The Rachel Cruze Show - The Ultimate Guide to Securing Your Future with Ken Coleman

Episode Date: August 16, 2021

Is your job stressing you out? Then you need America’s Career Coach, Ken Coleman! In this episode: Ken and I talked about working moms and the pandemic, childcare problems, and why people are quitting their jobs. I took a deep dive into the best savings accounts. And, I answer a question about the right time to use the Emergency Fund. Follow me on Instagram @RachelCruze and join the Official Rachel Cruze Community on Facebook. Connect: @Ken Coleman on Facebook. Resources: Get Ken’s new book: From Paycheck to Purpose Ramsey+ Learn more about your ad choices. Visit megaphone.fm/adchoices

Everybody thinks it's gonna be like this. Yeah, you think here's the ladder. Oh yeah. Okay, here I go. And yeah, you know what to do, but oh man, life happens, right? Oh my gosh. You're gonna go down, you're gonna go up. I mean, it's all of it.

It is such a journey. I mean, we have no idea when our own health, family members' health, yeah. Something happens, a downturn in the economy. Yeah. I mean, how many people had big plans for COVID last year? Yes, yes. Big career plans.

In fact, they were making it. Side hustles. I know people trying to get married. Everything got paused. and we can't control those things. Hey, everyone, welcome to another episode of the Rachel Crewe Show podcast. I'm so glad that you're here.

Well, on today's episode, you'll hear a conversation I had with Ramsey personality and career expert, Ken Coleman. We'll talk about 2020 and the job market and how to find a job that you truly love. I'm also taking a question from Brandon, who's wondering if he should pause his debt snowball or keep paying off debt when he has an emergency.

But first, I want to talk to you through the best savings accounts that are out there. So let's dive in. Today, we're going to dig into savings accounts. That's right. Listen, I can get kind of complicated out there because there's things like traditional savings accounts, online banks, money market accounts, CDs, HSAs, so many things you may be wondering what is the best option for me. So today I want to answer all of your lingering questions.

this episode, which is the ultimate guide to the best savings accounts. So we will start with traditional savings account. We've all used this before probably. It's free when you sign up for checking at a brick and mortar bank. And with traditional savings accounts, you get a limited number of transactions and withdrawals per month, usually around six. Almost non-existent interest, though, when it comes to these accounts. So you're earning like, pennies on the dollar. What, 0.06% according to the FDIC? Yes, you're getting basically nothing, let's just be honest. But it's a safe place to keep money that you won't be using for a while. Like your starter emergency funds, which I cannot emphasize enough. It is so important, you guys.

There's a couple places you can put it, but again, a traditional savings account is one of those options. Next up is online savings accounts. So these are basically like traditional savings accounts, but you're not going to go to a brick and mortar location. Like there's not a physical location because it's online. And because of that, you might earn higher interest rates, which is great. And obviously, this is another great option for your emergency fund. So online banks that you've probably heard of are Axos, Ally, Varo, and there's many others, but those are some of the popular ones.

But make sure if you do an online bank, that you opt for one that is insured by the FDIC, which is the Federal Deposit Insurance Corporation. Don't forget that. Next, our money market accounts. Yeah, this is another great place for your emergency fund as well. This is where Winston and I keep our emergency funds. We have a money market accounts. And what's great about these is, again,

you earn slightly higher rate of return than just a traditional savings account, and there's no penalties for using your own money, and you get check writing and debit card privileges. Usually you get limited to like six transactions a month, though, so just be aware. So again, this is just for a savings account, like not for pizza night, not for going out for a grown-up salesor run

at the grocery store after the kids go down, okay? This is like just emergency funds. And you can open up a money market account at your local bank, an online bank, or a mutual fund company. Now, you've probably also heard of CDs, so let's break this down. When you hear the word,

or the two letters, CD, don't think of certificate of deposit. I want you to think of Chrome a deal or certificate of depreciation. So what these are are low risk, but also low reward way to earn interest on your money. So basically, you make an initial deposit, and then you don't do anything with it until it matures. And the interest you earn over one year on a CD usually is higher than when you'll find at a traditional savings account or money market account.

But here's the catch. If you cash out your CD before it matures, then you, you'll be able to get your CD, then you, face a penalty and it could cost you all the interests that's been building up in your account. That's why here at Ramsey Solutions, we teach you to have your emergency fund to be liquid and penalty-free to be able to get it out without penalty because you never know when you're going to break your leg, your flat tire happens in your car. Okay, so emergencies, you don't know. You want to be able to get it out quickly. And if that weren't bad enough, then you'll also be taxed on your CD earnings. So hard pass. Don't like it. Now you also also

may have heard of HSAs, which are health savings accounts. So like an extra emergency fund just for medical costs is basically what this is. So you must have an HSA eligible, high deductible health plan in order to open one and put money into it. So typically you'll do this through your employer or an independent insurance agent. And I love HSAs because you get a triple tax advantage. You're not taxed on the savings you put into an HSA, which is great. So if you're spend money on medical expenses out of this, you're not taxed. And if you're on babysat four, which means you're out of debt with a fully funded emergency fund, you can actually turn your HSA into another investment vehicle. Because again, it grows tax-free, just like a mutual

fund. It's an amazing thing. So triple tax advantage with the HSA. It's awesome. So again, you can use it for medical expenses. But if you don't, you'll leave it in there. Don't touch it, let it grow. It's like another investment. It's amazing. So those are some savings accounts that you need to consider when you think about it. But remember, if you have nothing right now, like no savings, nothing, that means you're starting on baby step one, which means you need to get a $1,000 emergency fund. And with that, any of these savings accounts we've talked about are really great. So a traditional one, online or money market, put that $1,000 away. And then once you're done with that, then you go to Baby Step 2, which is paying off all of your debt, but your house. And

then once that's done, then you move on to Baby Step 3, which is your big emergency fund, your fully funded emergency fund of three to six months worth of expenses. And put that again, that adds on to your baby step one. So putting it in a great spot like a money market account. It's a great way to go, you guys. You're on your way. It's so great. Now, as we're talking about savings, I do want to touch on sinking funds.

So when you think about a budget, I always tell you, a budget is permission to spend. Well, a sinking fund offers encouragement to spend and spend in a big way. So use sinking funds for large purchases coming up. Like if you have to replace your car, maybe Christmas is looming and you see it, or you're going on a vacation. So what this is is you save a little bit each month going towards this large purchase.

And so you're being very specific with the amount of money that you're saving. And so you can have multiple sinking funds. You could have multiple accounts for sinking funds if you want. It can kind of get complicated if you do that. So you could have, you know, one account and all your savings goes into it, but on the side, you know exactly how much is allotted per purchase and per sinking fund, all of it. But this is a great way to save up, you guys, for things beyond the emergency

fund. So just think about this. The sinking fund is for the known, and the emergency fund is for the unknown. But we are all about savings around here. And one thing I know is that everyone wants to increase their savings and build wealth. It's a part of that really firm. foundation when it comes to your money that is so important. I hope this helps you guys because, again, savings is a big part of your journey and you want to do it in a wise way, in a place that's going to be best for you. Sitting here next to me on the couch, Ken Coleman, you're back. I am back. It's always good to be back.

And it's such a lovely set. I feel very, I'm just missing tea and my pinky going out. You know, coming from America's career coach. I'm so thankful. Oh, boy. I'm glad you liked the space. It's fantastic. Thank you. It is awesome. Thanks for coming back on. Yeah, always fun. Because I love talking to you and it comes to people and them finding their passions and their careers and it being a whole thing. So tell everyone kind of like, what is your heart and your passion? Oh, you know, I'm just really, really sold out to helping people figure out what's that unique role that they can fill in their work? There's a general feeling from most people. And I think this is throughout history, that work is primarily something you do to live. words, I work, I get paid, and it helps me take care of the four walls, the basics, and then maybe some memories. And the reality is, is that work is so much more than that. There is purpose in your work because it turns out that the creator of the universe created you to be talented. You have talents,

hard skills, soft skills. And think of those as the tools you use to do work. Now, what kind of work do you really love to do? All of us have a task, a function, a subject matter that we really do find ourselves getting lost in. And you can do that in work. And then finally, all work creates results. So what results do you want to put into the world through your work? So I just laid out three different indicators, talent, what you do best, passion work you love, mission results you want to produce. When you can get all three in alignment, think of it as like a giant arrow pointing into the world at work, where there's multiple jobs, career paths that would allow you to feel that significance and make the income you need, but the impact you want. I want people to see that

that's possible. Oh, and it is. That's the amazing thing. Okay, but let's talk about jobs, careers through 2020. Oh, yeah. It was a crazy year. And according to the Bureau of Labor Statistics, more people in 2020 willingly left their jobs. That's right. Okay, so what do you think stirred that pot? Yeah, it's a really good question. So what happened was to think about the pandemic. And so if we go back to March of 2020, pretty much globally, that's when we had a artificial suppression of the economy. And so people are like, we have to go home. Like, companies sent us home. So all of a sudden, this massive change in your routine, okay? I mean, think about it. A massive change. And so allow that to settle in for three, four,

five, six months. And here's what happens. We are so scared of change. It's the number one fear most adults have, the unknown that's attached to change. But when you're forced into a massive change. Now you begin to consider change in other areas of your life. So people were forced to go home. So then they went, well, wait a second. This has been forced on me. I've adapted. What other change do I want to make as a result of this adaptation? So really it was like, huh, we were forced to consider other things that we would have not have considered before because of the routine. We know this from data. Most people will stick with a job that they're miserable with just because they know what's going on. It's there. Yeah. Versus, well, if I change

careers or changed jobs. I don't know this and that. So I think that's what really happened. And people said, I want to do something different because I can. And I think they were forced to confront that like never before. Yes. Well, and also, from a woman's perspective, I've read so many studies about women because child care was an issue, all of that. And they pulled out of the workforce, some of them, and now they're thinking, hey, do I want to go back? Do I not? How do I re-enter? Like, what encouragement do you have to this women? Yeah, I'm glad you brought that up because I'm really frustrated for women. We saw a ton of professional women who had worked very hard to get where they were professionally. And with society and culture, making more opportunity for women, which is a good thing.

And then all of a sudden, they were forced to go home and take care of their kids because childcare was shut down as well. And so now you've got this real challenge. What do I do? Do I go back? Do I consider something new? And so here's the advice. We want you to get clear. It's stage one of my seven stages to doing what you were born to do. Back to that quick rundown. a talent, passion, mission. I would love for these women to say, okay, let's take wholesale inventory of my professional career to this point

and then go, okay, I've got these talents, I've got this experience. Yeah. But now what do I really want to do? What would make my heart come alive if I could do it financially, meaning I've got to get qualified potentially if it's a shift,

or do I want to get back into it in a different mode? So, for instance, instead of working from home, do I want to be hybrid? do I want to stay at home? So does that mean I have to start a business to be able to do similar work and not work for somebody else? These are the reality.

So you've got to look at where do I want to go and let's get clear, do you have the talent? If the answer is yes, well, now you've got the tools. Now it's about what does it take to get qualified to do this? How long is that going to take? How much is that going to cost? Once we know this has to happen. And you may be looking at a two to three year period

to cash flow your way through it. And if you decide that, that's okay. but have the mindset of, oh, there is a path. And if they get clear on what they want to do and they know what it takes to get qualified, that's really half the battle. The other half is just executing on the plan. Yes, but having that plan, right?

Got it the plan first. Some kind of direction, which is so good. Or else it'll paralyze you. Yeah, for sure. Oh, for sure. So men, women, all of it that are in the workforce, so many of them, they want their dream job. Yep. They see something out there.

They're like, oh, if I could just do that. They see it out there. They know all of this. like what are some tactical things, practical things that people can do to really go forward to their dream job? I love this. So once we identify what the dream job is, let's just back out of that. Okay. So we look at, we could pick any title out there. Let's say it's C-suite and an accounting firm, just making that up.

Totally, totally. So we look at that. And what we want to do is we want to use the proximity principle, which is a book that I wrote before. But it's a simple principle that says, in order to do what I want to do, I've got to be around people that are doing that work. or in places where that is happening. Now, here's why that's important. When I start to hang around people that are C-Sweeters in that type of industry,

that could be a Zoom call, could be a lunch with a friend, a mutual friend, or could be a coffee. I begin to understand their journey. And think of it as like a college term paper or even high school term paper. This isn't hard work. Yeah.

But it's showing up and asking questions and digging into what was your journey. When we begin to understand the journey, we can say, well, I probably might need to be this level of CPA, and then I'd have to do this, and I'm making all this up. I don't know if that's the actual journey there, but the ideas we learn what are the multiple pathways.

So realistically, everybody's different. Everybody's different. And I love what you're saying here, though. The first step is to be in contact with someone. Talk to somebody who's actually done it. Yes, like a level of relationship with guys to actually talk to a human being and say, okay, what does that look like? And multiple human beings, because as you just pointed out, there are multiple paths.

But if I talk to several people who want to be C-Sweeters and maybe the accounting or technology space, I have a good idea how they got there and I see what the path might look. like. So now we step back, back to our last question, what is it going to take to get qualified to be a C-sweater? So you have a general idea. Probably seven to 12 or 15 years experience this. So before that, you'd have to do this and there's real qualifications. Maybe a degree, maybe not a degree. But when we figure all that out, we go, okay, I have a general idea what this ladder is going to look like. I might skip a run. Because I might see some real growth. But largely speaking, we must identify the ladder. And when we do that, here's what happens.

when you see the destination and you have a general idea how to get to the destination, you'll stay with it. Even when life throws the curves, the detours, because you go, okay, I got knocked off because my child was born ahead of health crisis. It took us two to three years to kind of get through that and the medical bills and all the things, but that ladder is still there. I think that's what I'm so proud of about teaching people is to understand that once you're clear, you can get back on the path.

And I think it's so important for people to understand that, the hardest part of this journey to purpose in your work is actually patience. It's the hardest thing. Nobody ever talked to. Everybody's like, persevere, persevere, and that's kind of sexy and all that. Wait a second. Perseverance, absence of patience means you're going to run out of gas. Oh, yeah.

You can't grit your way through the whole time, right? You cannot. That's a great way of saying. You've got to have patience. And the way to have patience is to understand on the outset before I ever take the first step. When I ran that half marathon that Dave guilted me into several years ago, It's like the first step. Yeah, you quit early.

Oh, yeah. Stupidest thing I've ever done. But you did it. I did it. But the point is, is I went into it going, this first step, this first mile,

this second mile, this is easy. I'm going to have to be patient and stay with the pace, gut this thing out. I've got to be patient one step after another step. Which honestly,

is a character quality that we don't have in this culture, right? I mean, like, it's just like, I just want to feel change. I want, I want things instant. I want to be able to feel good in the moment, like all of this.

That's exactly right. But to say the course, when you have that plane, you have that ladder in front of you. That's right. To breathe and have the patience that's going to take time. Yeah. But it's always worth it. Can I just tell you? And you know this.

We have friends that have achieved so many great things. All of us do. You're watching. You're listening right now. You think of somebody who's who you admire. And maybe you listen to their podcasts. Maybe you bought their books. Maybe you love their television shows.

I could tell you that if you were to sit down with them over a cup of coffee, they would tell you that it was the journey, not the destination. and when you get to the destination, it certainly is rewarding, but it's rewarding for all of the reasons that you struggled, you were patient, you went through downs, you had some ups, but you stayed the course, and when you get there, it's still beautiful as a mountaintop. However, you appreciate it way more.

It's overrated to get there faster. It doesn't feel as good when you get there quickly. So it may have been you. I'm praying it was you, Ken, I think it was. On Instagram the other day, and it said the path, There was a, was that you? No, I don't know what you're saying yet. Ready? Ready?

Okay, I thought you were picking up on this, Ken. I'm trying to. But it said the path from start to finish or whatever it was, we just think is this. Yeah. But it's really like, it's really this. Yeah, I reposted Entree Leadership's Post. Oh, it's onre Leadership. It's like everybody thinks it's going to be like this.

Yeah, you think here's the ladder. Oh, yeah. Okay, here I go. And yeah, you know what to do, but oh, man, life happens, right? Oh, my gosh. You're going to go down, you're going to go up. I mean, it's all of it. It is such a journey.

I mean, we have no idea when our own health, family members' health, something happens, a downturn in the economy. Yeah. I mean, how many people had big plans for COVID last year? Yes, yes. Big career plans. In fact, they were making it. Side hustles.

I know people trying to get married, everything got paused. And we can't control those things. Okay, so the things we can't control over this plan. So you were saying earlier, though, get clear. Get clear, stage one. I got to know what was I created to do, and there's multiple things. what we do. It goes, talent are my tools. Passion is the work I love, results of what I want to create. Once we know that, we're clear, and we can see multiple professional opportunities. That's stage one.

Okay. There's seven stages, right? Stage two is get qualified. Is it seven stages? You nailed it. Go, real quick. So here we go. Up the mountain. Get clear. We're about to get on the ladder, people. This is great. Very excited. Here we're going to climb with you. Get clear. Get qualified. Get connected. That's relationships where opportunities show up. People. Get started because the opportunities came your way. You actually got to do something. Get promoted. Ah, getting up the ladder, Ken. Eventually get the dream job with all those promotions. It's happening.

It's happening. Finally, stage seven, give yourself away. You're no longer working for income. It's all about impact. So it's get clear, get qualified, get connected, get started, get promoted, get the dream job. Give yourself away. Which is so good. It reminds me of another little seven-stepper here.

It does. The old baby step, right, you win? But you're doing it for other people. It's a level. This is what I love about random solutions, so like all the messages are there. it's career money. That's right. It really is. It's a selfless type mentality. Yeah, you kind of have to look at yourself in your life and work on it, right? But man, you do that hard work, not just for you, but you're doing that for your family, you're doing that for other people, all of it. And that's

where the joy is, right? Because you can get the big CEO role and you meet, you meet people that have killed it professionally, but they're miserable. Like, they don't have people around them. Like, they don't talk to their kids, right? I mean, like, it's that kind of thing. So it's this whole circle, you guys, of giving yourself. So hi. It's all over our walls here. It's on giant screens, if you ever come to Ramsey Solutions, do work that matters. The matters is it matters to you because you see how it matters to others. Working on purpose is nothing to do with you. It's about others. You know, we believe very clearly here at Ramsey Solutions that we were created, Genesis chapter 2 to work. If I say you were created to work, some of you would go because of your experience and

your perception of work. But if I said you were created to contribute, you'd hold that dearly. And I want you to see work as a contribution. I love that, Ken. Okay, and all of this. This is fun. Drum roll. I may have just seen this right before we started. It looks so good, Ken. As were your friends, like, I look at this and I'm like, lots of plastic surgery and airbrushing went into this cover. Was there both talks? Let's see a few old time. Oh, gosh, no. No. Okay, but really, your new book, from paycheck to purpose, a clear path of doing the work you love. So you, you outline these seven steps that we did so but to really dive in, you guys. I mean, if this is something that is in your life and you're like,

okay, I know either want to get back into work or I want to just change completely what I've been doing because I don't feel purpose in it, this book is going to help you do that. I mean, it's just, it's absolutely amazing, Ken. I'm so excited. And it's actually on pre-sale right now. Yeah. Which is amazing.

So where can everyone buy it? Well, of course, ramsysolutions.com. Ken Coleman.com goes the same place. Store is where you want to get it. And anywhere books are sold, of course. We've got all kinds of great goodies that are broken up based on some of the stages the people in. Some people watching right now are more in that get promoted stage. They want to move fast. They're clear on what they want to do and how to get there.

They just want to add some rocket fuel to it. So one thing I would say is that people hear purpose and they begin to kind of classify themselves. So one thing I would say is it does not matter whether you want to be a plumber or a professor, a missionary or rocket sciences. It doesn't matter. There's purpose in all work. And I don't want you to minimize this. Even if it's all about the side hustle, really finding purpose in your work, that's really. what this is going to help you figure out and get there. So we're really excited about it. Oh, I think it's so great. Thanks for having it. So great. Okay, so before you leave, Ken, I want to know. Oh, oh boy. What's one thing you're doing with your money that's creating a life that you love?

Oh. Now it's going to be anything from like simple things like, I don't know, drinking coffee like on the cover of your book to go on a big vacation. I don't care what it is. Okay. But something you're doing with your money that you love. Well, I got to tell you, that's fun. We just finished a room over our garage that is going to be what we will call the, retreat. Our good friends, Bill and Amanda, we share friendship with them. They kind of inspired me. The kids have their own bonus room in their own area. But this is an area where mama and dad, it's like our area and it's an area of where I can read, where I can watch something, where I can entertain. It's really going to be an entertaining space that we kind of That's so fun. Yeah, and we're putting a lot of personal style on it so that when you walk, so that's a little thing. Are Winston Cruz and Rachel Cruz going to come to the retreat?

Yes, of course. Can we come? Yeah, yeah. The kids aren't allowed. unless it's like a special dispensation. You don't what I'm talking about. You got three littles. We've got three middles. What Josie babysit? Fantastic. My girls love his own.

That's a little thing. And then I'm also restoring an antique car. You are? What kind? It's a 1972 convertible Carmen Gia. She has no idea what that is. No idea.

That's what's said. No idea. But look it up. It's really cool. It's a Volkswagen product. And it's kind of driving Miss Stacy. That's my wife's name is Stacy. It's kind of like, it's our little date car. It's a little convertible. I mean, you know, it's kind of fun. It's a date car.

Yes. It's fantastic. I love it. So those are two little things. That's good. That's good. Okay. Ken, thanks again for stopping by. Yeah, thank you for having me. And again, you guys, from paycheck to purpose, Ken Coleman, you can check out his show, the Ken Coleman show on radio and podcasts and everything. Yeah. And Instagram, you're on all of it. YouTube everywhere. Yes. And I learned everything about posing on this cover from Rachel. I want you all to know that. She put me through a boot camp for this and it paid all. You know, I've learned the, I've learned the, uh, Oh, she's the best.

Get you that authentic smile. She's the best inauthentic, happy poser I never met my life. I've done a good little laugh smile. I've learned that. Ken, thanks again. Thanks. My favorite episodes is when you guys come on here and we get to talk through and I get to coach you through your different money situations.

So today I have Brandon on the show with me. Brandon, welcome to the show. Thank you so much for having me. It's an honor to be here. Oh, I'm so glad that we got your question because it's a great one, and it's one that I think a lot of people have. in this journey that they're on. But first, tell me a little bit about you, where are you calling from, what's your

kid status? Give us everything. I'm calling from Pulaski, Tennessee, which is close to Huntsville, Alabama. Yeah, right down 65, where I am. That's right, yep. And we're on baby step two, and we were about to put all but a thousand towards our debt, but then we have a problem. And that's our HVAC unit.

And so we're kind of wondering what to do with that. But anyway, I just thought I'd ask you. I've been watching you and your dad a lot. And we have the Ramsey Plus, and I watched one of your videos, and it was talking about Dad. And at the end, you said, if you have a question, get a hold of you on your email. And that's what I did.

I sent this question to you. See, people, it's that easy. You just email in. We get you on the show. We talk through the situation. I love it. Okay, so a couple of questions for you. number one, when you say that your age back, it's having issues and possibly, I'm assuming you're thinking it's going to have to be replaced. Have you had different quotes? Have you called different companies to like get an opinion?

Well, yes. And I don't like any of it. So in the winter, it started getting louder, making noise. And we had a friend who come by, who works on these for a living. He looked at it. And he literally just patched it up. There was something loose in there. And he put a zip tie on it to tie on it to tie it. and it worked fine for months, and so we're golden. And then just a couple of weeks ago, my thermostat was letting me know that it's calling for colder air, but it's getting hotter in the house. And so we're thinking, okay, so we call her friend over again, and he charged the free on, and it's working fine right now. We're trying to hold on to this thing as long as we can. Sure, sure.

But I don't know how much longer it's going to be. Yep, absolutely. Well, what I would say in this situation is because we talk about our four walls, food, shelter, utilities, and transportation. So these are things that you need to survive. And I would put HVAC in there as well. So if you know something big is going to be coming up, we do say to pause the debt snowball, save up, buy what you need to buy.

Or, for instance, if you're expecting, we tell people to pause during that time or if you have a wedding and you want to pause for a period of time to save it for the wedding. I mean, all of these things, that's life, right? So pausing the debt snowball, there are reasons to do that. So I would say your worst case scenario is that's what you do, right? You pause, you save up, you replace the unit, which I hate. I wish it was like a refrigerator that you had to replace because HVAC is so expensive. It is.

Yes, it's going to be a lot. So again, that's the worst extreme, I would say. But the best extreme is I would call two or three places and get quotes and get their opinion because not only possibly is there an issue that you just, Oh, yeah, you've got to change. I mean, I know nothing about HVAC. My father-in-law owns an HVAC company, so he's probably watching this being like, Rachel.

But I'm like, I don't know, a filter needs to be changed. I mean, like, who knows, right? It could be something really inexpensive that you could do that you don't realize besides just a zip tie thing. And you guys could make it another 18, two years with this thing. So different opinions. And then in that, if they all say, oh, yeah, this is like, it's done. Then you have three different opinions on pricing

when you have to replace it, right? So you have different options. even in that. So that's what I would do just because it's such a, again, a refrigerator is kind of a different conversation. When it's an HVAC unit, you really do want to have multiple options, multiple opinions on it, because hopefully you can get it fixed more inexpensively, but if you have to replace it, you get the best price. Does that make sense? It makes complete sense. And it sounds a lot better than, I don't know, what else you would say, suck it up for the rest of the summer by box fans or what to pay off the debt. But

Yes, I'm so glad you said that. So we may just have to put a stop to it. We're making pretty good progress. It'll be about October 24 and we'll pay off about $53,000 in debt. Awesome. And that's what's really keeping us going here is just seeing that goal. And we've got the Ramsey for us, every dollar, baby steps, all of it's really great. And we certainly appreciate that.

I appreciate your advice for sure. There are some people we talk to and they go to the extreme on. everything. They like sell it all and live in a tent. Some people would just to pay off their debt, right? There's something, there are people that choose, you know, a more extreme option. And we always say the more you cut your lifestyle, the more you obviously throughout the debt, the faster you're going to get out. So this isn't a thing of like, yeah, we're going to just slow down and all of that. But when it's one of your four walls, you have to really make a decision, you know, obviously what's best for your family. But I don't want you to lose that momentum because you guys

are killing it. Like you said, you're doing every dollar, you're doing the baby steps, the debt snowball. So I don't want you to lose. You know, that. I don't want this to take, you know, the wind out of your sales, if you will. I want you to, you guys to continue to work together and you sound like you're doing an awesome job. Okay, so how much have you paid off so far? Have you guys just started? We really just started literally a month ago, and we paid off our first debt, our smallest debt, just the first month. We sat down and looked at the budget. We realized we can actually put a lot more on debt than we thought. And so we got rid of the first debt and then this thing happens and it kind of threw us against the wall I guess

but we're excited about getting this done and we're going to do what we can to do that so we're finding side hustles we're doing what we can I'm a preacher for a living but I also graphic design I've designed t-shirts and all that stuff to get it going but yeah we're we're going to work on this and make it happen yes I love it well I hear it in your voice and obviously what you just said just doing some simple math in one month like oh we can pay off that smallest debt and get it going And so that's amazing. I'm so excited for you guys in the journey. And you guys, Brandon just said it, but Ramsey Plus,

this is our proven step-by-step plan to show you how to budget, pay off debt, and invest. It is everything that you need. And honestly, you got nothing to lose. So right now I want you to text Rachel Plus to 33789 to get your free trial of Ramsey Plus. It's awesome. And Brandon, thank you so much for your question. I hope that helps answer it. and I'm excited for you guys on your journey

and come up to Ramsey Solutions in 2024 and do your debt-free screen. Absolutely. Looking forward to it. Well, I loved Brandon's question because here's the deal. Life is going to happen. Even when you're on baby step two,

whether it's an HVAC unit that goes out or your tire goes flat, like things are going to happen. So you need to know, hey, when is this an emergency that's worth pausing the debt snowball? Well, I want to thank Ken Coleman for coming on the show today.

So wonderful. I loved our conversation. and thank you guys for listening. If you've not subscribed to the podcast, make sure you hit that subscribe button and if the spirit leads, you can leave a review. And as always, make sure to take control of your money and create a life you love.