The Ramsey Show - App - Did I Retire Too Early? (Hour 2)

Episode Date: February 3, 2021

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🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is the Dave Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm Chris Hogan, and co-hosting along with me this hour is Anthony O'Neill, and we are very excited to be back with you, and we're ready to take your call. So what I want you to do is pick up the phone and give us a call. Kelly, stand in line, ready to take your question. The number is 888-825-5225.

Again, that's 888-825-5225. Or you can find us at The Ramsey Show. A.O., I'm ready to roll. You ready? Hey, man, let's get it, man. I'm happy about this hour. Happy to be on this show with you and some amazing people in the lobby as well. Yeah, no, we're excited and we can't wait to take your call.

So we're going to jump on there. But before we do this, you know, people are talking to me all the time about how this year is that year of reset. We're coming out of 2020, which was a crazy year. We dealt with a lot of stuff. We had weather issues. We had the pandemic. We had probably some crazy people around us that we're having to deal with.

Ayo, you got any crazy people in your world? I got a lot of them. Okay, yeah. So you got to be aware. So what do we got to do? Well, we've got to reset this thing. So you've got an opportunity to hit reset. No matter what happened last year,

you can take control of your money today and Ramsey Plus can help you. With our Money Reset Bundle, it's easier than ever to create a new life of habits, and habits are huge. The bundle includes, get this, a six-month membership to Ramsey Plus, plus our best-selling books, Know Yourself, Know Your Money, and the OG, the original, the total money makeover. And here's the kicker. Every Ramsey Plus membership now includes a Ramsey Smart Tax Federal Classic E-file. So you've got an opportunity to get your taxes done as well. So you can get your money right and you can get your taxes right.

This is a value of $167, but you're going to get it now for $85. You kidding me? People spend more than that just to get taxes done. Sure do. So check out Ramsey Plus. Decide on a total money reset right now. Small steps can lead to big changes. So go to moneyresetbundle.com.

Again, you can get this bundle. Go to moneyresetbundle.com. And you've got a great opportunity. For those folks that are watching on the YouTube channel, you can see the link right below. Excuse me, the graph right there, MoneyResetBundle.com. You've got a great opportunity to make this year count. We want it 2020 gone. Guess what? It's gone.

2021 is here, so let's make sure we make it count. All right, we're going to get to the phones and find out what's on the mind. We've got Glenn Collin from North Carolina. Glenn, how are you? Hey, Chris. How you doing, buddy? Oh, I'm focused and not finished, my friend. What's on your mind today?

Well, I'm trying to make it a short question. I retired August 28 at age 59. I turned 60 September 22. The company I worked for for 32 years come out with a service package restructuring their company. And I decided to take it. And one reason with that is i was kind of getting tired of the millennial age and i don't hope i don't offend nobody there yeah but i'm kind of old school

uh and i took it and basically got uh 248. Well, not a check, but gross money. Yes, sir. They also are paying my health insurance for 18 months, 100%. Okay. After that, and also are providing me $500 a month for 24 months after that to offset health insurance coverage until I reached 65. Yes, sir. And I also just had a settlement several months ago with North Carolina DOT buying my house

because of a highway road project of a large chunk of money. Well, tell me that chunk. You done told me everything else. What's the chunk? How much? $642,300. All right. Go ahead.

And out of that, I had to pay off my mortgage. Yes, sir. That all comes into calculations. Long story short, net monies out of that and net monies from my servants, I have paid every debt off. I have purchased a new home, cash. Good.

I don't owe anybody a dime. All right. So how much did you have left over? $478,000 or $79,000. You are on the ball, brother. All right. I like where you're going. What's your question?

All right. My main concern is, did I retire too early? Okay. All right. Well, what were you making per year at that job that you worked 32 years at? About $132,000. Okay. All right.

So as I look at this, you got about two years' worth of that. You took this money, and how much? Did you have a 401k with that company at all? I did. How much you got in that 401k? I took, I removed it all from the company and reinvested it with a

financial advisor. How much? Which was a total between the 401k and extra money from DOT was about $398,000. Okay. And I have about $420,000 in it now, which came from September to now. All right.

No, you did the absolute right thing. You're an everyday millionaire, my friend. You don't owe anybody on your house. You've got $400,000 that's invested in your 401K. You've got $478,000 left over in cash right now. So what I would do is pluck about $30,000 over for an emergency fund, take that other $440,000. I'm going to get that with an investment professional. So now assets under advisement and what's being invested is $800,000.

You're good to go. You don't owe anybody a dime. Glenn, no, you're good. Here's the other thing. You can decide to work more if you want to, right? Doesn't mean you have to go back with that company. You can go find a job or do something. He did the right thing.

Yeah, he did the right thing. The only thing you said wrong was that you was offended by some of us millennials oh listen to you you know what i'm saying we ain't do nothing wrong we trying to work too listen come on now listen i'm happy i'm happy with what he did but you can't be blaming us millennials because we out here working too okay see you you you just threw shade at me about my age not long ago. And I'm taking a shade, but I'm just saying, you know, you can't be coming at us like that. Glenn was just trying to be honest. And I'm being honest.

Maybe some people flopping around in flip flops while he's got on work boots. He's trying to handle business. I ain't mad at Glenn. No, I'm proud of you, buddy. And, you know, you being intentional and being smart, what you do moving forward can set you up or set you back. And I mean, what I mean by this is your home is paid for. You paid off all the debts. What you got to do is avoid doing any stupid, Glenn.

And I'm telling you, it's on every corner. So don't let your guard down. If you're going to do something, do it with cash. But no more debt in your life, man. You got freedom. Now what I want you to do is enjoy it and build a legacy. This is the Dave Ramsey show. Imagine the day you submit the last payment on your debt and you finally have extra money to spend and save how you want. For some of you, that day feels like it will never come,

but it doesn't have to be that way. It's a new year, and it's time for a new way of thinking. You have to believe you can get rid of debt and take control of your money, because you can, and it won't take nearly as long as you think. With Ramsey Plus, you'll learn practical ways to get small, quick wins that add up to big results fast. We'll help you put more money back in your bank account so you can get where you want to be faster,

debt-free and spending your money without worry. This year, you can make more progress on your debt and savings than you ever thought possible, and you can start today. Get Ramsey Plus so you can get started living the life you want faster to start your free trial of ramsey plus go to daveramsey.com reset welcome back to the dave ramsey show i'm Chris Hogan, and co-hosting along with me is Anthony O'Neill. And we are having a blast talking to you about the things that are on your mind. Pick up the phone and call us, 888-825-5225.

Again, that's 888-825-5225. We'd love to be able to hear from you about the things that are on your mind. And as we pursue progress, that's one of the things I talk about on the Chris Hogan Show, is that it's a matter of being intentional. And we've got to make decisions every day that put ourselves in a position to be able to make progress. And, Ayo, you obviously have the book out, Debt-Free Degree, and you have been very intentional about helping people in this process but you also have a show called the table and you got new episodes that air every monday

uh you talk about how to set a clear vision for your future yes so you can start winning with your life your money and your relationships yes um wow that clear vision is something a lot of people need yeah yeah clear vision uh for life, for your money and for your relationships. And what I'm really excited about when it comes to the table, Hogan, is that we really get down to have some real relevant and relatable conversations. Prime example this week in honor of Black History Month, we brought back my black history panel and Hogan and be real. And there are some things on there that are said by these individuals that's going to challenge you and me and dave was talking about it yesterday here on the show and i want to encourage everyone right now whether you black white hispanic you name it uh go check out the show and you know what you're going to hear some

things that you may not agree with but i love hearing different perspectives and different thoughts so we can just understand in honor of black history month how some people are thinking but i love because this is bringing in people and when they get to my content they're learning how to you know what have the uncomfortable conversations around money how to really start building healthy relationships but this week is gold it is crucial i would encourage everyone if you're on youtube or if you'd like to listen on podcasts while you're walking or jogging or doing things around the house or in the car, go download it on Apple Podcasts. But you want to see our facial expressions, man, because my facial expressions are amazing.

Oh, I mean, they're amazing. Well, they're that. Yes, there's that. OK, well, I've pictured you a stoic. I didn't realize that you had those expressions. Of course you do. You're lively, dude. You're expressive.

Yeah, check out that show. Again, you can find it anywhere where you subscribe to listen to podcasts. Also on YouTube, you can find him and Anthony O'Neill. And it's an opportunity, you know, growth, awareness. And you just had Matthew McConaughey on your show, right? I did. I did. That's big, bro. I just your show, right? I did. I did. I just interviewed him and it was a lot of fun. I got a chance to really dig in and find out about his

new book called Greenlights, which really came from years of him journaling. And he's an interesting individual. His mindset, very focused, very intelligent, very articulate. So yes, if you've not had a chance to check that out, go over on YouTube, The Chris Hogan Show, and you can kind of watch that interview and dig in. It's interesting. And of course, he is iconic with his words and phrases. We had a great

conversation. Ayo, you had a chance to talk to him as well. Yeah, I did. And you were really talking to him about his journey to success. Yes, man. That was crucial because most young people want to become famous. And I really wanted to have the conversation around, hey, do you regret any decisions when you was building your fame? And he said yes, man.

Yeah. No, he was real. So anyway, check those out. You can find it on YouTube under Anthony O'Neill or Chris Hogan 360. You can see it. All right. Listen, weill or Chris Hogan 360. You can see it. Alright, listen. We're getting to the phones. This is what we do. And so, we got William on the line from Tex Arcana. I've never been there, William.

How are you, buddy? I am focused and not finished. How are you doing? I'm talking to a family member here. William, you ask me whatever you want to ask me. I am definitely not a millennial. Hello, A.O. You know what?

Y'all going to stop coming for us millennials on this show, okay? William, you are my favorite caller, my friend. What's on your mind today, buddy?

Well, I hear you folks talking about how paying interest is a bad thing. Okay. Getting interest is a good thing. Yeah.

And then you talk about compound interest. Okay. I interest is a good thing. Yeah. And then you talk about compound interest. Okay. I do not understand compound interest. I don't know how it works, and I want an education state. All right. Well, you know what? It's one of those things where you look at it, and I look at it this way, that it's interest earned on money that was previously earned as interest. Now, I know that sounds like doublespeak, but as you look at this, William, you put money in, interest can work for us or against us, right, as you know. If you pay it, it's a penalty.

If you earn it, it's a reward. And so the compound interest, the compound growth that happens from that is the thing that truly allows us to be able to grow money. And so looking at it and understanding, if I put money in, it's growing interest. Now, guess what happens? This whole thing that is in there that's now bigger is now going to grow more interest. And that's the factor that causes our 401ks and 403s, 3Bs to grow exponentially, as well as our Roth IRAs and other things. So that investing money is imperative because we all know the dollar shrinks each year.

And what I mean by that is the cost of living that happens. Inflation in the marketplace. And so we've got to grow our money. And William, I'll tell you what I'm going to do. I'm going to send you my book. I talked about being a money boss in my book, Retire Inspired, the first book I wrote. I'm going to send you a copy of that. And because you said focus to not finish, I'm going to throw in a focus to not finish sticker in there for you, my friend.

So I appreciate the call. Again, compound interest is interest earned on money that was previously earned as interest. And that's how it grows, buddy. And if we leave money alone and not listen to the CARES Act and not listen to these other things that are out there and leave money on our 401Ks and 403Bs, it will grow. Thank you for that. Kelly's going to get your information. Like I said, I'm going to send you a signed copy of Retire Inspired

and a Focus and Not Finish sticker. Hey, Kelly. That's pretty cool. Kelly, send him a picture of me, too, just so he can see a millennial smiling at him as well, y'all coming for his millennial oh no i love millennia listen hey believe it or not i've had several millennials calling on my show yes that have either gone through foundations yes but they've listened to it a.o i'm talking to millennials that have 50 and a hundred thousand dollars saved oh yeah uh 200 000 one told me they just

paid off their house at 27 good guy yeah so i love millennials thank you i do i really do say that again i love millennials thank you i do and so anyway i i just i especially focus on not finished when people that are driving forward on stuff so here's the deal if you are a baby boomer yeah traditionalist do you even know what a traditionalist is? Yeah, traditional and modern relationships, right? No. Traditionalist is somebody that's 60 or older. See, you don't even know this.

Okay, if you're a traditionalist, baby boomer, Gen Y, Gen X, Gen Z, or millennial, you all get a chance to make a decision about our futures. We all do. I'm going to Google that. Yeah, Google it. You got your little fancy pad over there? Google it. But listen, we all have a chance to make a decision about our futures. And that's one of the things we've done here at Ramsey Solutions as we're talking to people, helping them understand that there's hope in your business. There's hope in your dealing

with your money. There's hope in dealing with your relationships. But we get to decide. And I know there are people out there that have opinions. I know there are people out there that have opinions i know there are people out there that are throwing shade there's a drink for haters people it's called haterade and and that's just real the bottom line is is we get to choose and i want us to choose for our future a.o one of the things i've been telling people is to make two-year decisions and what i mean by that is make a decision today that you're going to look back on in two years and you're glad that you made it oh man that's so gold because, you know, my statement that I live by every single day is that the caliber of our future will be determined by the decisions, the choices we make today. Yeah. So they're doing what you're saying.

Yeah. For two years. And when those two years come, make another decision for the next two years. And eventually your future is going to be brighter and much better. No, you're absolutely right. It helps us pull up out of our situation. That's good. And it helps us think a little bit clearly.

All right, we're about to go to break here in just a few. But listen, here's one of the things we're going to do. I'm going to ask Anthony O'Neill. I want to know what was the best piece of advice he ever got from one of his grandparents. Best piece of advice, because I'm going to share with you mine, and the thing that was a game changer for me, first and foremost, it was my grandmother told me, honey, understand the difference between an opportunity and a chance.

She said an opportunity leads you somewhere, but a chance is 50-50. And it's one of those things that I never forgot thinking about that. Opportunity versus chance. Chance is 50-50. It's like a coin toss, right? It might be heads. It might be tails. But an opportunity, when you do it, it leads you somewhere.

It gets you closer. And that's exactly what we do here at Ramsey Solutions. We give you an opportunity to have a different financial future. When we come back, I'm going to ask Anthony the best piece of advice he got from his grandparents. Don't go anywhere. Hold on. This is The Dave Ramsey Show. Over the years, I've heard countless horror stories from listeners about being harassed by debt collectors, receiving calls at work on their cell phones, and some even getting yelled at and threatened.

That is not okay. There are laws against this, and there are people, attorneys, that can help make this stop if they are in fact breaking the law. Go to CollectionBully.com to learn more. Fill out a quick questionnaire that will identify if you are a victim of this type of illegal harassment. That's CollectionBully.com. Welcome back to The Dave Ramsey Show. I'm Chris Hogan, and hosting along with me is Anthony O'Neill. And we are taking your calls about your life and your money. Before we went to break, I told you about the best piece of advice I'd gotten from my grandparents.

My grandmother told me the difference between opportunity and chance that you want to grab opportunities you don't avoid the chances do the thing that sets you up for your future and as we went into break i told a.o that when we came back i wanted to hear the best piece of advice he had received from his grandparents now grandparents are full of all kinds of wisdom and amazing things but what was that one piece of advice ao uh-oh do you really want to know the truth yes my grandmother my grandmother said son make sure you marry a woman and not a little girl in a woman's body oh and what she was saying was and she broke it down because i was like what what do you mean she said sometimes i want you to make sure that you are a man and you're not operating with the little boy's mindset.

You know, because when you were a child, you spoke as a child. But when you become a man, be a man. And so that was one of the best piece of advice is my grandmother ever gave me, because ever since then, have I made all the right decisions? No. But I do ask myself, am I making a manly in my spiritual faith, a man of God decision here? Am I walking in integrity? Am I walking with character? And am I going to end in my dating process? You know, am I dating a woman with integrity?

Am I dating a woman with character? And are we both operating in who we are or are we still thinking and acting like little kids? Very good. No, that's wise. And again, you know, grandparents, they're always they've got amazing wisdom. And I'm so grateful for the time spent on that front porch and that back porch and in the garden and all the other places. It's just amazing. And, you know, I'd encourage you if you haven't written down some of those pieces of information or wisdoms or little sayings your grandparents used to tell you, get those things written down.

Put those in a place. I'm lucky enough to have some things that were done by needlepoint by Mama Hogan and some statements and stuff by my grandparents that are logged and I can share with my boys as well. All right. Let's get back to the phones. The number to call in is 888-825-5225. Again, that's 888-825-5225. We'd love to hear from you. Or you can find us on social media at Ramsey Show.

All right, next up, we got Nicole is on line three. Nicole, how can we help you? Hi, Anthony and Chris. I am a distinguished millennial yes um i am 35 and i have 53 000 saved yes and i am very likely pregnant yes um so it's very early and next week i have an appointment and um so this will be my second baby and i'm struggling because i have seventy three thousand dollars in student loan debt and i'm not sure if i should put that money towards the student loan or start saving for the hospital bills and doctor bills because i don't

have insurance and i got a quote that it'll be between ten to twenty two thousand dollars depending on how the labor goes so i just want to to know, I'm kind of new to this. I don't really know what to do with the money. Hey, Hogan, I got this. This is for millennials. Calm down, old man. I want to say, man, I love this. You just made my day.

So all right, so let's start back from the beginning. How much money do you have in the bank account again? Sorry, my toddler from the beginning. How much money do you have in the bank account again? Sorry, my toddler's at the door, but I have $53,000 saved. Okay. All right, we got $53,000. And $73,000 in debt. Okay, cool. And then when are you due?

Well, if I'm pregnant, then it will be nine, almost 10 months from now. Okay, cool. So we don't know. We don't know if you're pregnant just yet, but you're just saying if you are pregnant, I'm very likely pregnant. I'll just say that without being uncooked. I got you. Hey, I'm with you.

You know your body. So I'm going to shut up and go ahead and give you this advice that you called in for. Here's here's the priority. OK, your priority is delivering the baby healthy and making sure that you stack enough money to deliver the baby and then i always say add a little bit of cushion in there just to make sure if there are any other emergencies or anything like that do i think you need fifty three thousand dollars to uh have a a safety net for a baby no i don't you know i now i never had a baby hogan's had a few of them but i would say maybe set aside about $15,000 to $20,000.

And then the emergency account for that. But then I would start attacking the $73,000. And let's say for an example, you know what, Anthony? I want some real good cushion. Put $25,000 to the side. And then take the other $27,000, $28,000. Put that towards the $73,000 that you have in debt

and then attack it. Now, I'm pretty sure you're not going to use all $25,000 of that. So, about a month or so after you have the baby, take the rest that you have that you have saved up and put that towards the debt. But you're doing very, very good. Now, what's this $73,000 in debt

though? Is it student loans, cars? What is it? It's all student loans. I mean, all of them. So you don't have any credit card payments, no car loans? Nope, nothing else. Okay, cool. Great. Yeah.

So right now, here's a good thing. These are federal or private loans? Federal. Okay, cool. So right now, you're not paying any interest, all right? And so right now is a great time to go ahead and put this money on top of it so this way you can pay off some stuff

without incurring any penalties on that side of things. But that's what I would say on my end for you is to create a safety net for you and your baby. And then after that, once you create those small safety net, which you already have it, go ahead and tap the $73,000. Okay. So I can make a payment after I save the 25-ish.

Yes. Well, you already have the 25-ish. Yeah. Yeah. Right. So then the rest I'll pay towards the loan. Okay. I just didn't know what to do first.

It's like a lot of money and I'm scared to write the check. Now, do you still have income coming in though? Are you still working right now? I do. My husband makes 60 a year and I make about 40 and I'm at home. I may lose my job if I get sick and can't do it, but yeah. Yeah. 25,000, I think it's more than enough, Hogan. Is that what you say? Yeah, I do. And I like the mindset. You know, you look at this and

you realize seventy three thousand is a lot in student loan debt. Fifty three thousand dollars a lot saved. Yes. And so to be able to to make that that that that payment, to be able to attack it and to look up and only have twenty,000 in student loan debt is a massive jump and a great improvement. And I think, Nicole, you're going to put yourself on a path of being more intentional and focused. And you want to keep that mindset as you're moving forward. Because that's what's going to allow you to make a difference in your financial future, without a doubt. Looking at this, I also want to let you know, paying off debt is smart, and saving and investing is also smart, but there's one key to winning with money that's often forgotten, and that's

protecting your family from emergencies. There are 10 kinds of insurance coverage that you might need based on your life situation. And instead of you trying to figure it out, we've built a tool that'll show you what coverage you need, what to drop, or what needs to be adjusted. And get this, it takes five minutes, people. So we're even going to give you a to-do list by rank of importance and email it to you so you can get started on the process of getting it done fast. It's called a coverage checkup.

And it could be the most important five minutes that you spend today. Donald H. wrote in and said, I like how he put it. He said, for anyone who's not completed this checkup, do it now. You never know when something will happen, and you'll never be able to, you never want to leave your family in a bad situation. So get out your phone right now and text the word CHECKUP, no spaces, no dashes, just CHECKUP to 33789. Or you can visit

DaveRamsey.com slash CHECKUP today. Don't let an emergency sneak up on you. I want you to protect your family right now. Ayo, I talk all the time about building wealth, about becoming an everyday millionaire. You're helping millennials understand their path and their route. We've got to protect it, too.

And insurance is exactly what you need. And I want to remind people out there, you know, if you're a homeowner, you've definitely got homeowner's insurance because you want to protect the home. If you're a renter, you need renter's insurance because you can protect your stuff. Car insurance is invaluable. And you know, the granddaddy of them all is life insurance. Absolutely. And here's the thing that I learned with millennials, Hogan, four out of 10 millennials do not have the correct coverage. Wow. Of life insurance. Yeah. So you want to get term life insurance, get it 10 to 12 times your annual income. And I'm telling you, it's how you say I love you to your family.

Protect yourself, people. Build wealth, but let's also protect it. This is The Nate Ramsey Show. Welcome back, everyone. This is the Dave Ramsey Show. Hey, on the last call, we were talking to a young lady, and she was Nicole from Eugene, Oregon, and she was talking about having a chunk of money saved in that situation for the birth of a baby, which we always tell people, yes, you definitely want to stockpile some money. But I got a message on social media, and someone said, well, what if you don't have health insurance? What would you do? Well, if you

don't have health insurance, you are definitely stockpiling money because, you know, a trip to the NICU, you know, a prolonged stay there or any kind of health situation for the mom or the baby can be a financial devastation. So you would definitely in that situation, if you had money stockpiled, you're going to keep that money stockpiled until you get that baby home. And then from there, when everything is okay and stabilized, then you know what to deal with as you move forward. And so that's the reality of what you do in that hypothetical situation.

So I want to thank the person for reaching out to me on social media with that question. All right, we're going back to the phones. We got Ginger on the line. Ginger, how are you? I'm good, Chris. How are you? Oh, I'm focused and not finished. I'm here hanging out with a distinguished millennial. How can I help you? Awesome. Hey, thanks for taking my call. So I found you guys a little bit later in life. So I've done things a little bit out of order. I'm 41. I'm a single mom of two. I'm working on baby step three, so I don't have any consumer debt or anything like that. I do have a mortgage.

I'm in a 20-year fixed right now at a 3.5%. So I've been paying that for, I don't know, I think I have 17 years left. I owe about $320,000 on my home. Yes, ma'am. I have about $165,000 in a 401k. So again, totally out of order. I don't have any money in the bank per se, or at least not much, but I have that in a 401k. So my big question is, I bought this house a few years ago knowing that it would need repairs over time, but these things are starting to come up. Like my basement flooded

a couple of years ago, I had to sell my car and pay for that. Um, just things are starting to come up like big repairs on this house, um, a little faster than I thought. What are some of the big repairs Ginger? Yeah. So, um, I, I have some siding on the side of my house that is blowing a little bit and I, um, I, I worry that it is a water issue, and that's what actually caused the basement. So that, which I think, you know, may start in my attic and it's coming down the side of my house. That's the big one. Also, I live right off of a field, so it's a beautiful house. Like, I don't want to get rid of it.

It's already grown in equity. It's now worth, like,, I don't want to get rid of it. It's already grown in equity. It's now worth, like, about $415,000. So it's, you know, appreciating for sure. But, you know, it's right off the field, so there have been some issues with the mice and, like, some other, I mean, just problems. Okay. So are those the two big things? Yeah.

Well, it's also everything is original to the home. So it's, like like builder's grade plumbing, you know, the toilets, the plumbing is not great. You know, everything's original to the house, basic, basic. So those would be, yeah, they're basic items. So those would be upgrades. Those aren't serious repairs. Okay. Right? I mean, I'd say some of them are not serious repairs in the basement obviously

was serious absolutely how long ago did you buy this home uh about three years ago okay did you get a property inspection done i did okay go ahead yeah sorry uh there were a lot of to-dos on that and i've gotten gotten, I'd say, some of them done. Okay. All right. And the reason I'm asking that, Ginger, because number one, as a single mom of two, you're working hard, you're taking care of business. I always want people to be aware of the difference between a want and a need.

Okay? Yes. And again, I know stylistically there can be some things about the house that you're like, oh no. As soon as you saw that, that sink, you knew you were going to upgrade it at some point. Right. Or you saw that light fixture and you're like, not up in my house. I'm getting rid of that. And again, it's great to have that to do list. But what I don't want you to do is confuse a want versus a need. Okay? The basement, you're absolutely right. That's ridiculous. But now as you look at the siding, yeah, you want to find out, is this a water issue? Because that could lead to a bigger one. But I don't want you to try to jump the gun. And the reason I say that is, you're the prime target for a mortgage lender or a bank to

try to offer you a home equity line of credit. Okay? They will try to rationalize. And I am a reformed banker. I'm an RB. Okay? You don't want to go that route.

You don't want to treat your home like an ATM where you're pulling money out. Your home is your largest monetary asset for you and your kids, young lady. Right. And so the last thing you want to do is borrow against it. Now, saving up to repair things that are necessary, yes. But determine a want versus a need. Nah, man. You're hitting it right on, Hogan.

I don't need to say anything after that, bro. You did a good job. And just take your time. Take your time. How much are you making a year? About $108,000. Okay, okay.

And are you able to work from home or are you working outside of the home? It's kind of a little bit of both. That's good. I'm a field rep. Yeah, so I can work a couple days from home. Yeah. You know, I have windows coming in in a couple weeks. I'm only doing the top floor for now because that's all I can afford, but

the windows, like, when the wind comes through here, the whole house, like, vibrates and whistles and shakes. I mean, it's crazy. And you're out in Colorado, so wind is real out there. But listen, I hope you're plugged in with a good church. If you are,

I want you to reach out. Find somebody there that's good with repairs or good with homes or know someone that is someone reputable. Have them come out. Check your attic. Check the flashing on your roof, too. Look at me. I'm using builder terms. You don't know about this. You want to check the flashing to see if water's getting in and if there's any structural issues. So look at your home, that inspection report. Have someone come out and look. It could be a lady or a male that's certified to be able to inspect that and be honest with

you about what's going on. Prioritize those repairs and then take a deep breath. The upgrades and the things that you want to do, absolutely, you're going to be able to get to those, but in due time. And so just set up a plan for yourself and then give yourself the opportunity to work toward that goal. Love it, Hogan. Man, that was some good advice. Yeah, that's rough, man.

Because you know you just moved recently. I did. And when you move in, you have a vision. Absolutely. But you know what? I still haven't done everything I want. I haven't even done 50% of the things that I want to do. Right.

Because I got to go by priorities and I got to move at the speed of cash. And so I have other priorities that are more important than upgrading. But now if something did happen, if like my siding was starting to come and it would come off and it was because of, you know, some watering issues, then yes, I'm fixing that because that's structural damage eventually. But as far as like right now, I want to upgrade all my light switches to smart switches. Oh, that's structural damage eventually uh but as far as like right now i want to upgrade all my light switches to smart switches oh that's not a priority you know yeah so for me because i'm a millennial um i like technology stuff but as a wise millennial i know i need to stick to priorities and stick to cash flowing yeah no i you're absolutely right moving at the speed of cash imperative here's another thing to check into, Ginger, that sighting issue. If that happened

from when, you might want to reach out and once you find out what the issue is, you may want to reach out to your homeowner's insurance to find out if this is something that is covered. And again, so it's going to require some research and some reaching out, but then you're not guessing. And what I know to be factual is little things on the back of your brain, until you get the right information, it can nag at you. Right? And the next thing you know, it's just getting bigger and it's getting bigger. So thank you so much for that call. Speaking of, I got someone, they reached out to us on social media and said, hey, I've just become debt free.

I'm newly debt free. This is from Brianna from Facebook. Newly debt-free, do I need to adjust my insurances, car insurance, homeowners, et cetera, now that I don't owe any money? Brianna, that's a great question. Absolutely you do. Now that you're debt-free, if you have your emergency fund, you don't tell me if you have that or not,

but now that you're debt-free, great job. Get your emergency fund in place. You want three to six months of expenses saved up to protect you. Once you do that, you can contact your homeowners, your car insurance, all of those and raise your deductible. Yeah. What that's going to do is that's the amount you would pay out of pocket. If there was a loss, what that's going to do is drive down how much you're paying monthly. You see what I'm doing? You're going to take on more of the risk because you've got cash now with that emergency fund. I love it. Listen, thank you all for tuning in. I want to thank

producer James Childs and associate producer Kelly Daniel, and I want to thank all of you for tuning in. This has been The Dave Ramsey Show. This is James Childs, producer of The Dave Ramsey Show. On your smart speaker, you can add our skill by saying, Alexa, open the Ramsey Network skill. From there, you can listen to all our shows. Ask Dave money questions like, how do I invest my money? Or what is the debt snowball? Find out more at DaveRamsey.com.