The Ramsey Show - App - Do I Need a Prenup? (Hour 2)

Episode Date: April 1, 2024

Девочка-пай Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey Personality, host of The Ken Coleman Show and author of the number one bestseller, Paycheck to Purpose, and another one called Proximity Principle. He's my co-host today. Open phones at 888-825-5225.

Dallas starts this hour off with Pat. Hi, Pat. How are you? Doing well, Mr. Ramsey. How are you? Doing well, Mr. Ramsey. How are you? Better than I deserve. What's up? I was just calling in. Appreciate you guys taking the call.

I just wanted to get your take and your opinion. I listen to a lot of your shows and snippets here and there and about shared finances and which is, you know, how I grew up in my, in my life, my parents, you know, one, one bank account, one finance, one checkbook, so to speak. And I am currently about to propose to my soon to be fiance. And we, you know, we have sat down and talked about a lot of the life goals and kind of how we want to raise our kids and how we want to manage our life and everything. And sometimes we kind of butt heads on finances. And sometimes I guess I feel I'm about 11 years older

than she is and have worked very hard to get to the point I'm at now. And I worry about, you know, is there some steps that I should take from, you know, possibly getting a prenuptial agreement for assets that I have now? And then also a big question on, you know, I'm currently building a house and about to move into that. And then if we were to pay for that house out of a shared finance, but it's in my name, it just kind of felt like muddy water. It's just something whatever happened down the line. Were we going to divorce or, you know, of course, that's never the goal. But just how to approach that and make the best decisions going forward.

What's your net worth? Probably about 1.7. How old are you? 38. Okay, which makes her 27, right? Yes, sir. Okay. She's about to turn 27.

All right. How long have you all been dating? About a year and a half now. Okay. All right. What's the nature of butting heads over finances discussion um i guess when i think about kind of you know i had bought some property and held it for a while and now i'm building this house on it and just i guess going forward should i pay for

the house and or should she help out she's just concerned because it's not in her name or you're butting heads over that yeah are you butting heads over anything else not a whole lot uh we have different thought processes on you know vehicles and i'm more of a i've had a couple cars in my lifetime she likes to lease cars and kind of do things that way and um i've always kind of been more over the i'll drive a car for seven eight nine ten years or something before i change make a change okay um well here's what i want you to get to the bottom of in your pre-marriage counseling or pre-engagement counseling whichever one you decide to do okay um the house disagreement is a valid thing to argue about and we can talk through that in

a minute that's let's set that to the side for a second um you don't borrow money you're a cheapskate and you drive a car forever and she likes new things and nice things, and she doesn't mind going into debt. Right? Yes, sir. Okay. Yes, sir, for the most part. She is very good with her money, but she's raised. No, she's not.

People who lease cars are, by definition, not good with their money. It is the most expensive way to operate a vehicle, and it's the inability and immaturity to say no to myself so i go buy whatever the flip i want because i'm an immature child that's who leases cars okay regardless if you're 53 or you're 27 because you just want to buy something it is the least down the least a month and the worst deal to get a new car that you can't afford so this is who leases cars so no she's not good with money but can we talk through that to her defense she she just recently purchased one about a year like eight months ago

because i i kind of told her i was like man i feel like leasing money is a good way to waste a lot of money but so i think she's trying to make the decision but now she leased it or more no she bought she bought her last one. And pay cash for it? No, no, sir. She has payments. Okay, okay. So, I mean, I'm resting my case here. So here's the thing.

If I will not delay pleasure to win, that is the definition of maturity. So I'm willing to save up and pay cash for things. I'm willing to drive things longer to get the full value out of them and pay cash for them. Thus, you have a $1.7 million net worth, and she's broke. Okay? And that's not to put her down. It's to put her actions down. All right? And so that is what's concerning me about the marriage, not your 1.7 and not who gets their name on the house because the number one cause of

divorce in north america today is money fights and money problems you're not likely to have money problems but you are very likely to have money fights yeah because either she's a great lady which we suspect she is because you want to get engaged to her who has some minor adjustments to be made and needs to learn understand some things she doesn't understand about money and move along the spectrum a little bit to move into wisdom or she's a freaking princess and you're going to spend the rest of your life trying to keep this woman happy yep she's one of the two i think it's i hope it's i think it's too pat the former no i'm gonna tell you why it's not you called us asking us if you should protect your money

because deep down in dark crevices of your mind when you're laying awake at night you are afraid that she might be a princess and and that's the truth. I'm just going to tell you. You don't call and ask that question. Wait, hold on. There's a percentage chance. I didn't say she was going. I'm saying he's worried that she might be. And to your advice, Dave, Dave's advice is right.

I would do premarital counseling to the nth degree and make sure that money are the first whatever sessions because I think you're worried, and I think you have some justification as to why you're worried. You guys are on opposite ends of the spectrum on money. Yeah, so that's what you've got to solve for the sake of your marriage, and no prenup in the world will solve the disagreement. That's right. You got to get on the same page. You got to get aligned, okay? And that's your protection more than a prenup. Let's change the discussion and pretend we're at a different place okay let's pretend we're four months from now you guys have been through financial peace university

together they gave you some material which i'll give you as a potential uh engagement gift or whatever we call those things and so i'll give it to you free you two go through that together you two sit down with a pre-marriage counselor and work through this issue let's say you get through that and she's solid she's like i get it we're doing this okay you might look at a prenup more to protect you from her crazy relatives than her at that point because your net worth's okay it's not like through the root it's not not like you got $10 million and you got one. But the house, if you're going to ask a lady to share your bed, her name ought to be on the deed. Correct. Right.

Yeah. She's right about that. But you've got a reason for not putting it on there right now. You've got to solve for that reason as a marriage thing and then put her name on the deed. And if you want to do a prenup or not, it won't matter on the other stuff. That's what I would do. Hang on. I was going to pick up.

We're going to put you through Financial Peace University. Ken Coleman, Ramsey personality, number one bestselling author, is my co-host today. Jane's in San Francisco. Hi, Jane. How are you? Hi, Dave. Thank you for taking my call. I'm going to try to talk real fast.

My brother and I are co-conservers of my mom. My mom is in a facility. Dad passed in 2020, and I'm interested in buying my dad's home. Brother tried early on to say he had a video of what my dad wanted done with his home. Brother tried early on to say he had a video of what my dad wanted done with his home. It was a visit to an attorney who said, home belongs to mom. So in light of this, and what he's already tried, I want to protect myself. I've been told I need to see a probate attorney. Somebody else said, you need to see a real estate attorney. Then somebody else said, oh, no, no, you need to see a probate attorney. Somebody else said you need to see a real estate attorney. Then somebody else said, oh no, no, you need to see an

estate planning attorney. I'm lost and I need guidance. When I bought my... You and your brother are arguing about the house? Is that what you're saying? No. No, not yet. Okay, so you want to buy the house. Is your brother on board with that?

Yes. Okay. Now he is. But he's tried things throughout the past three years. Well, that's irrelevant to today. If he's on board with you buying the house, will he sign as co-conservator for you to buy the house? Yes.

Then you sign as the other co-conservator for you to buy the house yes then you sign as the other co-conservator and you buy the house the as conservators your job under the law and you can ask an attorney an estate planning attorney whoever set the conservatorship up can tell you this but a conservatorship is you have a the responsibility to act in your mother's best interest so So if, as co-conservators, you decide to sell you this house at half of what it's worth, you would not have acted in her best interest, and that sale could be undone. Correct.

So you would have to pay market value for the house. Correct. Okay, if you pay market value for it, and both of the co-conservators, you have power of attorney as a conservator, do you not? I am the main conservator, yes. Well, I mean, the two of you together acting as co-conservators can sign to move any of our assets around. You're conserving.

You're taking care of her assets. Am I missing something? No. Okay. Then the two of you signed to sell the house. It's in her best interest she's never going to live there again she has a pile of money to take care of her from the sale of the house as long as she gets market value for the house no one could object to that okay because

my brothers just pulled some things in the past with these three years that we've been co-conservatives that i i just don't trust in anything that he says or does so that's why i'm wondering what sort of why do you want to buy the house um because i live on the third floor and i'm really tired of climbing three flights of stairs you know anywhere from eight or nine times a day so my and this is a single uh family dwelling and I'm kind of ready to leave Silicon Valley it's really expensive where is the house uh it's up near on the other side of Sacramento. Okay. Why this house? Why not just go buy you a house that you like and forget

it? I'll just send them a little reason. Just because you're fighting with your brother and you want to win. No, no, no, no. We're not fighting. You told me six times how he's trying to screw you.

Right. Okay. I don't know where you're from. I'm from Tennessee. We call that fighting. Oh, well, over here in California, it's just kind of the way people are. That right there was worth showing up for today ladies and gentlemen you don't get that at your mother's 401k meeting i'm just telling you not no but you have deeper sentimental feelings about

this yeah you need to go buy a different house honey yeah this is just you're just chasing some kind of emotional rabbit trail here and if you want to live don't want to live on the third floor so move yeah that's okay it's not hard there's lots of places you can live so pick out where you want to live and go buy your house and then when your mom needs to sell her house for the good of your mom then you and your brother sell her house for the good of your mom there's nothing here that's holding this to you you're just you're chasing some ghost in the past or something with your brother or some kind of a thing here some kind of gyration i'm assuming there's a will in place that causes this all the assets to be sold upon her death and divvied up between you and your brother and that's a standard probate process

you're very protected you're fine i think you're good i think you're going to have a much better quality of life if you go buy a different house i don't think this house is going to be a blessing i don't think the process of getting it is going to be a blessing it's going to put you in too many different conflicting conversations that you don't need to be in just to get on just to get off the third floor wouldn't do it wouldn't do it gray uh open phones at triple eight eight two five five two two. Today's question comes from Jackson in Pennsylvania. I work for my parents' family business, which is worth over $10 million. I've been working for them since I was 15, and we've all agreed that I am interested and in position to take over the business one day.

So for now, I'm in the process of learning and advancing. This is fine, but right now I feel like I'm stuck in my career when I could be making more money at another company doing the same thing. I currently earn only $35,000 a year. Anytime I start doing side hustles to make ends meet, my dad gets frustrated and says he can't give me more responsibility until I'm more committed to the business. How do I balance wanting to make more money now and being content with what I'm making currently, knowing full well I will be financially set in the future when I own the business. And my friend Jackson,

you just about answered your own question there. You are not stuck professionally. You're stuck emotionally. And because you're a future owner and you're young, you're full of hope and vigor and energy, and I want it now. And I'm much older than you, and I still struggle with wanting everything now. And I think this is a focus on the now. We win the now so that we can

get to the next. And you answered your own question. I mean, you have got to get to a point where you go, if I'm the owner one day and I've got some frustrations, I need to be a big boy. Sit down with dad and be a man and talk man to man, owner to employee who is potential owner, and share some of the frustrations. But ultimately, I think this is about learning and advancing. And you can't learn and advance. And be stuck. And be stuck.

They're not the same thing. You're just not stuck professionally you're set up your own question says uh i'm going to be financially set in the future so i'll tell you from my perspective if i were in your situation and i didn't grow up with that opportunity you're very blessed you should be very grateful and my friend welcome to one of the most difficult things of winning every person i've ever had a chance to meet and talk to or interview who was successful, they learned how to deal with the tension between patience and persistence.

You've got to get up, and you've got to show up, and you keep getting up and showing up. Eventually, you go up. But there is a tension between patience and persistence, and welcome to the game. I completely agree. And, you know, lean in, work harder. But I think it is fair to have a conversation with your dad.

One of the rules we teach when we're teaching in Entree Leadership, and we believe it at Ramsey, we've made it true here, the Ramsey kids, the family members that work inside of our business, get paid market value for their position. No more, no less. So Rachel Cruz has the exact same pay schedule royalty on her book that Ken Coleman does on his book. Now she might sell more or less books, but she's in the same royalty schedule.

And so she doesn't get any leg up. She can get double royalties because she's a Ramsey. And she doesn't get half royalties because she's a Ramsey. And she doesn't get half royalties because she's a Ramsey. We don't need slave labor here just because they're in the family. So if you're worth in the marketplace more than $35,000 for that position, your company ought to pay you market value, not a dime more, but not a dime less. You ought to be paid for the position you are, not for family. You shouldn't be cheated because you're family, and you shouldn't be overpaid because you're family.

And then from there, you work on the transition, the succession plan, the learning and the processing and the growing. And, um, we've got three Ramseys that work on this team. All three of them are paid exactly that way. Not a dime more than market value and not a dime less. And that's what they've always been paid. When they came out of college and they were just worth nothing and it took a little while to get the college knocked off of them and make them valuable, they got paid what we pay a worth nothing just out of college student. And then they get the college knocked off of them, they're worth more and we can pay them more. And that's true of everybody in this team. This is the Ramsey show.

Well, it's National Financial Literacy Month this month. So what are we going to do? Well, we're going to celebrate teachers, teachers of all kinds. The teachers of America love our kids. Well, they work hard. They're helping to shape the future by making sure our kids get the education they need to succeed with whatever life throws at them and here at ramsey we want to say thank you to our teachers out there with the teacher

appreciation giveaway sponsored by ramsey education one teacher will win a $5,000 vacation plus two additional teachers will each win a $3,000 vacation to wherever they choose. It's completely free and no purchase necessary. For more information, just go to RamseySolutions.com slash teacher. Ramsey Education, of course, is the arm of our company that puts high school curriculum out there on personal finance called the Foundations in Personal Finance Curriculum. It's taught in most of the states in the United States now. 48% of the high schools in America have taught it at one time or another, and almost 10 million students have been through it. So we continue to have great teachers out there teaching that. We say thank you to you and all of you that enter the classroom at your own

risk these days thank you for doing that you should get combat pay oh my gosh so hey a couple of vacations uh five thousand and two three thousand dollar vacations are out there ramsey solutions.com slash teacher no purchase necessary go and register and spread the word to other teachers that you know that they should register as well. Somebody's going to walk away with those. Grace is in Washington, D.C. Hi, Grace. Welcome to the Ramsey Show. Thank you for taking my call.

Sure. How can I help? So I purchased a home in 2022. Right now, I've made a decision to rent the home. I'm currently living with my mom and grandmother. The home needs some repairs. I've put some work into it thus far, but I need about $20,000 to $25,000 more to complete the repairs to get it rentable. My question is...

Why are you not living in it? Well, because I live with my mom and my grandmother. My grandmother's 95, so my mom and I are kind of taking care of her together. And then just joint economics. At this point, I've been with my mom for this long, and it kind of just works out this way. You used to live in the house, though. I didn't. No, I have not lived in the house.

You've never lived in the house. I've never lived in the house. Huh. Yeah. So now I have, like I said, I need about 20 to 25 more. So you live with your mom because you don't have any money, but you bought a rental house. No, no, no. I bought the house.

I'm paying the mortgage on the house. I know. You bought a rental house. Yeah. Yeah. But you live with your mom for economic reasons. I didn't have a plan when i bought the house i really stumbled upon it um got it within 30 days and then it was just like okay you secured the property now what's next yeah so i i kind of grappled with what to do whether

move in or not sell it sell it you're too broke to be a landlord. You don't have any money. You live with your mother. Okay, but I could live in the house if I chose to. Yeah, but you don't choose to because you have economic problems. I wouldn't say I have economic problems. That's what you did say. My goal is to rent the property to make money because D.C. is a really hot market. I am comfortably living with mom

paying the mortgage getting things done there and plan to rent the house that will pay for the mortgage and i can say maybe i'm misunderstanding let me let me back up one more time okay because maybe i'm missing something i thought you told me you lived with your mother for economic reasons meaning you don't have the money to live in the house okay that's not correct because what were you saying when you said economic reasons well because i've been here and i've just been able to save while with my mom that's not an economic reason that's just i want it okay yeah what do you make a year what do you make a year i I make $96,000 a year. Okay. All right.

And so you don't have the $25,000 and you make $96,000 a year. And how long has the house been sitting empty? Coming up on two years in June. Why? But all this time I've been making repairs. I'm repairing. I'm doing repairs on the home. So I have a few more thousand dollars needed to make those final repairs and get it rented.

Are you saying it's uninhabitable, meaning you can't get anybody in there until all this is done, the 20 to 25? Well, I needed maybe about $10,000 to make it habitable. The house was habitable when I bought it. It just needed cosmetic updates. The biggest blow was I needed to put it in the new HVAC system. That was the biggest blow thus far. But other than that, it's cosmetic. The reason for the delay, to keep it short, I'm working with a contractor who was working with me. So I'm working with his schedule and it's kind of like just a slow process. Yeah. What do you do for a living?

I work in disability rights. Okay. I've been buying and selling real estate since I was 18 years old, and I'm 63. I own several hundred million dollars worth. I love real estate. Real estate is not a magic silver bullet to make you okay financially and you have bet a ton of your emotional life and too much of your financial life on this one rental property and it still has sat there empty for two years um you you you suck at this you've got to get better at being a landlord and managing

the project let me tell you if i had that house that i don't i'm not working on any contractor schedule they freaking work for me they're working on my schedule you better get the dadgum thing finished because i want rent i'm not sitting here paying payments on a stupid thing for two years and collecting no rent because some contractor can't get out of his freaking pickup truck because he's hung over come on this is stupid you got to get this thing finished and you so you've got to increase your landlording and project management skills or you shouldn't be in the business i really think you should sell this house i really do because i don't think it's as big

a blessing to you as you think it is okay i really think that and then take the pile of money that you get from it and decide what decide where you want to be 10 years from now and where you want to be living 10 years from now and what kind of life you want to build. But I would never tell someone as their financial coach to go buy a rental property while they're living with their mom. So what if I decide to move into the property? Because that's on the table as well. Okay, then fix it up and move into it and have a life. But get that done now, not two years from now.

I mean, you can do that immediately. So what is the house payment? The house payment is $3,600 a month. $3,600 a month for two years. Man, how are you not just screaming? Because I'm comfortable. I mean, I'm able to pay the bills. Exactly.

So here's the thing. This house, it's not going to make you the money you think it's going to make. You're not going to make it. What do you think you could? By the way, you don't have the money to actually fix it up. That let's by the way you don't have the money to actually fix it up that's why you called you don't have the money to actually fix it 20 to 25 000 correct correct but you're right and i think even with this extra point you're still going to be right i was really calling to ask about pulling from a previous employer 401k i have 48 that's an easy that's an easier answer okay i don't have to get that one i think i can actually convince you of okay so let's try this if you pull money out of a 401k

early before you're 59 and a half you get charged a 10 penalty plus your tax rate your tax rate's 30 at 96 000 and so you're going to get taxed 30 plus 10 is 40 percent of the money's going to go to the government in taxes and penalties if you cash it out never use a 401k for something like this it's like calling and saying dave i want to borrow money at 40 interest to finish the house remodel that i've been working on for two years for a house i'm not don't live in um no absolutely not um please for your sake not because i'm trying to be mean to you because i don't think because not because i think you're an inept person i don't think you're an inept person i don't think you're good at this this landlording and rehabbing stuff you've proven it your track

record is horrible and so for your sake sell this house and when you get ready to buy something later buy something that you can just move in and that you're going to live there. And you're going to build a sustainable life for grace. Grace looks up 20 years from today and says, gosh, I'm really glad I bought a house. It's been a great place to live. I've made some money on it. I've been able to manage the cash flow on it. But, I mean, you're sitting over there with

mama and grandma doing nothing. Please don't borrow money at 40% interest. Please sell this house for grace's sake. Not going to affect me at all, hon. This is The Ramsey personality, is my co-host. Open phones at 888-825-5225. You jump in, we'll talk about your life and your money. Mike is in Los Angeles. Hey, Mike, welcome to the Ramsey Show. Thank you so much for having me, Mr. Ramsey. How's it going?

Better than I deserve. What's up? Well, my wife and I have been doing, we're okay. I think so. Anyways, we've got about 200 in savings. Our house is valued at probably around $850, $875. We owe $400 on it. We have a business.

We work for ourselves as a contractor. And we recently inherited some money as well as some property and looking for some direction on where to go with the property. It's a multifamily property across the country in New York, as well as several mortgage notes each month. And we're not sure if we should liquidate the mortgages, sell the building and move closer to home. That's kind of and we're not sure if we should liquidate the mortgages sell the sell the building and move closer to home um that's that's kind of where we're at yeah wow what do you make it like an optional home um it varies between 150 to 300 okay cool what what uh who passed away uh father-in-law okay all right how long ago nine months ago okay all right i'm sorry

uh so um he obviously was a real estate guy yeah and uh so he has mortgage notes that he had taken back on property owner financed and so so he was receiving payments. That's what you mean? Yes. Okay. And what's the total face value of those? It's about $220,000. Okay. Well, it would be about $340,000, and then we've got some pricing to sell them off. Okay.

So the discounted value is the actual market value is $220,000 if you sell them, but the face is $340,000. Yeah. Gotcha. Yeah. Gotcha. Okay, that's what I was moving to. Yeah, and it comes in about $2,500 a month, and it just seems like we'd be able to probably do something a little bit more. Yeah.

But we're not living off of that money anyway. It just goes right in the savings, and we're not touching it. It's like, gosh, well, in 10 or 15 years when it's fully mature, we'd be able to do a lot more with the one-sum today. Yeah. The apartment complex, what's it worth? $1.4. Okay.

What's owed on it? Nothing. Okay. All right. So a good way to help you answer these questions, and I use this with assets, I use it with income, I use it with everything. Anytime something lands in my lap or might i ask myself okay right now 1.4 plus 220 000 is 1.62 you with me yeah okay so if you had a million six cash

sitting in the middle of your kitchen table and you and your wife are sitting there looking at it would you go buy 340 000 worth of notes for 220 and an apartment complex in new york the answer to both questions quickly would be no. Correct? Correct. Now, that's called a sunk cost analysis. And what it does is it makes you critically think only about the future, not about where the stuff came from.

The reason you would not go buy those things there is the same reasons you would sell them now is because you don't want to manage something from los angeles to new york called rental property that sounds like a disaster and what you said i think i can take 220 and do more with it than receiving these payments over the next 15 years you were correct on both things now the trick is for you and your wife to have a clear discussion about this is to talk about we have 1.62 million dollars sitting in the middle of our kitchen table from your father what an incredible legacy he left what an incredible job he did how nice is that how wonderful is that now do we want to go buy an apartment complex with it in new york and some mortgage notes

all right you see how that changes your thinking yeah yeah absolutely it makes you sell both of these instantly. Sure. And so I even do this. We used to do this with sellers when I was selling real estate for a living 1,000 years ago. So if a guy had a $200,000 house on the market for $200,000 and someone offered him $190,000, he'd be going, I don't know if I want to take that or not. And I said, wait a minute, wait a minute, wait a minute. Your house is sold for 190 000 if you had 190 000 in the middle of this table right now and you didn't own this house would you come buy this house for 190 no well you're getting ready to buy it back if you counter offer if you jack around with this buyer and run him off and you raise

the product try to get that 190 up you're buying the house back for 192.5 when you screw around with them it's the same thing and so you got to decide you know what is it i want do i want the money or want the stinking house and in some cases i look at the thing and i go well i like the thing i'll keep the thing yeah if i didn't own that for that price i'd buy it right now so So then you should keep that, right? So if you're like, man, we're thinking about living in New York and we wanted to manage these rental properties, we're going to pull up roots from California, we're heading out, and we're going to live over there and we always wanted to have this,

of course I would buy it again. Then you would keep it, right? But long-distance landlording multifamily, that's like getting shot in the head. Don't do it. That's exactly what it feels like multifamily, that's like getting shot in the head. Don't do it. That's exactly what it feels like. Yeah, it's a Russian roulette, man. I mean, you're just asking for it.

All right, second question. Where to allocate it? Where are we moving forward with it? The only debt you have is a mortgage, right? Yeah. I'd pay that off tomorrow. So now we got 1.4 again, right? And then we also, then we have some cash in savings as well.

Okay. So now you got 1.4 plus the cash. What are we going to do with that? Well, then there's only one thing. The only thing left to do is be unbelievably generous, enjoy your money, and invest your money. So what do you guys want to invest a million dollars in? You need to assume real estate. That's up to you.

I don't care. Some people don't need to do real estate. Some people love real estate. I love real estate, and I love mutual funds. That's the only two things I put money in. But you can do whatever you want to do. It's your money. But what do you want to invest a million dollars in?

Because you don't want to leave it sitting in a stinking savings account. No, of course not. So you're 100% debt-free. You've got $200 in the savings plus a million. You pay off the mortgage with $200. It's about a wash, and so you end up with about $1.6 million clear, give or take. You've got some expenses on selling the apartment. Let's call it $1.5 million.

So I want to label some percentage of that money, an exact dollar amount. You and your wife discuss it, that we want to be generous in Father's name. I want to do something in his name. What did he love? He loved wounded veterans. I want to go help one of them, furnish their home. A Gold Star family lost somebody in the military. We're going to go take care of them for a year.

Whatever. Label some money for generosity. Label some money for hungry kids, if that's what he was into. I mean, what is it that, you know, that kind of is in his honor? Let's be generous with some of this. Let's invest most of it, and let's enjoy a chunk of it. What is it your wife needs? A new car, a trip, a cruise? I don't know, but some of this money ought to be spent on that. It's a bit extravagant, but you came into a million six, so you that. It's a bit extravagant, but you came into $1.6 million, so you can do a little bit of extravagant.

Okay. You just can't do $1 million worth. Got it. Yeah. Yeah. And we're pretty full. I mean, we shot the Salvation Army. You've done a good job until you got to here.

So, yeah, I know that. I think you've done a really good job. Still working hard. You know, we just look at the numbers what does she drive uh 2016 minivan buy her car toyota sienna buy her car yeah okay you're a millionaire she needs a better car okay she needs a better car what trip has she always wanted to go on but hardly talks about it anymore because she doesn't think she's ever going to get to go? Yeah, all right.

Start thinking like that. We'll talk about it. Yeah, because, I mean, all I'm spending here is less than $100,000 after we do a bunch of dreaming, and you've still got tons of money to do everything else. Yeah, and simple decision, Mike. Just a little jewelry. A little jewelry, you know, something shiny. Put it on her finger, you know. Just a little jewelry. A little jewelry.

You know, something shiny. Put it on her finger, you know. What you're doing? Just a southern accent. I'm bored, I guess. I don't know. The jewelry. I'm boring him.

No, you answered that one great. I didn't have anything to add except for buy something sparkly for her and some jewelry. Just small things. Yeah. Just enjoy this. Yeah. Enjoy some of the money. This is big. Be generous Just enjoy this. Yeah. Enjoy some of the money. This is big.

Be generous with some of the money. Invest most of the money. And that's what you do at Baby Step 7. You live like no one else. So later you can live and give like no one else. By the way, if you guys are smart with this, the million he leaves you guys will be worth $30 million when you retire. This is The Ramsey Show.