The Ramsey Show - App - A Private College Is NOT Worth 7 Times What a State School Costs (Hour 3)

Episode Date: April 29, 2020

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🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thanks for joining us. Open phones at 888-825-5225. That's 888-825-5225. Lisa is in Ohio. Hi, Lisa. Welcome to the Dave Ramsey Show.

Hi, Dave. Long-time listener, first-time caller. How you doing? Better than I deserve. How you holding up? I'm doing okay. My problem is I have a millionaire that refuses to let me have a dryer. He is completely against a dryer. I have no reason. A dryer? Like a washer and dryer?

Like a washer and a dryer, yes. So you guys are millionaires? Well, he is a millionaire. I am not. We are not married, but we do live together. Oh. And it's our money until we get to the checkout line. It's not our money.

You're not married. You have a roommate. Exactly. Yes. Okay, so he says it's our money. You're not married. You have a roommate. Yes. Okay, so he says it's our money. Well, he's wrong. And so I buy. Exactly.

That's what I keep telling him. It's your money. But I've even offered to buy the dryer. I get disability. And my home was paid off by the time I was 30. And then I didn't drop out of the workforce until I was 38. I had a surgery and almost lost my left leg. Oh, my goodness.

And, yeah, so I've had a really hard time. Okay, so you personally have how much money, not counting your roommate? I have personally saved roughly $25,000. I have 20 of that locked in a CD that will come up next year at 2.5%. Okay. And how much is a dryer? I've even offered to pay it. No, no, no. I want to ask.

I said how much is the dryer? Oh, I don't know. How much a dryer would be? $500, $600? Probably more than that, depending on... I don't know how much a dryer would be five six hundred probably more than that depending on i don't know i don't even shop for one in eight years okay well i mean maybe maybe you ought to determine what the price of the dryer is you have a you have a washer right okay i mean i have a washer all right he reached and i have a dryer down there and the dryer like i've offered to have somebody come out and look at it oh there's one sitting down there that doesn't work exactly

okay so i'm confused why can you not just go buy a dryer he does not want it's not up to him i i'm confused it's not up to him it's not it's whoa, whoa. Who owns the house that you live in? He does. Okay, so he owns the dryer that's sitting down there. Yes. And how long have you been living there? Eight years. Okay.

And the dryer has never worked. Yeah, I think there's a lot of other things that aren't working. And this dryer is just part of it. So you are a case study on why shacking up doesn't work. Okay? Well, we both agreed we didn't want to marry. Why? In the very get-go.

Why? Because, well, I've been married once. So? And it just didn't work out so well. I drove a car once. I had a red two, but I didn't quit driving cars. Right, and then he's never been married. And then I'm not really interested in getting remarried anyway right now.

But you want a dryer in his house. Well, the one reason is I have MS, so I have a lot of medical bills that would be better, you know, if I'm responsible for my own. You are an outline case study. Everything that's coming out of your mouth is the reason that shacking up doesn't work. It's very, very difficult to manage your life this way because you're trying to act like you're married and you're not, and therefore you don't have a way to solve basic disputes. Whose mustard is it in the refrigerator? It's like when you're in college and you have a roommate

and somebody buys mustard and somebody else uses it. And so it's just because you're freaking roommates, legally, financially, and in many cases emotionally. You're roommates with benefits. You know, that's all it is. And so that's the core of your problem. And so I don't know. If I were living in someone else's house can i go buy a dryer and

put it in their house well i guess if you sleep with him you probably could get by with that so you know that's my guess so go buy a dryer girl just have it delivered just trot your little butt down to the dryer store buy a drawer dryer pay the delivery charge have him come up and put it in the room and have him haul off the old one that doesn't work and if he doesn't like that you can pay him for his old one that doesn't work and then you have a dryer it's magical but you don't really have standing to cause your roommate to buy you stuff you just don't you and this is the problem with this halfway thing of doing it paint or get off the ladder kind of a thing and so um and i've never i mean i've been doing this for 30 years and i've never been able to coach a couple successfully it's not because i'm obstinate

about it i've just it's just there's too many things pulling it all this stuff the wrong direction i've never been able to coach a couple how they can sort of be married and you know and it just it doesn't work out so i don't think you have a problem it's it's none of your business what he does with his money because he's your roommate you don't get to go now if if the two of you are married and you're married and he has a million dollars and he brings a million dollars in the marriage and then he's too cheap to buy a dryer then you've got a discussion which it's absurd he can't buy a dryer of course he could buy a dryer normal human beings have a washer and dryer when they have a million dollars that's just weird so he's just being a tightwad beyond belief he's strange

and so um that's what we're talking about here so go buy a dryer girl it's not up to him if you want to dry go buy your dryer you're a free person you have you have money in the bank and you have income coming in from your disability and you can make it out there in the real world and you can make a decision. You're 38 years old. Buy a dryer. It's not that big a deal. All right, Gabe is with us.

Gabe is in New York. Hi, Gabe. How are you? Hi, what about you? I'm good. How are you? Better than I deserve. What's up?

So I'm a senior in high school right now, and I'm in the midst of the college process, and luckily in the past month I've been admitted to Vanderbilt University, which is in Tennessee. I'm aware of it. It's in my neighborhood. Yes, sir. How are you paying for that? I'm more blessed to receive.

Exactly. That's my question for you today. You got a scholarship? Yes. So I received about a $60,000 scholarship for the first three years, and then it goes down to $50,000 in the third year. That doesn't cover one year of tuition at Vanderbilt. It covers, well, I've received $60,000 worth of $60,000 for the first three years. I mean, $60,000 each year.

I know, but it's $60,000 a year tuition. What do you mean? All right. Hold on. We're going to talk about this after the break because I'm not hearing you or you're saying it wrong or something. I want to make sure I'm not just popping off at you. I'll try to help you. Hold on.

This is the Dave Ramsey Show. Business leaders, now more than ever, we need people with the right skills to support our communities, especially the frontline workers who provide resources and care for those most in need. To help, LinkedIn is offering free job posts for healthcare and essential service organizations that need to quickly fill critical roles with the people who help us all. If you are hiring for one of these organizations, free job posts on LinkedIn can help you quickly find the right people for your frontline. LinkedIn jobs can help by screening candidates the right people for your frontline. LinkedIn jobs can help by screening candidates for skills and experience you're looking for and putting your

job post in front of qualified people who have what you're looking for so you can find the right person to quickly fill critical roles. To post a health care or essential service job for free or if you're in another industry and have hiring needs, visit LinkedIn.com slash Ramsey. LinkedIn.com slash Ramsey. Terms and conditions apply. I'm talking to Gabe in New York, who has gotten some scholarships to Vanderbilt University here in Nashville, where I live. And I'm trying to get straight on that before we win the break. All right, Gabe, let me go back and circle back, make sure I understand.

Are you getting $60 thousand dollars a year in scholarships yes sixty thousand dollars a year for the first three years and then the fourth year i will be getting fifty thousand dollars worth of scholarship and tuition is about sixty thousand is it not tuition is about 70 grand okay so you're ten thousand short for tuition okay yeah um for three years and then the last year, $20,000 short. Okay. And you've got to have room and board, right? I'm sorry, yeah.

$70,000 is tuition plus room and board. And what is it you're wanting to study? So right now I was admitted into the HOD program, which is essentially the business major at Vanderbilt, but I wanted to couple that with engineering sciences or engineering studies. And you can get all of that done in that four-year period of time? Yeah, it's quite common, actually. Okay. All right.

If I'm unable to do the HOD major, I would just switch into engineering because I value that and its career prospect more than the business. Okay. All right. Cool. All right. And so what's your question for me? So my question is, is it worth taking out student loans for that $10,000 a year and then the $20,000 outside of that?

No. In the fourth year no the only thing is i do have my grant i'm also blessed enough to have my grandparents have saved 35 000 um to use and for the purpose of school tuition and also have about 10 grand of money that i burned cumulatively during my entire life working life so that covers about 40 of the 50 grand that I would be in debt for um do you still think does that change your opinion on it nope you want to know why yeah uh it's wonderful that you've gotten a scholarship that is this large that That is an unusually large scholarship, and that is a

wonderful thing. Number one, I'm never going to tell anyone to go into debt for an education because it's not necessary. Then number two, the only way I would go there, if I were in your shoes, if you were my son, the only way he would go there is if we could pay cash for it number one and um you can't uh and uh the the value the tip 78 of the ceos of fortune 500 companies went to state schools. They didn't go to famous schools. Okay? There is no piece of research anywhere that correlates your likelihood of success

with you going to an uber-expensive famous school. Vanderbilt falls in that category. Not mad at Vanderbilt, but let me just tell you, the typical state school is $10,000 to $12,000 a year. Is Vanderbilt seven times more valuable for you to study business or engineering than it is for you to go to your state school. Answer, not a chance. Not a chance.

The good news is it's not out of your pocket. It's not out of your pocket seven times. And so your out-of-pocket is about what it is to go to a state school, $10,000, plus you've got to cover room and board. Now, you can do that working. You know, get a job, a good job, work your tail end off. I worked 40 to 60 hours a week while I went through school and graduated in four years with a business degree in finance.

And so it is totally possible to do that. And so you've got to arrange the income to cover this. If you don't take this scholarship and you go to a state school that costs $10,000 a year and you've got to cover $10,000 a year plus room and board out of your pocket, it's the same equation, isn't it? Exactly. And so I would do this, but I don't want you to say, oh, it's worth going into debt because it's Vanderbilt, because it's not.

There's no data points anywhere that says where you go to school will cause you to be successful. There's just not. So in terms of the employment while I'm studying, do you mean like starting my own business or just doing the typical student undergraduate career like working in a bookstore? I don't care.

I don't care. What's room and board? Probably $15,000. So you probably need a couple grand a month. You probably need $25,000 a year to cover everything out of pocket because you don't have any. Well, you got $10,000 to help you get going the first year, right? Yeah.

In cash. Okay. So that, you know, your tuition, well, that covers your tuition, and then you've got to cover room and board. So figure out what room and board costs, and I've got to make that much. This summer. Are you heading in the fall yeah this fall yeah okay but the the great illusion is that it's all always okay to borrow

money because this is all going to work out in the end and we've got hundreds of thousands of people across America, Josh, that it didn't work out for. And they call me every day with $40,000, $50,000, $60,000, $160,000 in student loan debt, and they're up a creek without a paddle. And they're trying to figure out how to get through this, and it's because they justified it. And the problem that's in front of you is that you have a very luxurious offer a wonderful offer so you're apparently a phenomenal student my guess is you got a wonderful gpa or a uber high act or sat score right i lost you okay i guess he got tired of me talking to him about it.

But, all right, you do what you want to do, bud. But that's my story, and I'm sticking to it. And so here's the thing. Let's just keep going on this. Go to Borrowed Future. Josh, if you're out there still, you can do this too. And download the podcast. There's eight episodes of borrowed future the student loan

debacle the student loan mess that is in america today the trillion dollars of student loan debt it's completely bizarre and what you have to do is you have to make a value judgment, okay? Let's just say you had $70,000 a year. That's $210,000, or no, that's $280,000 to go through Vanderbilt. You're going to for $40,000 plus room and board, plus books. You really do not have any leg to stand on to make the case that Vanderbilt or Harvard or MIT or Wharton or any other famous school is worth, what are we talking here, 10x? Not quite 10x. 8x.

Eight times more money. Is it worth eight times more to get an engineering or a business degree from one of those places? Absolutely not. There's absolutely zero data that says that. Now, if you've got the money, I've got a friend who's sending his kid to Vanderbilt right now, and he's all jacked up about it, and I'm not mad about it. That's fine. I'm not making fun of it.

I'm not saying he's an idiot, But you just cannot make the case logically. It's a luxury purchase for him. There's no data points, no research anywhere that says going to Vanderbilt is going to increase your probability of success over going to down the street, down around the corner, 200 miles away, the University of Tennessee. It's just not there. I know this because I went to the University of Tennessee, and people that went to Vanderbilt worked for me. Hello? And again, I'm not picking on Vanderbilt.

It's just he brought it up. But I've got friends that work at Vanderbilt that are professors, and it's not a bad thing. It's not a bad school. Is it worth $70,000 a year? Not in my opinion. This is the Dave Ramsey Show. Dental insurance is great if somebody else is paying for it. But if you're footing the bill, OneDental.com is a much better way for my listeners. OneDental.com is a discount membership that gets you unlimited lower rates at the dentist,

not just for cleanings, but even dentures, implants, root canals, braces, and more. Whether you're getting a plan for yourself, your family, or your business, OneDental.com is the way to go. Visit OneDental.com. on the line in philadelphia a lima is with us it says on my screen you're debt free congratulations thank you thank you so Yes, I'm debt free. Well done. Well done.

How much have you paid off? $102,000. Cool. How long did that take? It took about 28 months. Good. And your range of income during that time? From $85,000 up to $150,000.

Nice jump. What'd you do to double your income almost in 28 months? Yeah, I got a promotion and then I went into business development. Wow, you kicked it. Well done. Good, good, good for water heater, a HVAC system, credit card debt, student loans, co-signed student loans that I co-signed for other people. It was a car. It was everything. So the big ones were the car and the student loans?

The car and the student loans, yeah. Yeah. Wow. How old are you? I'm 36. Okay. What happened 28 months ago that lit you on fire like this? It was, so I'm five years out of a divorce, and at the time I was in the middle of it,

and I had relocated to take a job, and I have have two kids and I was heavily dependent on the alimony that I was getting. And I just looked at my bills and I thought to myself, if I didn't have to pay all this extra money, I wouldn't feel so overwhelmed. And I also thought that in a couple of years years my alimony is going to be over and I'm gonna I'm gonna sink if I don't do something so I just googled I googled um do people actually live debt-free wow and I stumbled on a YouTube video of you oh my gosh yeah an hour later I ordered your book, and I was sold. I was like, I'm in. So you got sucked into the YouTube wormhole, and then you get on the Total Money Makeover book, and here we go.

Here we go. And then I completely consumed you. Like, I listened to all your podcasts. I would listen to your audio books. I would follow you on Instagram and Facebook. Um, I would, I follow you on Instagram and, um, Facebook and everything. And I just,

I consumed you. If I was going on a long road trip, I will listen to you for eight, 10 hours straight. Wow. Yeah. That's free screams. I can't believe I'm here because this was my motivation.

I would watch people scream their debt free scream to motivate me to keep going. Yeah. Very cool. I'm so proud of you. Well done. Thank you. I mean, you went for it.

You set a goal, and nothing was stopping you, girl. I mean, you went for it. Some things tried to stop me. I had to do a full-stackle remediation to my house, and I almost was, I didn't know where I was going to get the money. It was around $65,000, and I was just like, I don't know if I'm going to get this money. I only have $1,000 right now.

And a friend called and said, just make sure you explore all your options. And I called the insurance company, and they covered it 100%. Oh! Yeah. That's nice. That worked out. Yeah, that worked out. But if I hadn't had you and I didn't surround myself with people who thought like you,

I would have definitely went to the bank and took out a loan to pay it off. And because of that, I figured out a different way. And by the grace of God it just showed up for me yeah well you worked your tail off I mean you've been you've really been game on you've really been focused again yeah and I even took on my job and a side hustle I was a spin instructor I was teaching five spin classes a week just to get towards the goal. Wow. Yeah. Wow.

So whatever it takes. Once you set your sights on it, it was just game on. Game on, yes. So you've been really deeply sacrificing looking at these numbers to cause all this to happen. What do you tell people the key to getting out of debt is? Just to get started. Take the first step, look at your, your, all your bills together. And then once you look at it, put it away and just take one small step at a time. And I, that's, that's what I did is I said, okay, I'm just,

I'm not going to overthink this. I'm going to put myself on a budget. I'm going to stick to the budget and I'm going to take it one day at a time. But the key is that I started. Yeah. Who were your biggest cheerleaders? I would say I had a really close friend who was one of my big cheerleaders. I'm engaged to get remarried, so my fiance was a big cheerleader of mine as well. That's wonderful.

My kids definitely got on board. When my budget cut, their budget cut. Their budgets were cut, too. So they've been on board, too. My daughter actually has $1,000 saved of her own, and she's like well what do i do next so um you never become you never find yourself in this situation that's what you do exactly wow way to go way to go your life has completely changed in two and a half years you're engaged to be married you're debt free and i mean and you you know how to stand things

up in the corner and just put a whipping on them i mean you did this this is amazing yeah you're a hero yeah and in the in the middle of it i lost my job oh my gosh i was laid off but the lay off was a huge blessing and actually catapulted me, like took me all the way to baby step six. Wow. Yeah. So it was, it was, I would never have dreamed in a million years that I would be here the day that I said, okay, the Dave Ramsey video on, uh, on YouTube, an hour of time, um, really just changed my entire world. Yeah. just couldn't you get addicted to the debt-free screams yeah yeah wow all right it's a lima in philadelphia 102 000 paid off in 28 months making 85 to 150 we got a copy of chris hogan Everyday Millionaire's book for you because that's the next chapter in your story, baby girl.

Well done. Count it down. Let's hear a debt-free scream. Three, two, one. I'm debt-free! Yeah! And all the single moms just said, touchdown, baby. Yeah.

That's how it's done right there. You are either going to be a victim or a victor. You're either going to be in control and control the controllables. You can't control everything, but you can control a lot of what comes at you when you don't just lay down and take it. It's pretty amazing. So impressive. So very, very, very impressive.

If you want to do that, if you want to get there, I can show you exactly how. You can do the YouTube video thing if you want. That's fine. But also, you could jump on DaveRamsey.com slash hope and click on the Financial Peace University 14-day free trial. We started this at the beginning of the corona shutdown about four weeks ago, and we have never in the history in 30 years of doing Financial Peace University done a 14-day free trial. Over 70,000 of you have already come in and taken advantage of that

in just four or five weeks here. That is so cool. It's all of our premium content, all nine lessons to Financial Peace University, all the lessons to the legacy journey, the smart money, smart kids videos, teaching your kids how to handle money are in there, uh, hooking up to every dollar plus you can look fear straight in the face and say, get of my face i got this you're gonna be okay you do have choices you can control the controllables you can be where she is

daveramsey.com hope every dollar plus the world's best budgeting app all free during this two weeks yeah a 14 day free trial you're gonna learn how to be generous and be wealthy so that you can be generous DaveRamsey.com slash hope we'll show you how this is the Dave Ramsey show Thank you. Folks, I love telling you about well-made, well-thought-out products. Today, I'm talking about Grip6 belts. I don't know about you, but I'm not a fan of traditional belts. They never fit right, and they're uncomfortable. Grip6 belts are unique. Owner BJ designed a truly modern minimalist belt made of high quality materials with no holes,

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Dale Carnegie said, The man who goes farthest is generally the one who is willing to do and dare. The sure thing boat never gets far from shore. Yeah, don't sign up for the sure thing boat. That's a good idea. Our question of the day comes from blinds.com. They have a 100% satisfaction guarantee. That means even if you mismeasure, you pick the wrong color, they'll remake your window blinds for free. You get free samples, free shipping, and with the new promos they run every month, you'll save even more. Use the promo code RAMSY to get the best possible deal. Rules

and restrictions apply. Today's question is from Brandon in Minnesota. Dave, I've been through Financial Peace University and following all the steps as recommended. We're a single income family, me making $130,000 a year. My wife stays home with the two kids. I have supplemental disability income on my whole income. I was recently offered spousal disability income for my wife. Cost is around $800 a year. Benefit $24,000 a year. Is this part of the Financial Peace University plan or a rip-off? Aye, $800 a year. If you can get long-term disability insurance on your spouse for $800 a year, I would do

that. I would do that. That's not a bad buy. If something happened to her and your ability to work would not be eliminated, but it would be diminished because you'd have to take care of things around the house, and you'd probably have to bring in some help so that you could continue to work. If something happened to the point that she was too disabled to run the household, meaning permanently totally disabled.

Yeah, that probably is a good buy. I probably would do that. Kayla is on the line in Colorado. Hi, Kayla. Welcome to the Dave Ramsey Show. Hi, Dave. It's so nice to talk to you. You too.

What's up? So my husband and I are on Baby step two and I just got hired for a side hustle, but it's a 1099 and I've never worked one of those before. And so I was wondering how much I should put away for taxes. What are you making? So it's 920 an hour plus tips. I worked three hours Monday and made an average of $20 an hour. Mm-hmm. Okay. And, I mean, in a year on this side hustle, what do you think you'll make? What's your household income now?

Our household income right now is $70,000. Okay. I'd set aside a fourth of this. Okay. A fourth of everything you make, put it in a separate savings account. Now, you are supposed to file on 1099s, once a quarter, a quarterly estimate. Okay? Okay. It's a fairly easy one-page thing, but you can check with a taxi LP and get some help if you need some help. But basically, it's how much did you make and what were your business expenses?

Do you have business expenses associated with doing this job? Yeah, I'll be driving, so it'll be mileage and gas. Okay. It's mileage or gas. You can either take mileage or you can either you can either take mileage and or you can take depreciation gas and repairs one of the two okay okay so i figure out you know what you're going to do which one of those you're going to do and you could deduct that from your income for the quarter as expenses then that gives you your profit on your business okay okay and then um with the profit i would set aside a

fourth of that okay and you're supposed to pay then you're supposed to calculate your taxes once a quarter on your profits and pay your quarterly estimates on your taxes. And again, it's a simple one-page sheet. How much did you make in this three months? What did you spend on the business? And so you'd either use the IRS's calculation on mileage, or you can take depreciation on the car if you want to. You could take the gas and any repairs on the car, the percentage that you're using it for business, and that kind of a thing, you're probably better off to just take the mileage. It's probably easier.

And I don't remember the IRS's mileage calculation number right now. But just keep up with your miles. Multiply that by the allowed mileage dollar amount and just put that in there. And if that's your only expense, it's a fairly easy calculation. The difference in the two is your profit, and then you're supposed to pay taxes on that profit once a quarter. And then those four quarters are added together and are made part of your annual filing with the IRS

when you do your income tax return overall. But, and that's, that's how you do it. But the big thing is just be setting aside on a savings account, a fourth, a fourth, a fourth, a fourth. And then that gives you the money to pay your quarter lease. And you don't get behind with the IRS, which is a really, really bad idea. You do not want the KGB. I mean, the IRS after you.

Josh is in Colorado. Hi, Josh. Welcome to the Dave Ramsey show. I mean the IRS after you. Josh is in Colorado. Hi, Josh. Welcome to the Dave Ramsey Show. Hey, Dave. How are you? Better than I deserve, man. How can I help? I've got a quick question for you.

I'm a 30-year-old school teacher in Denver. I'm on baby step number two. Before I moved out to Denver, I taught four years in Michigan, and I would not follow your program, so I was putting money into retirement and paying my loans. I have $20K to $457K and $20K to $403B. They're still in my Michigan retirement account. What should I be doing with that money? Jump on and get a SmartVestor Pro. Click SmartVestor at DaveRamsey.com. Get you a SmartVestor Pro to help you do a rollover, and they can roll those into a traditional IRA.

A good rule of thumb is anytime you leave a job, always take your retirement with you and roll it into a traditional IRA. You pick out some good mutual funds. We always recommend you spread it across your investing, including a retirement rollover. I personally do this across four types of mutual funds, growth, growth and income, aggressive growth, and international. I always pick mutual funds that have a long track record.

In a case like this, you can pick from any mutual fund out there, so it's pretty easy to find something with a 10-year plus track record that has outperformed the S&P, meaning the stock market, the Standard & Poor's 500 Index, which is a good indicator what the stock market has really done or is really doing. And so you want to beat the market. Otherwise, there's no point in having picked a mutual fund. You could have just put it into an index fund, and not all mutual funds beat the market, otherwise there's no point in having a picked a mutual fund. You could have just put it into an index fund, and not all mutual funds beat the market. So you want to pick mutual funds that beat the market. Those four categories, growth, growth and income, aggressive

growth, and international. And again, that is how my personal 401k is allocated. That's how my personal investment portfolio in mutual funds is allocated. And I'm always just looking at those and making sure that they're performing at that level. And make sure you understand what a mutual fund is before you buy into one. Make sure you understand what any investment is before you buy into it. A lot of folks buy investments, don't know what they are, and look up later and realize that they're in an absolute mess because some guy with a good suit told them to do it. Do not pick a stock because some guy on the TV or Dave Ramsey told you to. Don't pick a mutual fund because I told you to.

Understand what you're putting money into, and only then do you put money into it. That's a big, big deal. So get your arms around that, and again, sit down. If you go to DaveRamsey.com, click SmartVestor, put in your information. It'll drop down a list of the SmartVestor pros in your area, and they'll be able to connect you or sit down with you. And again, with the heart of a teacher, leads you through this. Anytime you're meeting with an investment professional,

you do not want to meet with someone that has the heart of a salesman. You want to meet with someone that has the heart of a teacher because otherwise they're just trying to pump product, and that's not the idea. So the idea here is for you to understand it, and then you will naturally do business with people that you trust because you know and have a comfort level with what you're doing. So always roll your old retirement with you when you leave your company,

and that way you've got control of it it and you can actually get better rates of return because you've got more options in the marketplace. That puts this hour of the day Ramsey Show in the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. In the middle of these uncertain times, Ramsey Solutions wants to give you some hope. For the very first time ever, we're giving you Financial Peace University free for 14 days. Go to DaveRamsey.com slash hope so you can watch from home. If you do this one simple thing that we all do, you are literally at risk of being hacked

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