The Rachel Cruze Show - Add $1,000 to Your Savings Fast—Here’s How

Episode Date: September 27, 2021

Wish you could put money in savings? You're in the right place! Saving $1,000 may seem crazy hard, but you can do it—I'll show you how! Listen in for: 25 ways to stack $1,000 super fast (How fast? Have-more-cash-in-the-bank-by-the-end-of-the-episode fast!) Easy tricks to make more money selling your stuff When and how you should invest in a rental house Find me on Instagram bit.ly/3h7wwPi Join my Official Rachel Cruze Community bit.ly/38LbX6D Zander Insurance: bit.ly/3EHhwS2 Learn more about your ad choices. Visit megaphone.fm/adchoices

Because if you're sitting there again, paycheck to paycheck, stressed out, freaked out, losing sleep, don't know where your money's going. You think, oh, have to do something different. What you're changing to, even though it's uncomfortable, is going to a better life financially. Hey, everyone, welcome to another episode of the Rachel Crewe Show podcast. I'm so glad that you're here. And in this episode, I'm going to go over how to make money selling your stuff the right way. We talk about this all the time while you're working the baby steps early on.

But there are so many great tips I want to give you that can have. help you sell your stuff quicker. I'm also going to take a question from Diane on if it's a good idea to invest in real estate before investing in your first home. But first, let's talk about 25 ways to save $1,000 fast. I know getting through baby step one can be tough, but I hope this can be helpful on your journey to be debt-free. So take a listen. So saving $1,000 is the first step that you're going to take in our seven baby steps plan. So this is our proven plan to help you get out of debt and build wealth and really just get control of your money. So baby step one is a thousand dollar emergency fund. Two is get out of debt. Three is your large fully funded emergency fund of

three to six months of expenses. Baby step four is funding 15% of your income into retirement. Five is saving for kids college. Six is paying off the house. And seven is to build wealth and be extremely generous. So again, this plan is proven. It's what we teach on. And so that very first step is that starter emergency fund. So those of you out there that are thinking, okay, I do, I feel out of control with my money. I don't know what's going on. I feel like I just live paycheck to paycheck. I need to do something. Well, this is your first step, that $1,000 emergency fund. And this is really the buffer between you and life. Because when something happens, whether something breaks on your car, your kid has to go to the doctor unexpectedly. Your house has a plumbing issue or an HVAC issue

or something happens. You need cash. And the goal for that is that you are using your money for that emergency fund. Because think about it, if you have an issue with your car and you have no money saved and you have to go and swipe the credit card to fix it, well, not only do you have a car problem, now you have a money problem. The car gets fixed, but now you still have another problem, which is the money because you're, you know, deeper in debt. So the idea is that you are using your money to be your emergency fund, not the credit card. Now, this step I will tell you it's the easiest baby step because it's $1,000. Now, I understand $1,000 is a lot, but you can do this. We're going to walk through steps on how to get $1,000 quickly, but the idea is that you're going

to do this so fast, so urgently, to get it started. So you can do this. You can save that $1,000. So it's easy because it's that, and it's easy to understand, you know, $1,000. You can do it. but this is the hardest step because what you're saying is that you are going to engage in this process that you have never engaged in before. You're going to be doing something different with your money, which means you're going to have change. Change in your life and change is difficult. Change is hard for everyone, right? We are so comfortable in what we know and what's predictable. I mean, think about it. You usually drive the same way to work every day. You usually sit in the same place at church every Sunday. Like you just like your normal routine. And once that shifts

and something different is happening, it feels weird. It feels uncomfortable. So I'm just preparing you. That's why this step can be the hardest step because you're going to engage and change. But the great thing is what you're changing to is better than your present. Because if you're sitting there again, paycheck to paycheck, stressed out, freaked out, losing sleep, don't know where your money's going. You think, I have to do something different. What you're changing to, even though it's uncomfortable, is going to a better life financially. So embrace it. It's going to be great. And the awesome step is, like, once you finish this step, yeah, $1,000 saved. It's pretty great because chances are life's going to happen and you're going to need that

emergency fund. And that's what's a little bit defeating about this as well because, man, you get that $1,000 and then you start working your way out of debt and then something happens and you've got to use the emergency fund. And it's a beautiful thing because it's there. but also it can be kind of hard because you have to start back over and pause getting out of debt to build up that $1,000. But that's okay. That's okay. So maybe you're starting this whole process. Maybe you have started, but you're back to Baby Step 1 because something happened. We're all good. We're all good. That is what that emergency fund is there for. So this really is how you stop living paycheck to paycheck and live life with an intentional mindset around your money. So, baby's up $1,000.

So how do you get it? Well, we have 25 ways to help you build up that emergency fund. Are you ready? So exciting. Number one, a budget. You knew I was going to say that. I know. The budget, it's amazing because once you do it,

this is the easiest place to start cutting stuff out because you're going to see it on paper and you're going to say, okay, good. We're not going out to eat. All that restaurant money, it's going to go to the emergency fund. We're not going to go shopping this month. We're going to cut that out.

That's going to go to the emergency. spend. You're going to start to see that $1,000 start to build up by just cutting things out of your everyday spending that you don't even know your spending. So that's the best way to do it. Next, I would say, go return items that you just got on sale. Let's say that, you know, you bought something and you were like, man, I don't know if I need it, but it's on sale, so I'm just going to buy it. Yeah, you probably didn't need it. The price egg's still on it. Take it back. Take it back. Also, don't buy a lot of new groceries. If you're planning out your dinners, go ahead and look, what's in your pantry, what's in your refrigerator. It's amazing. Just a couple of things can come together for a meal that's already there and you don't have to buy the food for it because you got it right there.

And that will save you so much money. And so eating out of your freezer and your pantry, it's a great way to live. And again, saves a lot of money in the food budget. Now, I did an article on nine pantry meals you can make. So I'll put that link in the show notes or you can just Google Rachel Cruz pantry meals. and hopefully that'll give you some good ideas. Okay, when you're going to work, see if you can carpool with someone. Saving money on gas is huge, especially if you have a really long commute. If you're driving, you know, 20, 30, 45 minutes to work one way, just having someone that you can split that time with, you will save so much money on gas.

If you can bike to work, if you can use public transportation, all that. Some of you, if you live in a city and you can just walk to work, you probably are walking anyways, and that's great. But like anywhere you can save money when you're going to work. is huge. Okay, turning off lights. I'm terrible at this, you're all. This is like, this is not a good habit of mine. I just leave lights on off the time, but it is amazing how your bill goes up. You see, you're like, oh my gosh, if we're not in the room, we're going to turn off the light. Turn off the light. It's these little things you can do that, again, may not save you like thousands of

dollars a month, but it's going to save you a little bit here or there, and that's where you can start to really gain traction towards that thousand dollars. Also, adjust the thermostat in your house. So if it's winter, maybe you make it a little colder and you can save on heat. If it's summer, maybe you keep it a little warmer and save on the AC. Or if you go out of town, turn it off or put it like, adjust it, right? Like, Winston's really great at this. Like if we leave and we come back, it's like 76 on our house. And I'm like, he's like, sorry, I forgot to turn the AC on on my phone before we got home. But that way, if you're not home, it's great. You can save money that way. Also, unsubscribe from emails.

when it comes to your favorite stores. This is a tricky one. I always have to do this because you're not thinking about buying something. And then you go and, oh, look, you open up your Gmail and there's eight different emails with eight different sales of eight different stores you shopped at. And you're like, oh, man, well, I guess I'll just click and click and click and I'm buying. I'm buying. I realize I'm doing it.

So don't even have the temptation. Unsubscribe. Okay. The other one is skip coffee. You guys, skip it out. Don't buy coffee out. Make it at home. It is so much cheaper, so much cheaper.

And you just make coffee at home versus going through the drive-thru and buying a cup. So I know it's not as exciting. It may not even taste exactly like what you want. Listen, you can make some great coffee at home, okay? Save you some extra bucks per day for some of you by just doing this. Also, pack your lunch. So if you're going into an office or if you're home with the kids, don't go out to eat. Like, eat at home, especially for lunch.

One of my love languages, as you all know, is pizza. I love pizza. Had it twice this past weekend. Mm-hmm. So good. But when you're saving money for your $1,000 emergency funds, buy it at the store. Just buy it at the store. Even like at Costco or sandwiches, you can get multiple frozen pizzas.

One thing versus delivery. If you get delivery, you're paying extra. You're having to tip. There's a lot of extra dollars that go out on that with pizza. So just buy it at the store. Also, sell some stuff online. I have an upcoming episode detailing exactly how you can make more money selling things online. So this is a great way to make extra cash.

Donate plasma. Yep, I did the math. I think you can make close to $500 a month by just doing this, doing it twice a week. Hey, get that $1,000 in 30 days. You're halfway there if you just donate some plasma. It's amazing. Amazing how much cash you can get for that. Also, ask if you can work more hours or work.

over time. Just work extra you guys. Get an extra job if you have to. It's amazing by just working extra even at your current job how you can make some extra money. Also do some odd jobs with apps like Rover so you can walk dogs. Shipped, you can do grocery delivery, waiter or door dash is restaurant delivery. There's so many great apps out there that you can make extra money especially at nights by just delivering food. It's an amazing thing or even and making extra money. Also, cancel any paid app subscriptions that are on your phone. Get rid of them. This stuff just sneaks up. It's amazing. Even subscriptions like on the TV. We were trying to watch something. What was it? Oh, the Paw Patrol movie. Paw Patrol. I thought, sure, kids. I was going to

spend a little bit. Order Paw Patrol. Well, you have to get it on Paramount Plus. Who knew that was even a thing. But I didn't know there was anything on Paramount Plus. I was like, what? And then it was, the yearly and the monthly, and it was like $4.99. I thought, no, this is crazy. And then I tried just to go buy it on Apple, and it was a pre-order. So it's the only way you could watch it, but I didn't do it. I stood my ground. I was like, no, we're not getting a subscription. It's not worth it. No, because there are so many. So go and look at your bank statement, because you may have so many subscriptions that you're paying for that you don't even realize or that you've forgotten about. Okay, so cancel those. That'll save you some money. Also, wait 24 hours.

before you make a big purchase. If there's something big, you guys are planning on buying, and you see it and you want it, just wait, just wait, sleep on it. It's an amazing thing. If you just let the emotions die down over one night's sleep, you wake up the next day and you're like, man, that urgency, that like adrenaline rush of wanting to get something, it's gone. It's gone after 24 hours. And so it really does logically help you understand if you still need that thing. And if you don't buy it, that's money that you've saved. Next is use cash. This is a thing. We talk about it a lot on the show, but honestly, especially if you're on Baby Step 1, this is a great thing to do because when you actually spend with cash,

you end up statistically spending less. So it's a great accountability to stay in your budget. And again, letting that leave, those dollar bills leave, it's just so much harder, so much harder versus just swiping. So use cash where you can. Next is have a yard sale. I still love this. I still of driving down the road and you see yard sale, you're like, yes, go look, and you can sell so much stuff. So go, have a yard sale, people still show up, and you can make some extra cash that way. Next is to set up automatic deposits into your savings account from each paycheck. So just put a little automatic savings that no matter what, there's going to be some money going into a savings account that you're not even having to physically do yourself, right? It's just automatically

is going. All right. Next, look around for change in your house. And what do I mean by change? Not the change we were talking about earlier people. No, like the coins. It's amazing. I don't know if y'all have this. We have like this little bag in our junk drawer that, you know, if stuff happens or we, you know, it's mostly Winston. He like has it in his pocket and he'll just throw it in. And I'm like, you could easily have like 70 bucks of just quarters and nickels and dimes and this little thing. Like it's crazy how much change we have. So look around for that. If your kids have some stashed away, like gather it all. I'll take him from your kids. You could take from your kids. That makes me a little sad, but you know what we're trying

to get that $1,000 people. Buy whatever coins you can, cash it in. So yes, some money towards that $1,000. Also, look to see if you are up for a raise. Do some research. Go online and see market value of your position at your job and see if you are a little bit underpaid. And if you are, go to your leader, go to HR and say, hey, this is what I'm seeing because they can bump up. You know, even, I don't know, even just a little bit can go a long way for that $1,000. Also, start couponing. Couponing is great. I mean, then there's so many ways to do it now because there's apps.

There's so many other options just in the classic idea of just cutting coupons, right, like out of the newspaper that we used to do in the 80s and 90s. There are so many other companies, apps, so many things when it goes to this. So if you're going to make a purchase, look for a coupon, especially online. Next is to adjust your tax withholding at work so that you have more money in each paycheck. And I would recommend doing this because a lot of people get a tax refund at the end of the year. And so that means that you're sending more money to the IRS that needs to be sent. So maybe if you pull back a little bit, you won't have a big refund and more money will be in your paycheck.

Also, reduce your cell phone bill. Lots of ways to do this. I did a video with George Camel on this one subject because there are so many of money. ways to cut your cell phone bill. And you can save a lot of money because, man, it's something that if you don't look into it, it just reoccurs and you don't think much about it, but go look and see where you can cut. And last but not least, look at your insurance, everything from auto, life, house. Like, look at all of the insurance you pay out because usually you're doing it once a quarter or once a year. And if you've been doing it for years and years and years and

and you never looked, there could be much cheaper plans, and this could save you a lot of money. So look into that. All right, 25 things, you guys, to help you get $1,000 fast. So all of this, it's going to take discipline. It's going to take some of that change we were talking about. It's going to be uncomfortable. But it's amazing when you actually start to gather up money and you see, wow, especially some of you that, you look, you have no savings. You have absolutely no savings and the idea of having $1,000 feels impossible. But you start getting a little bit at a time and you think, I can do this. I can do this. It is so empowering. It's amazing. Now, also remember, when you're getting that extra money, put it in a savings account. Don't

just keep it in your checking because you're probably end up spending it. Okay? So we're saving this money to be a side, on the side, on the side. Now, some of you have shared your emergency fund victories with me at the official Rachel Cruz show community on Facebook. And I'm just so proud of you guys. I love hearing your stories like Paula Joy, who said, thankfully, she had an emergency fund to fall back on during the pandemic. She was sick and was out of work for two weeks, and her job would only pay for one week. But she didn't sweat it because she had her emergency fund. She said, thank goodness she had $1,000 in savings because both of her cars went into the shop in the last two months. Well, that hurts. Liz said she and her husband used their emergency

fund on a new dishwasher after the back of their dishwasher caught on fire. Hopefully you kept it contained and got a new dishwasher. That's so scary. Okay, I want to know from you all how you saved your $1,000-star emergency fund because a lot of people, they're watching these videos and they're looking for ideas. So leave your stories in the comments because, again, it encourages me because I just love hearing it, but also people out there because we are all doing this together, you guys.

We're locking arms. We're walking this journey together. So I hope that all of this helps. I hope that this gives you encouragement to know that you can do this. You can start a new process and really take that first big step of saving $1,000. Okay, you can make a lot of money by just selling your stuff online. That's it. Like, look around your house.

We all have stuff. You can make so much money. So especially everyone on Babysups 1 through 3, if you need extra cash, sell some stuff. So we're going to dive in today on how to get the most money. out of selling your stuff online. Number one, list in multiple places. You want to be easy to find as many buyers as possible. So here are some great options to sell online. Facebook Marketplace, Craigslist, Varage Sale, Poshmark, Etsy, Ruby Lane, Cherish, Next Store. Lots of places, you guys, and probably even more. So, listen, if you have bought something online,

about the places, okay, this is where I've bought items online and go through because if you make a great listing, you can make some money. So let's talk about that. What does it take to create a great listing? Take high quality photos. It's the biggest mistake people make. They have maybe a great item, but the picture's so crappy like no one wants the item. So here are some things to do to make sure you have really great pictures. And remember, it doesn't take a professional photographer to do this. Okay. You can do this. Lighting. Number one, look at your lighting. Natural light is always best with no shadows. So if you're shooting outside, make sure there's some shade or if you're inside, do it by a window with natural light coming in. It will change it. Number two, the background. No one probably wants something with like a sketchy garage, you know, all of this dingy, gross looking and there's the item, okay? Think about the backgrounds. It's best if it's solid and if it contrasts and coloring. So, So, for example, if you have a dark item, put it on a white background.

It will pop and don't lay a tan vase on a beige couch. Like, where it like blends in. Okay, you want that contrast. Next, take multiple angles. So lots of pictures here, okay? You can do portrait mode on your iPhone, but take at least three pictures from three different angles and different distances. That way you can actually have options when you're posting online.

And if you are selling a purse, for example, again, take pictures with the zipped with an unzipped up close inside the pockets like lots lots of pictures lots of detail and then also staging so position the item purposely and pretend that you're at a store okay if you were to create a store how would the store display the item think like a retailer they're not going to have their kids right next to the stuff they're not going to have their pets right there all their messy stuff right there next to the item no no no it's going to be clean it's going to be crisp it's going to look great because that is what you want people focusing on is your item. And make sure, again, like if it's boots, for example, make sure that they're standing up,

put stuff like newspaper in the boots to stand them up so they're not like slouched over. Things like this, you guys, I promise you can make so much money if you just make your item look great in the pictures. Also, when you're selling online, make sure the item is in good shape. So give your item the best chance of being sold to make sure that it's clean. Yes, spend a few minutes. Clean it, iron it, polish it, vacuum it. I don't care. Make sure it's clean. And if you're selling a big ticket item like a car or a nice couch, you may want to pay to get it detailed. This means you're going to spend a little bit, but listen, you should

make more money on the back ends because it looks perfect and new and clean and it's wonderful. All right. Next, write like a marketer. Okay, start out with the basics. People don't need to know every single little detail in the front end, but name the item, the brand, the size, things like that, and then write a detailed description so that the reader can envision the value that the item will bring to their life. For example, describe the item and how it makes you feel what specifically you love about that item. Like bring the reader in. It will sell them, okay? Not everyone needs every single detail, but some people do. So at the bottom, be descriptive. and give details also in this proofread, you guys.

And spell check, please. The worst is trying to sell something online and it's grammatically off and there's misspelled words. The buyer is going to get distracted, okay? So just go through, have someone else read it just to see if they see something you're not seeing. So in the description, again, be straightforward. Don't try to be funny and quirky and like all this.

It's not the time for it, okay? Just say what you need to say and how to sell this item. And don't be afraid to be honest either. item does have some flaws say that because actually you can establish a lot of trust with someone when you're up front with hey here's what's going on and here here are the things that you know aren't so great necessarily be up front also have great customer service so respond quickly if you're reached out to mark items as sold as soon as possible if they're not available and don't

make promises you can't keep that means don't promise to hold an item for someone if you really want to keep the item out there because you think you can get a better purchase price. Okay, so just be honest. Also, when you're selling online, start small. Okay, this can get kind of addictive. Maybe you're selling stuff just to get out of debt, but maybe you're like, wow, this is bringing in some cash. Maybe I can flip some more furniture or, you know, cross stitch or something. I don't know, like sell things more and more and more online and make money. If that's the case and you get excited about it, don't go and invest thousands of dollars into this, okay? Really start small. and then if it picks up and it kind of starts to be a thing,

the more money you make, you can reinvest back into the items and buy more stuff and supplies and actually build something, but you're doing it organically, you're not going out and just spending tons of dollars because a lot of people can get in trouble doing that. Also, be safe when you're selling online.

Make sure you have someone with you, okay? And do it in a safe and public place, like a library or a police station out front of it, So just don't bring people to your home. If you can avoid that, I think it always helps. Because some sketchy stuff can happen. It doesn't always happen, but it can happen. Winston sold one of our laptops.

This was years ago before we had kids. And yep, sold it outside of the sketchy mall in Nashville. And he said he was going to this mall. And I was like, I was like, out there, babe. He was like, I know. Went. And sure enough, the lady handed him counterfeit money in an envelope. Mm-hmm. Then he realized it and, like, chase back after her, like, yelling for her.

I was like, oh, my gosh. You could have gotten shots. Like, oh, my God. So stuff happens, you guys. Be on the lookout. And if it's cash, flick each one of those bills. Make sure that it's not counterfeit money. Oh, my gosh. It's so crazy. It's so crazy. And make sure, again, that you're not going to get into something that there's going to be fraud or they're going to take your money. So do not send your item if you're selling, okay? Do not send it without confirmation that it's been paid for. Okay, PayPal is great with that. So don't have someone say, oh, sure, I want that chair. Send it my way and I'll pay for it later.

No, get the money. Make sure that you're confirmed they have paid. Very important. All right. Well, I hope that these tips have helped you in your selling stuff because, again, it's a great way to make some cash, to hit your goals. And who knows, maybe it can turn into something for you one day. You never know.

Remember, if you have a question you want to ask me, just go to any of my social media channels, YouTube, Facebook, Twitter, Instagram, and give us your Ask Rachel question. And so today I have Diane on with me. So Diane, welcome to the show. Thank you for having me. Absolutely. Where are you calling from? Right now, college station, Texas.

In Texas. Awesome. So great. And we were chatting just before we started recording, but you're a doctor. Mm-hmm. And what kind of doctor again? Family medicine. Feeling that, that's an awesome. Has it been just crazy the past 18 months of your life?

Yes, and getting even more crazier in the last couple months. That's right, it has. Well, number one, thanks for all you do and all the health care workers you guys put in, literally putting your lives on the line every day and putting in so much time and effort and hope into these patients that you're seeing. So number one, thank you for that. Okay, but number two, where are you financially? What's your question? What's kind of your money journey? Just give me anything because I just love hearing people. and where they're at. Okay. So I finished residency about two years ago. So I've just, I just started becoming a full-fledged position about that time. So of course, money went from nothing to a whole lot of

something. And so for me, I am right now on baby step number three. So I was able in the last two years to kind of pay off all my little debts. I was fortunate enough not to have any student loans. Wait, whoa, whoa, whoa, whoa, Diane. Can I stop you for a second? How did you not have student loans and you're a doctor? Scholarships. You know, I have been really blessed to be on scholarships pretty much since the end of high school. All through undergrad, I had started a master's degree on a scholarship, but then I went to medical school, so I put that on hold.

And luckily, I was able to get a tuition, complete tuition scholarship for medical. schools. So, um, that's amazing. I just got little loans here and there from family members to help with housing and traveling and moving around. Um, and so I was able to pay that off as well as my car. I have a 2015 Honda Civic. I call her Civica. Um, and so, you know, I just became debt free, maybe about two or three months ago. And so I am on the Ramsey train, so to speak. Um, and so my question really is my fiance and I, who's also a doctor, he just finished this year. So he'll be starting his career as well. We want to, or we're considering purchasing an investment property, so a rental property in the area while we kind of are in transition. So we both

have three-year contracts. And so we're trying to figure out, well, we're really not sure where we're going to settle yet. We're not ready to own a home ourselves. And so we were thinking, well, how can we make some money while doing all of this? So right now we're just focusing on our emergency fund and building that up. But once it's done, we're kind of figuring out what's the next step. So we wanted to do the investment property, just a small condo or something like that. Well, great question. When is the wedding?

When are you guys going to get married? With COVID. Probably sometime next spring, it's going to be pretty small. We're probably just going to have close family and friends trying to be socially distant. Yes, yes. So it's not going to be terribly huge. Sure, but it's coming up. It is.

It is. Yes. Okay, because what I was going to say is when it comes to money and two people in a relationship, I never recommend combining anything or going into something together until you're married. So for both of you, I would say, will he have student loans? Where will he be financially when you guys get married? So by the time we get married, he will have one student loan, which is about 70,000, but his sign-on bonus or his contract has student loan repayment over the three-year contract. Okay.

So every year they'll give him or they'll pay a lump sum to the company. And by the time he's done with the three years, that'll be covered. Okay, okay. Perfect. So what I would do if I was in your shoes, so you still have to go through obviously maybe step three and get that emergency fund. place that I would be preparing to say, okay, when we get married in the spring, our goal is to be completely debt-free, have an emergency fund that we can live on for three to six months. And again, you can do that math for your situation. And then above that to say, okay, where are we going to be

timeline in our three-year contract? Because if you guys are going to be able to move cities, like you said, I wouldn't recommend buying a home. I want you to be able to buy something that you can be in. Your permanent residence, right, for five years or longer is ideal. So if you guys want to skip that Baby Step 3B, which is saving up for a down payment, then you could go on to Baby Step 4, which is retirement, that 15% of your income. And then from there, after you do retirement funding, in your case, you won't have a child, I'm sure, at that point. Maybe you will.

If you do, then I start saving for college. If not, you can skip that. Obviously, you don't have a house right then. You can skip the next. So then that means I would save up and pay for a rental property. I think that that's awesome. I, my dad is obsessed with real estate. My husband's obsessed with real estate. Like, they all love real estate and real estate investing, all of it. So I understand the desire for it because especially now in the market, if you can somehow get a good deal, even though it's kind of hard right now, you can make a lot of equity. I mean, just that the whole formula of real estate is so fun when you look at it long term. And it is it's passive income and all of that. But what you have to remember, number one, is we do not go into debt even for investment. So like you said, a small condo is, perfect. My husband and I, we did that. A few years after we got married, we got a condo, a short sale.

We went in. It was before foreclosure and went in and got it so inexpensively. I swear, you could probably buy a car more expensive than this condo. And it was nasty. We put some carpet in, did a couple of things. But you're able to get a renter in and we saved up. And we just did this long-term plan with investment real estate. So that's how I want you guys to kind of look at this. Again, it's very shiny. It's very exciting. But what people don't think of is the risk. involved being a landlord, which requires time, effort. And if you guys are not in the same city as your property, it can get really difficult with the logistics of everything. So think through that. There's just a lot to think through. So I would take your time. You guys, like you said,

you're making a great income. You probably have a very big shovel that you're able to do a lot of stuff with, which is awesome. And then same with him. He'll be a doctor as well. So you guys have an incredible future head. But I would kind of just take a beat, slow down and map out the rest of you guys for the next 18, 24 months to make sure you're out of debt, you have a fully funded emergency fund. And if you're still in that transition and you guys have some extra cash on the side that you think, okay, let's go in and just,

yeah, buy a condo and start this. I think that's great. I think you'd be in a position to be able to do that. But then, again, saving up for a primary home, I think is a big goal for, you know, for anyone. But when you guys have roots somewhere, I would definitely recommend saving up for a down payment and buying a house and going through.

But I think you're kind of in a unique situation, you know, which is really exciting. I think it's really fun that you guys are in this position. So it's awesome. And if you sound diligent, you're obviously very, very smart. So you're going to do just great. Does that help answer your question? It does.

Yeah. And it aligns with kind of our timeline. We want to take our time. You know, the market is crazy right now. And so we were thinking, well, let's just pile cash. So we'll do the emergency fund and just kind of save and save and save. And if the market turns around and we're ready, then we would do that.

And hopefully it will be in the same city that we are in. And like I said, small condo just to make sure we get our feet wet. We know what's going on with things to look for laws and things like that. So yeah, what you said aligned really with what we were talking about. So thank you so much for that. That's awesome. Absolutely. I know.

And I'm not a real estate investor, but I'll give you this tidbit that I've learned over the years. You make a lot of your money in investment real estate on the purchase. Like, if you can get it in a foreclosure, in a short sale, like, if you can get instant equity, that's the long-term play, right? Because if you decide to sell, you know, I mean, your rental payments are great each month, but that's going to be kind of a drop in the bucket for what you could build on an instant. So that's kind of the rule of thumb with, I would say, Big Dave, with his real estate idea. And now my husband, so they're like, at the purchase, you know, make your money at the purchase.

So that's just a little, you can claim that to me, though. I will. I will. That was Rachel's real estate advice. Girls rule. So great. Well, thank you so much for taking the time and chatting today. I'm so excited to hear what you guys do and your future.

And thanks again for all the work that you put in. Diane as a doctor. I really appreciate it. Thank you so much. Thank you for having me. Absolutely. And if any of you all have any questions or you just want to talk through your money situation, I'd love to do that.

So you can ask your question on any of my social media channels, whether it's Facebook, Instagram, YouTube, Twitter. We are looking and you can come on the show and we can chat about your money situation. And for those of you that are new to this, you're hearing, okay, the baby steps, what is all of this? Well, we have an incredible subscription called Ramsey Plus that walks you through not just budgeting, but also our course financial peace university. So you can check that all out in the links below. Well, I loved it Diane's question. It was so good because, again, everyone's situation is a little bit different, but asking these questions to set you up for long-term financial success is so, so key.

Diane, thanks for coming on and asking your question. And thank you guys so much for listening to this episode. If you have not hit that subscribe button, make sure to do that. And if the spirit leads, you can leave a review. Thanks again for listening. And remember to take control of your money and create a life you love.