The Ramsey Show - App - Become a True Investor Instead of a Victim of Debt (Hour 3)

Episode Date: December 5, 2022

Dave Ramsey & Kristina Ellis discuss: Why it makes sense to pay off your house, The BS that is your FICO score, Knowing when it makes sense to move somewhere cheaper. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studios, it's the 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. We help people build wealth, do work that they love, and create actual amazing relationships. Christina Ellis, number one best-selling author, Ramsey personality, is my co-host today.

Our phone number is a free call, and some say the advice is worth exactly what you pay for it. The phone number is 888-825-5225. That's 888-825-5225. JC is starting off this hour in San Diego. Hi, JC. How are you? Hi, Dave. Christina, thank you for taking my call.

Sure. What's up? Should we pay off our mortgage yes or do a loan recast or continue our current path can you pay it off today um yes the only thing is we would be using all of our liquid assets in an exception of maybe $10,000, $15,000. What's your household income? $130,000. And how much is your house payment? Monthly mortgage is $3,100. Mortgage that's left is $152,000 at three and a quarter interest. Okay. Now, by liquid assets, you're not talking about retirement accounts. You're just talking

about money you have in stocks, bonds, mutual funds, money markets, that kind of stuff. Correct. Okay. Where did the savings come from? So that $152,000, has it just been sitting there in savings? So, yeah, it's just sitting there. And, you know, we always like to be comfortable of having enough. That's why it's just been sitting there. Okay.

Okay. Do you have any hesitations on paying off the mortgage other than the comfort aspect? Cause in my book, it seems like you'd be more comfortable having no, no payments. Um, the main question is not having a liquid assets. If we would want to buy another property. So you would borrow on your home to buy another property? Okay. No. I'm asking that as a question.

If your house was paid off, would you borrow against it to buy another property? I would rather not do that. I want to pay it off completely. No, no, no, that wasn't what i asked stop stop stop stop stop i said if your house was paid off would you borrow on your home to buy an investment property no okay then if you use this money to buy an investment property that should have been used to pay off your house, it's exactly the same thing. It's as if you have borrowed on your home to buy that property.

Do you understand? Yeah. Same exact decision. So how old are you guys? Going to be 15 and 49. Okay. Here's what I would do. And you can do what you want to do, but you called and asked us.

And then I'll tell you why I would do it. I would write a check by the end of the week and do a Merry Christmas dance in the freaking front yard that my house was paid for. Okay? Put jingle bells around your neck and go out there and disco in the front yard and drive the neighbors crazy right you got to do something to celebrate so now you're a hundred percent debt-free house and everything what's this house worth uh 750 okay how much is in your retirement accounts uh i would say around $100,000.

Okay. So you're almost millionaires. Right. Pretty close. Okay. So you're very, very close. So soon you're going to be Baby Steps millionaires. The reason now I would tell you to do that is this. When you have no payments in the world, you're going to breathe deeper than you've been able to take a breath into your lungs for years. Your shoulders are going to be more relaxed and you're going to be able to sit down with a budget and go, I'm going to invest $5,000 a month into an investment to pay cash for future properties and to give me a big old

pile of cash. Now, if we invest $5,000 a month for 10 months, how much is in the account? Five times 10. Right now, it's 100 times. No, no, no, no, no, no, no. If you start from zero and you invest $5,000 a month for 10 months, would you have $50,000? Correct. 10 months later, would you have $5,000 a month for 10 months, would you have $50,000? Correct. Ten months later, would you have $100,000?

Correct. Plus whatever the market has grown if you're in good mutual funds during that time. And ten months later. So two and a half years from today. Let me tell you what happened two and a half years ago today. We were not yet in COVID. That's how fast two and a half years ago goes. Okay?

In two and a half years, you are going to have $200,000 approximately. You follow me? That sounds great. Yeah. But just investing your house payment plus a little bit more and now you're an investor instead of uh being fed on by the mortgage company now you've got money working on you in your direction if you will simply turn your old mortgage payment thirty one hundred dollars plus nineteen hundred more and you got that into investments you're going to put the money

back so fast and would you agree with me that an extra $50,000 in 10 months is going to be pretty comfortable yes without a house payment for sure so we're not suggesting you live with $10,000 or $15,000 after paying off your house for a long period of time just for one month. Then the next month, it's plus five, and the next month, it's plus five, and the next month, it's plus five, or whatever number you decide to put in. Maybe you're going to put in $7,000 because you could. Easy without a house payment. This is the shortest proper way that people build wealth.

It is not popular with people who want to build wealth quick, who want to get rich quick or quote-unquote easy. But there's a lot of peace with this. There's a lot of relaxed with this. And there's no risk with this. Oh, and by the way, if two years from today you hate being debt-free, you can go get you another mortgage. You could, couldn't you?

If I'm completely wrong, if I messed you over with this advice, that crazy butt Dave Ramsey over there in Nashville, he lost his dadgum mind. I'm going to go back in debt. You could go get you a mortgage. So I dare you to try it. I dare you to try to endure this level of financial peace. I don't know if you'll be able to stand it.

It's going to be so awesome. You may have to go back into debt because you won't be able to stand this much fun. Love sarcasm. Well done. You've done a great job. Go pay off your house, kiddo. Thank you. well we're in the holiday season our Our brains are focused on buying presents, decorating homes, and all the Christmas and New Year celebrations. All of a sudden, it's January.

And now some people feel like they've gotten a financial hangover. Doesn't have to be that way. You can start the new year strong. Set yourself up for a strong new year. Join us for our Building building wealth live event here in nashville on january the 12th this one night event will help you kick off 2023 feeling confident about your finances even in this crazy economy join me rachel cruz george camel ken coleman and dr john deloney as we walk you through a simple but proven plan to get back on track

and build wealth yes it is possible our building wealth events have been huge they've all been sold out all through last year nashville is coming up next then we're headed to indianapolis austin salt lake city anaheim all dates here in the spring you can get tickets to any of them passes startes start as low as $49. Seats are limited for this event, so hurry. Reserve your seat for our Building Wealth Live in Nashville today. RamseySolutions.com slash events. RamseySolutions.com slash events. 100% of your credit score is based on you interacting with debt.

Your FICO score is not determined by you winning financially. Your boss could walk in today, he's not going to, she's not going to, and say, you now make a million dollars a year, and your FICO score will not change one point. The phone could ring, and your grandmother could say your rich uncle that you didn't know you had just died and left you $10 million, and your FICO score will not change one point. Your FICO score is not a sign you are winning with money. It's a sign you have played kissy-face with the bank. It is based on the debt that you have, the debt load, the type of debt,

the length of time you've had the debt, the ratio of the debt to your income, how you have paid the payments on your debt. It is an I love debt score. Mathematically speaking, the algorithm says that the way to have a 750 or 810 FICO score, the only way to have that is to really, really love debt. You have to keep a lot of it and you have to pay it. It will cost you hundreds of thousands of dollars over a decade to build a FICO score and keep a FICO score of 800 because it's the only way that FICO score is calculated. It is not an I'm winning with money score. It's an I love to support the

bank because they're so awesome score. In other words, it's dumber than a freaking rock. So here's what happens. When you quit borrowing money and you've paid off all of your debt and you don't have a single account open, your FICO score will disappear within about a year. As a matter of fact, they will treat you like you have moved to Mars, like you have one eye in the center of your head. Your FICO score is now undeterminable. You mean you can't determine that I haven't borrowed money?

I think it just means it's zero, but it's undeterminable. It's like going to the airport. It's a terminal. I don't want to do things that are terminal. I want to do things that bring me life. If they say you have terminal cancer, that's not good, but we go to the airport and we call it a terminal. Undeterminable.

Oh. Sounds spooky. It's a problem. So years ago, I quit borrowing money. So I haven't had a FICO score in like 30 years. I'm not really here. I'm off the grid. This is actually a hologram.

I don't really exist. Because according to you people, I don't have a FICO score, so I'm off the grid this is actually a hologram I don't really exist because according to you people I don't have a FICO score so I'm a nobody but according to my banker I'm a nobody with millions of dollars in her bank so and I still's my zero FICO score day. We sold our house in May. It took about five and a half months, and my FICO score is zero. That was your only debt. Yep.

And you sold the house. The mortgage is gone. Yep. You're a renter. Yep. Temporarily. Temporarily right now until you figure out the housing market and what you're going to do. And from May to basically end of November, beginning of December, I have not had a single piece of activity and zero accounts open of any kind and no

lates on there and no bad debts on there, obviously. And that's how long it took for your FICO score to evaporate. Yes, it's gone. And it's so funny. The email was like basically like, oh, we don't know what happened. This happens sometimes, but we can help you correct it. Yeah, sometimes horrible things happen to people and we're here to help. We're from FICO. You're debt free? Wait, what? We can help you get back in debt. You haven't made offerings to the great gods of FICO. You need to make offerings of interest.

Oh, great FICO, you are the provider of all good things. We bring you offerings of interest so that we can buy anything we want on credit later. So you borrow money. Why? So that your FICO score goes up. Why? So that you can borrow more money. So why?

Because your FICO score goes up. So why? So you can borrow more money. I had a dog that used to chase its tail and he was crazy and this culture does it every day and you're free i'm free man it feels good it's kind of nerve-wracking like when when you're in that process of waiting for it to go to zero we were talking about this about a month ago you're going are you sure it's going to go away i'm like i'm not sure of anything with fico except that when you quit borrowing money eventually they're going to cause you to say you don't exist yeah i was like dave how long how many more weeks how many more months and he was just like just stay the course

christina i said i think it's going to be a year because i at that point so made it so what is it seven eight months yeah something like that for it to go away, right? Seven months. Seven months. Yeah. For it to go away. And it went down before that. Yeah.

It had a good like 100 points. What did it start at? Up in the 700. Yeah, like 700 range. All right. And it's because you paid your mortgage on time. You paid everything on time. And then you got out of debt.

Yep. And then you sold the house. And so you went from 700. So you had a fabulous, by all standards, FICO score. And it eroded. It went down to 600s. Yeah. And we're still in the house.

Did it go into the 500s? I mean, I wasn't checking. You were checking it. I was just waiting for my zero. You were checking it because you were asking me about it. It's scaring me. It's getting low. Well, I was just waiting for emails.

I was waiting for the email that said zero. And so they sent me an email saying that it had been updated. And so I was like, ooh, it's getting low well i was just waiting for emails i was waiting for the email that said zero and so they sent me an email saying that had been updated and so i was like oh it's zero and then i went and it was like 600 and i was like oh being in the housing market that's kind of yeah that's exactly what we're talking about someday i want to buy a house and i can't do that with a 600 when's this thing gonna go to zero dave and i'm like all the data that we have all the you know all you people out there that we work with all the stuff you send us everything we keep up with from you guys the research we don't know because FICO doesn't publish their algorithms right they don't tell us what the

thing is but just observing people have done what you do it takes six months to a year and yours took seven months yep follow the path and George had a zero FICO score went and got a mortgage with manual underwriting with Churchill Mortgage. And so if you're going to go get a mortgage with Churchill Mortgage and you have a zero credit score and undeterminable, they will write you a mortgage, and it's exactly the same rate as if you had a 700 or an 800 FICO score. Only they have to do stuff like do manual underwriting,

so they have to verify that you have money with your bank. They have to verify that you have a job, which is what they ought to freaking be doing anyway what are you doing giving people a loan based on one number you're gonna loan you eight hundred thousand dollars for a house why because you have one number that says faco faco faco oh that's so crazy it's crazy how our system rewards debt and people who are doing debt. It's more than rewards it. I mean, by God, it manipulates it and causes it. I've been doing this for 30 years.

The amount of hate mail and hate crap I get to this day telling people to not borrow money and get rid of their stupid, kissy face, I love debt score is crazy. I'm keeping my credit cards open because Dave Ramsey doesn't know what he's talking about. I mean, he's only got several hundred million dollars, but he doesn't know what he's talking about.

God, man, it's dumber than a rock. Just dumber than a freaking rock. Way to go! You joined the club, girl! I'm weird! This is The Ramsey Show. show Christina Ellis Ramsey personality is my co-host today. Thank you for joining us, America. Merry Christmas to you.

If you're out on your Christmas travels and over the river and through the woods to grandmother's house we go and Nashville is on the river or the woods or whatever it is along the way, you can stop by. We'd love to have you sit and watch the show. We do the show every day on the glass from 1 to 4 with free homemade cookies and coffee. And there's usually 50 to 200 folks in here watching the show and during the holidays, sometimes even more. And, of course, the bookstore is open and the museum and the picture opportunities and all the stuff.

Our lobby is all set up for our fans and our visitors and our listeners to come by. So we hope you do. In the lobby of Ramsey Solutions, one of the items is the debt-free stage with a big debt-free plaque right in the middle of it. And if you come here to do your debt-free scream, of course, that's where you stand. And thus is what's happening with Jonathan and Lachey. Welcome, guys.

How are you? Pretty good. Good. Thank you. How are you guys? Merry Christmas. Merry Christmas. Where do you guys live?

We live in Wilmington, North Carolina. Very cool. All right. Tell us, how much Where do you guys live? We live in Wilmington, North Carolina. Very cool. All right. Tell us, how much debt have you paid off? So we paid off $53,804.95. And how long did this take? 24 months. Good for you.

And your range of income during that time? We started around about $35,000, and now we're at about $90,000 a year. Okay. $35,000, and now you're at $90,000. year. Okay. 35,000 and now you're at 90,000. Way to go. What do you guys do for a living? Yeah. I work with a tech company online and I work in the technical support area.

Cool. And I work at the airport working on the line as a, like a marshal or crewman. Oh yeah. Cool. Okay. Help folks park where they're supposed to. That's right. That's good.

Without, without touching those wings. Yeah. Very good. Good for you. So folks park where they're supposed to. That's right. That's good. Without touching those wings. Yeah. Very good. Good for you. So what kind of debt was the $54,000? All student loans. All student loans. Old Sally Mae was hanging out.

That's right. She's a victim. Gave her her eviction papers, baby. You are hitting the road, old woman. Get out of my house. How long you two been married? It's been two years so far. Ah. Yeah. Okay. So right after you get married, get married you say listen i want to be married to you sally may's not staying

in our house exactly exactly so what was the plan tell me how all this happened yeah um so i grew up with my parents doing financial peace and they did the kids version of it with us and then so you're a financial peace baby yeah okay and then um two months after getting married we were like okay we have all these dreams but we can't do it with um debt coming behind us and all so we decided to hop on the train and do it cool all right so uh jonathan lachey says hey when i was a kid we did this weird stuff and i want you to do this weird stuff now like get out of debt what'd you say actually um my mom had been to some of the classes as well oh you're a financial peace baby too yeah i'd heard about it i never really took it super seriously but i'd heard of them and uh basically

we saw this opportunity online to get your book for free the financial peace book and we also found the every dollar budgeting app i'd been using it. And we just, once we got married, we were like, hey, we want to seriously do this so we can start a family off on the right foot. Dive in, huh? Yeah. Dive in. Exactly. That's awesome. Okay. So the decision's made. You're both on board. What did this journey look like for you guys? Man, it was a lot of sacrifices. We definitely, you know, we live like nobody else so that later we could live and give like no one else. And we did a lot of sacrifices. We definitely, you know, we live like nobody else so that later we could live and give like no one else. And we did a lot of extra jobs and we lived in literally a basement apartment for a long time. No windows, no light. Yeah, not much. And we, I mean, I did everything

like lawn care. We sold a bunch of random stuff we had, just everything to go all in and make it happen. And we had sold off, I think, within the first year and a half, we were down to $13,500. And that was when we figured out that Lashay was pregnant with Caden. And so that was our motivation to just say, hey, we're going to get this done before this child is born. And so he'll be born into a debt-free family. I it yeah that's a milestone yeah absolutely very cool i bet both parents are cheering you on because they're financial peace people right yeah yeah you got big cheerleaders all in the family yeah and you're bringing a grandbaby in so that makes you hugely popular exactly yeah yeah there's no question at that point you are very likable kids yeah pretty much

so you guys are young you're newlyweds a lot of newlyweds are not thinking about this at all they're just living their best lives yo yoloing is that what they say you know you're cool enough you know that's what they say i know don't act like you're old i've never actually used that word myself without joking. But so a lot of people aren't doing this. Did your friends think you were weird? My friends were like, whoa, I want to be you. Yes.

That's the way. Yeah. Set the standard. Set the bar. Well done. So what would you tell newlyweds who are, you know, kind of tempted to close their eyes, put their head in the sand and stay in debt? what would you tell them to get them started on this journey um i would say it's worth it not just um for your financial sake but just for your marriage overall

um i think it brings up a lot of tough conversations that you need to have and then at the end of the journey you feel like a really strong team basically y'all are a little too sweet and too perfect all right tell me the truth what was the big money fight you had during the two years oh man what was the one thing where you like i just about killed him for us the hard thing is trips like we want to go travel and take big trips and it's been so hard to just say like hey we're going to do small stuff right now you know uh we actually right after we got married well we were going to get married and then covet hit 2020 and we had to cancel our honeymoon to iceland and basically we took all that money and put it towards our debt and uh that was a hard that was a hard move but we realized it was

something we needed to do to get started so when you go into iceland i don't know whenever we plan it whenever you want now you don't need that yeah exactly yeah that's a great trip i've heard i haven't done that one but i've got friends and family that have and they just think it's incredible so you got to do it yes you got to do it now so that's cool so that that still didn't answer my question because you still were like too sweet you're like well we couldn't take big trips i said when did you have a big fight is what i asked i think it's um based around trips so like i was around i was based like raised to just doing um like four-star hotels and like stuff like that and then so he was trying to cover for you he didn't want to he didn't want to throw you under the bus and answer my question

so he's like um so i'm more like we can do this and like spin this and he's more so like no we can't so i think that's where we still we're talking you're talking you're talking four seasons i'm talking tent yeah pretty much yeah that's where we still butt heads okay now i got it now we're coming clean good hey you guys are sweet you're powerful you're heroes well done and then you had uh the baby on the way and so how old is your baby six months six months old and name caden little caden all right way to go biggin i love it sitting over there with janelle janelle's hating that so uh good stuff so what do you tell people the key to getting out of debt is i would say number

one thing is just seek to honor the Lord with your finances and understand that it's bigger than just yourself. It's your family. It's your generation, generations after you. It's about making a change and also just getting on the same page in your marriage regarding your finances because if you're on different pages, you're just going to butt heads. It's like one of the number one causes of divorce. I don't if it's the biggest one but finances are a huge deal and if you get on

the same page early on it's way easier i'm sure how old are you two i'm 24 and i'm 25 why did you not wait on student loan forgiveness yeah um yeah right it wasn't even a thing when we started paying off debt so i never really believed that was going to be a thing. So now he said, we're going to go do it. Forget waiting for somebody else in the government to take care of that. Yeah, okay. 24 years old. You guys are amazing.

I'm so proud of you. Very well done. I know your mom and dad are proud of both of you, and you got a great start, and Lil' Caden's mom and dad are heroes. You set him up to you got a great start and little cadence mom and dad are heroes you set him up to win you guys are ready to go man it's pretty pretty amazing so let's get him in the picture we got uh the live and give bundle for y'all and that includes the total money makeover book to give away to somebody that you've inspired the baby steps millionaires book for you that's your next chapter for sure go Go ahead and be millionaires and live and give like no one else.

And Financial Peace University, a one-year membership. So any of that, you're welcome to keep or welcome to give it. It's our gift to you and say we're proud of you and thanks for coming to Nashville. Jonathan and Lashay and Caden from Wilmington, North Carolina. $54,000 paid off in 24 months, making $35,000 to $90,000. Count it down. Let's hear a debt-free scream. Three, two, one.

We're debt-free! Yeah! Woo! I love this Gen Z generation. Man, the ones that are on it are more on it than any gen i've seen so far 18 years old with 75 000 saved 24 years old i'm for I sought the Lord and he answered me and delivered me from all my fears cornelia funke says children's author says nothing is more terrifying than fearlessness you know what that's the truth right that's a different level of swagger right there

nothing is more terrifying than fearlessness when you're on the other side of an equation from something or someone that is fearless that is terrifying i agree i agree it's powerful good place to live too i like it's a good place to live fearless and part of being fearless is being debt free part of being fearless is uh knowing who your god is part of being fearless is knowing where you stand in your relationships. And part of being fearless is knowing where you stand in your career and where your income comes from. And when you get those things that we talk about around Ramsey all the time in place, it does put a different level of courage into you. Well, and I think part of being fearless is not the absence of fear. It's not that you never have

fears. It's being willing to do things in spite of the things that scare you to death. It's not the absence of fear. It's not that you never have fears. It's being willing to do things in spite of the things that scare you to death. It's being willing to put yourself out there and to go through the journey, even if you are afraid. It's not that the fears don't exist. It's that you're willing to plow forward regardless of if you feel that fear. Yeah. But even then, I mean, when stuff even like, yeah, it comes at you, then you go, yeah, but what's the worst thing that can happen?

And it does take, because, you know, I'm not going to lose my house. I don't have a mortgage. You know, what's the worst thing that can happen? What are you going to do to me? Fire me? Get another job and make more than I make here. And I don't have to put up with you. That'd be great.

Fire away. How big is the severance? Let's have it, you know. It changes everything. It changes the negotiation. It changes the whole process. Hey, folks, if you like this show, help us out. We have found that the folks over at Spotify say we are in the top 1% of all podcasts in

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Subscribe to the podcast. Subscribe to the YouTube, and tell people to do that. Those numbers help as well. It helps us do everything we do here for more and more and more people. And just spread this message of hope. It's a real message and it really does work. Chris is with us in New York City. Hi, Chris. Welcome to the Ramsey Show. Hi, Dave. Hi, Christina. How are you guys doing? Great. How are you guys doing? Great.

How can we help? Doing well. Um, so my headline question and I can give you the context is how do you decide if it's worth it or not to move based on the cost of living from a personal finance perspective? Uh, me personally,

I'm kind of on the fence of where I live now, despite the fact I'm doing well and I like my job. I mean, I'm kind of on the fence of where I live now, despite the fact I'm doing well and I like my job. I mean, I'm 25, have $150,000 annual income, $100,000 saved away in retirement funds, you know, only a couple hundred dollars of debt. And it's just an interesting time right now because New York City in particular, like the rent rates have gone through the roof, the taxation rates are, you know, I don't have to tell you how high they are. So how do you kind of, in your experience, when has it, when have you seen it be worth it to move if someone's already, you know, if I like my job, if I'm doing well, but, you know, the cost of living where I happen to be is just so astronomically high versus like almost anywhere else in the country.

Agreed. Agreed, it is. And most of that cost of living is real estate in your case. The cost of rent to live on Manhattan is just, compared to the rest of the country, it's bizarre. You've got to make a lot of money. You do make a lot of money. Congratulations.

Do you think you can make a similar amount of money somewhere else? Yeah, so that's, I think, the biggest problem because it's like there's this risk where I'd have to go out and search really hard to find another job. I haven't yet, to be honest. I mean, I've skimmed a little bit. And you really, like, you don't see it that high. What do you do?

I mean, you might not like this, but I have a stock market researcher, so on individual companies, I mean. I don't dislike that at all. Somebody needs to research it. I'm not against the stock market. I buy mutual funds all the time, and those mutual funds depend on research. So I've got a friend that is a young friend for a guy, 62. He's in his 40s, and he makes about $300 to $400 a year, and he does research and analytics for one of the big mutual fund companies, and he does it from his office in his home and has

for 10 years before work from home was cool he was doing work from home and he has lived uh in ski resort areas he has lived in um uh nashville now uh and so forth and so uh you know i think you can do your job and the job of analytics from almost anywhere and i don't think they require you to be in the city physically anymore yeah i that's definitely the case it's interesting for us like during covid we were totally working involved now i got in uh it's like three days a week um so yeah but I'm saying there might be competitors or there might be people in specific fields using your same skills, a certain industry that you research and you become known for that industry

for one of the mutual fund companies or something like that, that you can do totally work from home. My buddy did it before work from home was a thing. Yeah, and you think in most cases it's probably worth it at this i mean especially i start it's what you want where do you want to live i mean you're you're a single guy i take it you live in new york city it's very cool and very fun to live in new york city in a lot of ways i love visiting there i personally it wouldn't be the quality of life i want to live there but i do enjoy the city i used to enjoy it a lot more

than i do now it's kind of screwed up up there right now but the uh but it's a great town it's got a great vibe i love the energy i love new yorkers people that have lived there their whole lives and stuff i just i always relate to them because they're high energy they're butt kickers they get it done i like the environment i like the culture of it uh but i still wouldn't want to live in the city i got enough country boy in me i want some green grass yeah it's interesting you mentioned that because i'm originally from from uh from upstate new york but after living here the past like two years i've come to like the area you know i have a lot of family and friends connections here yeah so well there's nothing there's nothing wrong with staying there you're not doing anything morally wrong

you're not being irresponsible you make enough money to live there but it's going to cost you more to live there so you're not going to prosper mathematically as much as if you made 150 somewhere else so it's okay to move there's nothing but but if you're wanting us to tell you to move, we're not going to tell you to move. Now, if you told me you made $60,000 a year and you couldn't make ends meet on Manhattan, I would say that's true. You're probably not living in Manhattan making $60,000.

It's probably not happening. I mean, you might for a little while, but it's, that's a tough one. Yeah, and with his career field, he has a great chance of that income continuing to increase. So, I mean, if you love New York, if that's somewhere where you want to stay and you see your salary continue to go up life tomorrow in the next season of my life i mean you might say hey i want to stay here and you might marry a lady and you both decide to stay there or you might go hey we're going to move and raise kids in a different environment you could do that any of those things will work any of those things will be fine so it's just a matter of what

you guys want what you want to do and later if there's a you guys what you guys want, what you want to do. And later, if there's a you guys, what you guys want to do later. But, you know, you should make those choices based on lifestyle as long as the math will work. And in your case, you've got the option because the math works. Yeah, exactly. This would be a totally different conversation, like Dave said, if you made $60,000 a year, because that would be a true challenge. But thankfully, you have the margin right now I do not think to be in your field you have to stay there though I think with your company you might have to stay there but I don't think you have to stay there to be in your field so I would check that part out if you want to move that puts us our the Ramsey show in the books thanks to Austin Benz Zach Andrew and James in the booth the booth

dudes they make this thing happen this is the Ramsey show we'll books. Thanks to Austin, Ben, Zach, Andrew, and James in the booth, the booth dudes. They make this thing happen. This is the Ramsey Show. 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. Have you been inspired to make a change with your money? Want to know where to start? Take our three-minute money quiz to get a plan you can follow. Go to RamseySolutions.com and search for Get Started to get a plan for your money.