The Ramsey Show - App - Don’t Be an Enabler! (Hour 1)

Episode Date: December 20, 2023

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. Merry Christmas, America. Open phone. It's number one best-selling author of book Paycheck to Purpose. Ramsey personality Ken Coleman is my co-host today. So if you want to talk about jobs and work as you head into the new year, this is a good day to do it. Mr. Ken's here

and he's the expert on that. I've always got an opinion and I'm an expert on my opinion. So you guys jump in at any point. We'll help you. The phone number is 888-825-5225. But, Ken, instead of going straight into the phones, which we typically do, I'm going to take a pause here and say congratulations to the Booth dudes. Yeah, that's right. James Childs, our fearless captain in there. Our fearless producer, James Childs, and Austin Ben.

Andrew, they all do a great job making sure that we are doing what we're supposed to do on this end of the microphones. years, I guess, we have hovered in Apple Podcasts around number 10, number 15, sometimes number 8 in the world on the main list of all Apple Podcasts. But today we hit a milestone. We've never done this before. They refresh that list, I think, about every 20 seconds, so I don't know how quickly it'll be there and won't be there. But as of a few moments ago, we're the number one podcast in the world on Apple. How about that? And congratulations, you guys. I'm proud of you.

Did you hear that, Mom? Did you hear what Dave just said? Yeah. Very exciting. Ken Coleman's on the number one podcast in the world. I've got to go call my mom and dad. Of any kind, in any category. It's not some nuanced, you know, southern double-wide trailer broadcast.

Number one, we trailer broadcast number one. We're the number one in that, right? No, this is the whole freaking thing. The numero uno, and that's a big deal. I got a few elementary school teachers that are having a heart attack right now. Yeah, well, I guarantee you I do. My speech teacher is not. My speech teacher, Mr. Berner. Oh, Mr. Berner.

Mr. Berner in middle school. He was a believer in Dave Ramsey. Seventh and eighth grade. Well, he sent me out there. We had these things called forensics, which was a speech club. Yeah, sure. And we went around to other schools and gave memorized speeches or did debates or whatever. Yeah.

And Mr. Berner knew I could talk. He wasn't sure I could do anything else, but he knew I could talk. And here I am making a living. Who knew it? So way to go, Mr. go mr burner this is to you well done uh open phones at 888-825-5225 we'll start this hour with canada megan is with us hi megan how are you i'm doing fantastic thank you so much for taking my call i greatly appreciate it it's an absolute honor to speak to both of you today you too what's up um so i have a a quick question and um i have a brother-in-law who is being completely enabled by my mother-in-law and father-in-law he is currently still living at home he's almost 40 years old and he has some, he has a drug addiction problem as well as he's

currently not working. And my major concern is that, you know, my in-laws are getting older, they're almost 80. And we've recently purchased a house and it has a complete separate in-law suite. They kind of, their eyes kind of got a little bit big when they saw the new house that we purchased for ourselves. And they made mention like, oh, isn't this just a lovely place for you guys to potentially rent out later down the line? Kind of hinting at the fact that potentially the brother could potentially move in with us. How do I politely explain to them I have zero desire of him moving into our house? You don't.

Your husband does. It's his mother, not yours not yours absolutely i agree with you your husband have a backbone or does he need to run down to walmart and pick one up i think i need to buy him one for christmas okay i'll three i'll three at walmart yeah yeah so listen if you if you do it you're going be the Wicked Witch of the West until they die. Okay. Because one thing about enablers, they don't think they're enablers. They think they're nice. And if you don't participate in their enabling, by definition, you are not nice.

You see this with very, very clear eyes. Your husband. Does your husband agree with you i'm not kidding does your husband needs to head this off at the pass what's what's what's brother's name first name joe joe good okay so brother just catches you know me mom papa at the at the dinner table and says hey just to let you guys know uh joe's not moving in with us as long as i'm breathing that's her husband's job okay you don't say a word you sit there and just you sit there and kind of dab the corners of your eye like you're crying okay you don't say a word what was the question megan there's no way to what for me to politely bring this up.

No. No. Why do you keep going back to you? Do you not understand? Why do you have to do it? Because I have the backbone. I know. But you can share yours with him.

My wife does it all the time. She says, sick him. That is true. That is true. Well, in Stacey's case, too, she's as sweet as she can be, but she makes it very clear what her position is on some things at times and and it that means it's clear that i need to get on that page yeah you don't have a brother-in-law problem you have a husband problem that's exactly

right so do you pick those up at walmart too new ones or oh that's a whole separate call yeah no i mean you have to get with dr john deloney your marriage counselor or whatever else but i honestly i would just say honey if i talk to your mom about this this is not going to go well they're going to be angry with me and i don't want that it is your family it's actually your job and uh i'm going to encourage you i'm going to give you a stiff cup of coffee a stiff kick in the rump and you're going to go talk to your mother and dad and at some point when it comes up gently and be kind and just say you know you don't want to be as rough as i was a minute ago but just mom and dad look we've got this house and i you know you guys were all big-eyed about the movie about you know us having an apartment to rent we might rent it out someday but we won't be renting it out to Joe. Yeah. And you need to know that ahead of time. And Joe, you know, I go and tell Joe, Joe, you're not moving in.

I love you, but I hate what you've become. And I'm not going to participate in your drug addiction, your laziness, and your parasitical involvement with mom and dad. You're a parasite. You need to, you need to, you know, I'll help you. I'll coach you. I'll love you and help you get to you know i'll help you i'll coach you i'll love you and help you get up on your feet and actually become a man and go be somebody but you ain't

living in my house dude okay and that's your husband's job a hundred percent of the time that you say one word or even agree using your eyes you're gonna get blamed for this don't let this land on you it's not your fault okay make him do it yeah he can do it because he does agree with you but he comes from enablers which are nice people and they build a family script that anyone that goes against nice people is by definition mean people. And that's running around in your husband's head. Am I wrong? No, you're not wrong. Yeah, and you're not mean, and you're not crazy,

and you're not, you know, you are sweet, and you're being protective of your own home space, which you should be. This is called boundaries. And when you set up boundaries for people that don't have any, they generally don't like it. So you don't need to be the one doing it. This is the Ramsey Show. Ken Coleman, Ramsey personality, number one bestselling author, is my co-host today. You know, Ken, I was bragging on our team here for the number one podcast position on Apple.

But I really should brag also on our listeners. Because one of the things that has really substantially moved the needle, no kidding, for real, I'm not jazzing with you, this is the truth, is that we started asking you guys, and then you did it, to subscribe to whatever format you're listening, YouTube, podcast, you know, whatever it is, subscribe and to review and leave a five star and to share a link or click the share button. If the format you're using, the platform you're using as a has a share button. So sharing and subscribing and reviewing affects these numbers dramatically because it lets other people listen, tells other people we're here, it's great marketing, you know, you guys are great marketing. Thank you for sharing. So like when you read a good book, you tell other people,

you got to read this book, man, or you see this movie, you go, man, you've seen that movie, that's great. Same thing with a podcast, and we thank you for that. You guys, a bunch of you in this calendar year more than ever before have shared have subscribed and have positively reviewed us thank you for that yes we really appreciate you there's a reason that we're number one on apple right now thank you thank you thank you for that and i'll keep bragging on all of you so i can keep saying it over and over and over because it's pretty stinking cool all right steven is in chicago hi steven welcome to the ramsey show hey gentlemen how are you doing today better than i

deserve what's up yeah i um so when i was young um i lost both my parents when i was younger and i received a trust um as a result of that. And I kind of just wanted to pick your guys' brains and how I can continue to grow those assets. Right now I'm 26, and I kind of have no idea which direction to kind of move with those. Okay. How much did you get? $804,000. And you're in charge of the entire trust?

Yes, I work with a financial advisor on it. I know, but you're in charge of it. Yes, correct. Yeah with a financial advisor on it i know but you're in charge of it yes correct yeah you tell the financial advisor what to do he doesn't tell you what to do yes okay that's the way it should be by the way the first thing you're looking for in financial people and you you got to be careful because the way you use your words around me i'll catch on okay um the thing you're looking for is the heart of a teacher their job is to give you ideas and tell you why those ideas might work that's called teaching their job is not to do everything and you go oh i got a guy that takes care of everything that's how people lose all their money

okay because the guy that takes care of everything never does. Ever. Ever. You know, you hear these sports guys, you know, NFL player makes $10 million signing bonus. He's 22 years old, 23 years old. And, you know, then he's 30 years old and he's bankrupt because I got me a guy. That's what they tell me when I'm working with them in the NFL. I got me a guy to which I always yell at them.

You're the guy. Okay. You follow me? I do it at a distance because they're big. But, yeah. So, yeah, you're the guy. You understand. So that's the first thing.

Then the second thing is what are you going to invest in after you learn about it that you're comfortable with. Now, you know, and I guess then the third thing is I would set up your lifestyle, if I were you, where you don't need any of this money, where you work, earn your own money, and, you know, you're building your own life. Yeah, and that's what I'm trying to continue to do. And I guess, Dave, since I've kind of known this in the back of my mind that I have it, you know, I feel guilty for kind of being in this position of having that. No reason to feel guilty unless you live off of it and become a useless trust fund baby.

Then you should feel guilty. That's what I don't want to happen. Hey, let me give you three questions. You don't have to answer on the spot right here, but I think this is a good exercise, and you may have answered them. I would give you these three questions to answer on the spot right here, but I think this is a good exercise, and you may have answered them. I would give you these three questions to get clear answers on, and it'll help you do what you need to do with this money,

and there's no guilt. What do I want to do? That's professional. What do I want to have? That's personal. And then what do I want to give? And that's about others focused. I think that those are three big 30-year questions,

and if you get the answers to those, I would want this money to be able to advance those very clear, big goals. What do I want to do? What do I want to have? That's some material stuff that matters to you. And then what do I want to give? I think, and you could add anything to those three questions, but those are real simple to be able to have a long-term vision that this money can now fuel that's the way i want you to come at it so steven i'll tell you kind of like we told our kids when they were your age and uh are they a little bit younger than you we sat down and we showed them what the ramsey net worth has become i said um this is not you hit the lottery moment because as for our house we serve the lord and what that means in

this moment of you seeing our net worth for the first time because they didn't grow up thinking they were rich kids we didn't allow that although they were um we they grew up you know having to work and learning learn a skill and become useful human beings um And so I said, what you've got with this money is not the blessing of never having to do anything. What you got is a tremendous responsibility. You are going to be what I am, a manager of God's money for him and his glory. And if you are not going to manage this money for him and for his glory, you will not be getting the money. And so that's how this goes that's how i told our kids and so what that does if you step back and you say my job

is to manage this for the legacy of my family whoever it was that did such a great job with money that left it to you you want to honor that by by furthering this and the first way you do that is you you you earn your own living and you don't live out of this money. Number two, you take this money and you manage it well, like you were managing it for someone else that you care deeply about, which would be the memory, the legacy of the family, for the Lord, however you want to view that.

And that means you get with someone that has the heart of a teacher, then I'm investing it. If I'm you, basic stuff. I would start with a series of just good growth stock mutual funds. Just very simple stuff. Like this was your 401K. Like you had $800,000 in your 401K. And lots of people have $800,000 in their 401K, by the way.

So I would just just started like that and i put my personal 401k and a lot of my mutual fund investing in four types of mutual funds growth growth and income aggressive growth and international i personally spread my knee out 25 in each of those four and i look for mutual funds that have long track records that have outperformed the S&P. And that's how I pick them. And my financial advisor, my Ramsey SmartVestor Pro that I work with, that has the heart of a teacher, will bring me three or four funds that meet those guidelines, will discuss those three or four, and based on his input and his work to get it to that point

i will choose then what i want to do with my money and he will go do with my money what i tell him to do and that's what you're supposed to do you see the difference yeah definitely so and you go ahead and put in your corner a tax person that you trust. You put in your corner an estate planner that you trust. You put in your corner an insurance person that you trust. All of these people are in the financial arena, which means all of them are required to have the heart of a teacher. When I hire a lawyer in a lawsuit or in some other situation, their job is not to tell me what to do. Although some of them took that class in law school and occasionally they get fired by me for doing that because I'm not putting up with an arrogant, but attorney. So you're going to do

what I tell you to do in my situation, but you're here to advise me and teach me the law in that situation. That's different than my lawyer said I have to. My lawyer don't say I have to do nothing. He has to do stuff. I said that's the way that works. Same thing with you, dude. That's what I want you to do on all this. And I'm not being a smart aleck, but the point is that people get this stuff backwards because we feel insecure and lacking in knowledge.

And so we want to trust the professional, turn our back and walk away. And that's how the patient dies on the table. Don't do that. You stay in the surgery. You want to learn how this happens. You get your hands in the blood and guts and you make sure this stuff goes. You're managing it. You're the manager.

These other people are advisors. They're managing it. You're the manager. These other people are advisors. They're helpers. They're teachers. And build you a little board of directors, and you're going to be worth $8 million in about 20 minutes if you'll do this. By the time you're 40, this will be $8 million if you watch what you're doing. This is The Ramsey Show. Ken Coleman Ramsey personality is my co-host today. If you're listening to us live, the Ramsey Cash Giveaway ends at midnight tonight, December the 20th, Wednesday.

If you register for free, no purchase necessary, you will be registered to win and possibly be one of the winners for the five thousand dollar grand prize giveaway ramsey solutions.com slash giveaway jared is in milwaukee hi jared welcome to the ramsey show thanks thanks sure what's up i've got some cash stashed aside for eventually a house purchase. Right now, I'm 23 years old, renting an apartment. I'm single. I make about $90,000 a year. My monthly rent is right around $1,000, and I've got around $270,000 saved up for a house.

You're a stud, man. Way to go. I'm so proud of you. Thanks. You know how weird that is, right? Not really. It's weird. It's a good weird.

When I call you weird around here, it's a compliment because normal is broken, stupid in America. Okay. You don't want to be normal. You're man way to go thanks 275 000 where is it under the mattress it's it's all the banks that's good credit union right now it's making about four percent not bad that's okay so i mean in all reality that 4% covers my monthly rent right now. I just don't know if there's a better route, better plan, better something that I can use that money for to make more.

What's your timeline? When do you think you're going to do the house purchase? Probably in the next three years. Okay. All right. Well, here's some numbers for you. Okay. There's really no medium investing. There's conservative, which is in a savings account, and you're not going to lose any money,

but you're not going to make much money, which is where you are right now. You're making 4%. Okay. And there's nothing wrong with that if you park it there for the next three years you're not going to make a bunch of money on your money but you're not going to lose any money and it turns out we already figured out what the secret sauce is it's jared you're the secret sauce it isn't the investment none of of that money, none of that $275,000 is in there because you are some kind of big-time investor.

It's in there because you're a big-time saver, right? Yep. Okay. So you're the secret sauce, so it's okay if you leave it there. You follow me? Yep. end of the spectrum is you could move some or all of the money towards something like an S&P 500 index mutual fund all right if you did that this year I haven't pulled it up in a while I'll try to do it hey Ken pull up S&P 500 see what the return is for the year while I'm yakking I think

it's north of 15 percent for the year right now okay but the mutual funds are that s&p follows what the stock market does the stock market is up this calendar year from january to december you follow me yep i think it is i'm pretty sure it is and um last time i looked was a couple months ago it was at 15 for the year and so uh but anyway it could go down though if it went down 10 you'd lose like 20 000 bucks 26 26.2 for the year for the year yeah i thought it's way up that's that's not realistic well yeah we've had a big jump yeah we've got a big jump because interest rates went down and we got a election coming, all this stuff. So, okay. But anyway, the S&P has averaged about 11.6% since it began. So what I do, Jared, is I'll throw money in there knowing I could lose some,

but if I make 10 instead of 4, that's pretty good. That's another 6% on your $300,000. So that's another $20,000 or $30,000 you're making on your money. Okay? Yep. Okay. So if you want to move some of it, but you've got to understand that can go down. Here's your actual numbers.

99% of the five-year periods, any potential consecutive five years, 99 times out of 100 have made money in the S&P since it began. Okay. Safe bet if you're going to leave it alone five years or more that you're going to be okay to put your money in that. Okay? 67%, two out of three times, it makes money on a three-year period. Okay?

Yep. So you've got a one in three chance you lose some money with your plan if you move some that way now i have been investing a long time and i've got a little extra money this is very precious money for you and you're young and this is your first ride so i don't know if you can emotionally handle losing $10,000 on this. Okay. But if you can and you want to move half of it over into S&P, you could do that fairly safely with a three-year horizon.

But you don't have to do that. You can just sit where you are because, truthfully, the reason you have money is because of Jared, not because of some sophisticated financial strategy. Okay. And so I, you know, let me just tell you, I think in your case, if I woke up in your shoes, I would just tell you, keep it in that, in that 4% account. If you're just dying to try something, move 50 grand or something over into an S and P. But, um, but I just leave it there.

I just think I don't want you to become disillusioned because you've worked so hard for this money. Yeah, and I have the feeling he's planning to save up for an all-cash purchase. It feels like that. We didn't ask, but he's already got 270. So at that rate, what's he going to save over the next three years? A lot. Yeah. I mean, if you're Jared's mom and dad and you're listening, touchdown. Yeah. Way to go. You raised an adult.

Freaking amazing. He's not a victim. He's not whining. He's not afraid of work. God, that's awesome. Lord, help us. Get us more Jareds. That's awesome.

Way to go, man. Well done. Trish is with us in maine hi trish how are you hi i'm doing well good what's up how are you better than i deserve how can i help um so i just i sold my house over the summer and i paid off all of my debt except for my Jeep, and I got my CDL, and I'm a truck driver. And I was just wondering how to manage my money, like where to put it. I do want to purchase a house in the future. You're living in the truck right now? I am. Okay, cool.

Driving over the road. You've got a sleeper. Yeah. Look at you, you girl how old are you i'm i'll be 39 in january how many states you've been in the last year um all of them except for california oregon and um washington yeah california made it no fun for a trucker to come in there didn't they they? Not really. There's some taxes and stuff. You be careful there, girl. Anyway, way to go.

You're seeing the world. I like you. How much do you make, Trish? Well, I mean, I get paid by the mile, so it varies. I mean, what are you going to make in the cab? What are you going to pay taxes on 23? Probably 55, 60, 70. Okay, good for you, and you're seeing the world all right pretty much so what's your question um how to what am i doing with my income um i know from like uh i have to save a

certain amount and i have to put invest a certain amount and then i have the rest but obviously well you got cheap you got cheap debt what if you got any money to pay off the cheap um i do the only reason why i didn't pay it is because the payoff amount is the same as the remainder of my payments and i just at the remainder of your what the remainder of the payments that i have i only have like two years left. No, do you have the money to pay off the Jeep today? Yes, I do. Pay it off when you get off the phone. That's step one. Step two is you need to have an emergency fund of three to six months of expenses. Do you have that done? If you pay off the Jeep, do you still have that? Yes. You got a lot of money. You're doing good. Okay. Then you start

putting 15% of your income into retirement. Get online at Ramsey Solutions and click on SmartVestor for a SmartVestor Pro near you. They'll sit down with you and help you get started with your first Roth IRAs, and you can rock and roll with that. If you've got a 401K with a trucking company, you may want to look at that. I want you putting 15% of your income into retirement with a paid-off Jeep and an emergency fund, and you're on your way. Have fun out there. Drive safe. Merry Christmas. Ken Coleman, Ramsey Personality, is my co-host today.

Open phones at 888-825-5225 a young lady driving and seen every state but um i guess i somehow i had in my head over road was making more than 50 grand 60 grand uh well they absolutely can so give you an idea, you know, depends on the company. But Walmart famously was hiring drivers last year for $90,000 starting pay. So it depends on the company, depends on the experience. But, yeah, she will eventually make more than that. I would guess that in her situation it's either the company or it's her status. So she's early on. Okay, that could be.

Yeah, it's on the low side. Caitlin is with us in chicago hi caitlin how are you hi good how are you um so i've got a question around renting for another year or buying in a few few months so 26 years old right now i rent with my husband and we've got a three-year-old and we've got 125,000 saved but that's like all of our savings okay what's your household income um well like every month after like taxes and everything we take about take home about 8,500 okay so that's 100,000 a year so you're making about 140 probably okay and um 130 something like that um how much debt do you have nothing nothing no car debt nope nope no student loan debt nope good for you what do

y'all do for a living uh i work for mcdonald's and then my husband works for like a digital marketing firm. Okay. What do you do for Mickey D? I'm on the menu team over at corporate. Yeah. I know you're corporate probably in Chicago. Okay, cool. Good for you. Well done. All right.

Good. What's the house price we're looking at? Like $424-ish is like what would be, get us like enough bedrooms, enough space, and something that's like not a fixer-upper. Yeah, good. I like that plan. So here's a couple of rules we use to cause people to be in a healthy situation, not a I got house fee for lost my mind and did something stupid situation, okay? So rule number one is to be debt free which you are rule number two is when you make your down payment you need to retain enough to call your

emergency fund which is three to six months of household expenses we'll call that 15 grand 20 grand in your situation okay so you got a hundred or so to put down now. The third thing is don't take out ever, never take out more than a 15-year fixed rate where the payment is more than a fourth of your take-home pay. That's the max. You can qualify for almost twice that much, but that doesn't mean you need to be that stupid. Don't do that. Keep it conservative so you can get the house paid off in less than 15 years that's the goal okay okay because that's a

key to building wealth long term it's a it's a pinch short term but i think all of that will still work for you then the last thing is if you can figure it out and you're right on the bubble on this one if you can make it your uh make a down payment of 20 or more with a conventional fannie mae loan you avoid pmi private mortgage insurance and pmi costs you about 75 a month per $100,000 borrowed. So we're talking about $225 a month on $300,000. That's pretty substantial. And all that is is foreclosure insurance that you buy for the mortgage company. If they have to foreclose on you, it covers them. It does nothing for you. Okay. But if you put down 20%, you have an 80 to value ratio l to v then you avoid having to buy

that ridiculous pmi all right so i'd love for you to do that one it's not mandatory but you can see from the numbers that it's a you know it's a really cool thing to avoid that um yeah but the other things i would call mandatory for your future wealth building and i think you're right on the bubble of being able to do all that depending on when you do this and i would go ahead and purchase sometime in the this coming cal in 24 now if rates right this second have been coming down for the last uh 30 or 45 days all right uh and people are all worried about interest rates interest rates interest rates interest rates listen don't worry about interest rates what i want you to do is buy

a house the way i just described that's what i think will cause you to win and you marry the house and you date the rate you follow me right you're buying the right house, and then if the rates come down, just refinance. Yeah, yeah. I mean, if you get a six and some change right now, and they come down to three or four, refinance. Okay. But you've still got the right house, so you marry the house and you date the rate. Mortgages are temporary. Houses are a lot less than temporary.

They're not permanent, but they're a lot less than temporary. Yeah. Okay. I got to ask her two questions, Dave. Okay. All right. First, earlier today, Caitlin, we're very excited, proud of the team. We were rated the number one podcast on all of Apple iTunes.

This is stuff people want to know from a Mickey D's menu expert. Anything exciting coming out in 2024 on the new menu i'm not asking that you're allowed to tell i know you can't tell us just can't what can you tell us people want to know i don't know i don't know you do know but you don't know what you can say there's something exciting coming can you tell us that yes every day is exciting oh great corporate answer all right last question. You're amazing. Yeah, you should run for office.

That was a great answer. That would work on Meet the Press every Sunday. All right, next question. What's your all-time favorite menu item? Probably double cheeseburger or the nugget. The nugget. Interesting. All right, mine's the Big Mac.

The Big Mac. Special sauce lettuce cheese. I mean, that's it. That's a good one. Child of Mine's the Big Mac. The Big Mac. Special sauce lettuce cheese. I mean, that's it. That's a good one. Child of the 80s right there. So there you go. Child of the 70s, too. I'll get you that one.

In 1976, it was $1.16 to get a Mac and a small Coke. No way. And we'd go through drive-thru when we were in high school. Wow. Yeah, that's a different world. You're old, Ramsey. You're dead gum right, and I'm proud of it. I'm alive.

Shut up. By the way, Dave, you were talking to her about a 15-year rate. Today, right at this moment, it's at 6.2. That's what I thought. Yeah. I thought it was at a low 6. For a 15-year. But, I mean, it was up 7 and some change just 30 days ago.

That's right. Yeah. So, we're seeing the rates trend in the right direction. And what's happening is, here's what's weird. It's Christmas time, which is a weird time for people to put houses on the market. But a bunch of people listed their houses in the last three weeks. Without question. The inventory is coming back up.

So we may see a real estate revival in the spring, which you can pretty well count on the Fed trying to make sure that Biden stays in office and drops this rate. What are you saying, Dave? I'm just saying that there's a there's a plan here there's a plan that suss as george would say suspect apparently that's a thing to say suss now but you know there you go i don't know it's about like that's something i never thought i'd ever hear you say why in the crap did they run these rates up so they could run them down and look like heroes oh Oh, there's that. Yeah. Okay.

What do I know? Yeah. Had to stop his inflation, so then he can be the hero, stop the inflation, be the hero and stop and get rid of the all caused by, yeah, self-induced. Yeah. Okay. What do I know? Yeah.

I'm a little cranky about it, Dave. I have the gift of cynicism. You do. It's a spiritual gift. You do. You do. I have insight into these things. I kind of got into that higher rate on my

savings account. It's going down. I'm a little disappointed about it. I hadn't thought about that in years. I was telling one of my buddies about this. So in 1981, I was in college. My grandpa, who never touched the stock market with a 10-foot pole, but he saved like a crazy man. He saved everything he made uh had money markets he was so proud of his money

markets over at the savings and loan i got money market those rates you know what he had dadgum money market paying 14 at one point yeah that's no joke that was crazy i mean that's a savings account paying 14 in 1981 that's right but i mean fixed rates on mortgages were 17.5%. Yep. So there you go. I said, what a wild world. It's like a credit card or something. Yeah.

Yeah. Distant memory, foggy, way back there. But I can still see him talking about it with that gleam in his eye. He was so excited that his money markets were performing at such a high rate. The only time in history you saw a double-digit money market rate return over 10%. I'm guessing, though, he wasn't carrying a mortgage or would he have been? Oh, yeah. He hadn't seen any debt.

But he also didn't touch the stock market because he was a child of the Great Depression. He was 26, one of the market- Too speculative, yeah. He wasn't going to touch that. That's gambling. I'm not doing that. He saved every dime he made, though. He was amazing.

He was a good man. Wow. This is how it's done, boys and girls. That puts this hour of the Ramsey Show in the books.