common, they have low or no income tax. So income tax is the amount of money that the state will take from you based on how much money you make. So there's a lot of people moving, often from high income tax areas like California and New York, because living in low income tax states will allow more money back in their paycheck. And because so many people have remote jobs, it's easier than ever. So there are a lot of types of taxes that can factor in to whether moving to a place is affordable or not,

like property tax, sales tax, combined sales and income tax, but income tax is a huge one we're going to focus on today. So should you be doing this too? Would a big move to a place with lower income tax be worth it to you? Well, I cannot determine that for you and your family. it has to be based on what's best for you guys and your work-life situation. But the math would show, sure, if you moved from a state that had high income tax, state income tax, to a state that had no state income tax, then obviously there'll be more money in your paycheck.

But here are some ways to know if relocating could be the best option for you. If your job is remote and you can keep the salary at your current job while moving to a place at the cost of living is lower. but keep in mind some low-tax states do have restrictions around moving from higher tax states. So talk to a tax bro before you move and make sure all is good. If you're currently living in a high-income tax state and some of those states out there that are the highest when it comes to state income tax in 2021 are California, Hawaii, New Jersey, Oregon, Minnesota, District of Columbia, New York, Vermont, Iowa, and Wisconsin.

So if you can get a higher paying job in another state, it might be worth it. It might be worth the move. If you can pay off your debt faster by living someplace for the cost of living is lower, maybe even downsizing your home, this could be worth it. Also think about moving costs, though,

whether you would get a shorter commute, how the housing market is, all of it. So there's a lot to consider when you decide to move. but again, a big motivation for people is just the cost of living, which includes your state income tax and everything that comes around the idea of living in just higher priced areas. Now, you might find that you don't even have to move out of state to find a lower cost of living. So I always give the example if you're in Nashville, the closer you are to the city, the more expensive is going to be.

The trendier of the area, the more expensive it's going to be. But if you drive 25 miles down in Interstate 65, you know, you really can find smaller towns that it's much more affordable, much more affordable. So you want to really kind of figure out, okay, what's best for me and my family? I think people are just feeling the struggle of inflation a lot, and they're just making these big life decisions because money is tight and it's like, what do we do? what do we do? And it's weird because here at Ramsey, we never really gave the advice to downsize your home to get out of debt.

We always say, though, if your rent or your mortgage payment is more than 25, 30% of your take-home pay, then it's a lot and you probably have too much house. But even if you're in that range, you know, we would say, hey, that's a good range. But we're even finding some people are like selling and moving and renting for a while.

Like people are just making these drastic moves to get their financial house in order. So you really have to figure out, hey, is moving states or moving areas right for us? I cannot answer that, but it is an option and something that a lot of people are considering and actually has become their reality. All right, one thing I am loving right now. So last month, we traveled for the first time, I feel like, in like two and a half years, to do a live event. We did our building wealth event in Las Vegas and Orlando. And it's been so fun, you guys, just being back out on the road, meeting so many of you,

even in the lines and the book signing lines. So many of you were like, I listen to the podcast every week. So it was just so good to see your faces. And we're going to be traveling more in the fall. So make sure to check out those dates. But I love traveling in general. And I just love hanging out with you guys all over the country. So thanks for coming out to those events.

All right. One thing I am learning right now, I am learning that my third child needs to be disciplined a little bit more. So we have the two girls, Amelia and Caroline. and then sweet baby Charles. He's not a baby anymore. I mean, he's a toddler slash child. But man, that third one,

I don't know if you're just tired as a parent, if your capacity to chaos is just greater. You just don't care as much. I don't know what happens, but the things he gets away with that our firstborn would have never gotten away with is pretty unbelievable. So we just kind of got to a point that, you know,

I was like, yeah, I probably need to, yeah, I probably need to set some boundaries is in discipline that he can't just get what he wants, but it's so easy, you know, and he's like, mama, mama. And I'm like, yes, whatever, what do you need? I will get up from my seat. I will stop a conversation. I will do things. I never thought I would do as a parent for you, you cute little child. But discipline is good for the soul. We all need boundaries. And so as a parent, I'm really starting to engage that on the third. It's been two and a half years. It's probably time. You know, it's probably easier to, I think it is. I think it's easy.

to discipline when they're smaller and they get it so that when they're older, maybe it becomes a little bit easier versus like not doing anything for years and years and years. And then you're trying to discipline like a 10-year-old. I think it's harder then. I don't know. I don't have a 10-year-old. Why am I giving you people parenting advice? I'm not sure. But that's what I'm learning. So sweet Charles, I'm going to be a little bit more strict with you. All right, you guys. Thanks so much for listening to this episode. Thanks for Kelly for being a guest on the show. So fun talking about cars with her. And thank you guys again.

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