The Ramsey Show - App - Alex Hormozi: "Don’t Take Poor People’s Advice on Getting Rich" (Hour 1)

Episode Date: June 22, 2023

Dave Ramsey & George Kamel answer your questions and discuss:  "How do I best refinance my student loans?" Alex Hormozi on building wealth, investing in what you know, and investing in your own education, "Can I afford to move out of my parents' house?" "Stay at home with the kids or find a new job?" Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Here's an EveryDollar deal just for our listeners: get a 14-day free trial PLUS $15 off your first year of premium. Click the link below and start budgeting today! www.everydollar.com/george Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Interested in advertising on The Ramsey Show? https://ter.li/s64ye3 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Девочка-пай Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Thank you for joining us, America. George Camel, Ramsey personality, is my co-host today. And he is the host and co-host of Smart Money Happy Hour and the George Camel Show, which is the George Camel YouTube channel. What do we call that? I think it's just my name on YouTube.

Who knows anymore? Camel with a K. That's right. Just to be clear. That's how to find it. Yeah. And that show has come out to rave reviews and a huge number of views right out of the gate.

So be sure you guys check that out. Anyway, open phones here at 888-825-5225. Austin starts this hour in Nashville. Hey, Austin, welcome to the Ramsey Show. Hi, thank you for having me. Sure, what's up? So I'm in Nashville, Tennessee. I'm in data analytics, and I have a ridiculous amount of student debt right now.

Graduated with a business degree, and I'm just wondering how, if you would recommend any options that I have to refinancing the student loans with a business degree. And I'm just wondering how, if you would recommend any options that I have to refinancing the student loans and kind of getting my monthly interest and monthly payment down. Cool. So how much student loans do you have right now? So a little over $155,000. What do you make?

Currently, I make gross about $43,000. It's 60 net. When did you get out of school? About 2015, 2016. What do you do in data analytics that pays so poorly? Most of our guys make $140,000. Correct, yeah. I kind of moved from another industry.

I was getting out of a company that was a very poor company. It's actually under now. So I kind of took the first thing that I could get and unfortunately made the poor decision not to get the amount that I needed. I just did something to switch. Okay. How long have you been at the wrong job? The wrong job before was two years.

No, this wrong job, the one where you don't get paid enough. About a year. I do have a raise coming up. I'm sure how much that's going to be, but I should know in the next two weeks. Well, regardless, if the raise is $20,000, maybe, but I think you're going to do better finding another job that pays probably double what you're making right now. The data analytics space is wild.

It's not $40,000 a year. I'm serious. I'm not trying to be mean to you, but if you know how to do data analytics, you need to make a lot more. Understood. And you need to make a lot more understood and and you need to make a lot more to pay off 155 000 so the ratio that you're looking at is not can i refinance this and keep it the rest of my life because i make it manageable no we don't want sally may in the house anymore

she needs to leave not make her manageable i don't want to give her a haircut and put her in the corner i want her to leave. That's your goal for debt, for getting the debt, right? So refinancing to get a lower interest rate or to get lower payments is translated as mathematically, I'm going to keep this debt forever because lower payments means longer term. You know that, right? Yeah. So, I mean, you got a business degree, so you know how that math works. So let's change the goal from lower payments and lower interest to how fast can I pay this off, and that is big, hairy chunks of principal payments. Like, I don't know, go get seven jobs and pay $10,000 a month and be done in 15 months. Probably not going to happen exactly that way, but wouldn't that be fun?

So when you start looking at it that way, we realize why george and i immediately went after the job because you've got what we call a shovel to hole ratio problem the hole you're in is 155 000 the shovel you got is 42 000 your shovel's not big enough for the hole you're in and we immediately went asking you to get a bigger shovel for your sake that's where we went rather than trying to say how can we keep sally may in the house and keep her happy understood that makes sense yeah even at a zero percent interest rate it would still take you seven or eight years to pay off this debt if you keep making what you're making yeah exactly exactly and so you work seven days a week i have i have three part-time jobs that i do uh try to fix that, but I think you're right. And all of that is $42,000? No, sir.

All that together is about $73,000 with the other jobs. Okay. I was just speaking just with my main job. So the way I looked at it when I was broke, Austin, and I was in my 20s and I lost everything, the way I looked at it was not only how can I make the most money for a short period of time, I'll do anything. I mean, we'll scrub septic tanks with a toothbrush, whatever I got to do, right? And so what have I got to do to make the most money that's legal and moral the fastest so that I can clean up the mess and then I can choose things that are more self-actualizing, things that are better for a long-term career thinking.

I can choose things differently once I get the mess cleaned up. But yeah, so your part-time jobs, you're not afraid of hard work. So that's a good part of the answer. Yeah, but let's look at the part-time jobs. How can I make the most money in the shortest period of time? And look at a job change, because if you're in data analytics, honey, you're underpaid. And so, you know, if that's really what you're doing, if you really understand data analytics, you have an expertise in the field, and you're doing that.

If you're just crunching numbers somebody else is giving you, that's not data analytics. You're a gopher, and that's different, which is about what you're doing that. If you're just crunching numbers somebody else is giving you, that's not data analytics. You're a gopher. And that's different, which is about what you're being paid. But if you actually can take a project and think through the model and build out the data analytics model and come back with the recommendations that the data is telling the business owner, then you have a value much greater than that in this world today yeah if you can get that full-time job up to 80 plus the side jobs now we're talking now cooking sweet spot side jobs yes ones that bring in bank because we don't want to keep them any

more than we want to keep the student loan and i hope that's all the debt we didn't we didn't find out if there was more to the picture but man that's just a lot to come out of school with six figures in debt and making 40 grand it's just defeating yeah and and you know you can get on some long-term career tracks i mean ken coleman's stuff will help you make some decisions on if this is the field you want to be in how can you make some moves that are good now and good long term so let me send you a copy of Ken's book, From Paycheck to Purpose, where hopefully we can even align all of this money-making stuff we're talking about with a good long-term strategy that includes purpose, includes doing things that matter with your life, that you're excited about on Monday morning.

And all of that will help. Yeah, and if you can maximize your time doing those side hustles, that's key. Because if you do three side hustles that pay $10 or $15 each, and we can replace that with a $45 an hour side hustle, now we're talking. Because you started mowing lawns or pressure washing, that's a different ball game. So I would look at how to maximize your time

and on top of that, make the most doing it. That's going to help clean this mess up. Perfect. It's a lot. Good stuff, Austin. Good stuff. Hey, thank you for calling. And hang on, Austin, another Austin will pick up and get you a copy of that book.

Austin, talk to Austin. And Roger, Roger. And so he'll get you a copy of that book of Ken's and help you get going. So, folks, that's what you're looking at is a good way to do this is what we call big math. Don't get caught up in the nuanced interest rate or the nuanced payment amount just say 155 000 divided by three is 50 000 i can't do 50 000 a year three years but divided by ten thousand dollars okay that's 15 months oh wait oh or 15 years if it's ten thousand dollars a year what are we gonna do i'm choosing 15 months you started you start just looking at it that way and then you you go, how can I take this thing out? This is The Ramsey Show.

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Hormozy, a first-generation Iranian-American entrepreneur. I just spent the morning with him. We did his podcast. I was a guest. He's an investor, a philanthropist, known for his expertise in customer acquisition and monetization it's a huge deal on youtube has done some amazingly large business deals including scaled and exited seven companies uh for an excess of 46 million dollars so been a joy hanging out with this young guy he's getting things done 1.3 million YouTube subscribers. Welcome. Good to have you, brother. I'm honored to be here.

Well, we're honored to have you with us. Thanks for hanging out. Yeah, this is big. I've been following you on YouTube for a long time. And then we had Graham Stephan on. I was on his show. And he was like, you got to hang out with Alex. So you're on now.

And what's interesting is that you mentioned in one of your YouTube videos that Dave gave Graham Stephan some of the wisest advice you'd ever heard around investing. And I want you to share that. So Graham had his big pie chart of his investments on the table. And he said, Dave, what am I doing wrong here? What should I be doing? And Dave, rather than just giving him like, oh, you need to be 16% here and 13% here. He said, well, if this pie chart were your knowledge and expertise, how would you divide it up? He's like, well, I'd probably say I'm 85% real estate, maybe like 15%, like my knowledge of stocks. And that more or less mirrored what Graham's actual investment portfolio looked like. And the big takeaway that I had when I was seeing that was it wasn't one particular methodology. It wasn't like, oh, you got to get into stocks.

You got to get into crypto. You got to get into, No, obviously, I'm baiting, right? But it was more so do what you know. And when my wife and I exited our company, and we had taken sizable distributions prior to that, I hadn't really come up with an investment strategy because the investment strategy was in the beginning, don't be poor. It's a good start. It's a good one. I like that one. But then after that, it was just like I had everything in indexes and I wanted to take a more active role. And the only thing I felt like I knew good enough was business. And so I'd gone all the way to the edge on two, three, four big real

estate transactions. And right before I needed to send the money, I pulled back. So I was like, I don't know this stuff. And so once I got basically gave myself permission, or I felt like you'd give me some sort of like verbal permission to just do what I know, Acquisition.com kind of started and became our family office for everything that we do investing, which is exclusively businesses that we feel like we can add value to. Yeah. And it's a space you know you're comfortable in. You should never put money in something that you don't understand and don't know.

And because some guy in a good suit said to. and the only thing he may own is a good suit. So that's probably not where we're taking the advice. So really, that's really, really, really important. Okay, so you started with nothing. Over $50 million net worth in excess of that on this one transaction. I know you're probably north of $100 million at that point. And the Iranian-American, so you're first generation American. Yeah, first generation, yeah. Okay, so your parents came from Iran, both?

Just my dad. Just your dad, okay. I've got a really good friend that both of his parents came here. And also unbelievably successful uh and and financially and sometimes i think uh i was talking to my friend brian buffini who's irish and he has a book out called the immigrant edge and so the mentality that comes off that george's parents are he's second first generation middle eastern middle eastern as well so uh uh there's an immigrant edge that goes with that.

What is, do you think, the number one mindset as you work with investors and companies that keeps people broke? They subscribe to what everyone else around them who is poor tells them about how to get rich. So they take poor people's advice on how to make money. And so as a result of that, they keep doing the wrong stuff or they don't do anything at all. And a lot of them sit into this area of, you know, the paralysis analysis. They're like, I need to find the perfect thing. And meanwhile, 10 years later, they're still trying to wait to

find the perfect thing. And they haven't started anything. Yeah. How do you become a writer? Right. How do you become an investor? Right. How do you become an investor? Invest. I used to, cause I, I talk a lot about sales stuff because I think it's a really good entry thing for anybody who wants to, you know, take control of their own income and cost no money to get into. And all you have is skill is that, you know, you can read a hundred books on sales, but the first thousand cold calls you do, you'll learn more than all the books that you read up to that point. Experience is a mighty teacher. Oh, a hundred percent. And it's interesting with skill proficiency, but people will put off, you know, it takes 20 hours of concentrated work to

become proficient at most, playing the guitar, playing the piano, learning to do a cold call, 20 hours of actual dedicated work. But people will wait a decade to do those first 20 hours because they're afraid. Fear's holding them back because they don't want to fail a lot of the times. Yeah. They don't want the judgment that they think is coming along from people who aren't actually paying attention to them to begin with. Multimillionaire, young age entrepreneur, Alex Hermoza, our guest this segment, you can catch him on YouTube. Be sure and look that up. That's H-O-R-M-O-Z-I if you don't know. And you can check him out at uh be sure and look that up uh that's h-o-r-m-o-z-i if you don't know and you can check him out at his website at acquisition.com so what do you feel

like i mean you had a couple really big hits along the way um the actual the liquidity event was a big hit but the building up was gradual and um i mean it wasn't like you had like you hit the lottery in 20 minutes had this kind of network but so you built a company sold it and that that was a lot of it uh what do you think all of that has taught you about building wealth out there in america today a is it possible and b what do you think that you're the sense of hope or the sense of principles around it what you, what's your takeaway? So a a hundred percent possible be, I think, um, I define sadness as ignorance as in, you don't know what options you have. And so like whenever you feel hopeless, it's because you don't know what to do.

And so when I felt sad in my life, I think to myself, like, this is because I don't know what to do, which means that this is a problem I can solve because all I have to do is figure out what I need to do. And then that even gives me my first action step, which is like, oh, I just don't know. Great. And so for me, solving that has been a perpetual education process. And nowadays, there's so much free information that exists on the internet. Like you can learn how to flip houses. You can learn how to sell. You can learn how to code. You can learn how to edit videos. There are all these skills that pay entry-level roles, 50, 60, 70, 100, $200,000 a year that you can learn in eight weeks. And so for the people who are willing to just put in the eight weeks and then apply for

the jobs, you can get way ahead. Well, there's a lot of young people out there and I get the messages. They're 17, they're 18. They call into the show. They're going, hey, I want to invest. I want to build wealth. I don't want to wait till I'm 60. I don't want to work a job I hate and do the 401k thing. They want to make money really quickly. And a lot of times they want to do it the wrong way. What is the advice you constantly give those folks? Yeah. So I say like, you can invest in the S&P 500. I was like, but I prefer people invest in the SME 500, which is you're always going to get higher returns on investing in your own education,

your own skillset compared to any stock market. And so like a really real example of this is a buddy of mine has a daughter. She's 17. I think she just turned 18. And she's, she was working at a bowling alley, minimum wage job, you know, popcorn. Right. And she said, or he told her, you like, you can triple your income if you just get a certification and become a phlebotomist. It takes two days. It's 500 bucks. And by taking $500, she could invest in the S&P 500. And at 18 years old, maybe there'd be a ton of compounding. But if she invests $500 in getting the certification, and then two days later, she triples her income, probably a better investment in buying the certification than forever having a three times higher baseline for what she can make. And I think that's just like a micro example of how much skills can give you more cash flow to invest in everything else.

And so my belief is always keep reinvesting in skills because that raises your lifetime baseline of earning potential. That's so good and valuable valuable education uh is always cost minuscule amounts not all education but i said valuable usable utilitarian value she can immediately go and do something with that it's not like i collect degrees for no this is like but but studying something that is usable 100% of the time is the best investment you can make. My father came here with $1,000 and he didn't speak English, but he had a medical degree. And so he's always been big on education for me.

And if you look at it as an actual investment, I mean, he fled during the revolution in Iran. He said, they took everything we had, but they couldn't take my education. And so it's something that can never be taken from you. You can't lose it in a divorce. You can't be taxed on it, on your education itself. It appreciates with time. And then the more educated you become, the more valuable each prior skill adds on top.

It compounds. That's good. Like if you know how to do math, then you can then learn accounting. When you learn accounting, then you can learn investing or business or whatever, like each one compounds onto itself itself you got to follow this guy check him out on youtube alex hormoza h-o-r-m-o-z-i for those of you that aren't familiar with how big a deal

he already is and check him out at acquisition.com check him out at at hormoza on all his social media and his podcast is called the Game with Alex Hormoza. Alex, it's an honor to meet you today, hang out, got a new friend, and it's been an honor to appear on your podcast. Thanks for hanging out with us for a few minutes here. The honor's all mine. George Campbell Ramsey personality is my co-host today. Thank you for joining us, America.

In the lobby of Ramsey Solutions on the debt-free stage, Tim and Jen are with us. Hey, guys. How are you? How you doing, Dave? Good. Good, good. Welcome. Where do you guys live?

Near Ashland, Ohio. Jeromsoville, actually, but near Ashland, Ohio. Fun. Good to have you guys. And how much debt have you paid off? $177,000. All right. How long did that take? 12 months. Good for have you guys. And how much debt have you paid off? $177,000. All right. How long did that take?

12 months. Good for you. And your range of income during that year? We were about $170,000 to about $220,000. Nice jump in one year. What do you all do for a living? I am a school superintendent in Ohio, school district. And I do HVAC, have my own business one man show what

caused the uh fifty thousand dollar bump in one year well she got a pay increase and then um part of it was just me finally being able to uh work my business the way i needed to we've had some medical issues with my son and we had a few down years because of that okay all right so kind of got a clean spot to run yeah yeah good for you guys what kind of debt was the 177 000 oh gosh we had his truck payment we had my dream car payment um we had a land payment we had some lots of medical debt we had lots of other debt, too. Little check lines here and there. What did you sell? I sold my Range Rover.

Oh, wow. How much was that? It was, at the time, $43,500. Okay, so $43,000 of the $177,000. Anything else big? No, no. We just grinded it out. Did you have some money in savings you threw at it, too?

We had a little bit. We have a couple of rentals that we had paid cash for before we met Dave Ramsey. And so we had a little bit of cash there, probably maybe $10,000 there. Okay. All right. And then through this all, I got behind on taxes. And because of the tax credits that we didn't get previously, that was maybe $5,000 just, you know, to push us through the last. You got behind on filing them.

Yeah. When you file them, you got a credit. Yes. And we finally caught up on. Yeah. Well, it was a stressful part in our relationship. I was pushing him all the time to get that done, you know, be responsible. You know, just the eight years that we've had with our son were really difficult.

It got behind, and, you know, we just were tired of being tired. You know, we were making good money, and we wanted to be able to just feel comfortable, do things. Yeah, what was that turning point 12 months ago? You guys were making good money. You're surviving. You're making your payments. What made you go, everything's got to go? Well, I mean, I think, you know, previous to this, she didn't realize it,

but through our sons, he had brain cancer twice. And after the first time I'd gotten behind with my suppliers, $35,000. Luckily they were family owned and dealt with me with that, but she had no idea that I was dealing with that and started getting that caught up. And we used part of a home equity line to pay for that. Then he was diagnosed a second time with cancer and I got back behind again, about 30 grand. And so previous to 12 months ago, I had actually caught that up on my own. And then through some some just through our church and some marriage counseling you know we just finally got down to the roots of hey you should have been open with me about this and you know um we finally got on page with communication as a couple you know so how'd

you guys get plugged into the ramsey way uh we we finally landed in a church that we liked in Worcester, Ohio, Worcester Grace. Shout out to Jeff Walter, our leader there for FPU. And, you know, he, you know, through church, then they offered FPU. And, you know, we were right at that point where I was tired of that. I mean, I'd had heaviness for, you know, seven years waking up. She had no idea. Waking up in the middle of the night stressing about, man, I got to go to the supplier and ask them to sell me more equipment and i owe them 35 000 dollars well once i found out we're like game on like we're gonna get this knocked out we're gonna get this done and so came at a perfect time and we jumped in and wow an fpu is just that all right this is right in front of us

if we ever needed a sign this is it that's right second class she's she looked at me and she's like i gotta sell my car i'm like that's a that's big that's sentimental but we went to buy the car and i mean i was just sick the whole time we went to buy it you know i'm thinking i got thirty thousand dollars hanging over my head and she wants to buy this you know beautiful car you know oh yeah yeah it's an incredible car nine hundred dollars a month it's incredible bye-bye yeah it was did you go down to one car did you get something else we i had had a uh tacoma that i used as my work truck and then i had a gmc sierra that we had purchased years she settled for that she's on the truck around the parking lot i love it good for you well done you guys i'm proud of you how's it feel to be free

you know it's a lot of weight off the off, you know, and it's hard to slow down, which everyone says that, you know, we've got a little bit of a mortgage left. But, you know, I listen to you guys every day on the podcast, and, you know, it's hard to not want to help people. You know, I see people in my, you know, close vicinity, whether it be church, family, friends, that you just want to help them out and turn them to this system because it really just takes a lot of weight off your chest. Wow, thank you. I'm so glad we were there for you.

It worked out great, man. Thank you. And you guys, you're impressive because really what happened with you guys was so much more than a simple money plan. This was a marriage come to fruition. The secrets are unveiled. We don't have to hide them we have to carry the stress there's a lot of things broke loose with this a lot of kind of freedom in addition to the debt freedom yeah i mean i really think that i mean i've said that from the beginning is just we had a common goal you know what i mean

you know just something that it really brought us closer because we both were you know headed to that that common common goal so yeah way to go you guys very well done we're proud of you good work hey we've got a the uh live and give box for you it's the baby steps millionaires book that's where you're tracking towards and of course total money makeover book you can give that to someone the financial peace university membership you can give that away since you've been to it and it made such a difference in your all's life. And so it's a live. You get to use some of it and give a box.

We'll have that for you. Thanks for coming down to visit with us. Very proud of you. Before we go, what do you tell people the key is to getting out of debt? I think just unity in your marriage and, you know, just having that common goal, you know, and having that, you know, just, I don't know. I think that for me it was just immersing myself into the system

and continually listening to the podcast, listening to people. You know, you are who you surround yourself with, and you become who, you know, the things that you listen to and expose yourself to. And so that was important to me, just to continually hear the same thing, so that way I was focused on just to continually hear the same thing, so that way I was focused on the goal. Well, and that way you don't think you're crazy for selling a Range Rover. Instead, you think you're a hero

because the truth is you're not crazy, you're a hero. That's the truth. But if you're hanging out with people that are calling you crazy every day for doing that, instead of people saying, way to go, you're sacrificing to win because you have a bigger goal in mind than a car, way to go. I mean, that's a huge a bigger goal in mind than a car um way to

go i mean that's a huge thing that says so much about who both of you are the processes that you went through in this so well done very very very neat people cool all right tim and jen ashland ohio 177 000 paid off in 12 months making 170 to 220 count it down let's hear a debt-free scream three two one and that was caden joining at the end there folks i forgot to introduce him i apologize but yeah great job caden good work good debt-free scream, guys. What a story. That is how it's done right there. There is so much that's typical about where they were and how far they traveled in 12

months, not only with the numbers, but their behavior changes, their relationship changes, everything. And at the exact moment, Financial Peace University appears at their church as if it was planned. You know, apparently someone was planning that. It wasn't me, by the way. Not a coincidence. It would be called God. And so that's what we call it around here anyway.

And pretty impressive people. Yeah. I mean, so many people wait 12 years to do something about it. They went, in 12 months, we could be done with this and focus on our future. And that's what's so powerful about Financial Peace University. It's not a 10-year get out of debt. It's we're doing this in two years so we can have the rest of our life with freedom. So if you haven't done it, I don't know what y'all are waiting for.

Paid off everything but the mortgage, $177,000, including the sale of a $43,000 Range Rover in 12 months. What are you willing to do to get debt freedom? Yeah, she's willing to do a lot. A whole lot. She's sick and tired of being sick and tired. It makes a difference. This is The Ramsey Show. George Campbell, Ramsey personality, is my co-host today.

Thank you for joining us, America. We're glad you're here. That debt-free scream we're talking about Financial Peace University. What you discover there is the difference in knowing what to do and actually doing it. Because a lot of you listen to the show, you know the answers. You know what to do. But the trick is we've got to get you to do it. And in Financial Peace University, we're going to get you to do it.

It's what we do. So the class has worked for millions and millions of people. After nine weeks, you'll never handle money again. You'll never see money again the same way. You're going to have a whole new look on how the world works. So join a Financial Peace University class at ramsaysolutions.com slash FPU, ramsaysolutions.com slash FPU. John's in New York City. Hey, John, welcome to the Ramsey Show. Hey, Dave, thank you so much for taking my call. You guys are incredible.

Well, thank you, sir. How can we help? Well, I am calling to find out when you think I should move out of my parents' house. And I should specify that I'm on Long Island, not the city, because it's actually relevant here. So I am a 25-year-old lawyer. I'm going to be admitted as a lawyer this coming Tuesday. Congrats. And I will get a salary. Thank you. Thank you. I will get a salary bump to $80,000 per year, but after taxes, that's going to be about $5,000 per month.

I went to law school on a full scholarship, thankfully, but unfortunately, I owe $46,000 in undergraduate student loans. I'm estimating that without a rent payment, because I'm still with my parents, I will be 100% debt-free in about 12 to 15 months. Here's the kicker. I live on eastern Long Island, and so I commute about three hours per day to work. Obviously, I don't like this. My current plan is to stay with my parents until I'm completely out of debt, then rent an apartment close to work while I work on Baby Step 3. You work in the city?

Do you think this is a reasonable plan? You work in the city? Pretty close to work while i work on baby step three you work in the city this is a reasonable plan you work in the city uh pretty close to it i'm in like western nassau county so very close to queens yeah okay um well john the only way i know how to answer questions around here is and i'll let george do the same thing i'm going to do is what i do if i woke up in your shoes uh for me a commute of three minutes is a strain three hours is untenable um so mine's 12 minutes and um and that pisses me off and he still drives very fast yeah and that's driving quick but i still didn't want to do that so um i couldn't do it i doesn't make i mean that's driving quick, but I still didn't want to do that. So, um, I couldn't do it. I doesn't make, I mean, that's like, for me, I can be in Knoxville from Nashville in three hours. That's like driving to Knoxville to go to work every day for me. And that just blows my mind. No, thank you. I'm not

doing that. Uh, there's not a, there's not a scenario under which that's going to happen. Now I can do a lot of different things. I could take a job as a lawyer somewhere else and move to kansas but i'm not driving three hours okay so that's off the table for me uh and if what that means is you're going to get out of debt a little slower oh well uh we're going to get out of debt a little slower and is there something else we can do to patch up our income while we're a beginning lawyer i don't know 80k is not bad um uh but they're probably going to try to kill you the first three years at ADK, too. They probably don't have any spare time. And you've got a six-hour round trip here.

No, thank you. Not six hours total. Three hours. Oh, an hour and a half each way. An hour and a half each way. Yeah, an hour and a half each way. Yeah, still untenable for me. I'm not doing it.

I'm moving. And I might even move to a whole different area and get a job somewhere else, but I'm not doing that. It's not on the table for me. What do you think, George? Yeah, I'm in the boat of I would rather have three or four roommates in the city and have a shorter commute than continue this for any extended period of time. Now, this doesn't work.

It's not free free the cost is extreme and physical mental emotional somehow you've got it in your head this is free but i mean it's straining you it's it's you're trashing your car you're putting them in bazillion miles on it you got a lot of fuel cost um i mean it's not free to live there so um and i'm just the quality of life on that i'm not doing it but again if it's untenable to live near work then maybe you've taken a job in an area you can't afford to live in uh and that may mean a whole different set of issues and changes but at the end of the day what this points to you is points out to you is is the current way something's got to change now how much has to change?

And that's the only thing I'm looking at. I'm moving, John. So thank you for the call. We appreciate you listening. And I hope it all works out for you. I hope it's real smooth and everything goes good. And that's not a slam on your mom and dad. It's not a slam on you living with them.

If they were 10 minutes away, we could have a different discussion as to when you would move out. But they're not. So it takes it off the table yeah i'm with that erica's with us in rochester new york it's new york segment hi erica how are you hey good how are you better than i deserve what's up awesome um so i've been i was laid off about six weeks ago now um i've been interviewing more than i ever have in my whole life the past couple weeks, and no doors seem to be opening. I have two small children in daycare,

and I'm just, like, wondering, should I just take them out of daycare, stay home, and then we'll just live off my husband's income? What's his income? Right now he makes $65,000, but he just graduated with his degree in occupational therapy, so he should be making at least $80,000 in know a couple months but we're not there yet okay what did you make i made 90 why we're doing what uh senior buyers so for manufacturing and why is it you hadn't

landed a job well why do i not have another job you said yeah why have they why have you not made it through the interviews do you think i don't know um it just you know the environment i don't know i just interviews aren't just going my way i guess i make it to the second third round and it's just i don't know if the economy's not good it's a tough market well there's a shortage of workers so the economy's booming for what you're trying to do um you know i think i'd try to get a handle on uh what what you think is going on here uh the only way i know how to do that is put you in touch with ken coleman's materials ken is one of our ramsey personalities and he has some wonderful stuff on interviewing um and i also think that um i'll send you a copy of one of his books called the

proximity principle and this idea that you know someone inside of some of those buildings that can a help you get in the door and b maybe even give you a nice recommendation to push you over the top on some of these interviews and you'd be surprised about who you know when you stop and think about it in a different way so um uh dropping your household income by more than in half because you had a couple of rough bouts on an interview is not a plan uh and if there's another reason that you don't want to work but it sounds like you're like i don't want any more rejection i'm going to stay with the kids. That's what it sounded like. There's plenty of rejection with the kids too, but it doesn't sound like your dream is to be a stay-at-home mom, which tells me, let's get back to work. I think you're going to pay a lot less in daycare than you would make

a 90 grand in paying for daycare. So I think the ROI is there for you to continue working. If you're making 35K, it may be a wash with paying for all that daycare expense, but I would keep searching, keep hustling, use those resources from Ken, and see if he can't land something in a few months and get that income back up. Yeah, he's got a resume builder. He's got a whole process on landing interviews and getting through them. A lot of that is free at KenColeman.com or click Ken Coleman at RamseySolutions.com, either one. Meantime, I will send you a copy of his first number one bestseller.

It's called The Proximity Principle to Get in Proximity of People. But it also talks about this connectivity being your inroad, just sending out resumes and hoping people pull them out of the stack. It usually does not work. Yeah. The way I got the job here was knowing someone it was a loose connection but we kind of you get one little foot in the door and that becomes something and that becomes a full-time gig and it's amazing what happens but a lot of

people right now dave there there are layoffs happening and we're seeing that even as the economy is booming what do people do the first thing when they face that financially yep that's exactly how that works getting that emergency fund and making sure you line something up as soon as possible. Works for me, guys. Open phones here at 888-825-5225. Austin is on the phones. Ben is on the board. James is our producer.

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