The Ramsey Show - App - Build Wealth, Not Your Credit Score! (Hour 2)

Episode Date: August 22, 2019

Ken Coleman, Chris Hogan, Home Selling, Career   Tools to get you started: Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE   Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is the Dave Ramsey Show, where America hangs out to have a conversation about life and money. Sitting in for Dave this hour, I'm Ken Coleman, host of the Ken Coleman Show, and joined in studio by my good pal, Chris Hogan. We sit literally two feet away from each other here at the sparkling new Ramsey headquarters. Yes. And it's always good when Dave lets us play in the old sandbox. So we're here for the next hour taking your calls about money.

We'll take your calls about career. That's what we do on our perspective shows. You're the host of The Chris Hogan Show. So now we're back together. It's the first time for me hosting an hour in the new studio. That's right. Coleman, you are driving the new bus today. It's a big bus.

It is a massive bus. I don't know if people realize this, so I'm going to go ahead and tell you just to kind of paint the picture because we are so excited now to be receiving guests. People can come in and watch the show and meet Dave. They don't realize until they get here hogan that uh in front of our desk right now if you're watching on youtube you can do couple skate if you like if you like roller skating it's that big it is extraordinary it is it is but it's so nice it's gorgeous and we've got some fantastic people out in the lobby

yeah got two little friends out there. Two of the cutest girls you've ever seen. Absolutely, they are, without a doubt. Yeah. Two of the cutest little girls I've ever seen. And America, we're ready for you. Ken and I are hopped up on coffee. We are ready to go.

So, if you've got a career question, I'm serious, if you've been mulling over a career change, doing something a little bit different, or you're feeling stuck in your career, call. Ken is going to help you out. And if you've got a money question, well, I want you to give me a call. I might be able to help you as well. I think it's possible. So let's do this. Here's the phone number, 888-825-5225. 888-825-5225.

And we're going to start it off with Melissa, who is on the line uh in canada melissa you're on the day hi how are you well we're just having a blast how can we help well uh my husband and i just started listening to dave um and since the end of july and since then we've paid off almost forty four thousand dollars of debt wow yeah we have a little bit more to go. So my question today is, we have a van that has $39,000 left of loan payment on it. We also have a rental property that we have a $42,000 mortgage on. And we are wondering if it's a wise decision to sell the rental property, pay off the mortgage on there, and pay off the van loan as well. Okay.

So let me find this out, Melissa. How much of the $44,000 in debt that you all paid off, tell us, what did you attack? What did you pay off? We paid off line credits. We paid off consumer credit cards. And for the most part, we cashed out some stocks that my husband had with his work and took care of it. Fantastic.

So you guys made a decision that debt is not your friend, right? That's right. Okay. Now tell me about this van. How much do you owe on this thing? $39,000. My goodness. What does it do?

A little bit of everything. I hope. I mean, that thing, goodness gracious. Okay, how long have you had this thing? We just bought it about two months ago. What happened? And ironically, that's how we got Sirius Satellite Radio to listen

to Dave. Oh, now listen, you are not going to sit here and try to justify that. That was a good effort. No, it's terrible. Melissa, that's terrible. Don't do that. How much is the payment on this van? For a month, we pay $530. Okay. All right.

But seriously, so you look at this, you had a momentary lapse in judgment, went out, got this super expensive van. Now you're thinking about selling a rental property. Tell me, is this a townhome? Is it a house? What is this rental property? It's a two-unit home. Okay. So there's two rental-unit home. Okay. So there's two rental

properties in the home. Okay. How much is it worth right now, market value? We estimate about $100,000. Okay. And how much did you pay for it? We paid $75,000 about seven years ago. Okay, seven years ago. Now, I'm glad you told me about the number of years ago in which you bought it, because that lets me know you're past the capital gains side of it because it's two years or more. Okay. And so what kind of rental income is being brought in in this rental property? We bring in $1,275 a month with that. After expenses, we have about $600 in profit. Okay, so how much of a loan do you have right now on this? It's $42,000? Yes, $42,000.

All right. And so what's your husband's thought on this? He says sell it. Okay. What's your thought? I don't know. I want to get the right thought. Right.

But what do you feel in your gut right now? Right now, I don't work. I stay home and I raise the kids. So that $600 is like my income. Okay. All right. Well, first of all, let's fix this. You've got a pronoun problem because you all as a family work.

You work inside the home. Okay? He's working outside the home, so let's not get that confused. But in looking at this,'s the income is the families and so my thought is is i would sell this if and only if you guys pinky swear that when you sell this thing and you get the money in the bank you're going to sit there and the first thing you attack right is the is the rental property to attack that mortgage and then pay off the van like if you guys are going to direct the money there, and then guess what?

You take what you were paying in payments, Melissa, and you can resupplement the budget. So there it is right there. Got debt out of your life? You're going to get the title to the van because you own it, and you're moving forward debt-free. Chris Hogan dropping clarity here on the Dave Ramsey Show. Good stuff.

Let's go to Kyle next. He's on the line in Wisconsin. Kyle, how can we help? Hey, guys. Congratulations on the new building. Absolutely. Thank you. It's beautiful.

Hope to have you here sometime. How can we help? Hey, so a little bit about myself. I'll try to keep this short and sweet. But I'm currently in Baby Step 2 with about $4,000 or $5,000 left to pay between medical and credit card. Okay. I might be looking a little too far ahead here, but I just recently finally found out what I want to do with my life. I've been on quite a journey over the past year.

I thought I had my career figured out. It turns out I ended up not working out. So not this September, but next year I'm going to lineman school. So my income is going to go up about double. I make about $25,000 a year now, and that will be, like I said, about double once I'm an apprentice and eventually get my journeyman. So over the past, you know, four years here, I've been stupid, and I've had about the $4,000 or $5,000 worth of debt that I've just blatantly ignored,

and it's been in collections for a long time, which it has, you know. What's your question, Kyle? We've got about a minute. We want to get to your question. So I just want to know what is the best way to build my credit score so I can buy a house someday? Okay. Well, here's the thing, my friend. First and foremost, Kyle, I would not be concerned with building your credit.

Here's the deal. All right, America, I'm about to tell you the truth. Oh, boy. Watch out. Here it goes. I'm getting riled up, Coleman. Watch out. All right, listen.

Credit score. Here's the bottom line. It's an indicator of this. How much debt you have, how well you've paid the truth. Oh boy, watch out. Here it goes. I'm getting riled up, Coleman. Watch out. All right, listen, credit score. Here's the bottom line. It's an indicator of this, how much debt you have, how well you've paid the debt, the type of debt, and the likelihood that they're going to give you more. America, listen to me. You don't want to build your credit score. You want to build your wealth. So Kyle, you stay focused, get yourself out of debt, build up a fully funded emergency fund, and you start investing. Listen, you save up money for a down payment on a home, and you find an underwriter or a bank out there that will do manual underwriting. Don't build your credit score.

Build your wealth. Oh, I like that. Sounded like a coach over there, which is appropriate from an All-American. Played football. He's the one, if you're watching on YouTube, that played football. I was the kicker. That'll be no surprise if you're actually paying attention. Hey, don't go anywhere!

Ken Coleman, Chris Hogan in for Dave Ramsey. This is The Dave Ramsey Show. Are high health care costs getting you down? Are you confused trying to navigate your options? Do you wish you could find an affordable, biblical solution to your health care costs? Based on New Testament principles, Christian Health care ministries or chm helps christian families churches and ministries join together as the body of christ to share their major health care costs christian health care ministries is the original health cost sharing ministry a better business

bureau accredited organization chm members share to pay each other's medical bills. It's not insurance. It's Christians financially and spiritually supporting each other. It's what Christian Healthcare Ministries has done for over 35 years. And our members have shared over $2.5 billion in medical bills. To learn more, visit chministries.org. That's chministries.org. Christian Healthcare Ministries is a proud sponsor of Dave Ramsey Live Events. chministries.org. Welcome back, America. You're joining the Dave Ramsey Show. I'm Ken Coleman, Ramsey personality and host of the Ken Coleman Show

and joined by fellow Ramsey personality and host of the Chris Hogan Show. Chris Hogan, we're taking your questions this hour. It is a free call, 888-825-5225. We'll focus on money and we'll focus on career, that job that you're looking for, the money advice that you need to get true financial freedom that's what we're doing this hour so come on join the conversation 888-825-5225 what ken what i got a question for you what oh listen this is from chad on facebook because you know we are a social company. Social media.

Okay. You can find me at Ramsey Show. You can find him at Ken Coleman. Me at Chris Hogan 360. And so, Chad had a question for Ken from Facebook. He says, Ken, I have an idea for a new career for myself. It's something that I love to do. But to do it, I would have to be all in.

Yet, it wouldn't be lucrative for at least a year. What do I do when I found exactly what I want to do, but it won't be lucrative for at least a year what do i do when i found exactly what i want to do but it won't pay the bills yet yeah oh well there's two answers all right all right and you could do both of these but it is very clear number one either do it part-time okay you do it part-time or you save up for it and what i mean by that is you make the savings a priority to then be able to say all right if i go all in on this uh and i'm only going to make and i'm making these numbers up 30 000 and i need to make 60 then i'm going to save 30 because we're not going to be stupid about it because it's always going to be there the dream is there but don't go after it

too soon don't go after it the wrong way because that dream can become a nightmare very quickly. So what I mean by part-time is can I pursue that in some way maybe for somebody else or in a much smaller way to be able to get that experience necessary? It depends on what all-in looks like because I don't have the details here. But most of the time, if it won't pay the bills but you know you'll want to do it, then we build up for it. And we build up financially so that when we step into that, it's not this wee splat. Right. And so if it's $60,000 you've got to make, that's why I like starting it on the side. I do, too. Maybe it's not truly all in.

That's right. You think it needs to be all in. Does it really? And so can that side business throw off half of what you need to make, and then I save it up through my current income? I don't care how you get there. The point is, have a cushion before we go all in on the dream game. Well, Ken, and I like what you said about you're going to have to continue to do the primary thing. That's right.

Because that's what's paying the bills. And if you truly are passionate about this other thing, you're okay. It's not work when you're working on it. For you to put in the work and that time and energy and effort to get it started. All right, Chad, thank you for that question. One more thing I'll share for those of you that are in this situation is that if you're struggling in the day job and all you can think about is the dream job, you go, I just don't know how I can make it, Ken. I don't know how I can keep saving up and wait another year or two. Change your perspective on the day job. And that day job is funding your future. Now, if that becomes the mindset,

now we're not going to have a bad attitude. That's right. In two years, we're walking. Yeah. As you like to say, deuces. That's right. But for the're walking yeah as you like to say deuces that's right but for the next two years you better have an attitude change to know that if i don't keep paying the bills and feeding the family doing things i need to do paying off debt saving that emergency fund that's the point like change your attitude to gratitude oh i'm not trying to drop all these little no i'm going to tweet that though but that's and i will take credit for it but i like that because what you're saying is is that job you're on right now is actually funding your dream i love that perspective i know it's not the dream i know you don't love it that's right i'm just telling you to appreciate i like it it'll keep you in the game triple eight eight two five

five two two five is the number triple eight eight two five five two two five up next. Megan is on the line in Ohio. Megan, how can we help? Hi. So my husband and I are on baby step number two, but I'm struggling with making our budget every month because my husband works a job where he makes 100% commission. So no two months are the same. Okay. And in that line of work, how long has he been doing this 100% commission thing?

Since January. Okay. But he had a training period. Right. So I would say probably the last four months have really been him working. Very good. So what would you say his average has been over the last four months? It's really ranged. So it's gone anywhere from like $3,000 to $4,500.

Okay. All right. And what does it take for you guys to live month to month? What is the baseline you need? So our bills right now are about $2,500 a month, including everything. Okay, fantastic. So looking at this, Megan, and as a former commission person myself, what you do is you build that budget and you look and you understand $2,500 is what we're dealing with, right? And I can tell you right now, I'm a former financial coach, that $2,500 is probably more like $2,100 if we just cut down to bare bones. But what that leaves you then is that cushion to throw toward the debt. So in your mind, you guys, and here's the key though, when you do have that month that's $4,500,

what I would do is looking at this as you're focused on getting out of debt is, again, you could give yourself the $1,000 emergency fund to have that cushion there, and that's only for emergencies. But when you have that month that's $4,500, you're throwing that extra money toward the debt as well. Okay. Okay? And so that's the key.

You set the baseline. But I'm going to tell you the ancillary things, the things that can sneak up and get you in your budget. For Ken, it's hair care. I don't have that issue. I don't have that issue. Mine might be razors. But his is hair care.

But the gotchas are food, the groceries, the eating out, things of that nature. Those are the things that can sneak up. So utilize the cash envelope system. Ken, this is where I would tell people about Financial Peace University. That's exactly right. Let's talk about it. So what if you could trade $129 for $5,300? Oh, I'm in. Yeah.

I mean, that's a good deal. That's a great deal. All right. You would jump on it. So some of you would have a lot more questions. Okay, is there a catch? No, there's no catch. But if you got all those answers, you could see the deal was legit, that I could trade $129 for $5,300.

Every one of you would say, yeah, I'm in. So we didn't make those numbers. Listen to this. We're talking about years and years, decades of this formula working. $129 is what it costs to take Financial Peace University. And the $5,300 number is the average amount of debt that people pay off within the first 90 days of starting this course. So it's not an actual trade.

We're having some fun here. But we hear all the time around Ramsey Solutions that $129 for a financial course is too much money. But, Chris, isn't it really a $129 investment so that you can change your life and maybe the lives of your family. We're talking about generational change. Because when you buy Financial Peace University, you're getting way more information and stuffy money talk. It's a nine-week course teaching you how to pay off debt, save, and build wealth. It also comes with interactive tools to track your progress, including the incomparable

EveryDollar Plus, the upgraded version of our amazing budgeting app. So get on the proven plan that nearly 6 million people have already used to get out of debt and win with money. You can look for a local class or find one online at DaveRamsey.com slash FPU. That's DaveRamsey.com slash FPU. Or you can call us right now, 888-22-PIECE. That's 888-22-PIECE. You know, Chris, I think about those numbers.

And I've seen it twice with Stacey and I leading FPU. I saw it in our own life. You've seen it countless times over and over and over. The idea is what would you sacrifice to trade your current desperation for financial freedom? That becomes the million-dollar question. It becomes a massive question, Ken. And I'm going to tell you, even as a person that was working in banking, thinking that I knew how money worked, it wasn't until I got connected with Financial Peace University and Dave that I truly understood it.

So if you're out there, America, and you're tired of being sick and tired, it's time to make a change. It's time to get plugged in on a plan that's proven. Now, listen to me. I'm not hoping Financial Peace University works. I'm not even suggesting that it works. I'm telling you that it does because I've lived it, and it's a game changer. And your kids matter. Your great-grandkids matter.

You matter and your future matters. Let's get started and do something that works. It's a clear, proven plan and it involves community. And if you're looking for life change, one of the best ways to do it, Chris Hogan,

is to be around other people that have a shared goal and a shared mission. And when you do that, they will pull you with them. Financial Peace, it's available right now. Go, DaveRamsey.com slash FPU. Don't move. More Dave Ramsey Show right around the corner. Welcome back, America.

This is the Dave Ramsey Show, where you come to talk about your life and your money. I'm Ken Coleman, sitting in for Dave Ramsey this hour. Thrilled to have you. 888-825-5225 is the number. Joined by my good pal, fellow Ramsey personality, and best-selling author, Chris Hogan. We were just talking during the break. We both are blessed to have boys.

We both love football. And tonight, it's Thursday night lights for both of us. One of your sons is playing. Two of my boys are playing. And I'm having a hard time concentrating. You know, I mean, I get excited. It's hotter than the surface of the sun here in Middle Tennessee. But we still have football.

And my boys are playing football tonight. I know your son's playing. I might want to tackle you after the show. Now, that wouldn't go well for me. Easy, Coleman. But's playing i might want to tackle you after the show now that wouldn't go well for me easy colman but i i think i might want to hit you today yeah well listen are you you're not one of those dads are you well you got to finish the sentence i don't know you're not one of those dads that's like hollering and acting crazy uh wow no no no no no i i've i've known to holler before for them. I want them to hear their dad's voice when they do something good. But I'm not hollering at the refs.

I'm not hollering at the other team. You behave. Oh, yeah. Okay, good. Because Stacy has trained me. I used to be the pacer. I would walk the sidelines behind the team because I just can't get close enough you could have stopped at stacy trained you well let's be honest i need a little training yeah well you don't have to make this a masculine thing i mean we need our wives to help us i know i know

but she is a rock star she is a rock star i sit up in the bleachers and uh i have a good time triple eight eight two five five two two. Football season is right around the corner. That's always a good thing. Let's go to Steven, who's on the line in South Carolina. Steven, how can we help? Hi, Chris. How are you? Good, sir.

How are you? Better than I deserve. So I have a question about job loss. I just found out that my job is going to be ending on effective the 6th. That's a layoff. Okay. I've got $187,000 worth of debt, 124 of that is a house, 21 is a camper, 11 is a truck, 4,700 is a 401k loan, and then I've got $25,000 in credit cards. My wife and I were in the middle of baby step two and we immediately

stopped that but i'm it's kind of a juggling act at this point i'm not sure which ball to throw on the ground um i can't get rid of the camper nobody wants to buy it so you know do do i wait for a job to come in or and hope the pension the uh sorry the severance doesn't lapse between then? Or do I stop paying on the camper and let it go back and the credit cards and stuff like that? I'm just not sure what to do. Well, Stephen, first and foremost, my friend, I'm sorry to hear about the job loss. But what I like to hear in your voice is the proactivity that you've already taken. A, in knowing the numbers and beginning to kind of put together a plan.

But you said something that we need to dig into the severance how much is it and how long will it last uh the severance is two months plus three weeks um it's actually four weeks and we have about another month saved up in our emergency fund after we stopped baby step two. Okay. All right. So we've calculated that if we pay off the 401k loan, we'll have a little over five months. Okay. Yeah. That 401k loan is the one that as soon as you said it, it jumped out at me. Because typically you have between 60 and 90 days once you leave or lose that job before that has to be repaid. So I want you to do a few things.

You got a pen and paper? I want you to reach out to your HR benefit, and I want you to talk to them about the 401k loan and the steps you need to take to deal with that. Contact that individual and really start to talk through it. The secure debts, the camper, the mortgage, the truck, those are things you need to take care of. These credit cards, they're going to have to wait.

And you don't have the money so you can make a phone call. Because I'm going to preserve money right now to the big degree. And that means restaurants, the only time you all see them right now is when you drive by them. Everything stops except for the things that are required. But Steven, here's the other thing, buddy. You not only have to do that and get in conservation mode, I need you to also make sure you're remaining lifted up and that you don't go mentally into the dumpster. Meaning because it's really easy to have a pity party right now and you can't do that. You've got to get proactive. You need to reach out to some friends, let them know that you are on the market and looking.

And Ken, I'm going to let you take it over from here because bringing some income in is better than nothing. Yeah, quick question, Stephen. When are you going to lose the job? Do you have a date on this? It's on the 6th of next month. 6th of next month. And you could go get something right now

and still get the severance, yes or no? Yes. I'm actually working on that, and I have a few interviews lined up. Great. Fantastic. Listen to me. This is the same gazelle intensity that Dave talks about day in and day out, week in and week out on this show. You have to have the same gazelle intensity that Chris Hogan was talking about on let's get rid of the camper.

I don't even care if nobody wants to buy it. Price it to where somebody goes, you've got to be kidding me. You've got to do anything and everything. I'm going to tell you something right now. We're in a really good job economy. And I would be just saying, okay, this is what I have to offer. I'm not thinking dream job. I'm not even thinking great job.

That's right. I'm thinking a job. I'm not even thinking great job. That's right. I'm thinking a job. And what we want to do is actually turn this into an opportunity, not a setback. He's being freed. Hey, they're kicking me out of the nest. Let's change our entire perspective and say, I didn't want it. I needed the job to pay the debt. But wait a second, I can go get hired. And I'm going to make that my number one goal. I'm going to talk to anybody and everybody and here's the one tip i would give we know this from a well-known sociology study that was done about 20 years ago that acquaintances are the number one source for getting jobs not your close personal network and here's what happens you gave him some great advice

in a situation like this where we get kicked out of this, we start to freak out. Yes. And we go, nobody can help me. I told my close personal network, they can't help me. I'm screwed. All right. No, no, no, you're not. Here's what happens. Let's go outside into your web of connections. Everybody that you know, who do they know? And you just tell them, I'm ready to work. I'm ready to go. You don't have to say I'm getting fired. You say, I'm ready for something new. And then you use the proximity principle. Madison, let's give him a copy of my best-selling book this is going to give you a very clear path on how to shake the relationship tree because you can't and go after it with everything you got ken i'd like that advice and you're right it is a perspective change it's not something that's happening to you it's happening for you and i think you've got an

excellent opportunity and listen i've heard it said that a setback can be a setup for a comeback hold on hold on say hold on we can't just move past that what did you say like them say that again all right i've heard it said that a setback can be a setup for a comeback and steven i firmly believe my friend i already heard it in your voice that's right you know i can, I can hear it. It stings a little bit, and it's going to be okay. Yep. But you can do this, and I want you to make sure you get some close friends around you, and you can talk about it. You got some people to lean on.

Hopefully, you're plugged into your local church, or you got some good men around you, and you can talk. And I want you to talk to your spouse about this. Everybody be open and honest and real, but work on it together. That's the thing that'll help you get through it. That's right. And you know what happens in moments like this? Fear can be so overwhelming that it's literally the back part of our brain.

They call it the lizard brain, and it's the fight or flight part of our brains. And if you're not careful, it'll make you do really crazy, desperate things or put you in a point where you just feel there is no way out. I'm just going to sit here and wait. Yes. For just total destruction, as opposed to channeling. So I'm not going to starve. We'm just going to sit here and wait. Yes. For just total destruction. As opposed to channeling. So you say, I'm not going to starve.

We're not going to be homeless. We're going to get out of this. That's right. And get after it. Get after it. All right. Question here from social media. This is Kimberly. She writes in to you, Chris.

My husband and I will be coming into a large inheritance from an irrevocable trust that includes property and cash. Any idea what the tax burden might be? Okay, wow. Well, Kimberly, here's the deal. Whenever a trust, and remember, when you're dealing with trust, the trust is actually the owner of said item. The property, the cash, whatever it is, that's the owner.

When it's transferred to you as the beneficiary, now that's where you begin to have the obligation. So there are all kinds of steps you're going to need to reach out and connect with a CPA because based on the value of the asset that you got, if it's a real property, they're going to look at the capital gains and the realized gain if you're going to sell it or hold on to it. So I can't begin to estimate. You can think about what your tax bracket is, but you will need to get with a CPA. Congratulations on the inheritance. Don't spend it on paper or in your mind. It's not in your hands yet. Be smart with it. It was a blessing. Good stuff. Chris Hogan, Ken Coleman,

sitting in for Dave Ramsey this hour, taking your calls about your life, your career, your money. Don't move a muscle. More coming right up. Welcome back, America. This is the dave ramsey show i'm ken coleman joined in studio by chris hogan as we sit in for dave ramsey this hour so thrilled to have you with us uh want to invite you to come see us in our brand new ramsey Studios and the sparkling brand-new headquarters here in Nashville. Folks are now open to come in and visit. Just go to DaveRamsey.com. Let us know you're coming.

And we're going to feed you with some fantastic baked goods. You've got the cold beverages, the hot beverages. And you can watch Dave. You can watch all of our shows if you're here on a daily basis. So thrilled to invite you. So come on and see us. 888-825-5225 is the number. 888-825-5225.

James is up next in Kentucky. James, how can we help? Hey, guys, how are you? We are fantastic. How can we help you today? Wonderful. Well, I was trying to figure out I guess a career option for

me. Right now I'm currently in a job that's a really good job as far as pay and the benefits are great and everything. I like the camaraderie around it and everything, but I just don't feel fulfilled in the job that I'm in. And I really just want to change people's

lives and I don't feel like I have any option to do that in the job that I'm in. And I really just want to change people's lives, and I don't feel like I have any option to do that in the job that I'm in. Okay. Do you have a place? Do you have a role that you're thinking of that you want to move into in the future? Well, I know ever since taking FPU, I mean, doing something in this realm of financial peace is something that I definitely want to do. I've already done, I'm leading a class, an FBU class right now,

so that's kind of a start in that direction. But I don't know if I needed to possibly go into coaching or maybe finding a job in something like this. I just kind of need some guidance. Yeah, well, so let's look at that. So we know that you have been touched by Dave's teaching, and it's made a big difference in your life, and now you're coordinating for us us and we thank you for that.

You and other FPU coordinators are on the front lines of everything we do at Ramsey Solutions so we're so grateful for that. The question becomes, we look at the sweet spot that every person has. It is the intersection of what you do best, that's your talent, your strengths, your skills, and then your

passion. This is work, tasks, functions that give you life, that make your passion. This is work, tasks, functions that give you life and make your heart sing. So we know that you're passionate about helping people get their finances in order. The question becomes, let's look at the talent side of things. What would you say if I interviewed everybody that knows you well, James, and I said, tell me what James does better than anything else? What would they say? I'd say it's probably sales and just talking to people in general. I love talking to people and getting deep into what's going on in their lives and seeing what I can do to help.

Okay. Have you identified then, so we know that if that's what they would say you do best, is connecting. We could call you a connector. That's a role that you love playing, and you probably have got a little bit of teaching in you and instructing. Is that right? Yes.

Okay, great. So we see, Chris, right here that his talents are lining up. Here's the thing about financial coaching, and, Chris, you could jump in here. In order to be successful to the point of being full-time as a financial coach, you've got to have people that you're coaching. It's a different ballgame. It's an entrepreneurial situation unless you are going to work maybe for somebody like one of our Ramsey SmartVestor pros on the investing side,

long-term investments where you do some financial counseling, maybe coaching as a part of that. So you've got to look at the reality here of if I want to be helping people with their finances and using my ability to communicate long-term, what are the best ways that I can do that? So are you willing to start a financial coaching business on the side, build it up over time, or do you see yourself going and getting the financial qualifications to work with our SmartVestor Pros and be somebody that works with people long-term and across the board on their financial future? What is it?

Both of those have actually been an option that I've thought about pretty strongly, doing financial coaching or going into being an actual financial advisor, possibly getting into it with a SmartVestor Pro. Those are actually two very specific things I've been looking at as far, and even as far as going down to Nashville and even working with Ramsey Solutions directly has been an option as well. I'm just kind of trying to see the best way to get my foot in the door with those things. Well, here's how you do it.

You need to start hanging out with a couple. Well, here's how you do it. You need to start hanging out with a couple of smart investor pros in your area. So you go to DaveRamsey.com as soon as this phone call is over. And you go on that website, and you click on the smart investor, and you see one of the closest smart investors in your area. And then you call them up and say, hey, I'm a big Dave Ramsey fan, and I'm looking at getting into the business and being what you are for people, and I'm wanting to know if you'd be willing to have coffee with me or have lunch with me and just tell me the best ways to get in and get qualified. But there's some things that he can do, Chris, and there's three basic questions.

What do I need to learn, do, to get qualified? James, you can find that out. Second question is, now that I know what I've got to learn, do, to be qualified, how much is that going to cost me in money and time? Third question, based on that investment of time and money to get qualified, how long is that going to take based on my financial reality and my family schedule and my commitments? That's right. Those three simple questions reveal answers that basically, Chris, put a plan together. And James goes, I see how to get there.

Yeah. This is the path. No, it really is. And James, I love that you have the heart to want to help people. I share that with you. And it's a calling. It's something that you absolutely love to do. One of the things I want to encourage you to do is not only reach out and connect with

a SmartVestor Pro, but go sit down and talk to anybody in the financial services business. Kind of find out more about them. Begin to network. I want you to get some business cards made with your name on it and your cell phone number and your email. And you're not promoting anything right now. You're just getting connected. And I want you to do something else. Go over to DaveRamsey.com. There's a tab over there called Financial Coaching. We actually have an online program where we train people to coach others. And I actually get a chance to be a part of that program and absolutely love it. So that is another resource for you to look at if you're serious about moving forward. I wish you well, and I want you to stay focused.

And remember, it's about the process. Relationships matter. People matter. Stay focused. Madison, give him a copy of The Proximity Principle. It's why we wrote the book, and it's going to guide you to the right people in the right places so you can get the opportunity. All right, let's see. Let's go to Christopher in South Carolina.

Christopher, how can we help? Hey, guys. Thanks for taking my call. Sure. We've got a couple minutes. How can we help? So I am 25. Me and my wife are both 25 with two little kids and um i just had a question about my mortgage because we don't have any debt thank goodness except our mortgage we owe about 70 000 and the only issue is i only i'm the only one working she stays home with the kids and um i only bring home about 2 000 a month which after expenses doesn't leave much to be paid towards the mortgage.

And it's just kind of stressing me out. And I would like to get a second job or do some other type of work, but my wife disagrees. She thinks we're fine just paying the little bit that we're paying and everything's fine. I don't need to take away from family time to get a second job. And I wanted to hear what you guys thought about it. Oh, boy. Well, okay. Christopher, tell me this.

How long have you been married? We've been married going on four years. Okay, good, good. So relatively new. Hey, I want to help you and protect your health. You said you were the only one working? Yeah, no. You're the one working outside of the home.

Ah, right, right. Okay, I'm just trying to help you. Otherwise, you're going to come live with me. But here's the deal. What your wife is telling you is that she's valuing family time over dollars right now. And I think you guys having that open and honest communication, it lays the foundation to understand what it is that's driving you. Your goal is to be 100% debt-free. How old are your little ones?

How old are they? One is two, and the other one is only two weeks old. Okay, all right. So she just had a baby. But you guys having that conversation, I don't think there's anything wrong with you taking a part-time job. It's a matter of looking at it. How can you bring in that income? You don't need a second job, bro.

You need a better job. Yeah, I agree. The rub is that the wife doesn't want you to take a second job. I agree with her. Go get a better job. My goodness, you to take a second job. I agree with her. Go get a better job. My goodness, you're 25 years old. You've got some talent. You can do some things.

I think what I want you doing is, first of all, relax. This is not a tension problem. You've only got $70,000 in debt, and it's your mortgage. You've got some margins. It's not like you're struggling. Well, the man can't relax too much. He's got a two-week old. Well, fair.

He's not sleeping either. Yeah, he has no sleep. He's tired. Well, listen, if you're not sleeping anyway, you might as well work. So go get a better job, man. Let's get more income. This is an income issue, not a second job issue. Okay, that's a great point. What do people need to do? Well, I'd say go

over to KenColeman.com. Thank you, Chris. Find out more about the Proximity Principle. That's right. There's a chance you can do better. I'm giving books away like crazy. Dave published them, so why not? You're like Santa Claus. Madison, give him another. The other Proximity Principle book was the number one bestseller.

There's a reason. Give me one, too. Yeah. Chris, I'll give you one. I'll sign it for you. Hey, Chris Hogan, thanks. Thank you, my friend. Hey, I want to thank our producer, James Child, sitting in for Kelly today, our associate

producer today, Madison Browder, and you, America. Thank you for listening. This is The Dave Ramsey Show. Hey, it's Kelly, associate producer and phone screener for The Dave Ramsey Show. This episode is over, but if you heard about a product or service and didn't have a chance to write it down, don't worry. We list everything that is mentioned during this episode in the podcast show notes section. Thanks for listening.