The Ramsey Show - App - Career Advice During the Coronavirus (Hour 3)

Episode Date: April 8, 2020

Ken Coleman, 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 Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host, Ken Coleman. Ramsey Personality joins me today on the Dave Ramsey Show, answering your questions about jobs and careers. And I'll be answering your questions about money. And I'll be answering some of his career questions.

And he'll probably answer some of my money questions. Eh, I don't know. Eh, you never know. Yeah, some people just can't be shut up. So both of us will step on each other, probably. We're a couple talk radio hosts. What can I say? Okay, fair.

That's it. So anyway, jump in, folks. The phone I say? Okay, fair. That's it. So anyway, jump in, folks. The phone number is 888-825-5225. Joe is in Texas. Joe, what's up? Hi, Dave and Ken. I work in the oil and gas industry, and I'm fearing the layoffs and the furloughs and the bounce back after it.

I do have another job I can go to. It's a little less than half of what I make now. So it would really hurt, you know, my snowball and paying everything off. How do you make the decision to either go and take that job that's half the money? You know, I can't take it for a few months and come back to my normal high-paying job. It's something I would have to stay with. How do you work through that mentally? How long have you been in oil and gas?

Five years with this current company. So you put up with some volatility. Well, I mean, longer than that in the industry then. So you put up with some volatility. I mean, the nature of your industry is come and go isn't it a little bit yes uh my division's been pretty secure uh division's been pretty secure i'm sorry up until now that's you know we've just had some layoffs in my division which makes me a little nervous what is what are the what's causing that the oil price situation or the coronavirus shutdown

well it is the coronavirus shutdown price of oil and gas of course uh you know these refineries don't want contractors in as much and you know company stock price is down yeah well that's the result of those are the two things but i think the prices of this so the question is more uh do you want then you want to take a job half price is what do you want to do with the rest of your life i don't know what are you thinking yeah i have a couple questions number one you haven't been faced with the layoff yet you're just worried that it could happen and and i understand that so you're coming up with a contingency but what I don't understand is why you couldn't come back once oil and gas comes back, because there are a few things that I think are going to really rebound quickly. And that's one industry.

So what would keep you from being able to return if you were laid off? Well, the job I'd be going back to is back to the police department. It's what I did previously. And it's not something you go into for a few months and then come, come back out. You know, it's making 65,000 a year. It's, it's pretty good, uh, good benefits and things like that. So I wouldn't want to do that to police department. Um, I already have a way in. I've worked with them for free for 10 years now. So, um, how old are you? I'm 31. So what is the big picture for you? To Dave's question. What do you want to be doing when you're

41 or 51? We already planned for me to go back to the police department, but that was after the completion of the snowball and step three. Oh. Okay. So how does this change? Have you run the numbers for Dave on the snowball?

If you have to take a pay cut, how far does that set you back? It hurts a lot. When were you going to do it? It would be 2022 is when I would be looking to make a comeback to the police department. Okay. But they're offering you something today? Yeah, like I said, i do some work for them uh it's just non-paid so i know but i'm saying is that that door will still be open six months from now that door will still be open a year from now that door will still be open in 2022 unless you mess something up right correct yes sir why don't we wait do you actually

get laid off that's right okay i wouldn't take it wait until you actually get laid off? That's right. Okay. I wouldn't take it on the anticipation of getting laid off. You had a set strategy. I would stick with your strategy. That's right. Then if you get laid off. Then pull the trigger and go. Yeah.

I mean, you know, the only thing is you may get booted and have to go before you were ready to, in which case you're going to be working as many shifts as you can as a policeman and, you know, picking up side gigs and stuff and security in order to get your debts, to keep your debt snowball rolling. But otherwise, you know, you had an 18-month plan anyway if it was January of 2022 or a 20-month plan from today, which is not that long, really. That's right. But if you, you know, if you make it to fall and then they lay you off in the oil gas, then you just go ahead and accelerate that.

It's going to slow down your get-out-of-debt plan. Oh, well, but you're going to be living your long-term dream. That's right. You're in position. To your point, he can direct traffic in front of churches, high school games. You do whatever. Pick up those extra hours. It may take you a little longer to get there, but it's still going to be worth it.

Well, because it takes you. The only thing that's changing is when. That's right. The timeline changes. That's exactly right. Not what. The destination hasn't changed. Yeah, very good.

Good, good, good discussion. Miguel is with us in California. Hi, Miguel. Welcome to the Dave Ramsey Show. Thanks for having me, guys. The question that I have is I plan on retiring next summer from the military. We currently own a home in North Carolina, and we have eight and a half years ago on that loan, and the loan is $106,000. We currently have two savings accounts.

One was for we originally wanted to save money for a down payment for a home, which we have $69,000 in there. And we also have a kid's fund. We just started saving money, and we have $69,000 in there. And we also have a kid's fund. We just started saving money and we have $35,000 in that one. So totaling 104. With us retiring next year, it's going to be on a different straight. It should be in Oregon. My question is, do we put the $104,000 towards the down payment of the house in Oregon? When you retire next summer, are you going to North Carolina? No, no. Our home is in North Carolina.

We're renting that home out right now to somebody. I know. When are you going to North Carolina? Say again? When are you going to North Carolina? We again? When are you going to North Carolina? We don't plan on to go to North Carolina. We just plan on keeping the house rented out there to somebody. Just sell the house.

I wouldn't keep a long-distance. This is not your home. This is a rental property long distance. I wouldn't even keep it. Hmm. How much does the house worth? Even though the house is worth about $ about 180 and if we pay it off we could bring in about 1300 a month yeah listen i own a bunch of real estate owning a rental property

all the way across the continental united states is a good way to have someone change their harley oil in your living room that's a bad idea that's right uh you're not going to prosper on a property that far away the only reason you have this property is not because you just sat down and had a strategy to build rental properties. You have this property left over from when you were stationed in North Carolina. It was not, you were not living there going, I'm going to live in Oregon the rest of my life. I think I'm going to go buy rental property in North Carolina. You would never do that. It's not logical.

But it's by default is how you ended up with it. So, me, you do what you want to do but you called there's no possible way i'd keep that and i own a bunch of rental property i love rental property i want you to have some rental property but i would have it within five ten miles of your own home you can go buy where you're going to end up and stay not california in this case i think you said oregon so get settled in oregon and then buy you some rental property after you get settled there i would use this equity with your money you have saved as your down payment on your home in Oregon or pay cash for your home in Oregon, then start working towards rental properties.

That's what I would do. Hey, man, thank you for calling. This is the Dave Ramsey Show. business leaders hiring right now may be the furthest thing from your mind but the fact of the matter is we will recover one of the smartest things you can do for your business is to be prepared. I want you to know my friends at LinkedIn are ready to help you find the right people for your business when you're ready to hire them. LinkedIn Jobs matches your role with qualified candidates so that you can find the right person quickly. LinkedIn Jobs looks at things like collaboration, creativity, adaptability, and puts your job post in front of qualified candidates every day.

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How can Ken and I help? Thank you very much. It's a pleasure to talk to you again, Ken. And I called in about three weeks ago, worried I was about to be laid off as a salesman in the oil and gas industry. And you recommended that I stop my baby steps and save up money, get ready to fight. And that's what I've done. I did get laid off. And the good thing is, kind of a question for Ken, is before I got in the oil field, I was in for 15 years. I sold home improvement stuff, roofs, siding, windows, heating and air,

just kind of a lot of different things. And I'm looking to get back into that. The differences between now and then is I was a single guy. Now I'm a family man. I've got a wife and kids. And a little bit different scenario, although I always believe that even as a salaried salesman or a salaried employee you're always on commission if you don't believe it then just quit selling

um but uh you know it's a little scarier now uh i can't can't just go out and do it but i have the confidence i can't just go out and do it currently because of the virus and the whole thing. But I believe that I can. And so I'm just, I'm training my, I'm sharpening my sales skills up, so to speak, in this time. And also homeschooling my kid. And, you know, so while my wife is working and getting ready. And I just wanted to try to run that by you guys. So what's your question? Yeah, what's the specific question?

And then let's address that fear. What's the question? Well, I mean, I guess it's mainly that, you know, and I've kind of answered it myself, that I'm, you know, going into direct sales versus business to business is wholly commission only. And there's no benefits, no nothing versus what i have been is getting comfortable um that doesn't bother me what bothers me is what's your what's your upside i mean if if you were highly successful would you make more money absolutely i'd make way more money dave i mean i was making great money as a seller in the oil field but i would do i would make

nobody cares about being on commission as long as you make money. Yeah. That's the truth. It's only on commission when you don't make money. That's a problem. You know what's happening? Your head is having a debate. It's like a tennis match in your head.

On one hand, you're saying, I believe, I believe. I think I heard him say believe in himself basically three times in the setup for the question. That's how many times you said it, Donovan. so you know you're a good salesperson yes or no absolutely you know if you had to bet on yourself that you'd bet on yourself yes or no absolutely and you got a whole lot more on the line now as a husband and a father than you did when you were single in the same industry yes or or no? Absolutely. I don't think there's any way that you fail. I think you've got to have the mental conversation of, listen, this is my reality. I've been kicked out of the nest.

I've got experience in this sector where I've been before. I'm actually a really good salesperson. I love that your mindset right now is I'm trying to get ready for go time. I'm getting ready. I'm working on my sales skills. But I think you're already a great salesman. Now, what I want you to do is to analyze the exact pay structure and how fast does the pay turn on your actual deal.

So, in other words, if you start, let's just pretend for a second, we shut the coronavirus shutdown is over, and you go to work, okay? How long does it take from the time you make your first sale? How long does it take to make your first sale in your best estimation based on reality, not just based on confidence in your own ability to sell, but say, I'm going to be selling these things, and the typical person, you know, it takes three weeks of working leads before I make a single sale. Then how long before I get paid?

And then how long before I do that enough times that my income is greater than it was at the other gig? And you have to lay the actual business model out, the financial model, with the sales structure and commission structure and the turn time on the checks to give your wife confidence that you're not just being positive and barking up a tree, that there's nothing up there. You've got to make sure there's a squirrel in the tree. So you want to make sure that this is going to turn into something, and that it's not a pipe dream. And so you're going to analyze okay

because in other words you could be a great salesman and have a product that is that doesn't pay for eight months that's right and that's going to kill you yeah right that's fair i'm glad you bring that out we're assuming that he knows that industry and he's got that he's got the leads there and then he's going to be able to step into that but yes absolutely good point you don't want to bet on yourself when there's way too long of a gap and you've got realities because he just got laid off. So right now, that leads us to this. In the interim, while he's looking for that great opportunity

and doing the things you just said, at this point, he's doing whatever he can, whatever it takes, two jobs, three jobs, just to kind of keep himself stable until he is able to run those, that qualifier. Let me give you an example, okay? 80% of the cash value whole life life insurance agents are out of the business in one year. Right. If you're a great salesman and you know how to sell, and you go into a stupid business

model like that. That's a great point. That's right. You're going to, it doesn't matter how great a salesman you are how positive your thinking skills are that's right you're still gonna get your freaking teeth kicked in that's right okay yeah and so you you don't want to walk into that and go oh well i my you know my wife has concerns but she just doesn't know about me that's right well by god no she does know about you you're you're naive as crud that's when you're getting ready to walk you walk into the traffic get run over so this guy knows that industry he's sold in that industry so

assuming he gets back into that he knows the lay of the land and assuming that industry is still what it was when he was in it that's true which the life insurance industry has completely changed in 20 years that's right so as an example so you know just want to walk into i used to sell cars 10 years ago for a living i can go sell Yeah, but selling cars today is way different with the advent of the Internet than it was 10 years ago. That's right. Way different. That's a good point. And so you want to walk into how is the business model part of this flesh out, and that goes with it.

But I'm with Ken. This is something you're going to do, and I think you're going to do your due diligence diligence on my concerns and then you'll be able to show your wife exactly this is what will happen and then this will happen and then this will happen and this is how we get paid in today's environment and then uh then you know she's going to be there with you on it megan is in texas hi megan welcome the dave ramsey show your question for ken and i. Hey, Dave and Ken. How are y'all? Good. Awesome. What's up?

So I am on Baby Step 2. Our household income is about $100,000, and we've paid off $22,000, and we have $34,000 remaining. So we have three small kids, and my husband works in construction. He is still able to work, thankfully, and I have been a nurse for five years. I am currently out due to an injury, but I will be returning to work within the next couple of weeks. I'm obviously concerned about going back due to COVID-19. On one hand, I'm extremely thankful to have a job. On the other hand, I'm terrified. I just did my last will and testament and it's scary. I feel like fear is getting the best of me

and I know nursing is a stable option at this point and my husband's job is okay now, but tomorrow, I mean, it's unknown. So I don't know if I should try to find a job in a different field or just stick with my current job. Statistically, and I appreciate if I were in your situation, if my daughter was in your situation, I would be feeling exactly the same way. So I'm curious, when you chose to be a nurse You knew you would be involved With infectious diseases

Periodically correct Correct And what was it that What is it about this one that's different for you It's As a medical professional Is the fatality rate different than the flu for you as a nurse? It's not a passive-aggressive question.

I'm asking an honest question. I don't know. And I don't know. Like, honestly, I don't know either. I think that it's just the fear, like the fear of the unknown and the fear of, I mean, we I think that it's just the fear, like the fear of the unknown and the fear of, I mean, we're seeing that it's taking out healthy, you know, younger people as well as older people. So it's just the fear of the unknown.

I mean, if you've got a statistical, I'll tell you what, hold on. Let's talk about this when we come back. This is very interesting. If you do this one simple thing that we all do, you are literally at risk of being hacked and someone stealing what you've worked so hard for. Do you ever use public Wi-Fi? I'm talking about getting online at a coffee shop, a store, the airport, or even at home. Hackers can use a simple $100 device to mimic Wi-Fi, and with just a little bit of skills, they can take over your financial life. This means you may think you're on your bank's site or app or securely making that purchase online, but hackers could see and steal that information. That's why I trust CyberGhost VPN.

CyberGhost thinks about cybercrime so you don't have to. You can try it for free for seven days. Protect up to seven internet devices and keep all of your internet connections secure. That's CyberGhost VPN. Download it today from your app store and be secure in seconds. Welcome back to the Dave Ramsey Show. We're talking with Megan in Texas.

Megan is a nurse. She's off because of an injury. In a couple of weeks, she's headed back and she's scared, or I think she used the word terrified, about going back into the coronavirus situation. Megan, is that a summary of what you told me so far? Correct. Okay, and how old are you? I am 33. Okay. I have a 33-year-old daughter, Denise, Rachel's older sister. And if she sat down at my kitchen table and told me what you just told me, I would tell her not to go back. I would not ask her to go into a situation where she was terrified. If Rachel had a speaking gig in an

area that she was terrified to go to, I would tell her not to take the speaking gig, even if I would waltz in there and it wouldn't bother me at all, okay? Not because of a statement about the actual risk not even analyzing the statistics it's simple you would be miserable and um therefore you probably not be a great nurse because you'd be miserable and by the way you'd be miserable that i mentioned that you'd be miserable and so i wouldn't do it i just wouldn't do it you'd be scared to And so I wouldn't do it. I just wouldn't do it. You'd be scared to death, and I wouldn't do it. And that's not a statement of the coronavirus or the death rates or the fatality rates, or is the fatality rate different than the flu that you were already treating when you were down there back in December? I don't know any of that. I'm not a medical professional.

I guess you could get into all that and analyze it and intellectually work your way past the fear, but none of that really matters to me. You're 33 years old. You're terrified. Don't do it. I would go into nursing somewhere else where you're not exposed to it. I would change jobs within the nursing field. I don't know.

Ken, what do you think? Yeah, Megan, I think the question I have is you explain that the fear is the reason that you called to consider should you change careers. And my question is, if the coronavirus fear was not gripping you right now, would you be considering changing careers? So I've been looking for a while now, not necessarily out of nursing, but out of the area that I'm in, into like indirect, indirect you know patient care or something like that so like education even something like that so I mean it's well I think that's relevant a question in my mind yeah so let's take what Dave just said and I agree with Dave and now let's look at the bigger picture which is why you called you've already been and kind of eyeing other opportunities

which means you wanted to get out of this particular area of nursing anyway. And this sealed the deal. So this is it. I think this is the moment where you say, this is my watershed moment. And you don't have any shame about your fear. And you just go, this is my moment to start looking. And you've got the nursing qualification. You love the field.

You just want to change locations. We talk about this on the ken coleman show you're you're doing the right thing let's call it nursing is the thing in the wrong place you want to switch gears and there's so many ways for you to be a nurse and so i want to encourage you to uh take this as a great opportunity not career that's right just changing your location in a different different way of doing nursing so that's my answer how does that feel when you hear that it feels really like i feel relieved like i'm not a coward for not going back no no no no i don't think you're no nobody nobody thinks that you shouldn't think that either and this is what you don't know uh i don't understand

the differences from a medical professional i mean the only thing I know is just a math guy, and I'm seeing a 2% fatality rate, and the flu has a 2% fatality rate. And, you know, we all have read the majority of it are not 33-year-olds that die. It's older people or people that are medically compromised. You've read that too, right, Megan? Yes. Okay. So, I mean, I know those statistics, but statistics don't necessarily keep

you from being afraid. I wouldn't go. Listen, I'm a complete wuss. If you told me if I was afraid medically of going into some place, there's no chance I'm going. No. If I thought, because I'm a complete wuss. Yeah, it's not necessarily for me. Like, i'm not necessarily afraid of me getting sick it's my children like taking it home to my children and them getting sick and my my parents are high risk they're older you know they have um underlying health conditions and it's just you know that what if and i know that i know that's so cliche i know that every day there's a what if you don't know what tomorrow is going to bring. With this, once you're infected, it affects all your other decisions.

What are the financial implications of this decision? Of you changing gears. Can you move right into another nursing position and not see an interruption in pay? What's that going to look like? There will probably be an interruption. Have you guys planned for that? No, we haven't. Well well let me just tell you i i'll let dave's the money guy but i'm gonna tell you what i'd say on the ken coleman show to people changing jobs do not change a job that requires an interruption in pay if you don't

have a contingency plan it doesn't make an issue though here yeah i know i know she's terrified of the medical implications. I'm saying what's the financial plan? I agree that she shouldn't go in. You need a plan, and you need to work on something in the interim. Even if you had to adopt a nurse program or whatever, like a temp deal of some kind that was your stopgap, so you don't ever go back to the hospital or wherever it was you were but you still can make the transition so let's make a plan yes and so that you don't you know okay we're

making the decision you're not going back right now what do we do that's right quickly we got to create some income to cover the disruption or quickly uh he's got to work some extra hours or i don't know but but let's figure out how we're going to do what we just decided to do. And, you know, you just manage the project, and the project just changed. And that's what I would do. But I got to tell you, I don't know anything other than just the stuff I've read in the media, and we all know that that means you don't know anything. That's what that means.

Isn't that the truth? So, you know, all I know is if I had a 33-year-old daughter that sat down, I do have a 30-year-old daughter that sat down and said, Dad, I'm terrified to go back. What should I do? I said, I wouldn't go. It's an easy answer for me. And she's got three little kids, and she has in-laws that are at risk.

My co-grandparents are at risk, and she couldn't infect them. And so, you know, you just have to go with what's right in front of you, and I wouldn't ask you to do that. Well, she's got some relief now, so now she's not thinking in fear. Now it's, okay, what can my husband and i do we've got to alleviate the financial situation we've had cases at ramsey and ramsey's out uh working uh working from home yeah and yet we got a skeleton crew in here but we never ask anybody to come back in for the skeleton crew to run these shows against their will if somebody said we're terrified we would just say don't come you can sit home for right now work from home and so you know and we've got a couple people that are health compromised that want to we would just say don't come. You can sit at home for right now and work from home.

And we've got a couple people that are health compromised that want to be here. No, you can't come. And not that anybody in this building today that's showing up down here is an issue that we know of. But the bottom line is you just don't take those chances. And that's what she's dealing with is the chances, the problems. But don't go places you're terrified. Life's too short. Life's too short.

I'm not going to do it. I'm not doing stuff I'm terrified of. There's things that are, I have fears that are logical, and I have fears that are illogical, and they're both fears. And I'm not, no chance, no no chance it's an interesting discussion and by the way thank you to all you guys that are in the health care field that um either have intellectually worked your way through the the risks and decided that the risk reward ratio was worth your calling for you to be there or you're just taking the chance or whatever it is you're doing but thank

you for serving right now um i've taught this is not the only health care professional i've talked to that is scared and uh i'm always interested to talk to them because um they're they're not scared other times and i always want to know why that's always interesting to me in this situation so um they're dealing with other stuff that's infectious and it didn't bother them so I don't know uh obviously this is extremely infectious and there's other stuff it's just interesting to me the whole process is so um yes darling if I were in your shoes I wouldn't go that simple and uh not because I'm calling you a coward. That's not

the case. I just don't think it's advisable. I think it's, I think it's God saying it's time for you to do what you were already wanting to do anyway, which was change jobs within the nursing field. This is the Dave Ramsey show. folks i love telling you about well-made, well-thought-out products. Today, I'm talking about Grip6 belts. I don't know about you, but I'm not a fan of traditional belts. They never fit right, and they're uncomfortable. Grip6 belts are unique. Owner BJ designed a truly modern, minimalist belt made of high-quality materials with holes no flap and no bulk and the buckles

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Dale Carnegie said, develop success from failures. Discouragement and failure are two of the surest stepping stones to success. Our question of the day comes from blinds.com with a 100% satisfaction guarantee. That means even if you screw up, if you mismeasure, you pick the wrong color, they will remake your window blinds for free. You get free samples, free shipping, and with the new promos they run every month you'll save even more use the promo code ramsey to get the best deal ken our questions from mark in south dakota i'm 48 years old the family of four we currently are debt free including our house with

a recent dip or opportunity in the stock market and low mortgage rates, would you recommend refinancing our house and putting that money into a good-performing mutual fund? So they have no debt except the house. And he wants to borrow money on the house to invest in the mutual fund. No, absolutely not. Easy answer. Thankfully, that was easy. By the way, that Blinds.com offer, that's called the Ken Coleman effect,

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I just can't even, I can't get that out of my head. Well, if you think about it, great voice and great hair. Oh! Well, you had to get the two great things. There you go. Trying to be optimistic. Yeah, that's good. That was a good mix.

All right. Anyway, message of hope for business owners tonight, 6 p.m. Central. If you want to watch it, you can watch it on Entree Leadership's YouTube channel, the Dave Ramsey Show YouTube channel. And if you want an RSVP to make sure you get the link and everything just right, text the word hope now to 44 to 22. If you're a business owner, business leader, small business people, text hope now to 44 to 22. And the Ken Coleman proximity book continues to be a Dave Ramsey dot proximity principle book Book continues to be at DaveRamsey.com.

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and so we will be running it for a little while longer. We're trying to get you folks through the quarantine, through the time you're at home, through the stay-at-home things, and I don't know how much longer we'll be doing the 14-day free trial there. And you can certainly watch from home all of the premium content, but also get involved in the EveryDollar app

and also get involved in the communities that are there on that site and everything you need. So be sure and check all of that stuff out, all at DaveRamsey.com. All kinds of free stuff you can do from home or very, very inexpensive things that we've greatly reduced the cost in that you can do from home. And that's our way of serving you guys while some of you are working from home or are furloughed and at home. And these are special, special times, and we want to try to be there for you.

Sean is with us. Sean is in California. Hi, Sean. Welcome to the Dave Ramsey Show. Hey, Dave. Hey, Ken. How are you? Great. How can we help? Very good. Hey, glory to God that a year ago I was listening to my good friend Ben Shapiro, and you were on his show. Immediately, my wife and I, our three kids, we got on your plan. We had $25,000 in debt, and a year later, we're out of debt. We have $28,000 in savings. And with this whole coronavirus, you know, it's,

we're, we're, we're very comfortable. We're sitting pretty. Wow. So thank you. Wow. We're honored. Well, that's very cool. Um, I've, yeah, I've been able to help a few people in the coaching. I'm going to take the financial coach master training. I'm just so on fire. It's been such a transformation. And you know, other than being a Christian, this is like the biggest transformation in my life I've had. So, Really quick, two related questions that I had. I have a mandatory 9%, 10% state pension contribution from my check. Mm-hmm. How should I incorporate that, if at all, into my 15% for retirement?

I would. I would incorporate. I probably wouldn't count it 100%. I might count it 50%, mainly because you don't have control over it or access to it right you don't you don't you don't have control over what it's invested in and if you leave you don't even have access to it uh like you would with a 401k and so you know of your of your nine percent if you want to count it five and say i got to put in another 10 and we're going to leave four on the table so to speak that something like that i just i wouldn't count it at a full boat because of that up next is anna

in indiana anna welcome to the dave ramsey show hi thank you um quick question so my job's being furloughed april 20th through may 3rd um i will receive unemployment for that which should cover my regular pay but i used to drive for Ips until the whole coronavirus, and I just wasn't comfortable. Before they announced the furlough, I was thinking of working at Papa John's and just delivering pizzas. Now I don't know if I do that, how it will affect my unemployment, and if it's even worth it, or if I should just wait until after the furlough is done.

Do you know what you'll be receiving yet in unemployment? I don't. They said that it should cover it. I make about $500 a week, so the unemployment, and then I guess there's like an extra $600 to compensate for the difference. An extra $600. Yeah, you're talking about the – Yeah, that's what I keep hearing.

Yeah, she's talking about this $2 trillion plan is that they're going to give $600. Yeah, you're talking about... Yeah, that's what I keep hearing. She's talking about this $2 trillion plan is that they're going to give $600 in additional unemployment insurance. Oh, okay. Yeah. All right. And so you can either make $1,000 doing nothing or you can work and make $2,000 if you were delivering

pizzas. If you were delivering pizzas, you could make $2,000. In two weeks? Oh, I thought you could make $2,000. In two weeks? Oh, I thought you were making $500 a week. Right now I'm making $500 a week. It's only a part-time job, so I don't know if I would make more than what I make now or if it would work out or if it's better just waiting for the furlough. A typical pizza delivery person is making $1,500 to $2,000 working four nights a week a month.

Okay? And you could do that during the day in stock shelves at the grocery store or do that at night in stock shelves during the grocery store, and you end up making more than this. With unemployment, though, you are not allowed to make more than half of your unemployment in addition to the unemployment without disqualifying yourself from taking the unemployment check so if you're willing to work a lot you're going to make three times as much as you would with un with taking unemployment um and but i mean if you want to

sit at home you can do that for a thousand uh me i'm working i want more money you know and i think there's plenty of opportunities for her not just delivering pizzas all kinds of tractor supplies hiring targets hiring goodness walmart's hiring uh thousand a hundred thousand jobs with amazon right now uh tractor supply just posted five thousand jobs yeah i just mentioned them they're a great company um there's I mean, all the pizza places are hiring, all the grocery store chains are hiring, every one of them. And so these aren't necessarily jobs you want, but you were already working a part-time gig for 500 bucks a week. And so, you know, it's not a lot different than what you were doing. And so I'm not sure what

your furlough really means. It may just mean you never go back. You know, I'll just add this little anecdote. She has to figure this out for herself, David. You and I have been coming in. We haven't missed, you know, we're essential, so we've got to come in and all this good stuff, and we've got a scaled-back crew, obviously. But I've talked to some friends who have been at home, and they're jonesing to get out of the house. So I don't think staying at home is all it's cracked up to be.

I think the human spirit wants to do something, and to the point we just made that she can make more money and come out of this thing in better financial shape, why wouldn't you take that opportunity? That's what I would push you to do, at least challenge you to consider that. It puts you in a weird situation. You've got to decide. But I think there's plenty of work to be done right now,

and I don't think there's any reason for you to go hungry either way. So, good question. Ken Coleman, thanks for hanging out. Thanks, Dave. Always fun. Thanks to James Childs, our producer, and Zach Bennett, our associate producer and phone screener. That puts this hour of the Dave Ramsey Show in the books. We'll be back with you before you know it.

In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. In the middle of these uncertain times, Ramsey Solutions wants to give you some hope. For the very first time ever, we're giving you Financial Peace University free for 14 days. Go to DaveRamsey.com slash hope so you can watch from home.