The Ramsey Show - App - Confidence and Competence Are Tied Together (Hour 3)

Episode Date: June 2, 2020

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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, my co-host today on the air. Ramsey personality, number one best-selling author, Christy Wright is with me. The phone number here to talk about your life and your money is easy. It's the same one it's been for a very long time. 888-825-5225. 888-TALK-BACK.

I haven't said that in a long time. B-A-K, not C-K. 888-TALK-BACK. I haven't said that in a long time. B-A-K, not C-K. 888-TALK-BACK. That's why we took the number, by the way. We were trying to come up with something catchy back when none of you knew the number. So jump in, 888-825-5225. Christy and I will talk life and money with you. Starting this hour with Michelle in Michigan.

Hi, Michelle. How are you? Hi. I'm doing well. thank you for taking my call and i want to say to christy congratulations on the new podcast i listened to it this morning and i'm so looking forward to the journaling i've never journaled before and your ideas on journaling i'm looking forward to trying that out so that's awesome congratulations thanks for saying that that's awesome. Thanks for saying that. That's awesome. Very cool. Yep. My question today is I've been in business for about 15 years. I went into business on accident when my babies were babies and it was just to keep me active. It's IT, so keep me current.

Now my babies are not babies anymore and I'm looking to move from just like a hobby or a surviving little business to being a thriving business. And one of the things that I find that on some days I'm on fire, I just I'm accomplishing tons and I'm super on task. And other days, the phone's not ringing or I don't have tons of emails and I'm not quite as productive as I would like to be. Something that was suggested to me is to have an accountability partner, which interests me. I'm concerned about what should I share as an accountability partner? Like what goals would I share? How much is too much sharing? That kind of stuff. And I'm looking for input on is an accountability partner of somebody that's not in my industry or not in my state, is that a good idea? Where would I start if it is a good idea?

You know, this is an interesting question, Michelle. Dave, it makes me think of the Zig Ziglar quote where he says, people say motivation doesn't last. And he said, well, neither does bathing. That's why we recommend it daily. I know that sounds silly, but I just want you to hear that you're normal for not being super excited all day, every day. Like, I don't think, you know, there's going to be an ebb and flow. There's going to be a roller coaster ride.

What's the quote you always say about the entrepreneurs that go from sheer excitement to? You go from sheer terror. The definition of an entrepreneur is you can go from sheer terror to sheer exhilaration and back every 24 hours. So I just want you to know it's normal, first of all, Michelle. What I would say, and I'm curious what Dave has to say about this, but I would say there's a variety of different ways that you can set yourself up for success. If you want an accountability partner that you share a limited amount of information to, I don't think it's a bad idea. I help women within the academy, my coaching group, kind of buddy up to have someone they check in with. So it's not a bad idea, but it's not the only way to get that.

You can create structure in your business, systems in your business, structure to your schedule. We were just talking about this, Dave, a little bit earlier about here's a dedicated time that I work on the bookkeeping and the stuff that's not fun. So there's input. There is a business boutique Facebook group. This is a free open group. It's not the same thing as my academy, but it's just a really motivating community where you're feeling discouraged. You can check in and gosh, just being around other people that are excited, gets you excited and gets you kind of locked back in. So there's, I would say there's different ways to go about it to maintain the focus. Now, one of the things you said is you want your business to thrive.

I'm going to challenge you there to define what you want out of your business. So we've, that's a little too ambiguous. We're going to need to turn that into a goal. What specific amount of money do you want to make by what specific time and what does success look like to you? Because you're never going to get there if it time and what does success look like to you because you're never going to get there if it's this ambiguous i want it to be more or better um but i think that you can put different things in place to help you get there i don't think an accountability partner is the only way it's not a bad idea i just don't think it's the only way to get there yeah it's tough to find somebody that in in the real world out here that fits that mold that wants to fool with you unless you're paying them yeah

you know and um and you don't want your mom nagging on you well we in the academy we have women that are in the same kind of stage and they they are each other hey how you doing they they check in with each other they're kind of on the same level okay so it's not a consultant type of relationship and if you if you're in a group like that that if she's in the academy she could plug in real easy and do that right and even in the business boutique um i mean if you just gave somebody if you befriended someone in the in the group there and just gave me your email yeah there's an informal thing that's fine but um uh and then i i wouldn't give them access to a bunch of information i would just say here's three activities that i would like to be held accountable to do

because if I do these three activities, I'm going to get the results I want. And manage the activities, don't manage the results. And let that person pester you about that and call that accountability. That's fine. There's nothing wrong with that. You know, the interesting thing, for instance, about having a personal trainer is, you know, I've got a gym in my home. And when I had a personal trainer coming to my home, the main benefit of that was I have to go down there. The accountability.

I have to go down there because he's going to be downstairs and I have to go down there. I can't just leave the poor guy standing down there by himself. So I got to go down there. You could do it on your own, but if you would, then you would have done it. And so it's like, that's what's so great about having a person you have to meet. I got up and ran this morning at five 30 with my friend Nikki. And the only reason I ran was because I had to meet her because we decided yesterday that I had to meet her. Uh, there's, there is power in that accountability, but I don't think they need to be the source, the only source of keeping you on track. I think there's some other variety you can put in there and certainly define your goal

so you know what you're running towards. I just want you to define that. Once you define it, then you break it down into biteable pieces and you go, okay, when I hit this, then I'm on track. And again, it's the activities. It's like saying, I want to lose weight. No, it doesn't do it. What's the activity that's going to cause you to do that? If you'll manage the activity, it'll take you there. I want to lose weight. No, it doesn't do it. What's the activity

that's going to cause you to do that? If you'll manage the activity, it'll take you there. I want to get out of debt to manage the activity that causes you to get there. And that's the process. And it's a really good question. It's a really good thing. I, you know, what you don't want to get where you're looking for someone who has all the answers. There's one person, that's Jesus, that has all the answers. Okay, so you're not going to get that person. That's going to be your, you know, I've had people say, will you be my mentor? No. No, I won't be your mentor.

Absolutely not. I don't have all the answers. I'm really good good about two things and y'all all know what they are you know i mean so but no i'm not gonna mentor you on this or mentor you on that you know no you know so and i haven't had who was your mentor dave i haven't had one i had i had men and some in some cases ladies that that spoke into my life on certain issues because they were good at those issues. And as a group, I put people in my life that held me accountable and helped me mentor.

But I don't have one guy that had all the answers and I meet with him on coffee for coffee on Friday. That's some kind of little book somebody wrote that never really happens in the real world because he doesn't have. I mean, I know guys are really good at business. They suck at being a dad. I know guys are really good dads. They suck at business, you know? And so I don't, you know, I'm not going to go to them for the whole package. They don't have the whole package. So, but just accountability to the activities that you're trying to do to get you the results. That one's really smart. I like that. This is the Dave Ramsey Show.

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Go to Zander.com or call 800-356-4282. Your timing is crucial, so please get this done. Christy Wright, Ramsey Personality, my co-host today on the Dave Ramsey Show. Open phones at 888-825-5225. Daniel's with us in Arizona. Hi, Daniel. How are you? I'm good. How are you, David Christie?

Better than we deserve. What's up? So I am a college student studying mechanical engineering. I am a rising junior, and I have a scholarship that pays for most of my college. I'm still a little bit financially dependent on my parents, and I'm just wondering what I should be doing with my money right now to best set myself up for the future. Okay. Why does my screen say conflicting advice from family,

and that has nothing to do with your question? I do receive a lot of information from, say, my parents, friends, other family, and I just kind of want to clarify like a good clarification on what i should do what do you think you should do i mean my gut tells me just to stack my money up for my part-time job as high as i can uh until i get out of college but a lot of other people say oh you need to put in a raw diarrhea you need to get a secure credit card, you need to put in mutual funds, like you say. So I just kind of want that clarification.

Okay. All right. So what I want you to do is not do what anyone says, me included. I want you to think through what makes sense. And if they can make a case for their argument and your thought pattern says, I'm learning from that person, I'm going to do that, then you could go with that. That becomes your decision. But you don't need to do what your crazy uncle said to do or your dad said to do or Dave Ramsey said to do or Christy said to do just because we said it. You need to do it because you understood it it makes sense and you implement it so our argument would be and you've obviously heard it before because you parroted it back to us

to pile up cash to get you out of school so when you heard us say that, why do we say that? I heard a similar story with a college student, just to both save up for like an emergency fund, but also just to avoid debt as much as possible. Okay. Well, here's the deal, Daniel. The amount of money that you invest, how much money are we talking about investing uh currently i have about 3 500 left in this junior and senior year but i currently have no money to invest right now okay so let's say let's just pick a number let's say you invested ten thousand dollars for two years and you made a 10% rate of return for those two years.

That would be $1,000 a year for two years, so $2,000. Does that sound right? Yes. Or you kept that $10,000 in a pile to ensure that Daniel graduates with a degree without any debt in mechanical engineering. Dude, mechanical engineering on one hand, $2,000 on the other hand. I'll take mechanical engineering. Rate of return, ding, ding, much higher.

Daniel is a better investment than mutual funds. I guess you're right. And I guess I'd like to follow up, and I guess in my gut I already knew that, but when would you say is a good time to start on those mutual funds or those endeavors to make myself passive income? After you graduate. Yeah, you're trying to get into the real world, Daniel. So this pile of cash, we were just talking about this,

it's the peace of mind of the expenses you're going to incur from graduating to finding a place to live to figuring out a job. There's just going to be expenses as you transition to being independent. The other thing I would throw out there, you mentioned when you very first asked the question that you're still financially dependent on your parents. I would just say that since you are connected to them financially, let's have a conversation with your parents about expectations. What are the expectations of the amount of money they're giving you in this season of being in college? What's the expectation of what you're doing with your money? Because if they're expecting that you're working because you're

going to offset your expenses, that's different than you're working and you're going to save it up and you'll agree on that. So just make sure that there's a conversation there about expectations while you're in school and they're funding you. Here's the thing, folks, Daniel included. If you make a decision and you know why you. Here's the thing, folks, Daniel included. If you make a decision and you know why you made the decision, then when other people have opinions, you suddenly go, you don't have a vote. This is my life. And but if you make a decision because someone told you to, then someone else comes along and tells you to make a different decision. Then you're going to constantly be running back and forth and back and forth across the road until you finally get hit by a car. And so you need to really know why you're doing something.

And that's why we tell people to never invest, for instance, unless you're dealing with someone with the heart of a teacher. But instead, people go and they invest with someone and they trust the person to do all the thinking for them. And then they say, that investment broker lost all my money. No, you did. You were stupid. You lost all your money because you didn't think for yourself. You didn't take the time to learn about investing. That's an example. And so or they say well you know i i just did what this guy said and then i can't sleep at night well that's because you don't know what you're doing if you bother to learn what you're doing it gives you a sense of confidence christy you talk so much about confidence and confidence and competence are tied together yeah and it's interesting because

we also talk about the different what what leads to confidence. One piece of it is information. Like you're saying, you go do your homework, you figure out why and understand it. There's information of understanding the why. There's also – it's amazing how once we understand our why, you are able to withstand peer pressure and other people's opinions because you're like, no, this is why I'm doing it. I don't care what you think. I don't care what you say because I understand I've done my homework. This is what I'm doing, and this is why I'm doing it. And you care what you think i don't care what you say because i understand i've done my homework this is what i'm doing and this is why i'm doing it and you don't get a vote the way that you said it i've got a friend who's a phd in economics from cambridge

this guy's smart and every time we're having dinner and we start talking about he goes ramsey you don't borrow money he said no i don't borrow money you're like are we here again i mean he does this every time i'm with him and he just he's baffled he cannot possibly grasp the idea yeah and he's so condescending but he's really smart oh yeah and he rolls his eyes and the eye roll is the worst condensation right you know and i'm just like dude you at dinner. That does not give you a vote. You got a PhD, and you still haven't figured this out. No, I don't borrow money.

And so when there's a COVID suppression, I'm not over here sweating in my boots like you with your broke self and your PhD. Right. You know, so come at me. I mean, but, you know, I'm real comfortable in why I'm doing this, like as comfortable as anybody you'll ever meet, obviously. So, you know, when you get comfortable in why you're doing something, because you have the information and a sense of confidence in the information and I'm making a decision based on this, then when your Uncle Henry with an attitude has an opinion at Thanksgiving dinner, then you can be nice to him and kind and just walk out the room going, that's Uncle Henry. He ain't right. Yeah.

And it comes from two different places, too. There's some things, like we teach in money, here are the baby steps, here are the best practices, here is the path to win with money. And there's some things, and I've seen you get calls like this, Dave, where it's kind of like you turn it back to them. What do you want to do? What's right for you? And people so often like tell me what to do, tell me what to do. I'm like, well, you could do this or this.

It's your life. What do you want to do? And when you start to figure out what do you want to do, what's your goals, what's your version of success, what's right for you, your family, your dreams, your future, and then you develop confidence in that,'re able to withstand uncle henry or whoever the peer pressure because you're like no it's my life you want to parent your kids different go on ahead you got kids you're this is my kids this is how i'm going to do it this time i live my life these are my goals it just gives you more of a um a ground to stand on in your own life which by the way you got it's your life that's the deal folks if you're listening to this and you're a business owner or in the hr world pay close attention right now to break it down nearly

eight out of ten workers right now these people on your team are living paycheck to paycheck and that's costing you money and killing your business enough is enough there's a lot of workplace student loan programs out there trying to make money off your people's financial situation stay away from these people keep your employees best interest at heart we are giving away in the financial wellness space to help you with your employees our guide to workplace student loan programs to shed light on the predatory programs that are out there and show you what you need to be looking for in an actual benefit for your team. It's free. The Guide to Workplace Student Loan Programs. Go to smartdollar.com. Smartdollar.com. Most people's money problems come from not paying attention.

That's why before I spend a dime of my money on something, I do the research and make sure it's going to live up to what it claims. Recently, I got a great pair of sunglasses from a company called Shady Rays. When you're looking for sunglasses, it feels like your options are limited. Name brand sunglasses cost too much, and the cheap knockoffs are ugly and really don't protect your eyes. Discovering Shady Rays is a game changer. With Shady Rays, you can count on premium sunglasses that protect your eyes

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Hi, Dave. I'm good. How are you? Better than I deserve. How can Christy and I help? I'm calling to ask about life insurance. My fiancé and I are about to get married in the next few weeks, and we weren't sure if we need to get life insurance now or if that would wait until we have kids. How old are you? 27. 27? 27. Okay. I'd get it now. It doesn't cost anything unless you've got illness.

It's not very good. Yeah, go to ZanderInsurance.com and pull a quote on you guys at about 10 times your income, about 10 times his income, maybe 12 times, somewhere in that range, and you're going to find out it's just the cost of a pizza. Is that why you're telling her to get it now? Because you can get it so low? No.

Because she's young and it's going to be cheaper? No, it's just an irrelevant amount of money. So you might as well have it. Okay. And what happens then is, you know, a baby comes and you don't think about it again. Yeah. Or, God forbid, something happens, you know, baby comes and you don't think about it again yeah and um or god forbid something happens you know before a family has actually started uh but then i've got a a

young widow or a young widower that is in a completely different world yeah because of 20 bucks a month gotcha you know and it's just it's just not real expensive and uh that that's the thing what's your household income going what do you make and what does he make we both make around 200k whoa that's fabulous well i mean well let me rethink my answer here i mean so something happened to him you'd be okay something happened to you he'd be okay if you don't want to buy it that's fine but uh a million on each of you, when you look it up, is not going to be very expensive. Okay, and that's what he said.

And so I was also wondering, like, at what point would we be self-insured? When you had enough assets to replace, that the income off the assets replaces the income lost by the person who died. And so in this case, you'd want assets that created $200,000 to replace either one of you if you had, you know, a house full of kids or whatever, so that that is there. And so, you know, you can begin dropping it off as you go along. So let's pretend that $2 million creates 10% return and gives you $200,000, so you've got enough assets to be self-insured, right?

Just as an example. But let's look up, and we don't have $2 million, but we've got $1 million. Well, then you need half as much as life insurance, because half of it can be covered by the assets and the rate of return. But really, life insurance really has basically one use, with rare exceptions, and that is to replace the lost income of someone who passed away before there are assets to take care of you and so um you know i'm an empty nester i'm papa dave to grandpa to a bunch of grandkids sharon has got plenty of assets to take care of her

she has absolutely no need for life insurance if I die. She's been a full-time mom and lately a full-time Mimi for 34 years. And so if something happened to her, my life would end. But short of that, financially, I would be perfectly fine. So we have absolutely no need for life insurance at our house. We have some, but it's just SWI. Sharon wants it. It has absolutely no reason to have it at all. But she said she'd rather have that policy than another diamond,

so she gets that policy. But it's not financial planning. It's happy wife, happy life. And so you just, you know, you talk that through. And that's kind of how you look at it. And so, like, Christy, you've got three little babies at home you and matt i mean y'all need to have insurance up to your eyebrows yeah yeah and we do and it's interesting because if you're not careful you get insurance at your age for example claire and then you start having babies and you forget

and so the insurance that matt and i got before we had babies was a lot lower and now we have increased with our with our family with our children But you have to think about it. If you're not careful, you miss covering that base as your family grows. And it's just not that expensive. Yeah, it's just not. Hey, good question. Thank you for calling in. Lauren is with us. Lauren is in Kansas. Hi, Lauren. How are you? Hi, Christy. Hi, Dave. Thank you for taking my question. And congratulations on the new Christy Wright Show. Oh, thank you. We're so excited Thank you for taking my question. And congratulations on the new Christy Wright show. Oh, thank you. We're so excited. Thanks for saying that. It was just what I needed to hear this morning.

Awesome. So I'm a starter in the Business Boutique Academy. Over the past six months or so, I've really been wrestling with whether or not to quit my day job, to stay home. I have a one-year-old son and really just kind of work on growing the business. And my husband and I, we are in baby step six and we really don't need the income financially and my income financially. So on the one hand, I don't really love my job, but I'm really good at it. On the other hand, I feel so much more purpose and passion in my business. I'm an achiever at heart, driven and goal-oriented. I just don't want to take a huge leap, but I also don't really have a dollar amount that I need to earn in the business in order to support my family.

So I guess my question is, what would you do or what advice would you give me if you were in my shoes? Okay, I just want to say back to you, Lauren, what I'm hearing, and you tell me if I'm missing something. You don't like your job. You're in Baby Step 6. You have a one-year-old, and you don't need the money from your full-time job. Correct. Okay. Okay.

So what's keeping you? What am I missing here? I mean, I'm an architectural engineer, so I've worked pretty hard to get to where I'm at. Um, I have an undergrad and a master's, um, and I'm good at it. I've worked my way up in the company quite a bit. Um, so I just feel like I'm afraid that if I take this leap that, you know, that achiever, that driven goal oriented, like, I don't know if the business is going to kick off. I don't know if I'm going to be able to make money and so i'm just afraid that i'm going to lose that like ability to like achieve what do you make i make fifty five thousand dollars a year what's your

husband make 120 000 a year okay so you would cut your income by 35 and and still be okay. That's a lot. Yes. But you're a baby step six. I mean, you can do that. I agree with you. So what's wrong with the standard Christy Wright plan of start your business as a side hustle, get it going until the boat gets closer to the dock before you jump off? Yeah, what's the hesitation there? Is it that you want to be home with your one-year-old?

Because I heard you mention that. Is that more of an urgency? It would be a desire. I think I would enjoy spending more time with him. Right now, I feel like working on the business just cuts into sleep, which never really ends well. You're not getting a lot of sleep anyway, Lauren. Let's be honest. You're not getting a lot of sleep anyway lauren let's be honest you're not getting a lot of sleep with the one-year-old yeah that's probably true you know i

would here's what i'd say dave mentioned this we always tell people this and i don't know if you've heard me talk about this before but i encourage people usually and usually people are not in your situation with being fine financially being in baby steps number six but you're going to build up your side business you're going to build up your side business. You're going to work on the business on the side in the after hours to build it up so much that it can support you financially. And then when you quit your full-time job, it doesn't feel like a terrifying leap. It's just the next logical step because the money's there to support you. The interesting thing about your situation is you don't need the money anyway. So you've got

more options there, but I do just want to call out one thing you said. There's something about this job that you have that fires you up. It brings out something in you. The way you said it was the achiever in you. I would just say, Lauren, if you're an achiever, then you're an achiever in your job or your business because that's who you are. You're going to find a way to achieve in your business because that's who you are. You're going to find a way to make it work. You're going to find a way to build it. Now, you can build it slow and on the side and have that money build up and take that baby step, or you can quit your full-time job if you're not happy and you'll find a way to

achieve in your business. It just sounds like that's who you are, but I don't know. Am I missing something, Dave? No, I think that's exactly right. And, you know, the other way you could look at it is you don't need to pull the boat closer to the dock income wise, but you need the reassurance that the business is going to have some level of success. And that's what you're afraid of. That's not going to be successful. And if you can get that thing kind of cooking on the side, then you kind of feel like, yeah, I'm leaving from one achieving thing to another achieving thing. And it's not like you're having to leave from one money thing to another money thing yeah but you're just you've got some assurance that you know you're not gonna the business is not going to completely

never get off the ground that pride that she gets from her work that's what it is you're afraid you flap your flap your wings real hard and never take off and uh so go ahead and take off maybe you're flying low though. Yeah. You know, but at least you got this sense that I can get this thing airborne and then I can take it from there. This is the Dave Ramsey Show. hey folks father's day is just around the corner If you're looking for the perfect, unique gift to give dad, I've got it. Grip 6 belts. If dad's like me, he's not a fan of traditional belts. They never fit right, and they're uncomfortable. Grip 6 belts are exceptional. Owner BJ designed a truly modern,

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then they can take pride in themselves alone without comparing themselves to someone else ralph waldo emerson said the world makes way for the man who knows where he is going. Do you know that was the scripture of the day for the episode for the Christi Wright Show today? No way. It sure was. That was our journaling, our scripture of the week, and the journaling section that we did in the new show that aired today. I love that.

I love how God does that. They can take pride in themselves alone without comparing themselves to someone else. I shared the NIV version. I also shared the message translation because it says in the message translation, it says, each of us must take responsibility for doing the creative best we can with our own life. And I love that. I was like, what does the creative best mean for you in your own life? It's good.

That's a good phrase. The creative best for your own life. You's good. That's a good phrase. The creative best for your own life. You know, leave it all on the field. Don't be going through life, you know, like everything's dessert. You got to go for it. I mean, you know, reach and strive and scratch and claw for excellence. And that creative best. I like that that that's a great phrase it's good each one should test their own actions then they can take pride in themselves alone

without comparing themselves to someone else and so um if i've got traction in my journey that's all i need to know yeah Yeah. I don't have to worry about your journey. Yeah. The word that stuck out to me that I highlighted in that section of the show today was responsibility. Each of us must take responsibility. We talk about all the time with your money, with your marriage, with your goals, with your fitness, with anything. We only have responsibility for what we can control, which is ourselves. But we do have that opportunity to do the creative best we can. It's not someone else's responsibility.

No, we're not victims. You have to fix yourself. Yeah. The world makes way for the man who knows where he is going. You know, that's so interesting. That's I'm when I sit down with friends or with somebody here at the office it's a friend as well and I'm I'm sitting down with the intention of having a conversation then I enjoy people in that setting but people who just want to yak while I'm trying to get stuff done drives me bananas

and so I have noticed that if I just walk a little quicker walk with purpose i don't get bothered you know what you know what king coleman said one time i'm gonna call him out this is years ago i haven't forgotten it clearly he said christy when you walk when you walk down the halls it's like the walls shake i was like well i'm glad i'm confident because that's not something you say to a woman but he meant i walk with purpose. I was like, I am glad I got thick skin. But he meant I was like, you know, a walk with attention. I was like, yeah, I'm going somewhere. I got things to do.

I got people to see. Sharon Ramsey is 105 pounds, and it sounds like a bull elephant coming through the house. I don't know how she can make that much noise with her feet. But it's just striding, man. I mean, it's just striding. She's a big walker anyway. So it's amazing. That's, it's just striding. She's a big walker anyway, so it's amazing. That's exactly right.

The walls move. I mean, the world makes way for a man who knows where he's going. It's confidence. A woman who knows where they're going. It's confidence. It's just amazing how that can change every area of your life. Think about how different your relationships would be if you weren't battling self-doubt and insecurity and overthinking every text you receive or every conversation you have, replanning your mind. Think about how your situation would change if you have confidence in

who you are and whose you are. It changes everything. It really does. Yeah, it shifts it. It's faith. There's an element of faith to it for sure, but there's a sense of, you know, I'm good. Yeah, I'm okay with me. I'm really good. I'm really good if you don't like the Dave Ramsey show, but we call it the Dave Ramsey show because it's what Dave Ramsey does. Right. So if you want a show, go get you a show. What you see is what you get.

Yeah. I'm not talking to you because you just got a new show today. But, you know, everybody's got a dadgum complaint, you know, so go do your own thing. Yeah. I'm not taking programming input here. Yeah. You know, we're one of the highest rated talk radio shows in the freaking world, fifth largest podcast in the world, and you've got figured out what we're doing wrong.

Give me a break. Use that example you used one time. I'll never forget it. I've quoted you several times when you're talking about book reviews. You know, the Total Money Makeover has, you you know i'm making this up five thousand five star reviews and there's like one one star review it's like if you're the one one star review when there's five thousand five star reviews you're just you're called wrong you're just wrong because it's like if the whole world thinks something's right you're the you know it's like it's it's not a matter of

opinion at that point what kind of ego do you have to have to post a one-star review among 5,000, 4.7, 5, 8, whatever, star reviews? I mean, you're like, yeah, you've got it figured out. We really need to hear from you. We've given a generation an unearned self-importance. Everybody has a microphone. And everybody's got an opinion. but we told them their opinion mattered. Yep. And that's a problem because it doesn't matter until you did something.

Yeah. You know, I don't really care what your opinion is until you've proven yourself excellent in that section, in that area. And so you don't get a vote in that. Not in my life, anyway. I'm not taking advice from you. Let's see. You have no children, and you wrote a parenting book.

Well, that was stupid. You know? I'm sorry if you did that and you're mad at me because I said that, but you've got no idea what changing a diaper is or puke throwing up all over you and clocking them on stuck in your hair. I do. You do. Rachel Cruz does. I do. I mean, you know, until you've been through that, though, diaper is or puke throwing up all over you clock in the morning stuck in your hair i do you do rachel cruz does i do uh i mean you know until you've been through that though but then because

you read meg meeker different when you have when you're a parent because you can you can really sense not only has she got all the contact with the kids through her uh medical practice over 30 freaking years, right? But also, she's a mom and a grandmom. Yeah, it gives you a different level of credibility, empathy, relatability. Well, accuracy. Yep. You actually know what you're talking about. All right, Melissa is with us in Ohio.

Hey, Melissa, welcome to Dave Ramsey Show. Hi, Dave. How are you? Better than I deserve. How can Christy and I help? Okay, so Christy, I'm in your Business Boutique Academy. Oh, awesome. My husband and I have owned a business for 12 years now, and we are in the building phase,

and part of that means that I'm going back to the beginning and starting a new business that will complement it. So should I open that new business under a different LLC? No. Should I create an umbrella LLC? No. Okay. Don't waste the time and don't waste the money filling out the tax returns

for something that's made absolutely no money. I mean, do you guys have a huge net worth? No, not a huge net worth. We found you after we made a whole bunch of mistakes that's okay i'm not making fun of you but i mean if you got two million dollar net worth i might change melissa i might change i might change my answer because i use llc's to as a risk management thing but not as a business formation thing so in other words i'll put up to five billion dollars of real estate into one llc and then i form a different one that way the target if somebody falls off

the porch of that rental property drunk, which actually happened, and wants to sue me, then they can only sue that LLC for $5 million. They don't get the other four LLCs that have $5 million in them because that lowers the target size, and that's what the concept of an umbrella LLC is. It bifurcates and breaks up, divides out the risk, but you don't need to form one just because you got a new idea.

If every time you get a new idea, you get a new LLC, you're going to have a lot of tax returns. And so, no, I would get that thing up and going. When it becomes substantial or your net worth or your assets become substantial, that's when you need LLCs for the purpose of risk management. Because, Christy, our purpose is to lower the size of the target on your butt. Yeah, but this is interesting because when you give advice on this, I feel like you're one of the only people that gives us advice in this way because a lot of people are hearing as soon as they have a business, as soon as they have an idea, it has to be incorporated.

They have to file as an LLC. And it's just that's not the case. You're starting small. You're a sole proprietor. You can get an EIN, an electronic. You can get an EIN. You can get the IRS tax number, or you can use your Social Security number. It's a DBA.

And just open up a thing. Or you can just run it in this LLC and then split it off later if it gets to size. Run it in the one you've already got running. But every one of these stinking LLCs, you have to file. You know, you've got to file it with the state. You've got to have it formed. Both those cost money. Then you've got to file it with the state. You've got to have it formed. Both those cost money. Then you've got to file a tax return on the thing every year.

And so my stinking tax returns, I went through them the other day. It's like a phone book. I mean, it was like because of all the LLCs. But that's over the years of doing this and bifurcating it out. So don't start that mess unless you need to and until you need to. Christy, great job today. Thanks so much. Thanks for having me. The new Christy Wright Show. Be sure and check it out where great podcasts are sold. They're not sold, they're free. But check them out. iPhone or iTunes and Google Play and Spotify and YouTube. 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. This is James Childs, producer of The Dave Ramsey Show. Once again, you made The Dave Ramsey Show one of the top four most popular podcasts last year. To get your daily dose of motivation and inspiration from the Ramsey Network, subscribe or follow today wherever you listen to podcasts.