The Ramsey Show - App - DAVE RANT: Clean Up Your Mess!

Episode Date: May 10, 2019

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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. Thanks for being with us, America. We're glad you're here. Open phones at 888-825-5225. This is where common sense meets your dollars and cents.

Destiny is with us to start off this hour in Kansas City. Hi, Destiny. How are you? Hey, Dave. I'm doing well. Pleasure speaking to you. You too. How can I help? I have a quick kind of career-oriented question. I graduated from law school about four years ago, and for the first few years I worked at like a mid-size firm, and I enjoyed it. I loved working with the clients. And about eight months ago I transitioned to a really large firm, like 500-plus attorneys. And I'm not really loving the politics, and it just is a very wide environment.

And I'm thinking about going into business for myself and starting my own firm. So my question is, should I do that? And if so, kind of what's the best job for you to get there? Should I make short-term investments, stuff like that? Right. Great. Well, I'm an entrepreneur's entrepreneur i've been in business myself uh virtually my whole life uh at least adult life and so my first knee-jerk reaction is everybody should but that's probably not true

but yeah i mean why not well why not is you need to investigate the components of this because you're not unlike anyone else. When you own your own law firm, you have two things that you're doing. One is just like when you own your own heating and air firm or when you own your own beauty parlor or whatever, hairdressing salon, right? You have two things that you're doing. One is you're producing the revenue, producing the good or service, and in your case, you're practicing law. The second thing you're doing is you're operating a business. And so you're hiring and firing and doing marketing and doing accounting and thinking about advertising or not, in your case, depending on what you're doing, but, you know, client acquisition, whatever we want to put under that heading of marketing or sales or advertising, whatever it is, is a big deal.

And sometimes someone who is a practitioner and is very, very good at what they do aren't good at doing some of the business things. And so you have to say, how am I going to address those things? Because obviously it's kind of a no-brainer to say you can't just hang out a shingle and they line up around the block. Yeah. We have client acquisition in your case would be the phrase I would use, and practice management. And so what type of law would you prefer to practice where you're doing that? Right now I do civil litigation so i'd probably stay in civil litigation i it's kind of a wide practice yeah maybe eventually kind of specialize yeah and there's not a lot of

people that have the the tone and tenor to uh to to enjoy the litigation process and those that can are valuable uh and so um i mean i know several uh attorneys in our area here that are good litigators and i know and most most people in the law field aren't as you know already do you have any advice on like short-term investment for saving up for that because i know i don't want to just so you've got a cut you mean to cover your household income while you don't have one right yeah it's not i wouldn't invest i would just save and so it's just a like a money market account let's just pile up and say okay we think it's going to take nine months before um i mean i think it's gonna take nine months before my income gets up to sustainability and so i'm gonna have to feed myself out of my savings account for nine months,

and nine times my monthly expenses is X, and that's how much I need to pile up in a money market to make this leap. Great. But that assumes that you can really do it in nine months. Now, that would tell me to go study some other people who have launched out into this in similar size cities. If you found someone that you knew in St. Louis, if you found someone that you knew in Columbus, Ohio, or Nashville, they're not unlike Kansas City in how they're built.

The cities aren't the size and so forth. And so, okay, if you had a friend from law school that had done the same kind of thing or you knew somebody that knew somebody, go visit them. Buy a plane ticket and fly to Columbus, Ohio, and spend a day with someone that two years ago did what you're doing, and they'll say, oh, well, now this is what's going to happen. And you're going to go, really? You're studying best practices in terms of, you know,

what is the best methodology to pull this off from someone who's actually done it. You're probably going to have trouble finding a litigator in your area, which is really what you need to find because it's going to be a different source of income than a real estate attorney or a different source of income than someone who's doing estate planning or that kind of stuff because it might take longer or not as long in those other areas of the law. And so that's what you're looking for is to try to find someone you can ask about and not just do a wet finger in the air estimation of when you're actually going to start making

money. The good news is you've been practicing law a while. And so you kind of can see what the cash flow looks like assuming you've got clients. And client acquisition would be the scariest part of this scenario for you hang on i'm going to send you a copy of our business book entree leadership number one bestseller it's how we grew our business from a card table in our living room it's our playbook and it'll help you it'll help you it doesn't have all the answers for you but it'll help you hey thanks for calling in destiny matthew's with us in atlanta georgia hi matthew welcome

to the dave ramsey show hi dave how are you better than i deserve what's up my question is i got a new job that i was traveling out of town and i was stupid and i bought a truck and a camper which i really didn't need i've already sold the camper but now i have the truck i still owe like 20 000 on it i'm gonna be a little negative because of the miles that i put on it. But we're working now in a location that's closer to my home, so I actually get paid an additional $300 a week, and I can drive home. What I'm wondering is, should I add the extra to the truck to pay and get rid of it,

or pay extra on a personal loan that I have that's $6,500 at a 23% interest rate. Who's got the loan with the truck? It's that Notre Dame Federal Credit Union. Oh, goody. Okay. Well, I think, you know, have they got a local branch that you can sit down with? Not really. I'm from Georgia.

Okay. I thought so. Well, I think what I'm going to do, how much upside down is the truck? What do you owe on it and what's it worth? Oh, $20,660. We got it listed on the market at $17,000. So I'm going to be like $3,000 from around there. $3,000, $3,500.

I'm assuming you have no money. No. Okay. I'd love for you to borrow $3,000 and sell the truck. Okay. And then just work your debt snowball with all of your income. If you can't, then, yeah, let's squeeze every dollar out of your budget, get the truck paid down, and get it dumped as fast as you can't and then yeah let's let's squeeze every dollar out of your budget get the truck paid down and get it dumped as fast as you can uh move move as quickly as you can move in that

regard but um yeah you're right um hey we've all done that the good news is you never have to do it again yeah every you know what you know what it makes you if you've done something stupid with money? Over 12. Everybody has, baby. The trick is don't do the same dumb things twice, and slowly you start making progress. This is the Dave Ramsey Show. You know, I get asked all the time, at what age should I buy life insurance? Let me be clear. If you have a family, if there are people depending on your income, now is the time to have term life insurance.

I don't care if you're 20, 30, 40, 50, or whatever. Your age is less important than your financial situation. If you have debt and a lack of savings, it makes no sense to risk your family's financial well-being based on the cost of a term life policy. Term life rates are just plain cheap, even if you're not in perfect health. And the best way to compare those rates is through Zander Insurance. Zander only sells the plans I recommend and shops among the top companies to find the

best rates and the right coverage for you. Call 800-356-4282 or visit Zander.com. You got no excuse to put this off, folks. Bad things happen to people all the time, regardless of age. And it's your responsibility to deal with this. That's Zander.com or 800-356-4282. Thanks for being with us, America. Will is in Chicago. Hi, Will.

Welcome to the Dave Ramsey Show. Hi, Dave. How are you? Better than I deserve. What's up? I have a prioritizing question. I have about $5,600 in my savings, which includes the $1,000 emergency fund. I have a minivan that has $18,000 that I owe on it, which is my only debt. And then the windows

on our house badly need to be replaced. Like some of the windows are cracked and I'm just struggling with, do I just save up to replace those windows first? Just fear that, you know, it's kind of not secure. Or do I just take all the money I have in my savings, put it towards the car to get that knocked out first, then attack the windows and then work on baby step three. So I'm just kind of all jumbled up and just need some advice. If the windows are standing up in the house and they're not broken out, this is not an emergency. It's just a need.

It's something you want to do. It's probably a valid thing, but it's not. I mean, the only reason you would panic about it is if you'd been spending time with a window salesman. And so I'm thinking that we finish getting this car paid off as soon as possible, build your emergency fund, and save up and replace the windows. Now, if something is going on with a home repair that is an emergency, okay, the window falls out into the front yard, and there is a big hole in the side of your house where it used to be. That's an emergency. Cracked and not efficient is not an emergency. Okay.

See the difference? I do. So what is your household income? $93,000. Okay. So you should pay off an $ 000 van in what eight nine months that'd be the hope yes yeah well i wouldn't hope i'd get on a budget and sell so much stuff the kids are hiding right i mean let's let's get after it and uh make it happen and so then i'm thinking this time next year you're putting windows in

okay if you did an eight month plan if you did an eight or nine month plan on the van that's I'm thinking this time next year you're putting windows in. Okay. If you did an eight-month plan, if you did an eight- or nine-month plan on the van, that's a couple grand a month out of $90,000. That's pretty doable. And then you say, you know, windows are going to be, I don't know, another eight or nine grand. So, you know, we're looking at, I don't know what, I'm guessing, I don't know what your windows are going to cost, but something like that. And you get a good bid, and the window replacement business is full of characters.

So tread lightly and do a lot of research and really get to know the people that you're dealing with. There's some really good people in the business, and there is some characters in the business. So just be careful. It is a very interesting space. We endorse a lot of window replacement folks around that are great people, but we really dig in before I put my voice or name on one of those. Rose is with us in St. Louis. Hi, Rose.

Welcome to the Dave Ramsey Show. Well, thank you, sir. First, I want to let you know, before I ask the question, our family's completely debt-free since 2002. And we're working on building a, what do you want to call it? We have some savings in a 401k, a 40k, and I'm disabled. my husband's retired,

we're waiting for his Social Security to kick in. My question is, when we start investing a little bit more, I don't want to end up being the very type of rich person that I despise the most because I have family that was like that and their nose would be so high in the air that you could build an eagle's nest or an eagle could build its nest in it and I just want to make sure that I don't want to be that kind of person because I've seen those people and I can't stand the sight of them I hear you I don't blame. That's a smart thing to be concerned about. Most of the time, like 99% of the time, wealth does not make someone a jerk.

It exposes the fact that they already were. Wealth is generally a magnifying glass. It makes you more of what you already were. If you have a bit of a temper, you can become an absolute raging bully. If you are a compassionate, kind, giving person, you make generosity the path of your life, and we call you a philanthropist. These are the kinds of things. Wealth makes you more of what you already are. Also, the good parts of your relationship, say, with your husband or your kids get even better, and the bad parts are strained even more.

And so if you have, for instance, a relative that tries to mind your business all the time, well, wait until you get a little money. They'll mind your business a lot, you know, and so everything gets expanded, you know what I'm saying? And so I think, and, you know, I know a lot of wealthy people. We've made it a practice to cause people to become wealthy, number one, but number two, to get to know them in the process, and a lot of friends in the circles that I run in. And the vast majority of them are wonderful people, because honestly, the vast majority of people are wonderful people.

But I know people that are jerks that are poor, and I know people that are rich that are poor. I know people that are stuck up about being poor. They got their nose up in the air and are proud of being poor, don't you? Yeah, I would say so, yes. And the funny thing about all this is that I'm happy where I am, and people people our family tends to think we're the poor family we're the ones with our house paid for which is how i'd like to keep it if i were you just let them think what they want to think who gives a rip you're doing living this thing for you and your husband your kids we're not we're not we're not trying to put on the dog we're not trying to

show off that's not that's not what we're doing it's not who you are so i gotta tell you you're fun you're a little sassy, and when you get some money, you're going to be more fun and a little sassier. Oh, I like that. Have fun with it, Rose. Open phones at 888-825-5225. You know, we talk about that stuff a lot in the Legacy Journey class and in the book I did on wealth.

All the other books I've written were about money. And most of you bought those books, and that's where you are. You're working your way out of debt. You're learning how to do a budget and that kind of stuff. But wealth has got some philosophical and doctrinal things from a person of faith's perspective that strain you and make you stop and think. There are people out there wandering around who are not knowledgeable about the Bible, as an example, and think that being wealthy is evil or that money is evil.

And those are people who are biblically illiterate, but they're out there. And some of them carry a Bible around. They just hadn't opened it much. They think it's going to jump through their arm by osmosis or something. But, you know, there's a lot of judgmental people out there around this subject, and it's very interesting. My friend Craig Groeschel, who's a pastor of one of America's most successful churches today, says, Why is wealth the only blessing that Christians apologize for? Hmm. Makes a body think. You don't apologize if God blesses you with health or with a great

marriage or with great kids. You know, you had a part in all of those things. You took care of your body. You worked on your marriage. You made your kids behave. But also having those things is a blessing from God. And we don't apologize for that blessing. But when we work hard and get some money, oh, we're supposed to feel bad about that. We're supposed to hang our head like we've done something wrong, according to some of you. Now, not me. I celebrate success.

I celebrate people who win. I like it when you go do the things it takes to win. I like it when a farmer plows his field, gets the weeds out, puts the seed in the ground, and has a bumper crop, baby. High five. You do reap what you sow. You're going to get back from this life what you put into this life. You're going to get back from that job what you put into this life you're going to get back from that job what you put into this job there once was a guy walking along a path heading towards the next town

and he came upon an old man and the old man yes the old man he said how do you find the people in that town over there and the old man said how'd you find them in the last town he said oh they were awful he said you'll find them the same five minutes later he ran the old man, he said, how do you find the people in that town over there? And the old man said, how did you find them in the last town? And he said, oh, they were awful. And he said, you'll find them the same. Five minutes later, the old man ran into another guy, and he said, how do you find the people in that town over there? And he said, how did you find them in the last town? And he said, ah, they were wonderful people. And he said, you'll find them the same. You get out of this life what you put into it.

This is the Dave Ramsey Show. We'll be right back. mark and rebecca are in spokane washington i see on my screen you're debt free guys way to go thanks yeah thank you very cool how much have you paid off? $144,319. Love it. How long did that take? Four years. Four years. And your range of income during that time? $107,000 to $130,000. Good for you. What do you guys do for a living? I'm a foot and ankle surgeon.

I stay at home with the kids. There we go. I homeschool two of our four. How many? We have four kids. I homeschool two of our four. How many? We have four kids. I homeschool two of them. Great. And what was the $144,000 in debt?

The bulk of it was my medical school loans and a car. Okay. Unfortunately, it was a car. How long have you been out of med school? I have been out of med school for seven years now, so three years of residency. And then once we got out of residency, it was time to pay off loans and we got really aggressive and getting them all paid off and got them paid off in four years. Okay. So the clearing residency and getting your own practice

and so forth, getting out into the workplace fully was when you kicked it into gear four years ago. Yeah. Yeah. So how did you connect up with us? Sometimes I was just going to work. I heard you on the radio is pretty much how that started, just driving to and from work. Okay.

You come home with stories every day from your show. Uh-oh. Rebecca, where are you going? Oh, oh no he's still collecting those stories some days a little bit yes all right well you did it doc way to go you pay off 144 grand in four years what do you tell people the secret to getting out of debt is One of the biggest things for us was paying our 10% tithe and our offerings first. Every month, that's where that went first, and then we felt like we were really blessed by the Lord by doing that first. And then always just buying only what you need and then getting the best price you can for it. And, you know, not buying extra stuff. You know, we did a lot of thrift stores.

We would, you know, find really cheap, you know, when food was on really cheap, we would buy six months worth of it, you know, so we didn't have to pay full price when we needed it later and stuff like that. Sounds like Rebecca is a serious home economist. I do like a good deal, yeah. Okay. Because I'm thinking, Doc, you were working. And she's got these baby birds to feed, and so these bargains came from her hunting. Right.

We didn't eat out a lot, a lot of home cooking. Which is probably better for you anyway. Yes. Yeah. Way to go guys very cool who was your biggest cheerleaders did you tell people you were doing this so part way through we um which actually helped with uh communication because that was kind of a big key that we needed to work on between the two of us um but we took a personal finance for self-reliance course through the Church of Jesus Christ of Latter-day Saints. And we had a group there that we really, we learned some good financial principles and we helped each other and worked each other through

it. And that's where Beck and I increased our communication so that we're on the same page and made sure that through this whole process, we were doing what we needed to be doing. That seems to make things go really a lot faster when you're on the same page. When you're not quite running together, you're both running, but you're pulling kind of different directions a little bit, or one of you is not running at all, it's dadgum near impossible. So that's a big deal. That sounds like a great class. I'm glad you did that. Yeah, it was amazing for us. I really benefited from that time with my husband,

really communicating and making sure we were on, we had the same goals and that we did spend money, that it was for a purpose that was good for our family, just communicating with each other and communicating with the Lord, that counseling together and making sure that we were one and we were united. It was really helpful. And it was, you know, making decisions where, you know, we could still be aggressively paying off debt,

but at the same time paying for kids' activities and things that were going to help our kids progress as they got older and things like that and having that balance. So now that you got rid of $140,000 from around your neck, how's it feel? We're still deciding. Not bad. Well, way to go, you guys. We're proud of you. I'm working toward, I would like to pay off the home. Mark's working a little bit more toward retirement. And then just, we've got more to give now, really, is what it comes down to, is we've got more freedom.

Absolutely. Yeah, we've been a lot more generous just even the past few months since we got the loans paid off, just a lot of different charities that we've donated to. Amen. Good stuff, guys. Well, we've got a copy of Chris Hogan's book for you, Everyday Millionaires. That's the next chapter in your story, because if you live like no one else, later you can do what you're doing, and that's live and give like no one else. Very well done. Mark and Rebecca spoke in. Washington, $144,000 paid off in four years, making $107,000 to $130,000. Count it down.

Let's hear a debt-free scream. Here we go. One, two, three three we're debt free way to go guys well done very well done all right britney is with us in columbia south carolina hi britney welcome to the dave ramsey show hi dave how are you today? Better than I deserve. What's up? My question is if I should go ahead and purchase a house. I'm about $8,000 in credit card debt and about $230,000 in student loan debt. Good Lord. Yes, in addition to a $20,000 car payment that I have to pay. Are you a doctor or a lawyer? I'm a pharmacist doctor. Oh, good.

Okay. So you're making what, $130,000? Yep, exactly. Okay. And that's 40 hours a week? Yep, that's 40 hours a week, $130,000. But it would take me, I'm guessing, maybe about eight years to pay off all this debt. Why?

After I snowball it, I'll get my student loans in about three years. Why? But then it will still be more added on to that. Why would it take you eight years to pay off $200,000 when you make $130,000 a year? Before you got out of school, you used to live on nothing and sit on a beanbag chair. You're right, you're right, you're right. So get the beanbag chair back out. And by the way, pick up overtime at the hospitals on the weekends.

And let's kick your $130,000 to $180,000. And let's put $75 75 000 a year on this puppy and let's be done in about three years beans and rice rice and beans beans and rice you have no life you work all the time and you clean up this horrendous mess you have made yes okay so just continue with the snowball of the lowest to the highest. No, no. Your snowball sucked. You said eight years. That's not a snowball. That's a trickle.

No, you need to throw dynamite in the middle of this thing. You need to blow your life up. You've been spending money because for the first time in your life, you started making money. Yes. And you can't do that anymore. You have a mess. You went and bought a freaking car that was a not.

But what were you thinking? You have $20,000 in student loan debt and you go $20,000 in car debt. Right? Yes. Okay. I'm messing with you here. Okay. But here's the deal.

I understand. All of those things are indicators to me as to where your head is and so i'm trying to walk around in your headspace with my muddy boots because i want to change your brain for a minute and i want you to get really really focused on this because you have more money than you have ever had in your life and you also have a bigger mess than you've ever had in your life. And if you will treat this very, very seriously and do nothing except get out of debt. And I'm serious. Pick up ER where you can do pharmacy work, dispensing, ER weekends. And pick up another 30 hours a week.

Work like a maniac. Kick your income on up another 40, 50 grand. Throw $75,000 to $80,000 at this mess. And you'll be debt-free in about three years. That's a debt snowball. And that's what you need to do. No, you don't need to buy a house. You're broke.

This is The Dave Ramsey Show. Thank you. I'm out. Okay, so the doc who makes $130,000 a year and is married with four kids calls in to do his debt-free scream with his wife. They make $130,000 a year and is married with four kids. Calls in to do his debt-free scream with his wife. They make $130,000 a year. What'd they do? They paid off $144,000 in four years with four kids. The following caller has $200,000, $220,000 counting her $20,000 car, and says that's an eight-year program making $130,000 single and has the ability to up her income. That was not a car. And says that's an eight-year program making $130,000 single.

And she has the ability to up her income. Because pharmacy degree is a wonderful degree. You're going to make $130,000, $120,000 plus OT. And you can pick up side gigs, OT, work in the hospital routine. Particularly ER. And it's not pleasant pleasant i don't want you to work 60 70 80 hours a week the rest of your life that's not my plan for you that's not my plan for me but uh when you have $220,000 in debt that's what you do so um just run the numbers out they're very similar sets of numbers one had a family one didn't one they both had 130 000 income

but here's you know what the difference was belief belief i believe i can do it and he did it in four years with four kids they rams his stuff doesn't work with large families oh shut up Dave Ramsey stuff is the only thing that works with large families common sense and handling money on purpose that's it, it's your only shot and listen, if you're single and you just got out of school

and um I want you to just work all the time until you get your mess cleaned up so you have a life later. You live like no one else, so later you can live like no one else. You have a mess. You have a mess.

You clean up your mess. That's what you do. Well, Dave, I don't want to get fatigued. I don't want to get exhausted. It's okay, darling. You won't die from overwork. Right before you don't want to get exhausted. It's okay, darling. You won't die from overwork. Right before you die, you'll pass out. It's okay.

You're not going to die from overwork. It's not going to happen. It just doesn't come up. It doesn't come up. So you're going to be okay. And here's what will kill you, living a life of mediocrity because you have a student alone riding you like you're a donkey. That's what will kill you. living a life of mediocrity because you have a student loan riding you like you're a donkey. That's what will kill you. You can't live like that.

And it is a mindset. That's why I will mess with you when you call in here for your own good, not for the entertainment value of it. Because I got to get your mindset going like those people's mindset who are winning and getting all this debt paid off i mean when you hear somebody paying off 150 200 000 in three four years you got to go wow that's impressive it is impressive but then you hear it over and over and over and over and over again you got to go wow that's doable that's what you think about jonathan is with us in memphis hi jonathan welcome to the dave ramsey show thanks dave i sure appreciate you taking my call my pleasure how can i help um so i'm 23 years old um i make 52 000 a year and that's my primary job and the thing is i only

work about 20 hours a week doing that wow what do you do? My family has owned a company for 30 years doing turf and pest control. And so my dad, after doing it for that long, kind of turned it over to me. And so I just kind of oversee everything and make sure everything runs properly. Wow. And so I just manage it. And so my wife is about to start working full time. I'm a new listener. But by the grace of God,

I've never done anything really stupid with money, so I've never had credit cards or car payments or anything. Good. And so my house is my only debt. And so I'm wondering, my wife is about to start working full-time, so I'll have that income too. Do I need to get a second job and just, you know, make up for the hours and treat my house as if it

was some kind of, you know, like student loan or some kind of other debt and pay off my house as quick as possible? Or do you think it's okay just to kind of enjoy life how we're living it now, you know, being blessed with time to spend together and everything? Well, I mean, if you're working 20 hours a week, I'd probably up that. I don't think you need to go to 80. Right. But, you know, I mean, you're at what we call baby steps four, five, six.

Baby step four is 15% of your income going into retirement. Five is start doing something towards the kids' college, and six is whatever else we can find in the budget we throw at the house. But we let our foot off the gas of intensity at that point, but 20 hours is not exactly intense. So I'm curious, why do you not go ahead and work another 20 hours on that business and grow it? Well, I can.

It's just the thing is that because we're family-owned, we don't necessarily want to get so big that it becomes more than just our family. You see what I'm saying? Why? And so we kind of want it to awaken it. Why? Yeah. I mean, I guess just because we've done it for 30 years, and that's the way that my parents liked it.

Are you running it, or are they running it? Well, what I meant was they ran it for 30 years until I started running it. Okay. Who owns it? My dad owns it. Okay. Well, he may not want you to grow his business that's a that may be true right that's that's what i'm saying is that you know he likes where he's at and doesn't really want to make it so big or we have to hire a bunch of people outside of ourselves yeah which would cause us to make like four times more money. I would hate that. So, what are you going to do when you're 43?

I imagine still be doing what I'm doing. 20 hours a week working your dad's program? Well, I'm not saying 20 hours a week, but he's supposed to be turning it over to me and my brother officially when we turn 25. Oh. Yes, sir. So, I imagine it will go up a lot in my hours after that.

Your brother works there too? Yes, sir. All my family does. Okay. Your dad still works there? No, sir. He doesn't. He's retired.

Who's the rest of your family that works there? My brother-in-law, my brother, my sister-in-law, my wife, where my wife is about to be, and my sister. Hmm. Okay. Well, anything with six heads is a monster. Mm-hmm. And so if I'm in your shoes, I'm wondering. We do a lot of work with family businesses.

We're a family business. My three kids and one of my, two of my, two of their spouses work here and are owners. So we are very, very intentional about where things are going and who does what, where. So who's going to be running this place when you all become the owners at 25? Who's in charge? Well, I'm the official owner at 25. My brother and I, we're supposed to split it 50-50, and then everybody else is kind of our, would be our employees.

And the reason of that is because me and my mom spent our whole lives growing the business and working with the business. It was kind of our inheritance. And they just kind of got other things. You know, they were just kind of. Yeah, that's wonderful. So, I mean, overall, though, I'm going to warn you that if the two of you do not have a shared vision for what this is going to be, and I have trouble with a vision of 20 hours a week the rest of your

life and not growing a business because we don't want to hire anybody other than family y'all own it you can do what you want to do with it um that i think that's eventually going to cause you trouble because you start feeling obligated to employ family that you shouldn't have employed at some point there and uh you get into what we call nepotism at that point so you and your brother need to decide what your vision for this place is over the next 20 years once you get the ownership keys and um you need to make sure you're on the same page with that because this is uh anything things are either growing or they're dying. Nothing maintains its exact status quo. You're either getting better in your marriage or you're getting worse.

Your kids are getting better or they're getting worse. You're doing better with your body, your physical condition, your wealth building, or it's getting worse. You're doing better with your career, it's getting worse. Businesses are either growing or they're dying. There's no status quo where you can lock in and sit on the bubble. So you can't freeze something in time and say that's the way it's always going to be um that's what's scaring me about what i'm hearing here you do what you want to do but those are my warnings from having worked with small businesses for 30

years now and run my own for that long too hey thanks for calling brother that puts us out of the day ramsey show in the books we'll be back with you before you know it hang on 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.