The Ramsey Show - App - Do I Focus on Getting a Job or Studying? (Hour 3)

Episode Date: March 30, 2021

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Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the 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. Anthony O'Neill, Ramsey personality, number one best-selling author and host of The Table. Big-time YouTube and podcast explosion that's happening is my co-host today. You jump in, we'll talk about your life and your money. The phone number is 888-825-5225.

Tiffany is with us in Sacramento. Hi, Tiffany. How can we help? Hi, Dave. I have a little complicated issue here. Hopefully I can explain it. Okay. My husband had a job change and real estate is different in various parts of California. And we had to leave our home. We're renting it out. We only owe three and a half years on it now. So we, cause my husband's job changed. We left that house, but are renting it out. We owe three and a half years, but where we live now, real estate is

super expensive. And so my husband wants to sell the house. I have sent a million value to the house. If we, if he lost his job, we would go back to that house. If something happened to him, I would go back to the house. So I feel like it's more advantage to have a paid off house. And oh, the only way we could buy a house in the area that we live would have to be a 30-year loan. So it makes me sad to think about selling that house and, you know, walking away with maybe $200,000 and still having a 30 year loan. Am I making sense at all? Um, well, I mean, I understand what you're saying, if that's what you mean.

The, uh, where is the house? Uh, the house that we only owe three and a half years on. Yes, ma'am. That's the only one you've got right yes it is in uh susanville california you've probably never heard of that no i haven't how far how far away from you is it uh four hours okay all right and you left there because he took a job in sacramento yes do you feel like his job in Sacramento is going to end soon? No. So how long do you think you'll be in Sacramento? You know, we have children that

are in college now or getting college age, so I really don't know. I mean, that's kind of part of my reason, too, is is like do i really want to buy a house but then we try and rent a house i mean are you i mean are you going to be there two years are you gonna be there 20 years yeah yeah yeah yeah two years five years maybe not 20 years yeah how old are you guys i'm 46 my husband's 10 years older okay all right so he's gonna work 10 more he's probably gonna work 10 more years anyway right I'm 46. My husband's 10 years older. Okay. All right. So he's probably going to work 10 more years anyway, right?

Right. Yeah, he suggested Tennessee. All of us Californians are moving to Tennessee now. Okay. So how would that take you back to Susanville? Yeah. Right. I'm not from moving to Tennessee.

I want to stay in California. Oh, okay. I don't think this is about the house. I think this is about you holding on to Susanville. Right. Why is the house sentimental? I don't know. You've got to know something. How long did you live there?

We were there about nine years. Was that your first home? Yes, yes. I brought all my girls home there is it just because I hear like security as well like if something I kind of almost feel like you're grieving the fact that you left there yeah there's a lot of different greens so anyways yeah it's i just part of me is yeah i'm attached to the house yeah part of me it makes me sad to think that i probably wouldn't have a paid off house till i'm close to 80 that great well i don't i don't think that's true what's your household income um probably 180 190 okay, close to 200.

I mean, I think you guys need to do some more investigation of real estate in your area. I mean, Sacramento is a more expensive market than Susanville for sure, but it's not San Diego and it's not San Jose. It's not Silicon Valley. So I think making $200,000 a year with a $200,000 down payment, you can do a 15-year on something that you can find in the area and get it paid off and have a game plan to have a paid-for house. I'm not signing you up for a 30-year mortgage.

I agree with you on that, but I think you're overstating that and adding some drama to this discussion because your heart is breaking about Susanville somehow or another. I don't know what it is. I can't tell. But, I mean, you got, you're not going back there. You know that logically, but there's something emotionally that says I can't let go, and I don't know what that is.

So, you know, I think that it's important for you and your husband and your all's relationship to work through that part of it and i think when you kind of come to the conclusion that you're not going back there you're going to sell it yeah um that's what it's what i would do i wouldn't suggest you own a rental property four hours away that's paid for yeah um almost paid for um and so i'm going to select a property with my two hundred thousand dollar income in sacramento with a two hundred thousand dollar down payment that's a 15 year fix and i think you can do all that so um uh you know i agree with your husband's conclusions what i still can't find and and i'm and I wouldn't come down on you for this,

but there's something going on with you and this move emotionally that's causing you to lean this direction. And that's more of a concern to me for you guys going forward, for your relationship, for your your peace of mind all that kind of stuff than just whether or not you own a house uh in susanville yeah so i mean you could kind of feel it in the air i really can't i really can't but i'm right there with you dave two hundred thousand dollars down payment home four hundred four fifty max five $300,000 to pay off. And then, hey. And if something was to happen, and I hate to say this, hopefully they have proper term life insurance and they can take care of the house and she's back to where she was. She's safe.

She's secure. There's something about the past that's going on there. There's something happening. Open phones at 888-825-5225. Thank you for joining us, America. So the thing to remember, to Tiffany's credit, and it's a good lesson from that call for all of us, and I have to stop and remember it, not as often because I've done this show for 30 years and it keeps me remembering it,

but personal finance is personal. Yes. And so there are times with money that it's okay to do something that's illogical or maybe not the perfect math thing because it's what you are doing. Yeah. It's a perfect math thing because it's what you are doing. You know? It's like you wouldn't logically spend what we spend on a diamond for an engagement ring or a wedding ring. Right. It's not logical.

It doesn't match the numbers. It's not a return on investment in terms of mathematics. It's a personal thing. It's a gift to your betrothed. And so it's okay for it to be personal. It's okay to have feelings about all this, in other words. Do you know who is a prime target for identity theft? Your children. Kids have no debts or credit history.

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You're not going to get sucked in. Text the word TAX to 33789 to learn more, and you can start the process for free. Text TAX to 33789. Paul is in Atlanta. Hey, Paul, welcome to the Ramsey Show. Dave, Anthony, thank you for taking my call. Sure. I have a question.

I was going to see if you two could provide me with some guidance. Okay. I got married just a couple months ago. Congrats. And I had a home that, well, thank you, I had a home that I had previously or just shortly before a marriage I bought. Well, my wife is wanting me to add her to the deed here and put her as a co-owner, but she doesn't want to be added to the mortgage. And my thinking is if someone's going to be on a deed, then they also need to be on the mortgage.

And we're kind of trying to debate this out. I want to be fair. She's worried that if something were to happen, if, I don't know, if something were to happen, that she would have to leave the home. And like I said, I want to be fair. I just don't know the right thing to do. Okay. Well, to start with, being added to the deed and not being added to the mortgage doesn't matter. You still have to pay the mortgage if you die.

Well, I think it's what I'm worried about is if we were to, in that case, if, God forbid, a divorce were to happen, I would be left holding a mortgage, and then someone would have, you know, an ownership or an equity of my own. No, that's not how it works, because in a divorce, they divorce. Whether you have, whether your wife's name is on the deed or not, she's got marital rights to your house in a divorce you're going to have to you're going to have to deal with the house as an asset in the divorce in most states in most states including georgia okay now there's some states that don't that aren't wired that way but the vast majority of states are pretty simple in a divorce you're going to divide up the property and what regardless of whose name it's in and i'm glad you you put me to ease on that yeah so you're you know so i would have a will that takes care of her uh you can add her name or not add her name to the deed

i would not go to the expense to refinance because her being on the liability the mortgage or not being on the liability mortgage is pretty simple you don't pay that mortgage whoever it is somebody pays that mortgage or that house goes away they're going to foreclose on it dude we got to walk away well on a financial end of it i have enough assets to where i could sell to pay the home off um i have a couple of rental properties and then some cash savings and i would be totally 100 debt free uh kids how long have you been married about three months oh okay so you brought substantial assets into this marriage correct and she wants like what is your net worth um about 700 000 okay

all right and what do you make? Around $160,000. What does she make? Around $40,000. Okay. How much is the house worth? Could you say you have enough to pay it off? Yes, I have enough to pay the home off.

I would have to sell a couple of my rental properties, but they're just low-end rentals, but I could sell them and then be 100% debt free. What do you owe on the house? $360,000. How old are you guys? I'm 53. She's 42. Okay, so paying off your house or not paying off your house doesn't affect your position. Yeah, I – unless you just hate – unless you were thinking of selling these rental properties anyway,

if you are, then it's okay. Yeah, use the money from that and let's clear the mortgage. But you've got a great income. I think you're going to be able to clear the mortgage in a few years anyway. That's what my – I started listening to you just a few short months back, and that was what my goal was, and just maybe three to four years had the mortgage completely knocked out. Yeah.

And that does not make you more vulnerable in a divorce situation or her less protected. I want to protect her and be be fair i mean more protected i mean it just doesn't it doesn't do all that so uh um yeah i think you guys just working together and understanding for the most part from a legal perspective what your rights are and if something and having a will you need to get a will in place uh which would give her some comfort uh that if something happens to you she's you know she's gonna what she's going to inherit if you've got children from a former marriage or anything then you're gonna have them

have some of the assets she's gonna get this house whatever it is go ahead and have all that laid out in a will and i think that might help the relationship part of this discussion yeah i agree i agree uh dave can i ask you a question young guy net worth is two million dollars just got married what's your stance on um prenups would you advise that guy to do a prenup with his net worth that high yes okay i mean two million and above you start looking at it and the reason is not the it's not the actual person you're marrying okay it's their stinking family and if you've got a prenup it shuts everybody up wow and because here's what happens the more money is involved the more weird comes out of the cracks i got you weird just shows up crazy just shows up yeah and um and it just sets

it aside now i don't recommend a prenup okay um or a postnup either one and in a situation like he's got 700 000 bucks that's you know you you know, if you love your money more than you love her, you shouldn't get married. But, you know, if you've got substantial assets, regardless of your age, man or woman, and you're coming into a marriage and the other person does not, then, yeah, you need one just because it takes all the weirdness off the table. It's a preset formula of they're going to get this in the event of a divorce and they're not going to get anything else and it's

it's a lockdown thing okay and then if you know they're little stupid friends or they're stupid crazy family members or whatever start speaking into the relationship uh it gives them there's a kind of a rudder to the ship there's a plumb line that you're bumping against that you go okay no that that's not gonna work out that it's not gonna work out that way gotcha so um you know you're walking away from that and that that person also knows they're gonna obviously leave the marriage with what they came in with gotcha which is nothing or something depending on what which person we're talking about here right but and as it should be you shouldn't have access to that but i you know like i had one guy one lady call and she said she was dating a guy who had a classic sports car and he wanted a prenup

and i said uh don't marry this guy he likes his car more than he likes you you know no you this isn't This guy's not marriage material. A classic car game? This guy's a twerp. Yeah. Don't marry this guy, right? But, yeah, but, I mean, if you've got $2 million, yeah. Yeah, I think you do need to set some boundaries with that

because it just keeps the crazy at arm's length. Gotcha. In the lobby of Ramsey Solutions on the debt-free stage, Johnny and Ashley are with us. Hey, guys, how are you? Good. Great. Good to have you guys. Where do you all live? Selmer, Tennessee. Oh, cool. Welcome to Nashville. And over here to do a debt-free scream, how much you paid off? $49,700. Way to go. How long did it take? Exactly 21 months.

Excellent. And your range of income during that time? We started out $19,000, and after hearing about this program, made it up to $60,000 a year. Whoa! So how'd you do that? Well, we were always taught the verses in the Bible about it's the rich man can't make it into the kingdom of heaven kind of stuff. And after starting to listen to you, we heard the other verses that that wasn't evil and it changed our mindset and I run my own business. And so I just went after it. Wow. Good for you.

Cool. What kind of business have you got? I run a handyman business. Good for you. That's a great business. Oh, yes. Always work for that. Always work.

And you live here in Nashville? No, somewhere. I wish. I'd work at that. Always worked. And you live here in Nashville? No, Selma. I wish. I'd work at your house, too. Yeah, because I don't know if you know. Well, I'm not going to bring that up. But anyway, he might need some help.

That's all I'm saying. I need some help. So way to go, guys. So how did you get plugged in? What started this journey? Well, so we were probably in like the lowest part of our life um oh i swore i wasn't gonna get emotional um my dad had just passed away and about 20 weeks later um we had a um miscarriage at 20 weeks um and we just kind of continued to spiral down um and he started listening to or through somebody he heard about you guys and he was like you know oh they're

probably you know get out of that you probably have to be rich or whatever and um he started listening you know he went you know well we're we're as low as we can get like how much farther can we go i might as well look at it so he did i was the hesitant one i mean i was struggling real hard but um he started showing me some of this stuff and everything and i don't know, it just gave me hope seeing other people do debt-free screams. And so, yeah, anyways, kind of went from there. Yeah, wow. It's a tough year. Yeah.

I'm sorry. But the good news is that, you know, it's almost like you can, one way to work through the grief is not to ignore it, but also to have something to aim at. Yeah. And have a goal in front of you, and that helps you with that process. So that's cool. And then you go get in gear and make more money than you ever made in your life.

Yeah. Once we found out that it was physically possible, it gave us hope because before we had no hope. So why go to work? There's no reason to. And then when I saw your plan, I was like, oh, my God, it doesn't matter how much money you make. There's hope. And so it just gave us that drive.

Man, you guys are impressive. I'm so proud of you. I took on a job for about six months with a company that I worked for before we got married. And they took me on for six months. And I did that and homeschooled my girls. Very cool. Very cool.

Way to go, you guys. So I'm curious, throughout these 21 months, what was the hardest thing? Because you all are making what the average person makes in America. And we get a lot of people saying, we can't do it. It's hard. It's difficult. We don't make enough money.

We don't make a lot of money. But you all paid off $50,000 in less than two years. So what was the hardest thing and what helped you push through that? The hardest part for me was not going to the beach. And when people would ask us to go on things, you know, going out to dinner with them or, you know, just out somewhere to like, you know, the movies or, you know, something else. And just having to tell those people no. And they're like, why? And then trying to explain why.

And they're like, you know, it didn't make sense to them. You know, a lot of people our age that we grew up with were kind of like, you guys are crazy. Yeah, you'll never do it. Honestly, it wasn't that hard because when you go from making $19,000 a year, that's below the poverty line. And then you triple that. It's not like you say when you make a budget you feel like a pay raise we had a pay raise and so you did so our you feel

like you hit the lottery yeah our our lifestyle increased even though we are paying off debt increased and um i mean because even paying half of our income to the debt we were still making 30 000 a year at that rate yeah Yeah, you still almost doubled your income. Yeah, so we felt like it kind of made it hard in that sense to not take her to the beach and stuff because we do have more money. And before, we were going to the beach once a year and just using credit cards to do it. Yeah, wow. So that's what kind of debt this was?

$50,000 was credit cards and what else? It was all credit card and $6,000 on a van. Okay. Wow. Part of it was starting my business, buying tools, and the first couple years of my business, I made $15,000 a year, and then we made it to $19,000, and then when we heard about you, it just gave me that motivation to make more. I'm so proud of y'all. Well done. With his business, usually December and January are pretty hard months for us. So this past December and January, I mean, we had a washer break and everything else.

And at first, when we started having things happen where that's what you would use your emergency fund for, there was the first anxiety that would happen. Oh, my gosh. And then I'm like, wait a minute. I don't have to freak out about this anymore. We're going to be okay. We can still pay for everything and replace whatever we needed to. And it didn't put us behind anywhere.

You guys are on your way, man. So good. You got all the stuff. This is so cool. Well done. So at the end of April, we will have property, and we're going to build a house. Wow. I love it.

We're buying 80 acres. 80? We already have the down payment. 19,000 is $60,000 of income to 80 acres. Yeah. Life is good. Well done, you guys. I mean.

Well done. That is so cool. Can I rent just a couple acres? Well, we're wanting to do an Airbnb and a wedding venue in a few years down the road, so we'll send you a free night. There you go. I appreciate it, man. There you go.

That's good stuff. Well, very cool, you guys. Well done. Very, very well done. And you brought the kiddos with you? Yep. What are their names and ages? Jenna is nine.

Mm-hmm. Bella is seven. And Lyra is three. All right. Beautiful young women. Very well done. So they've been practicing their debt-free scream? Yep.

All right. Let's see it. I love it. Very cool. All right. Johnny and Ashley from Selma? Selma, Tennessee. Selma, Tennessee.

Yeah. $50,000 paid off in 21 months, making $19,000 to $60,000. Well done. Great story, you guys. Proud of you. Count it down. Let's hear a debt-free scream. Three, two, one.

We're debt-free! Yay! Yay! I love it! Wow. How fun is that? Wow. I mean, Dave, did you hear that?

From below, we were below poverty to now 80 acres inland. Yeah. And no debt. And no debt. Life is good. That's beautiful. Life is good. That is just beautiful. Just permission debt. Life is good. That's beautiful. Life is good. That is just beautiful.

Just permission to go win. Yes. You have to give yourself permission to win. And that's important. Yes, sir. And sometimes you just need somebody to say it out loud. Right. You know?

And you got permission to win. You're allowed. It's okay. Oh, my goodness. Woo! That's powerful. So powerful. Well done, you guys. So beautiful. What a great story. What a great couple. It's okay. Oh, my goodness. Woo! That's powerful. Well done, you guys. So beautiful.

What a great story. What a great couple. Yes, sir. They're on fire, man. Life is good. This is The Ramsey Show. Thank you. Our scripture of the day, Deuteronomy 8 18 but remember the lord your god for it is he who gives you the ability to produce wealth and so confirms his covenant which he swore to your ancestors as it is today nelson mandela said, Money won't create success.

The freedom to make it will. That's a lot like that young man we were just talking to. Yes, sir. I mean, you know, he just had to have permission to go win. Yeah.

The Lord your God, for it is He who gives you the ability to produce wealth. Wow. So, very interesting. very interesting and uh powerful open phones here at 888-825-5225 anthony o'neill is my co-host today chris is with us in ashville north carolina hi chris how are you hey dave good how? Better than I deserve. What's up in your world? Awesome. Not too much. So I've got a last survivor adjustable life insurance policy that my parents put into my name three years ago.

And I wanted to get your advice on whether I should keep it or surrender it. I'd like to give you a summary of where I'm at with the baby steps right now. I'm 34, debt-free, make $52,000 a year. I'm going to be done with a six-month emergency fund at the end of May. After that, I want to save up to either build a small garage apartment or buy something. And then I've also got $1,400 in a 401K just sitting. I'm not contributing to it at all. Are you single? Yes.

Okay. All right. Well, this life insurance policy was bought as an investment, not as life insurance. And it's a crummy investment. It has a horrible rate of return, and the insurance portion of it is very expensive. And so I would buy a little bit of term life insurance. You don't need a bunch, maybe $100,000 or something, just to clean up your estate if something happened to you, so nobody had to pay to bury you or something like that.

And then I would drop this stuff oh so this this policy is insuring my parents not me oh why did they put it in your name yes i guess they wanted me to have control of it for some reason so it pays you upon their death? Yes, whoever dies last. Yeah, between the two of them. Yes. Are you paying for it, or is it paid up because they paid so much into it? So they paid $46,000 into it from 1997 to 2013. The current surrender value is $70,000, and the death benefit is $500,000. Yeah.

So they're making 2% on their money. Yeah. Okay, so what happens? Let's see. Are you morally obligated to take care of their – is this just to benefit you, or you're supposed to take care of their final expenses out of this, or what? Have they got an estate? Yes.

Okay, so you wouldn't need this if both of them passed away to cover their burial, right? No. And I assume you're the beneficiary of their will as well, right? I am. Okay. Yeah. So basically you have $70,000 sitting here in an investment that's not got a great rate of return is really what this comes down to. Well, it's both of them. It's a last to die.

Are they both ill? No. No, they're both it's a last to die are they both ill no no they're both in good health how old are they they're in their mid-70s they're uh my dad is 73 and my mom sorry my dad is 75 my mom's 73 yeah uh i'm getting rid of it i'm just it's it's basically a 70 000 investment that's sitting there doing poorly that has a half million dollars attached to it on some 75-year-olds. But, yeah, no. I'm going to take my $70,000 and I'm going to invest it well. Okay. And then, you know, that was going to be my secondary question is I want to have a good plan for this money.

Yeah. You know, if I choose to surrender the policy. So being where I'm at, not only having $1,400 at a 401k at age 34, how would you allocate those funds either to a down payment on a house or a 401k or either or? A 401k is payroll withheld only yeah and so yeah i would use a portion of it for a down payment on a house and i would invest the rest of it in some mutual funds okay normally i would just put it all on the house but because there's a lot of weirdness in the air here about them having done an investment for you uh i'm going to try to honor that with them a little bit, and let's put some of this into an investment. So maybe $20,000 down the house and $50,000 in mutual funds or something like that.

Okay. Because they're probably, you know, they got sold this policy by someone, and they think it's a big, wonderful thing. I don't. Yeah. I wish they had invested $46,000 for you into something else and it'd be 146 now instead of 70 but yeah and i can sense some a little bit of regret from my dad uh you know in relation to that okay so he's not going to be like his feelings aren't going to be hurt by you cashing

this thing out then no no they've told me that it's mine to do with what I wish. Yeah, that's very healthy. That's cool. Yeah. Yeah, you didn't get a guilt trip with the policy. Well, you know, the thing is, ultimately, it's a gamble on death, and that makes me feel bad in the first place. Yeah, it's kind of weird. But, yeah, but, you know, but truthfully, from a math standpoint, if they were both in the final stages of stage four cancer or something, then, you know, mathematically, we'd be a little bit cold and weird about it

and hold on to it, right? Yeah. But we don't have that situation. We just need to take the $70,000 and do your life. Let's you do you. And, you know, $20,000 is a down payment. You know, $50 50 000 into some mutual funds and what i mean are you you've seen something else am i missing something no no you're hitting

right on it and i like the fat data that you said honor the parents and go ahead and invest 50k now that's one thing i was going to say well if they did that so you can have investments we'll go ahead and invest uh but i would i mean you you went to 50 i was gonna say 50 50 you know that'd be all right 35 and investment that'd be okay too i'm just making it up here on the spot that'd be okay and there's nothing wrong with putting all of it as a down payment on the house no but um but there's just some sense about this money has been built slowly over time right as an investment um and so, yeah, albeit a bad one. So that's what I would do with it. Good question.

Good question, man. We appreciate you joining us. Abby is on Instagram. Anthony, I'm a 16-year-old, and I recently quit my job due to working nights alone. That was smart. I have the opportunity to get right back into the workforce, but I can also spend my time working on my studies for an upcoming test. This test can determine scholarships and college acceptance.

Which should I choose? Clearly, I want you focusing on your tests. While we was walking out during the break day, we saw one of one of our good friends, and she literally worked every single day looking up grants, looking up preparing for the SAT preparing for the ACT and she when she raised a half a million dollars Dave um so that came back to like five hundred dollars an hour she was making and so I believe if you can take some time to really focus on preparing for the test getting the SAT covered getting the ACT covered and getting some grants and scholarships on the side to get more grants and scholarships, that is a job, you know, as long as you can do it well. Now, if you can do that and get a little part-time job on the weekends, I like that even better. But nothing should stop you from focusing on your studies.

Yeah. Yeah. Get your grades up and then use the fact that you've got high grades, not for possible college acceptance, but for probable. Yes. And not for possible scholarships, but put the hustle on the ground like our friend did there. Absolutely. With it to go get the scholarships.

Make it your job. That is your job. Yep. And it's worth more than being a whopper-flopper. If my kids, I'm going to say this now, and I ain't even married, but that will be my kids' job. And if they don't raise enough money and cash in, they're fired. Oh! That'll work.

All right. Thanks to James Childs, our producer, Kelly Daniel, our associate producer and phone screener. That's Anthony O'Neill. I'm Dave Ramsey. 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, it's Kelly, associate producer and phone screener for The Ramsey Show. If you would like to do your debt-free scream live on the show,

make sure you visit DaveRamsey.com slash show and register. We would love for you to come to Nashville and tell your story.