The Ramsey Show - App - Dealing With the Ups & Downs of the Market

Episode Date: May 12, 2022

Dave Ramsey & Dr. John Delony discuss: Should you pause retirement to pay off your house? What does it mean that the stock market is "on sale" when the market is down? Struggling to find a job near family, How to deal with the ups and downs of the market, Dealing with financial infidelity. Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where dad is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. This is the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Dr. John Deloney, Ramsey personality, host of the Dr. John Deloney Show, and author of the number one best-selling book, Own Your Past, Change Your Future, is my co-host today. Thank you for joining us at 888-825-5225. Josh is with us. Josh is in Charlotte, North Carolina. Hey, Josh, how are you? Hey, Dave. Hey, John. How are you guys doing?

Better than we deserve, sir. What's up? So I think I know what your answer is going to be, Dave, longtime listener, but I wanted to hear it from your voice. My wife and I have talked about, I just want a verification. We have talked about with the current state of the stock market, we're both investing, we're debt-free, we're investing 15 plus percent in our retirement.

We've talked about potentially pausing our retirement in order to pay off our house in about three years. What's your household income? We make about $120,000. Okay. And what's the balance on your home?

About $75,000. Okay. So I know, Dave, you would say we could pause other things and keep the retirement and keep it going, but we have been through the gazelle phase. You said you'd pay it off in three years? Yeah, we could pay it off in about three years. Three years of 15% of your income is only $45,000. Where's the rest of it coming from?

Sorry, I'm not sure I'm following what you're saying. Okay, $17,000 is 15% of $120,000. 17 times 3 is $45,000, $46,000, $47,000. Okay? So that's not $75,000. So you already are paying extra on your mortgage. Yeah, we were already paying extra on our mortgage. So you're paying about $10,000, $15,000 extra on your mortgage now. Yes, yes.

Okay. And you said 15-plus percent. Why plus? Just to chunk a little bit of extra money in there. Okay. So if you backed it down to actually 15, we would increase it a little bit, right? A little bit, yes. Okay.

All right. And so the difference is if we do this as three years or if we only put $20,000 towards it, it's five years. Thereabout, yes. Yep. So we have a three-year or a five-year equation. So the discussion is two years difference. Yeah. The stock market's on sale right now.

The last thing I'm going to do is quit putting money into it. Yeah, I was going to ask, and Josh, I'm asking Dave this question. I'm hearing now, if you've got money to put in, now's the time. Yeah. Because all the stocks are at discount. Well discount i don't try to time the market exactly but i i it is always exciting to me when the market drops right because i'm not taking my money out i'm only putting more in the more you put in a bargain that's right it's on sale you know when we were kids the blue light would come on at kmart and they would have a sale blue light sale on the there's a blue light sale on the stock market right now.

And so that's – there's not any Kmart and there's not any blue lights anymore. I know. I know. I know. Okay. Don't send me more dadgum tweets about being a boomer. Okay? I'm with you.

But the – I get it. I get it. But the point is it's on sale. Whatever it is you want to flash sale on Amazon, whatever it is you want to compare it to, Ramsey $10 sale, I don't know, whatever it is. But, yeah, you're right, Josh. You did know what I was going to say. I'm not going to pause your retirement for two years of gain. Because the other thing that we haven't used in this equation is we have not added into this equation all the wonderful financial things that are going to happen to you in addition to your $120,000 worth of income during this five years that turn the five years into four or three a bonus

an unexpected small inheritance a uh a windfall here or there of some kind oh by the way your income is probably going to go up during this five years a side hustle and we've not we've not done any of that yeah we've not mentioned any of that here and all of that's going to turn the five years into four into three my prediction is that if you keep putting no more than 15%, not plus, and you look at your budget and you don't go gazelle intense, I'm not suggesting you cut out a bunch of other things. If you keep doing what you're doing, add a little bit here that used to be there. Just take a little fluff off the sides, not any hard cuts.

Just tighten it up. Pay attention. Make sure you're doing a written budget because you some other people get sloppy here at four through seven they kind of relax on the budget a little bit actually be doing the budget every single month and uh do be enjoying you're intentional you're not intense but my prediction is still between three and four years your house is going to be paid for that's what i think is going to happen because i think there's some things coming your way because it usually does follow that god blesses people who are being trustworthy stewards digital so can you give a quick primer i hear the i hear that it's on sale what does that actually mean? Well, okay, the market is down in the last five years.

If you pull up the charts today, the market's down 5.82% in 12 months. Okay. Okay, so let's say it goes down 10%. And if you put in $100,000 and it goes back where just to where it was on its way north um when it goes back up just to where it was on its way north then you will have made an extra ten or twenty thousand bucks so if i'm buying if i've been i'm and this is simple for i'm trying to smooth it up for me if i've been buying apple stock at a dollar and it goes down ten percent you can buy for 90 i'm buying it

for 90 cents yeah and then when it goes back to a dollar a dollar five yeah i've bought the same stock just exactly there you go okay you would have paid the dollar for it you got that you got on sale for 90 right and you'd have been happy at a dollar yeah that's right you know and that's true of a good mutual fund you have that same i'd have been happy at 3636,000. I'm happy at $34,000, $31,000, $32,000 to jump in because I'm not getting out. I'm riding it long term. But not getting out and I'm continuing to put monies in the slot machine. Not slot machine. That's a bad analogy.

I'm continuing to put money in. Yeah, you're chunking money and you're dropping the quarters in. So Warren Buffett and a bunch of other people had things to say when the market dove in 2008. And it went from $13,000 and went in half down to $6,300. 50% drop. And they said, well, Mr. Buffett, you've lost this much money on Berkshire Hathaway stock. You've lost whatever it was, half a billion dollars. And he said, I haven't lost anything.

I haven't sold anything. I haven't sold anything. You haven't sold anything. That's right. If I sell it, I've locked in the losses. But right now, the value is down, but I haven't sold it. If you own a house and the house goes down in value, you don't lose money on the house until you sell it. If you wait on it to come back up, then you didn't lose money on the house. And that's what's going on with the stock market.

And that works in reverse. I've got buddies who are like, man, I made a million dollars on my house, and my thought is, you haven't made anything. You haven't sold it yet. That's right. You haven't made any money, so don't start spending that money that you think you've made. You haven't made anything. That's right. Your equity has increased.

Your net worth has increased. But you haven't made anything yet. That's right. You have to turn it into real money, and then you made some money. I made a lot of money on Bitcoin, then I lost a lot of money on Bitcoin. You didn't really do either one. You watched it go up and down. That's right.

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Okay, John, what's the last thing you bought for 10 bucks oh me and blake thompson and pete young went out to a concert the other night and i got a like a hot dog kind of thing and it was so basically i bought uh indigestion for 10 dollars is what i got have you can you think of a thing no that you can buy no i mean an item not an item because i mean you can get a cup of coffee for $110. Yeah. A hot dog for $10. But I can't think of an item hardly that, I mean, a pack of gum.

Yeah. Again, that's something you ingest, I guess. But I don't know what items you buy today. I'm trying to think of things I've bought in the last few months, like a pair of pants and a pair of shoes and some bullets and some, you know. Bullets each were less than $10 10 bucks yeah each single bullet is less than 10 dollars barely not much barely yeah yeah it's yeah you can't get anything for 10 bucks man yeah doesn't get you much anymore but you get a lot here uh 22 you can go to the movies 15 you could get a pizza maybe uh you could get about two and a half gallons of gas that's driving on the block yeah and uh

or you could get the total money makeover for ten dollars and learn how to handle a lot more than ten bucks or you could questions for humans conversation cards and spend hours of laughing and having real conversations with your kids your spouse your friends by dr john deloney only ten bucks your copy of the total money Makeover for $10 could save you thousands of dollars, could put you on the path to being a millionaire. Check out the Ramsey $10 sale. Don't forget to enter the Ramsey Cash Giveaway. Joseph is in Dallas.

Hi, Joseph. Welcome to the Ramsey Show. Hi, Dave and John. I really appreciate all the great work you both do. Thanks. How can we help? So, yeah, so I am currently on the Baby Step 3B, meaning that I'm saving for a house. I am looking to relocate, though, from Dallas.

It's not that it's not treating me well, but I'd like to relocate to another state, namely Cleveland, Ohio, to be closer to the family that I have there. I've been attempting to relocate now for about a year, a little over a year, and I'm not getting any traction. I'm not making any progress. I've started reaching out to a lot of people that are in my field. I've applied to companies, and I'm just not getting anything back. So I'm starting to feel discouraged by it, and i just wanted to call you you know both for some guidance uh encouragement you know a plan so that i don't just pick up and move because we always know that that if you don't have something solid lined up it's you know bad

idea not a smart move yeah what's your what's your field i um manage teams lead teams on political campaigns, and I actually really enjoy the work that I do. Okay. So your jobs are usually, they move from candidate to candidate, I assume. Yeah, correct. Either based upon the candidate or they're based upon policies, sometimes associations. But usually you know somebody around that gets you the next gig, and the trick is you just don't know anybody in that. Are you doing state-level races or local races?

Yeah, mostly my races have taken me all over, actually. It's just unfortunate that I have not been able to really connect. I try to connect with people in the Ohio area, and I've gotten conversations but no callbacks. But you're doing state-level stuff. Correct, yeah. It's mostly for congressional, you know, sometimes Senate people, sometimes congressional people, and it's mostly been within the Texas area, correct.

Okay, so U.S. Senate, U.S. Congress, not Texas. Oh, those two, those two. Like, yeah, right now I'm managing, right now I'm on a campaign for a local congressional race, and sometimes I'll be on for, like, say, a mayor's race and so forth. Joseph, here's my thoughts on this, and I'm going to use your particular situation to extrapolate a larger issue that I'm hearing over and over and over. I am a teacher, and I live in X town, and the houses in X town have tripled in value, and I can't buy a house. I want to be by my family, and I do this particular career, and I love it, but I do it in another state and I want to get into this market. And so what I'm feeling is a tension between three things. The life I want to live, this picture I have of my life.

In your case, I want to make X by my family. The second tension is geography and the third tension is income. And so I'm just going to roll back to when I was a high school teacher, I was a basketball coach and a track coach. Dude, I loved that going to roll back to when I was a high school teacher, I was a basketball coach and a track dude. I loved that job. It was so great. And it was down the street from where I grew up, which wasn't great. And they handed me a worksheet that said in 42 years, here's what

your income will be. And I said, I don't want to do that life. Right? So one of the variables had to shift. And so I ended up transitioning out of a job that I loved, that I think I would have been good at, because of one of those variables. And so for me, if you're saying, I've been trying this for a year, trying to get into this thing, you can continue to try to make contacts. But the question you've got to ask yourself is, you said you want me and Dave to tell you something so you don't pack up and move? That's not how life works, brother. You're just going to have to decide to be a grown-up and not do something dumb, right? There's nothing we're going to tell you to not do something dumb. What I want you to say is how badly do you want to be by family?

Is it enough to do a different career or job for a while? If it's not, great, man. Then let yourself off the hook there. But you're trying to force a round peg into a square hole. What do you make? On average, between 55 to 60. okay all right well let me ask you this the bad news is or the good news is that's not an income that's that hard to replace in other fields right so you probably could land something if you want

to move home and be with family in a different field with the goal of beginning to you know kind of working your way up from the bottom in the political world and getting back in five years to where you are but in the ohio market that's a possibility and use coleman ken coleman's proximity principle with that in mind um but yeah that's uh i think you could probably you know you're you know how to lead teams and drive projects and campaigns? You can drive campaigns for anything. You don't have to drive them for candidates. You could deal with a politician leading – you can work for anybody. Right?

Yeah, this is high-stress, high-urgency, you know, deadline-driven stuff, and you're a team project manager. And a lot of those actually make a lot more than 55 000 so you probably could do that in corporate america and um get a level of enjoyment and a good income be near family meanwhile nights and weekends you know you start you know start making the contacts and you go work the volunteer stuff and you do whatever you gotta do to get your foot in the door with the with that group up there and continue to use some of your old contacts to get your foot in the door and so on so yeah that's probably what i'm gonna do is is what john said try to change one of the variables uh in order to make this happen or you just say you know i'm probably not going to be able to do it in a way in cleveland that i'm going to be happy with and so i'm not going to cleveland

yeah it's that it's finding your peace among those variables of income and geography and the job that you want to have right that life you want to have yeah those three things hard which ones are going to be so good question open phones at 888-825-5225 there's a lot of interesting stuff in history by the way and we're seeing it happen right now again, of people doing just what we're talking about. Dust Bowl during the 30s. The Detroit factories opened up for cars. Mass production was going. And the people that were cotton farmers that were making absolutely nothing in West by God Arkansas

got in a car and went to Detroit. I've had thoughts about the potato farmer in Ireland that said, I don't know what's four weeks away by boat, but it's better than this. It's better than me starving to death. Again. I'm getting in the car and we're going. This is the third time in seven-year cycles in 21 years that I've had a potato farmer. Three in a row, by the way.

I'm out. The 1700s. I'm going to try something else. And so we end up with... Can you imagine that? Scots and Scots-Irish all over Philly. They're coming up before there was a New York City. They're landing there in the

1700s and filled up this place. And so that's a diaspora. We're seeing it now driven by politics. We saw it after Katrina. We have Cajun restaurants all over America. Houston, man. Houston. Because they left New Orleans never to return after Katrina.

They're leaving California because of whatever. Never to return. They're leaving New York right now. Never to return. COVID draconian mandates and crazy politics, and they're out of there. Dr. John Deloney, Ramsey Personality, is my co-host today. Thanks for hanging out with us, America. In the lobby of Ramsey Solutions, which you are more than welcome to visit anytime. We have a visitor center, and on any given day, we have 50 to 200 folks watching the show live.

We broadcast it live every day from 1 to 4 Central Time. There's a visitor center with free cookies. And, ooh, they're good. And, of course, great coffee. Everything's on us. We want you to come by, hang out, see the whole history of this place, and get plugged in. On the debt-free stage, Nick and Rose are with us. Hey, guys, how are you?

Good. Welcome, welcome. Where do you guys live? Blaine, Minnesota. Okay, which is near Minneapolis. Correct. Okay, cool. Welcome to Nashville.

And how much debt have you paid off? $188,700. Golly, y'all aren't messing around. $180,000 or $88,000? $188,700. Okay, all right. All right, cool. And how long y'all aren't messing around. $180,000 or $88,000? $188,700. Okay, all right. All right, cool. And how long did this take you?

50 months. All right, good. And your range of income during that time? $180,000 to $222,000. Good for you. What do you guys do for a living? I'm a master electrician by trade. I do instrumentation and control work.

Oh, very good. I'm a police officer. Good for you. Awesomeness. Well, thank you guys. Very work. Oh, very good. I'm a police officer. Good for you. Awesomeness. Well, thank you, guys. Very cool. Proud of you. That's a lot of debt in 50 months.

Am I guessing right? You pay off your house? Yep. Yeah. Look at that weird people. I love it. We got the police officer to smile just a little bit. It was hard.

No, we did it. We did it. What's this house worth uh the county says it's uh four hundred and eighty thousand dollars yeah what do you think it's really worth though county's not right died i don't know it's worth over 500 easy yeah all right so uh and how much you guys got in your retirement funds 700 000 i'm looking at millionaires yeah one of you's a policeman and the other one's a master electrician that does instrumentation how old are you two 43

almost 42 and you're millionaires baby steps millionaires i'm so proud of y'all it's everywhere baby it's everywhere i love it, you guys. All right, tell us the story. What happened five years ago that got this whole thing going? Well, a few years back, I was driving home from my cousin's house. Just got done wiring his garage, and I was listening to this radio show. I didn't know what it really was. And then about a year later, my buddy's like, hey, check out this guy. So he puts you on. And I'm like, that's the guy I heard coming back, my buddy's like, hey, check out this guy. And so he puts you on.

And I'm like, that's the guy I heard coming back from my cousin's house. And so I listened to you. I think I listened to you for about two years before we finally started the plan. And I talked to the wife. And I think you were a swear word in the house for a little bit. But she quickly came on board. And I calculated it all out i'm like okay we can get our consumer debt so we had two car loans could get that paid off in a year and it's gonna take the house uh five years so it's a six-year plan and we ended up doing in

50 months so just over four years four years yeah yeah and it was it was weird because as we're doing the plan um you just end up finding extra extra money you know once you start becoming intentional it's amazing on um how you find where other where it comes from i i don't know it's just it was weird yeah okay so so rose what's your part of the story? How did he – he wore you out for a little while, sounds like. I always just felt like we were pretty intentional with our money to begin with. Neither one of us were ever people who just randomly went out and bought things that we didn't need. It was always just if we needed it, rarely bought anything that we didn't. So it felt like we weren't really making any changes

but i guess now looking back like i am excited to be able to uh get new kitchen cabinets yeah things like that yeah but now that you're there huh yep so that's the first big purchase now good one of them yep something you need to do something to celebrate i mean you're millionaires and you're debt-free 100%. How does it feel to not have a payment in the world? Awesome. Yeah. What do you tell people the key to getting out of debt is?

I would say just stay on track. Budget, that makes a big difference. Knowing where your money goes. And just, you know. Needs versus want. Sticking with it. You guys are two pretty matter-of-fact people. I mean, there's just no BS in your house.

Hold on, though. I got to ask this. You'll be working on this for 50 months. Being an officer in Minneapolis the last few years, Minneapolis has been hell. Yeah. Your world came to a screeching halt 24 months ago, being an electrician, and when they said you can't work.

And y'all kept plowing through this. How did y'all do that? Because y'all would have had to lean on each other in a way that is uncharacteristic for most. Most of us wouldn't have been able to. We would have said pause because the world's on fire, literally. Y'all kept going. How'd you do that? Just one foot in front of the other you know work my i was lucky the industry that i'm in you know we had to keep showing up every day

um so and then just being support for her because yeah um it was a difficult time yeah y'all do remind me of Lake Wobegon characters, like just going to get up and just go one step after the other, man. It's fantastic. Y'all are Midwest at its finest. Wonderful, man. Love it. Good stuff.

Incredible to you, too. So did you tell other people who were your biggest cheerleaders? My buddy Mike. The one that told you to turn it on? Yeah. Yeah, I love it. And then a guy at work, Jim, I got him listening to the show, and we could have some conversations, you know.

It's kind of difficult, too, to talk to people about finances and then your plan because it's abnormal, right? Well, because you're winning, too. Yeah, and people don't want to talk about it. Who did you bring with you over here? Our neighbors. Okay. All right, cool. winning too yeah and people don't want to talk about who'd you bring with you over here our neighbors okay all right cool they've been hearing about you guys for quite a few okay years all right so they came to the trip to nashville to tag along and cheer you on today yeah very good well congratulations you guys thank you very very very proud of you it's very cool i can sense what i can

sense why you did this your steadiness you're just very predictable very steady um and you know you don't quit and it gets tough you just bear down keep going and that's what you were doing in your careers that's what you did through the pandemic through all the stuff you've been through as a police officer everything else and uh congratulations you're very strong people and we all promise to go have some fun. Yeah. Yes. Good. That's why we're here. We just got here this morning, so now we've got the rest of the couple days.

All right. Well, enjoy Nashville. There's plenty here to enjoy. That's awesomeness. And hit downtown Franklin right up the road. It's a lot of fun. So we've got a copy of Baby Steps Millionaires for you because you should have been in there. It's your book. Next chapter in your story.

It is the chapter in your story. We're also going to give you a one-year subscription subscription to ramsey plus which gets you into every dollar and a financial piece uh you probably have been through it or may want to go through it again or maybe you want to give that to somebody maybe you know somebody's just getting started on this same thing with the book total money makeover we're going to give of you nick and rose minneapolis minnesota 189 000 paid off their baby steps millionaires in their early 40s making did that in 50 months making 180 to 122 oh and there was a pandemic oh and a few other things going on up there count it down let's hear a debt-free scream three three two one we're

that is fun i love it that is great stuff very very well done i mean that's that's uh it's mental health 101 dave oh i just put one foot in front of the other and kept going, man. I just got other stuff to do here. She's having a hard time. I guess I'll be there for her. I guess I'll be there for her, and I'm just going to keep moving forward. We made a goal, and we're going to make it happen. He's not working, but I'll do something else.

I'll work something else, and it'll be okay. Just going to keep going. There's just no drama. There's no drama. Drama is not allowed. The tortoise doesn't have drama. This is going to shock you, Dave going. There's just no drama. There's no drama. Drama is not allowed. The tortoise doesn't have drama. This is going to shock you, Dave, but I'm the exact opposite. Well, me too.

That's why we end up teaching this stuff, because God wants to keep us both on track. And we're married to stable people. Well, that's true. That's true, and that's helpful as well. I'm so excited for them. Good news there. I mean, they went through a lot of really hard stuff. Tough season.

We don't want to laugh at it. I mean, it's very real. Tough, tough, tough season. And still paid off their stinking house, man. That's right. And still became millionaires. They're curvebusters, man. They take people's excuses away.

You know what I mean? I love folks like that. It's incredible. And then there's Nick and Rose. That's right. This is The Ramsey Show. Thank you. Matthew 7-11 is our scripture of the day. If you then, though you are evil, know how to give good gifts to your children, how much more will your Father in Heaven give good gifts to those who ask him. Charity said, should, or Thomas Fuller said,

charity should begin at home but should not stay there. RC's with us in Costa Rica. Hey, RC, what's up? Great, Dave. How are you? Better than I deserve. How can we help? Well, it's a true honor to be on the phone with you, and I also want to note, John, you are a great value a true honor to be on the phone with you. And I also want to know, John, you are a great value add to the program. Love listening to you. Thank you so

much. How can we help? So my question is, how do you deal with the emotion of your asset values and the crazy fluctuations we're seeing in the stock market these days. You know, I'm an everyday millionaire. It took me probably 20 years of hard work to build up a million dollars in a nest egg. And I've well surpassed that now. But now you watch over the course of four months, and you can see a million dollars eradicate out of your investment balance almost seemingly overnight. Whoa, whoa, whoa.

How did you lose it? You got $20 million in investments? Well, I had $6 million. Okay. The market's down. The market's down 6% in a 12-month period of time. But it's down 18% since January 1st. No, it's not.

It's down 6% in a 12-month period of time. It wasn't back up that far. Over the last four months, it's down 18%, though. Let's see. see 36 to 31 yeah and probably 15 okay so but that's still not a million on six million is it yeah i guess it is okay close enough yeah you're pretty close okay i'm back with you, so the bottom line is, though, how do I deal with it? I didn't even know it until I looked it up a minute ago. So I don't track it day by day by day because you're not using this money day by day by day.

And the fact that you are in the market and have been in the market for years, you have ridden these waves before. What is it about this one that's got you so troubled? Well, I think what happened is, you know, as you do grow your wealth, the numbers become a bit more astronomical when you start thinking back to where you started. Do you realize, though, that you picked the highest point in 12 months to compare to the lowest point in 12 months to compare to the lowest point in 12 months no i understand that your emotions picked the emotions

picked the worst possible scenario in any anywhere in the entire 12 months much less anywhere in the past 10 years no i'm certainly not arguing with you about that it's the anchoring bias where you attach to yeah the best it's an anchoring bias i understand that yeah and it's human nature to anchor what i don't okay you ask how i deal with it emotionally number one i'm always looking forward from it and i'm not concerned about a 31 000 dow any more than i was concerned about a 36 000 dow i.e a 15 shift since january the fourth it appears to be the high date i'm sitting here pulling up while we're talking about it but i hadn't even looked at it before today until you called because i thought your i thought your numbers were bs but they're not so but because

most of the time people exaggerate their numbers when they're going down because they're in freak-out mode. There's a psychological study done years ago that says you have to recoup $3 for every dollar lost to feel even. Losses weigh heavy on your own. Yeah, you get more credit for losses in your emotions than you do in your increases. So I'm always just looking out. I'm going, okay, how old are you, R.C.?

I'm 54 almost. Okay, so I'm 61. I don't have as long as you got probably, and I'm not worried about it because I'm looking out 20 years, 10 years. I mean, if I got $6 million sitting in the market, it's going to go up a lot during the next 20, 10 years, and you're really not pulling it out today. I'm not bailing out on it.

Can I ask you a quick question? Hey, RC. Sure. Is there a chance you're going to get out? No, no. I've got good financial advisors. They won't let me do that. Okay.

So I've got a strong UK. It's just the emotion of the click on the website, and you go, oh, my God. Yeah. So let me say this. If I know that I'm not going to take action B, then I am not going to spend the emotional energy on consuming actionable data on that variable see what i'm saying if i'm never going to jump out of the market unless my financial advisor calls me and says hey this is world war three get out now if that short of that i'm i i didn't know it was

down 15 because i don't look because i'm never getting out what I've put in there. You see what I'm saying? And so the emotional energy, I don't even put those dollars on the table because I'm never going to spend them emotionally speaking. That's a good point. And it is the thing, R.C. It's a great question, by the way. It's a great question. And I apologize for calling your number BS because it really wasn't. The more I'm looking at it and playing with it while we're sitting here, catching up with you.

But I don't look but um the uh but with the data points you're using your numbers are accurate um but i don't look at it and it's the same thing we're talking about in an earlier segment warren buffett when the market dropped in uh in 2008 2000 2007-8 it went from 13 000 to 6500 is down 50 and they%. And they said, Mr. Buffett, you know, Berkshire Hathaway, you lost X number of billions of dollars. And he goes, I haven't lost anything. I haven't sold anything. Because I didn't sell it.

That's right, yeah. And R.C., you haven't lost anything. Yeah, haven't lost a thing. You've lost the perception of or the perceived value of. Yeah. And, you know, the only reason that you would be freaked out about this is if you felt like it was a trend that was going to continue. I don't.

I don't know. I mean, it might go down for two years. We may be in a recession. Biden may screw up everything for a while, and then it'll come along somebody else, and they'll have their own version of screwing it up. And so it's just I prospered under every president and every party in spite of all of them is the way i look at it and you've had down seasons probably across every president yeah right yeah and you know i went broke during ronald reagan there you go i mean you know and i'm a reagan fan but some of the stuff he did was nasty bad for the world i was in mary is with us in jacksonville florida hi mary welcome to the

ramsey show thank you dave thank you for taking my call sure i'm a little short on time go straight Jacksonville, Florida. Hi, Mary. Welcome to the Ramsey Show. Thank you, Dave. Thank you for taking my call. Sure. I'm a little short on time. Go straight to your question, please. Well, what do you do when your husband knows that you don't support co-signing a loan for your 20-year-old son who just moved back with you, and then you find out after the fact when you ask what's the status that he went ahead and signed both alone so find a loan with our son so what do you do when your husband deceives you on something that means a lot after you've talked about exactly

and yeah this is called financial infidelity he violated your trust yeah I'm sorry and he says it's personal the reason I didn't want to do it, because my son and I have always butted heads. Mary, has he done this before on other things? Yes. Yes. One time ago. Yes. These things rarely happen in a vacuum,

and so you're bringing all of that history back to this moment. And it's fair to do, right? Because he violated your trust again. I'm so sorry. Yeah. I don it's fair to do right because he violated your trust again i'm so sorry yeah so i don't know what to do i i don't know i was like i you know i had already told him i said it's extremely dangerous and i don't support it more of a kid doesn't even have a a regular job he does door dash it doesn't matter what your son is not in the equation. It's not about math. This is your husband lying to you. This feels like he had an affair.

It activates the exact same place in your emotions. Yes, it does. So treat it like you've had an affair. And that means you need to go see a marriage counselor, and he needs to go too. Because this is activating exactly the same level of trust we see it all the time and i gotta tell you he has no idea because he's blind as a bat how much damage he's doing because he thinks this is innocent and he just overrode you because you were emotional and weren't using good judgment and he disagreed with your decision

but uh all of that was used in his mind to justify his affair. And it feels the same way. I'm so sorry, honey. I know this hurts. Hear me and Dave say the hurt you feel is real and valid. So sorry. And you should be hurt and you should be angry. And you need to go see a marriage counselor.

And so does he. Desperately. This is not going to end well if you guys don't work through this. That puts us out of the Ramsey Show and 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. Hey, John DeLong, co-host of the Ramsey Show.

Did you know over 18 million people listen to the Ramsey Show every week? A lot of those people listen on one of our 600-plus radio stations across the country. To find a station near you, go to RamseySolutions.com slash show.