The Ramsey Show - App - Advice for When You're Feeling Overwhelmed (Hour 3)

Episode Date: June 4, 2020

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is Today Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm Anthony O'Neill. Co-hosting with me today is number one national bestselling author and one of my favorites in the world, the one and only Christy Wright. How are you? I'm good. I'm excited to be here.

Thanks for having me. Oh man, it's not my show. Thanks for having us both, Dave. This is fun. This is really fun. But Christy, I've been out here doing my thing, but man, you've had a huge week. Yeah, it's crazy because we've been talking about some of this stuff for several months, working on it for several months. And then we've all built up to this week where we transitioned the Business Boutique podcast, which we've had for a few years now, to officially be the Christy Wright Show. And so it's available on YouTube, wherever you listen to podcasts. But man, this sounds like a small change, Anthony.

It sounds like, oh, you changed the name. What's the big deal? It's a huge change because here's what we've done. After years of helping women start businesses and turn their ideas into income, which I still love to help women do. We've noticed that women are showing up for more than just business. They're like, wow, you help me with your goal, my goals. You help me build confidence. You help me improve these relationships and, um, you know, improve these other areas of my life. And so we started to say, Hey, instead of those people kind of pulling up a seat at the table of business, what if we just expanded the table and

said, Hey, we're going to talk about all of these things. We're going to help you not just have a business you love. We're going to help you have a life that you love. And so we're kind of moving into this personal development space, this personal growth space, because Anthony, let's be honest, you know, you help people in all areas of their life as well. You don't just have a business life and a home life. You've just got one life and one always pours into the other. And so it's really fun to officially launch it, say we're doing it, and now we can be a lot more intentional about it. And I'm excited to see what God's going to do through that.

So on the Christy White show, when I go to it, you know, what should I expect? Like, what am I going to get from it? Yeah. So we're talking about working on yourself from the inside out. Here's what I've noticed. And you tell me if you see this when you work with people. Okay. All right. People come to me and they've got all kinds of problems, but those problems are usually symptoms of a deeper problem. Okay. I don't have enough time. I don't have enough money. I don't have this. But what I love to help people do is not just put a bandaid over the issue, but let's work on yourself from the inside out. And I kind of have

this framework that I call the core of confidence, how you build confidence in yourself and build confidence in God who created you. And you start with your spirit. Everything starts there. And then you work your way out and you work on your mind, protecting your mind, your limiting beliefs, your toxic thoughts. From there, you work on appreciating your body. And then that pours into your relationships and then your resources such as

your time your money and your energy and what i found is when you make a change from the inside out it's the change that lasts because you control the only thing you can control which is you and i think that could in our world right now is a powerful message to control the one thing you can't control which is you can i get an amen amen so I get an amen? Amen. So it's a really powerful thing that I feel like God has given me, and I'm excited to see what he does as we move into the space and help women in more. We're still helping them with business. We've still got the business boutique book. We've got tons of articles.

We've got the event obviously coming up this fall that we're just expanding. We're saying we're going to help you in more ways than just that. Man, listen, America, if you want to feel more confident, Christy Wright is here to answer your questions about if they charge and create the life you want. 888-825-5225, 888-825-5225. And I'm telling you, America, every time I talk to Christy, we don't talk as much because we're both busy and traveling and doing our things. But every time I talk to her, she is so just pleasant to talk to Chrissy, we don't talk as much because we're both busy and traveling and doing our things. But every time I talk to her,

she is so just pleasant to talk to. She texted me this morning at six 30 in the morning. I ain't never get to text from Chrissy right at six 30 in the morning, you know, but just, just hearing her heart. And I mean, what she's doing now is from a genuine place.

So give us a call. We'll love to talk and just check, check out a show. I mean, it's amazing. Amazing. But Chrissy, let's go out to Texas, have a conversation with Viola. Viola, how can Chrissy and I help?

Hi, I hope you guys are doing well. I have a question because I'm debating. Well, my husband and I are debating on whether we should sell our car or not because we really want to save for a home. Okay. And so, but we have some debt. So I don't know if we should get rid of our car or not. It's an important vehicle because I use it to,

I'm a full-time mom. I homeschool my kids, but I also work part-time as a grocery delivery, just doing a side thing to bring in some extra income for the debt snowball. Okay. But I'm deciding on whether I should keep it or sell it. Yeah, what's your household income?

About $85,000. $85K, and how much debt do you have? I have about $47K, $26K in student loans, and my car, $21K left on my car. $26K in student loans, and then you said $21K on your car? Yes. What kind of car is this? It's a GMC Terrain. GMC Terrain.

Oh, you're doing it big, ain't you? Yeah. Okay. I hear you. So let me ask you this question. You said you kind of need this car. It's kind of important. Why is it important again?

Well, because of the job I do, I put a lot of miles on it and it's an SUV, so I can put a lot in it. So when I, it's for work purposes for me to work, but I mean, I'm bringing in more than enough to, to pay for the car, but I'm not sure if it, if I should keep it. I'm just afraid to downgrade a car that I might have some issues if I'm putting so many miles a year on it. Yeah, I want you to have a quality car, but we're not going to worry about we're making enough money to make monthly payments.

How much is the car worth right now? With the amount of miles I have on it, probably about $17,000. $17,000. So you're about $5,000 upside down. If you were to attack this in a debt snowball, how long would it take you to pay it off? Let's see. Probably two years if I really – because just with my husband's income, everything I make can go straight to debt.

That's what we've been doing. Okay. So that's probably a good, so I think last year I cleared 25 last year. All right. Part-time. All right. So,

so, so pretty much here you have two options, you know, and, and here's what I'm going to do. Christy, if I'm in her shoes making $85,000 as an income in a $21,000 car, the lineup and a debt snowball,

but seven, five grand upside down, I'm going to sell it and I'm going to pay the $21,000 car and line up on a debt snowball, but seven, five grand upside down, I'm going to sell it and I'm going to pay the $5,000 difference. And then I will probably even do is go find me a quality car because she needs a good quality car. So that way she can put some good miles on it. You can find a good quality car in Honda, Toyota,

Nissan, some good hot quality, dependable cars, or she can ride out the journey and just pay it off aggressively and maybe pay it off within a year year and a half but i love the option of just getting rid of that because twenty one thousand dollars on a fixed income not a fixed income but on eighty five thousand on income that's a lot yeah and it's interesting too because when you make a decision like that like selling the car or some big uh you know where you're making a sale you feel such momentum

and your debt snowball because you've got this huge weight off your shoulders. And like you said, you can have a really good dependable car for a lot less than $21,000. You can find something for under $5,000 that, you know, you don't have these payments on. And man, that's going to just fast track your debt snowball. So I would say for sure that's a great idea.

Absolutely. And Viola, what I want you to do is privately sell it. Yes. Do not trade it in, because if you're saying Kelly Bublick is saying it's worth seventeen thousand dollars. What I want you to do, you might be able to get eighteen, nineteen thousand dollars out of that. You'll be upside down about two, maybe three grand. Pay that cash difference. But in the meantime, start saving up to pay something to buy something cash. All right. Great question. Thank you so much for calling in. Ladies, if you have any questions for Christy, please call in.

I'll try and help out, but Christy's the expert here for y'all. 888-825-5225. We'll be right back. 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 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. Going out to Ohio, we're going to have a conversation with Christy, with Christy and Anthony. Christy, how can we help you?

Hi, Anthony. Hi, Christy. This is Christy. I'm from Ohio. Thanks for taking my question. Christy, my question is for you. I am thrilled to be part of Business Boutique Academy this session. Oh, that's awesome.

Yeah, but I'm also trying to work part-time hoursoutique Academy this session. Oh, that's awesome. Yeah, but I'm also trying to work part-time hours, about 10 hours a week, pay down debt, homeschool my daughter. I am total money makeover, but my husband is not. And I'm feeling a little overwhelmed at the idea of launching my business. It's primarily digitally based, but things seem so up in the air right now, and I don't know where to find free time. So do you have any advice on how not to feel overwhelmed? Yeah, let's just let's let's camp here for a second, Christy, because overwhelm is something I think the majority of people feel right now in the world, regardless of your family situation, regardless of your business situation, you happen to be in a position where you have a lot of things going on. What is your idea for your business that

you're wanting to start? Well, I was offered a part-time position as a podcast manager. And so I've been working about 10 hours a week at that. And I really love it. And I feel like it's a good kind of business to do on a consultant basis or as a contractor to help smaller podcasts, bloggers that are moving into that arena, to do the back end, to do the back end work that they don't have the expertise for. Sure. Well, I'm just going to give you a really practical thing that you can do when it comes to all these things you talked about. Because I'll tell you one of the things I'm guilty of, Christy, and I think a lot of women view their responsibilities this way. You can correct me if I'm wrong. But we tend to list out all the things we have to do,

and we talk about them like they're all created equal. And that's why we feel overwhelmed, because when two things are competing, we don't know how to spend our time. We don't know what to focus on because we're always feel pulled. What I want you to do is I want you to make a list of, let's say the top five big things that, that take your time, that are your focus for right now. Let's say homeschool is one, this part-time job is one, maybe the business makes it in the top five. Uh, you know, what are the responsibilities that you have going on? And then I want you to put them in order of priority. Like, okay, homeschool is number one for me.

So when push comes to shove, homeschool makes the cut first. I want you to put them in order of importance. And what it's going to do is it's going to give you permission to say no to things that fall below the line when you run out of time in a given week. So you asked, how do I find free time? You don't find free time. There would never be free time. What we have to do is use our time in a given week. So you asked, how do I find free time? You don't find free time. There would never be free time. What we have to do is use our time

in a way that lines up with our priorities more efficiently. The other thing that I would challenge you to do in addition to prioritizing these top responsibilities, when it comes to your business, the way that you talked about it, you said the idea of launching my business. A launch does feel

overwhelming. A launch feels big. It feels like there's a lot of pressure and expectation and get it right and get it perfect. You don't have to launch, Christy. You could just like tell a few people, hey, if you need any help with your podcast, I'm thinking about doing something. You could kind of send an email and kind of put the word out and kind of talk to this person you're working part-time for. Say, hey, do you know any other podcasts that I might be able to help? It could be what we would call a soft launch or dipping your toe in the water, and that's not overwhelming at all. That's just kind of like maybe you add a client in a week.

Maybe you add another one in a couple weeks. Maybe by December you're running your business, and it wasn't this big overwhelming launch in a time when you're already overwhelmed. Instead, you just tiptoed your way into it. Does that make sense? It does. Thank you so much. You're welcome. Thanks for calling. That's a great question. You know, Anthony, it's interesting because the idea of overwhelm, sometimes it's just the unknown. It's like I'm overwhelmed by business. I'm like, well, what specifically? I don't know. It's like this shadow that always kind of evades us. And if we just simply write down, here's what I have to do. Here's my top responsibilities. Here's my top priorities. Here's my top goals for the week. We're like, Hey, I can do this. I can see it.

I wrote it down. I identified it. It's tangible. It's on paper. It's not this thing that's lurking and overwhelming me. It's just the unknown that can be overwhelming. When you write it down, you can see it and touch it. It takes so much of the overwhelm out of it. You know what, Chrissy, I like how you're saying that. And one of the things that I really like what you teach that helped me was instead of for trying to balance things, prioritize things. And I think balancing that becomes overwhelming because now you're trying to balance and juggle everything rather than just saying saying you know what hey here are the top five things number one number two number three number four number five in that order and everything else after that is going to come

after that and i think uh i would love to hear you really teach that a little bit more for the people listening right now because i think another thing that people are getting overwhelmed about is they're trying to balance and juggle every single thing over here and they're missing out on opportunities just to actually just prioritize. Why do you teach the difference between those two? Yeah, this is interesting. So you and I are big on goals and I think sometimes people say New Year's resolutions interchangeably with goals. They're not the same thing, but I think we have this idea that in January we set New Year's resolutions. We set goals and they're static. And we set them.

We forget them. They never change. That's actually really impractical because in January, did we know the world was going to be doing now? We were just talking about that over the break. We sure did. So here's what you need to do. Instead of looking at your life on an annual basis and your goals as static, I want you to look at your goals and priorities as something that changed seasonally. So what season of life are you in? What season of business are you in? What season of your schedule are you in? You might be in a season where your priorities are family. You're not going to focus on the business. You're going to put that on cruise

control and you're going to focus on your family. You might be in a season where you are heads down on a project at work and maybe you're not spending as much time with the kids, but in this season, we're focused on this thing. And I think when you start to evaluate your life by seasons and assess your priorities by seasons, it does what we were just saying. It gives you permission to say no. So let me give you an example of my house. Okay, let's use a non-goal example.

I tell people all the time, you can do anything, but you can't do everything. So Anthony, it is a fact that my whole house cannot be clean at one time. Okay. If it is, it's because we're out of town and someone else cleaned it. Okay. So what I've realized is I've chosen the areas of my house that these are important to me. Let me tell you what they are. The kitchen, the living room and my bedroom. I spend the most time there. These are the areas of my house that I keep clean. I work hard to maintain them. They're important to me. I spend the most time there. Living room, bedroom. These are the areas of my house that I keep clean. I work hard to maintain them. They're important to me.

I spend the most time there. Then there's rooms that, in this example, fall below the line. I let them go. Bonus room and boys' rooms. Chris, I have a problem with that. What? I mean, the boys' room? Yes.

That's almost like the caveman. You let it go? If they want to live in a mess, they can live in that mess. That is their five-year-old choice in their own five-year-old life so here's the thing i'm not i'm not going to stress myself out when my whole house is not clean because i know that my priority are these three rooms and if i can get to the other two cool and if i can't i'm not going to beat myself up for it you need to do that with your goals with your schedule with your life okay here's my priorities and if i can get to these other ones that's's cool. And if I can't, I give myself permission

to let those things go because our time is finite. You can't do everything. You can do anything, but you can't do everything. So I love how Stephen Covey said, he said, don't prioritize your schedule. Schedule your priorities. Put your priorities on your calendar first. Be proactive rather than reactive. And when you do that, it's amazing because you actually feel like you have ownership and power over your schedule versus being a victim to whatever's tossing you around in a given day. So it gives you more power and control. You know what? I'm going to prioritize my house. Man K first. You wait till those kids come. You will be seeing what I mean by the kids rooms. It is a losing battle. Well, my room is last too. I don't know. I'm just playing, but man, I love, I love

that conversation right there that we're having is to just prioritize your life. And we have to do it. We prioritize our schedule. We prioritize our money. Let's prioritize everything around this. And it would really save us when it comes to being diligent throughout the day and effective throughout the day. Yeah. Cause we get overwhelmed by this idea of balance. And I tell people all the time, life balance is not doing everything for an equal amount of time every day. It's about doing the right things at the right time. As the seasons of your life change, you're going to have different focus, different priorities. That's not something you should feel bad about. That's something you should embrace and own and actually plan your life around that. And so it just gives you a lot

more freedom and a lot more power and permission to live your life in a way that's right for you at that time. Man, I love it. Coming back after this break, we're going to have a conversation, ask more questions with Christy. We're going to go to social. So if you would love to reach out to Christy and ask her a question, you can follow her on Twitter or Instagram at Christy B. Wright or myself on Instagram at Anthony O'Neal. Give us a call, 888-825-5225. We'll be right back. Hey, folks. hey folks father's day is just around the corner if you're looking for the perfect

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They make their products and source their materials in the U.S. So show dad you love him and get a Grip6 belt. To get the Dave Ramsey special, visit GRIP6.com. Brianna from Business Boutique asks, Chrissy, I have a small home-based business and it is doing very well, but I want to expand it. How do I do that to purchase inventory without taking out a loan? Yeah, so this is a great question. Sometimes, Anthony, we get real excited about our business.

We get real excited about our dream and you just want to just hit the gas and you want to fast forward things. And you think, well, if I buy all this stuff, if I buy this inventory, if I buy this equipment, if I get a bigger space, they will come. If I build it, they will come. And it's just not true. You have to grow at the speed of cash. So when your business has the cash to buy the inventory, your business is telling you it's ready to grow and expand.

So you might be ready, Brianna, to grow and expand. But if your business isn't ready financially, then it's not time. So what I would encourage you to do is look at your financials right now and find ways to create more profit margin. Is it time to raise your prices? Is there a way to lower your expenses? Is there a way to lower your overhead where you've got more profit, more cash coming in to put back into the business to be able to purchase this inventory incrementally, which would lead to expansion. You just don't want to expand. You don't want to get the cart before the horse where you're just hoping they'll show up because that's where people get in bad, bad situations. They're having to run sales. They're losing more money because the people

didn't show up at that same pace. And so you definitely want to grow at the speed of cash, which many people don't know this, but we did this as a company. This is what Dave Ramsey did in building this massive building, our new campus. Even at this scale, we grow at the speed of cash. Absolutely. We'll never borrow a dime. We're going to grow when the money says we can grow. And I like that.

You know, I really do like that. So great question. Great question, Brianna. And if you all have any questions, please give us a call, 888-825-5225. Going back to the phones, we're going to go out to Montana and have a conversation with Molly. Molly, good afternoon. How can Christy and I help? Hi, Anthony and Christy. Thanks for taking my call.

Sure. I was wondering, how do you know when it's the right time to elevate your side gig into more of an official business? Okay. Well, first, tell me what you mean by official business. What does that mean to you? To me, it means, you know, along the lines of registering with the city and or state as a business, putting together some marketing materials, logo, website, that type of thing, and, you know, trying to reach out to bring in more clients. Okay. What's your business? I'm an e-learning developer.

Okay. Tell me about that. So I'm an independent contractor right now. I work with a lot of, well, a few nursing organizations, building online learning modules for their members. Okay. And so I was just looking at trying to figure out when might be the right time to expand on that. I am a stay at home mom, and then I'm due with our second in October so just trying to find the right yeah well congratulations that's awesome Molly um so do you have paying customers right now I do yes okay well I've got some good news for you Molly you are an official business you've got people paying you you are in business now no you know what's so interesting is if you're

working from home you can feel like to you it's's this little quote unquote, if you could see me, I'm doing air quotes, little side business, little home-based business. If you're helping people and they're paying you for your products or services, you are an official business. Now, if you want to go down to your county clerk and pay $8 to register your business, by all means, go ahead. But that is not what makes you an official business. You are an official business already. All you need to do if you want to grow and expand is to work on your marketing. And I would say that a great starting point is to look at understanding some of your marketing language. So you already have customers. Work on some marketing language around the problem you solve for them. How do you help them? What

services do you provide? Why do they need you? Why do they pay you? And when you start to put some language around that of what you do and how you do it, you can put that on a Facebook page. You can put it in emails. You can get a website for pretty cheap. But all of those things are extra fuel you're putting on the fire to grow your business. But the fire of your business is already happening. You're not trying to get this thing going. It's going. And that's awesome news. So all you're going to do is magnify what's already working in order to grow it. And you can set some goals around that financially and that type of thing. But the piece of paper and some of those things, it makes us feel official. But really, if you're helping people and they're paying you, you're official. You're in business.

Okay, great. Thank you. Awesome. Thanks for calling, Molly. Going out to my favorite, favorite, favorite state is the beautiful state of California, where I wish I was at right now, and having a conversation with Wendy. Wendy, good afternoon. How can Christy and I help?

Hi, good afternoon, Anthony and Christy. Well, I just have a general question of like, I'm not sure where to go from here. I want to figure out how do I financially plan for like nursing school. And I also want to buy a home. I already finished my bachelor's degree in public health. So it's a completely different field, but it's something that I always want to do is go back and do nursing from the beginning. So I'm just trying to figure out how to do that. So are you currently working right now, Wendy? Yes.

Right now I work in the community. I make on an annual, it says $46,000. $46,000. I didn't have that job from the beginning, so I barely got that one back in August. Okay, cool. Well, you have a job now, so we're good barely got that one back in August. Okay, cool. Well, you have a job now, so we're good. How much debt do you have right now, Wendy? Right now, the only thing I have is a car on lease.

It's pretty new, though. So I got that one in October of last year. Okay. And last credit card payment is going to be tomorrow when I get my paycheck. Okay. All right. All right. So we need to get rid of that lease. You know I'm going to be um tomorrow when i get my paycheck okay all right all right so we need to get rid of that lease you know you know you know you know i'm gonna say that right yeah yeah i knew that was coming you knew that was coming i'm so excited that that you're getting

rid of this credit card but you know a fresh car lease you know we need to go ahead and get out of that because your income is low and you are wasting, wasting. You are throwing away money on a lease. And so I want you to go. If you have a heart and passion to to become a nurse, what you need to do is create some some some room so you can cash flow this this process, because I'm not going to tell you to take out student loans. I'm not going to tell you to borrow any money. What I'm going to tell you to do is cash flow it. All right. And so you're going to have to move a little bit slow throughout this process.

But the very first thing is you got to get out of this season, go buy you a cash car. You understand what I'm saying? Yeah. That is what I was doing for a while. Like it was actually an accident not too long ago. And that's how I paid off my student loans with that and what I had saved up because I'd been listening in for a while and I was like, okay, you want to get rid of all that? I don't want a car.

Then I also live with my mom and then she was like nagging me. It's like, where does your money go? Where does your money go? And how old are you? How old are you, Wendy? I'm turning 24 in four months. Yeah. You're young. So here's, here's the thing, Christy, this is what I tell young people all the time, especially in four months. Yeah, you're young. So here's the thing, Chrissy. This is what I tell young people all the time, especially in their 20s, that you have time. And so I'm going to recommend to any that she doesn't rest this process.

You know, go ahead and get out of this car lease. Go ahead and get you a cash car. And then just start saving up to pay cash towards this journey that she wants to go on becoming a nurse. It's a great opportunity. We need a lot of amazing nurses right now, especially on the front line. But I want to definitely encourage you to go on ahead and to pay cash for it. Look at some grants, look at some scholarships. And also there are certain states right now that are even assisting people to go to school

because they need nurses. They need some people in the medical fields. So maybe do some research if you're willing to move. But right now, I need her to get out of that car. Well, and I tell you, when you take loans off the table, when you say that's not an option for me, I'm drawing a line in the sand. I will not take out debt. You get real creative.

You find a way to make it work. But as long as that's an option, as long as signing your name to a piece of paper and money just magically appears from the money fairy, you're going to take that option because it's the easy option. You've got to take that option off the table, and then you find a way. But you know what she said, too? She talked about wanting to buy a home. So this goes back to what we were talking about a minute ago. You've got to prioritize.

What are our goals? So the time frame in which she gets her nursing degree may be extended if she buys a home in this process. So we've got to prioritize our goals in order to make sure they're actually able to happen. And at 24, I'm going to say go ahead and get into your career field, then purchase your home. Yeah, absolutely. You're young. You've got time.

You have time. Chrissy and I both are young. We're very young. I'm younger than Chrissy. Just spray your chickens. 888-825-5225 number one national best selling author Christy Wright and myself would love to take your phone calls we'll be right back Let's talk about preventing the unexpected. Imagine your refrigerator goes out. You can fix your major appliances yourself with

parts and expert advice from my friends at Appliance Parts Pros. They carry over 2 million appliance parts and offer easy returns, and anyone can do the job themselves with 3,500 repair and how-to videos, plus live chat on their website. save money and get your parts today at appliancepartspros.com scripture of the day james one two through three all joy, my brothers, when you meet trials of various kinds, for you know that the testing of your faith produces steadfastness. And quote of the day from Karen Lamb, a year from now, you may wish you had started today. Isn't that the truth? I love it. Going out to Ohio, we're going to have a conversation with Lynn.

Lynn, how can Christy and I help? I love it. Going out to Ohio, we're going to have a conversation with Lynn. Lynn, how can Christy and I help? Yes. Hi, Anthony and Christy. Christy, I want to tell you I recently joined the Business Boutique Academy. Awesome. And loving the content you provide in the community is just awesome. Oh, thanks for saying that.

I'm so glad you're a member. Yes, thank you. So I'm wondering if there are guidelines to help determine when to leave the day job. So I have a day job. We're building our own business. We've been in business coming up on three years. And just trying to decide when I can leave because I feel like not being in our own business is a detriment right now. Sure. So how much is the business bringing in personal income for you right now?

Well, this last year, it brought in about the personal income it brought in for my husband was about $40,000. Now, why do you say it like that, Lynn? Why did the business bring in money for your husband, but not you? Whoa, whoa, whoa, whoa, whoa, whoa. What does does that mean i'm pretty sure all the men were like yeah i like the way she's talking i'm gonna need to camp here lynn gonna need to camp what does that mean yeah i like that though i i see it like that since he's on payroll and i i do feel separated from it since i'm in this full-time job

earning money. So he's working on the business full-time currently. You're in a full-time job currently, but you're helping with the business on the side. Yes, in the evenings and weekends, and it's just not getting my best. Yeah. Okay. Gotcha. So here's kind of the rule of thumb. I'll give you this formula and you can apply it to your business when you dig into the numbers for the money the business is bringing in for both of you that are working on it. Okay? Here's the rule of thumb. The business needs to be built up so much that the income from the business, okay, so not your top line revenue, the income, the personal income you're paying yourself from the business is enough for you to live on. So let me just throw out some

random numbers. Okay. Let's say right now your full-time job is bringing in a hundred thousand dollars a year and the business is bringing in $30,000 a year of personal income. You guys can live on 50. I'm just making this up. You can live on 50. You're willing to make some cuts to live on 50. Well, then you just need to build the business up enough to where it's bringing in $50,000 for you. What I don't want you to do, Lynn, is to do what I call assumptive math. And I worked with a guy years ago that did this, Anthony, where he said, okay, I'm working on my business 10 hours a week, and that's producing for me $10,000 in a year. If I quit my full-time job, work on this full-time 40 hours a week, it's going to make me $40,000 a year. And he did that. He quit his

full-time job, worked on the business 40 hours a week, and it only brought him in just over the year before at $12,000. That's assumptive math. It assumes that if you work on it full-time, the revenue, the business will justify that growth, and the demand isn't always there. And so, Lynn, I just want you to build this business up enough so that the personal income from the business can support your family. When that happens, then quitting your full-time job doesn't feel like this terrifying leap. It feels like the next logical step because it is. It's a great question. Thanks for calling in.

Man, that's awesome. Let me answer this, Chris, because this is your space right here. I get a lot of millennials to ask me, well, hey, shouldn't I just step out on faith and just try and follow my heart, follow my passion? And I'm tired of going to work and working for another man and building up his stuff or her stuff, And then I'm not building up my dreams. You know, what do you tell millennials who are listening or young people or anyone who are saying, you know what, I want to go after my dreams. And I know it's not making a lot of money right now, but if I can put all my attention on it, maybe it could. Yeah. It's interesting because it's a balance there, especially as a believer, because I never want to give some advice that's saying like completely ignore the faith element. The faith is the foundation of everything that we do.

But God asks us to be wise and be wise stewards of our time, our money, and our energy. And I think that when you are wise and you grow slow and you're responsible with what you've been given, then I really believe that God blesses that. And we tell people all the time, if you're not being wise with your money right now, God's not going to give you more to mismanage. So let's manage our time, our talents, our energy right now. So, you know, you work with a lot of millennials. I used to work with teens. Rachel and I got started speaking to teens and I would hear, you know, people coming out of college and like, well, this isn't my dream job. I'm like, so what? My first job wasn't either. You got to get in

there, get in the trenches and have some character developed get some reps earn the right to do your dream job no one comes out jumping into your dream job because there's going to be things that happen you know you and i've got stories for days yes of places that we have spoken that are not impressive anthony no one would want to be on those stages no but they see all the lights now and they think, well, I want to just fast forward to that. Let me tell you, it's the small beginnings. The Bible says do not despise these small beginnings. When you're faithful in the small things, God will give you more.

So don't try to fast forward that step because you're missing out on very valuable things that are happening in you that are going to make you ready for that dream, for that job, for that next step. It bothers me. You're not a good employee, but you want to be the best boss it bothers me well i hear this in business with um let's say they've got 200 instagram followers they're like well i want 2 million i'm like are you being faithful with the 200 come on because you're not going to show up and start being the kind of person that people want to follow at 2 million you're either this person or you're not and if you're not then you're not going to be then. It's kind of like tithing. It's like, well, I'll tithe when I have more money. It's like, oh,

this is not a math thing. This is a heart thing. It sure is. Chrissy, I love talking to you. We can go all day. Yes, we can. Let's go out to California and have a conversation with Kimberly. Kimberly, how can Chrissy and I help? Hi, guys. It was really hard to get

to you guys, but I'm glad. I'm glad you're here. What's going on? Yes, you know, I want to open a cleaning business, but I don't know. I don't have savings. I work every day. I try to, you know, just I kind of repeat my paycheck to paycheck. So it's really hard to come up with an idea on how to start.

Okay. Well, let's just look at the practical side really quickly. When you talk about you don't have money, I'm not worried about that. You've got a cleaning business. You need $3 for a bottle of Windex. Like I'm not worried about the expense side of this here. But when would you work on the business? If you're working full time, like when practically realistically, when would be some hours that you could put into this if you wanted to do it? It will be like on the weekends. I,

I, now I clean a couple of houses, which is like just friends and family, they still pay me, and I do it over the weekend. But I just feel like I cannot do more because I'm already working full-time at another job. How much are you making right now a year, Kimberly? A year, about $40,000. Okay, $40,000. How much debt are you in right now? I'm sorry, how much what?

Debt. I don't really have a lot of debt. It's probably like maybe less than $10,000. Okay. And you're saying you live in paycheck to paycheck. So why are you living paycheck to paycheck? So you got $10,000 in debt, I hear that. But what's the main reason why you live in paycheck to paycheck?

I live in California and I live by myself so it's kind of like a big deal when it comes to rent. It's almost like $1,200 a month

for rent. $1,200. I totally get it. You know, from the practice side, like Chrissy said, you got to get out of that $10,000. But I do believe you need to have a side business, a side gig to help build your income. And that's what you're getting to here, Christy. But you got to get out of that $10,000 debt. So get on that baby step number two. But from the side business, is there anything there that you can talk into?

Well, it's kind of like we talk about people getting gazelle in tents. I think these go together. It's the getting out of debt and building the business is going to help you get out of debt so there's going to be a season and i emphasize season uh kimberly where you're going to hustle and it's going to be a lot of hours but it's because you're gazelle intense for this season in order to get out of debt and build that business up and what's so cool is when you when you get through that season, the debt is gone, you're going to be able to make that business your full-time thing if you want to.

You just got to hustle for a little while. I agree with you. Christy, it's been fun. This is awesome. Man, we got to do this again. Yeah, I love it. I love it, y'all. I want to thank our producer, James Shiles,

and associate producer, Kelly Daniel. Remember, the caliber of our financial future will be determined by the decisions we make today. This has been a fun day, America. This is the Dave Ramsey Show. 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.