The Ramsey Show - App - Don't Be Supportive When People Do Stupid Things! (Hour 1)

Episode Date: July 20, 2021

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Welcome 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. I'm Dave Ramsey, your host. Open phones this hour as we talk about your life and your money. The phone number is 888-825-5225.

It's a free call, and some say the advice is worth exactly what you pay for it. Robin is in Cleveland, Ohio. Hey, Robin, how are you? I'm doing all right. How are you today? Better than I deserve. What's up? I'm doing all right. How are you today? Better than I deserve. What's up? I have a question.

My husband and I are finishing up Baby Step 3. We have about five months in savings, and we're debating on whether we should refinance our home. We have $100,000 on our house, and we have around $60,000 on a second mortgage when we were doing Dave Ramsey-ish and my husband built a barn that he uses as like a side business. So we were wondering if we should refinance and can combine the barn and the house on the same payment plan. Yeah. What's the interest

rate on your first mortgage? Our interest rate on the first mortgage is like a 3.7, and on the barn it's like a 6.2. Yeah. And you're going to stay in the home a while? Oh, yeah. We don't plan on ever leaving. Definitely. Definitely refinance it. While you're at it, put it on 15-year.

You can get cheaper on the barn and cheaper on the house. And so you've got $160,000, which you're going to save three and some change and you're probably going to save about three quarters of a percent on the 100,000 on the first and my husband's concerned he says he feels like he's starting over i don't know how to help him through that i don't feel like it's starting over because we've already been paying on the house for 10 years yeah there's uh some people don't um he's one of them um uh they have the idea that you pay all the interest up front and that he has to start over paying all the interest and that's because when you look at an amortization schedule when you look at your payment schedule

and how much of it is going to interest out of the very first payment it's almost all interest and that makes you think you're prepaying interest up front sometimes. You're not. He's not starting over. So the way the interest is calculated on a traditional conventional mortgage is it's based on the outstanding balance that month. And so your very first payment, you have the largest outstanding balance you will ever have.

And so you have the most, so a higher payment, you have the largest outstanding balance you will ever have. And so you have a higher percentage. 99% of that first payment goes to interest, right? You've seen that math schedule, right? Yeah. Oh, yeah. Okay. So let's just pretend it was 3%, which would be 0.25 a month. A quarter of a percent a month would be 3% a year.

Okay? So whatever's outstanding that month, a quarter of a percent is going to be owed on it. If your interest rate's 3%. And so he's not starting over. He's got $160,000, and a quarter of a percent of that will go to, a quarter of a percent will be his portion of the payment, and the rest of it will be principal, which will be a tiny, tiny bit. But you're not starting over.

Mortgages are not front-loaded with interest. Okay. That's what his, he misunderstood that. Yeah, that's what he's getting hung up on he doesn't want to start over they're not he's not starting over doing well he's not starting over starting exactly the same place he is but with a lower interest rate because this month he's going to get charged one twelfth of six percent and some change which is a half a percent on the sixty thousand this month he's going to get charged one twelfth of a half a percent on the $60,000. This month he's going to get charged one-twelfth of 3.7% on the $100,000, and the rest of it is going to go to principal.

It's simple interest calculation. The outstanding balance times the interest rate is the amount of interest charged that month. There is not a front load on a mortgage. It's only charged for what you have outstanding so you're not starting over do a 15 year fixed and refinance this puppy you need to do it tj is in new york city hi tj welcome to the ramsey show how's it going better than i deserve what's up uh so i'm 22 i just graduated in december of 2021 um i got my job during Corona. I'm out of student debt, and I want to leave the job,

and I'm still living with my parents, but the thing is, since I just turned debt-free, I have $1,000 for emergency fund. I don't know if it's okay to leave, or should I wait longer? Leave what? Your parents or the job?

Both. Do you have another job lined up? I have offers coming in, and I have a lot of interviews all the time. It's just when I do the numbers in my head, if I move out, I won't be making as much money as if I live at home in terms of how much I can take in because obviously if I live at home, I don't have to worry about rent. Well, anybody that has free rent has more money, no duh. Right.

But at some point, that doesn't work. Like when you're 50 years old, don't call me and say you want to live with mom, because it's free, right? So you want to get out on your own and start your adult life. That's a normal process, young man. I'm proud of you. Do that, yes. Okay.

I was just wondering if... but can you afford it i mean are you gonna how much you're gonna be making at the new gig so right now my average would be around 60 000 okay and where are you going to be living to do it doing that what city i uh i've been interviewing in places in new york um places in connecticut and places in Connecticut, and places in Boston. So that's another question for you. Is it okay to move far away from your parents or whatever the case may be? Because I might not know anyone in the city. Well, it's certainly not against the law.

It's a matter emotionally and relationally what you want to do. Right. I'm kind of a homebody. If I'm gone very long, I miss my wife and my family and my kids, so I like to get back home. I'm not somebody that likes to be far away. Other people want to be far, far away. There's nothing wrong. It's just matter of what how you want to live what what kind of a life do you want

to create for yourself um but uh the three areas that you described are not far from new york city at all your parents are obviously in new york city so um you know but all three areas you described are very expensive areas to live in and you're talking about only $60,000 income which is great coming out of school that's not a bad income but it is not living in Manhattan income yeah and like I realized that when I started looking for new jobs that when I what that happened I'm going to be making like nothing in terms of savings I'm just going to all be going to rent or food or whatever the case may be yeah you need to lay out a written budget not in your head and develop a game plan that the that you can live on what you're going to be making in a certain

area okay and so if i take this job in boston i can get a apartment for this i can pay my utilities i can buy food and this will be my income, and you need to project all of that out so that you're not, you know, launching yourself into a problem, but you should be able to pull this off, and yes, you should do this. This is The Ramsey Show. Hey y'all, it's Christi Wright. Listen, I know you're busy, probably tired, and let's be honest, maybe even a little overwhelmed. And with the busy fall season coming up, managing your time is only going to get harder.

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Start your free trial of Ramsey plus text trial to 33, 789 text trial to 33, 789. I'm Dave Ramsey, your host. Open phones at 888-825-5225. John in Sunnyvale, California. Welcome to the Ramsey Show. Hey, Dave. How are you doing? Better than I deserve, man.

What's up? Good. I just proposed and got engaged this past Saturday to my fiancé. Congratulations. Whoop, whoop, whoop. When's the wedding? I think we want to schedule for three months. So basically either the beginning of October or the very end of September.

Love it. Cool. Good for you. Getting to move on. Yeah, we're going to be sprinting for the next several weeks. Okay, so my question is, so she have student loan debt, 60K? I have student loan debt, 34K. And then I have another personal loan from a friend for $15,000.

My fiancé currently has $16,000. We'll come up with some more money over the next few months to fund the wedding. We'll probably try to keep it like $5,000. But I'm wondering, should she just throw that toward her student loan debt and bring in less into the marriage? Or can we hang on to it so we can just completely wipe out my $15,000 personal loan? What do you think? Doesn't matter.

They both got to go. Yeah. And so, you know, you're going to throw it at one or the other within the next three months, and it's not going to change the outcome very much whichever direction you go. Yeah. It's probably emotionally cleaner for her to throw her money at her debt because one of the things when you get married is

is is it's emotionally uh i mean let's pretend that you were deeply in debt and she had no debt and a big pile of money and then you get married and she pays off all your debt because we've joined accounts and joined our lives the way we should have that always feels weird when you're doing it you know what I'm saying? Right, I do, yeah. Yeah, you need to do it. It's the right thing to do, to learn to combine your lives, but it's a normal thing for that to feel weird.

And so for her to reach over with money she had and put it on what was your debt, now is our debt, feels a little weirder probably than just chunking it onto hers. It really doesn't matter, though. What how what's your income what's her income i think she's in the 50 000 range and i'm at 65 okay so you have a hundred and twenty thousand dollar income give or take 115 000 income and um so you know you just look at that and, how quickly are we going to knock this whole thing out? Probably within 18 months, a year, two years, somewhere in there, you should be a hundred percent debt free. And so it's not going to matter which way you go. Um, there's not a, I probably would go ahead and both of you start at once you've got your wedding budget set aside,

both of you just start with your own plans and then combine them in october after the marriage and hold on i'm going to send you a copy of the total money makeover to guide you through that uh and that'll be our wedding gift to you guys and congratulations hannah is with us in indianapolis hi hannah how are you i'm great dave how are you better than i deserve what's up um so my main question is whether or not I should be planning to purchase a home in the next two to three years. I am 22, just graduated from undergrad. I have a pretty sizable savings from working throughout college. And I just started a graduate program that is about eight to ten years. Eight to ten years? Yeah. ten years yeah yep what are you

doing having an elephant what in the world what takes eight to ten years to do i'm getting an md and a phd why does that take eight to ten years because i have to do both of them and both of them are four years why do you have to do both of them i want to go into medical research so a phd will do that yeah but there's a very big shortage of physician scientists and um then i each talks about this sometimes um phd don't always have the medical knowledge to examine things from that certain perspective yeah that makes sense wow what an investment i know i know of time much less money yeah i mean you got a decade of your life going into this is there any way you can do one and then work on the other as adult education and uh i'm that's just a that's amazing i'm amazed at your commitment that's that's a that's

very impressive okay so you have the money to pay you're going to be in one location for both of these yes you have the money to pay for this all this tuition. So that's kind of the reason I'm doing this program. The tuition is fully covered, and I get a $27,000 stipend. Oh, you're doing the MD-PhD program. Now I see what you're doing. You got a fellowship. Oh, okay. Yeah.

Oh, wow. You are a rock star. That's amazing. Good for you. Thank you. Okay. I can breathe better now, but it's still eight years um uh um you're gonna and you're so you are going to be in one location the whole time yeah i'd buy a house yes okay yeah

inexpensive i wouldn't go big dog here because i don't want it getting in the way of this education right should i be looking into a condo yeah something where you don't have to screw with the maintenance. I just don't want the real estate to be a distraction to this incredibly long and difficult goal that you have, but I think you can do it. Okay. Makes sense. Yeah, you've got a big commitment you've made here to yourself, and I don't want anything getting in the way of that

because this is an incredible opportunity for you. Wow. You're something else. I'm impressed. That way to go hannah uh wow so this is the way that a you can get become a medical doctor by the way uh and they the you become an employee of the university is essentially what the md phd program is for those of you listening and um it's very very tough to get there's just a handful of them around the nation that you can get each year but you become an employee of the university and so what she's going to be doing while she's doing this during eight years also she's going to be teaching at the university in different you know undergrad classes and so forth as a prof and uh in return they as an employee in a sense you get your MD, PhD program.

And, yeah, so she's getting several hundreds of thousands of dollars of education there free. It's a pretty amazing thing she's pulled off. So for those of you who don't know why, I'm aghast. Number one, eight years is freaking incredible. But number two, it's probably a $400,000 or $500,000 ticket she just got. That's pretty neat. And she's obviously brilliant. You don't get to do this unless you're really smart.

That's how it works. I don't qualify. And so I'm impressed. It's pretty impressive. Very cool. Open phones at 888-825-5225. Brenda says, in Michigan, can I buy life insurance on my ex-husband? No.

I receive $400 a month from his Social Security. If he passed away, I would lose that. Whoopee. It's $4,800 a year. Go grow yourself a life. He's your ex. Move on with your life. If you're dependent on $400 a month, you need to work on other stuff.

No, you don't need to buy life insurance. Can you? Yeah, you don't really have an insurable interest. You'd have to have his permission. And it wouldn't be much of a policy anyway to only cover $5,000 a year. You could check with Zander Insurance if you want to, and you might be able to. Would I? No.

He's called the ex-husband for a reason. Ex. Move on. This is the Ramsey Solutions. Kevin is with us. Hey, Kevin, how are you? Hey, Dave. I'm great. Good.

So my question today, I'm from California. I'm here visiting my brother who works at Ramsey Solutions. Oh, fun. And I have a super Silicon Valley question. I'm an engineering manager at a major tech company. And my salary is well in excess of six figures. But it's pretty much, at least for the last few tax years, been exactly half regular salary and exactly half company stock. And so then it's like very repeatable company stock investments that are going to last for three or four years.

Uh-huh. And I wanted to ask this question because it's a super common compensation package for engineers. Sure, well, in Silicon Valley, for sure. Yeah. And so the question is, if you say, not me, but if somebody was like, I'm making $400,000 a year, and it's in half in salary and half in stock, it isn't obviously guaranteed to remain consistent um like how should i one like in the crazy housing market there what kind of income should i be thinking about in terms of the mortgage i can afford

and then maybe just your thought on like how you would treat that type of income if you were managing it and trying to count on a certain salary. Right. Well, if you're going to live in Silicon Valley, you're going to be making, if you're going to buy a home, you're going to be making $400,000. Otherwise, you're not going to be living there. You'll be commuting in, okay? Because that's probably one of the most expensive pieces of real estate

in the nation right now, Manhattan, Silicon Valley. That's two big dogs right there. So, you know, you're going to count that income in your equation when you buy a house. You're going to say, I make $400,000 a year or whatever it is you make, okay? And so you're going to count that. Now, what that means is the stock that you're receiving typically is not restricted in this case, right? You get it in, like, four-year chunks and it it vests every six months okay so it is restricted it's restricted in it but it kind of like starts to vest in like a steady flow

right but uh is it four years before that particular chunk is released it's it's it fully releases over the four-year term six months at a a time. Oh. And that's a very common investment strategy from some of the companies. Well, it depends on where they are in their maturity with their stock and so forth. But, yeah. Okay. You don't have access to it, so we can't count it. If you can't liquidate it, you can't use it to pay a bill. Yeah. Okay. It's that simple. So you can only count what uh if you can't liquidate it you can't use it to pay a bill yeah okay it's

that simple so you can only count what you've got access to now once you've gotten far enough into this four years into this then you're going to have it that that much releasing regularly because it will have built up uh so if you're four years in then you count the whole thing but you count what's releasing yeah what you've got access to for your calculation. So that answers the question on what you do for housing, housing budget and so forth. Then the other issue is how much of this stock do you want to end up owning? I'm sure it's a wonderful company and I'm sure the stock is wonderful.

Do you really want all of your net worth, because you're going to have millions of dollars of this stuff, tied up in a single stock? My answer is no. I don't. I don't care who it is. I mean, probably the best stock out there would probably be Apple, right, as an example. And it's a gold standard. It's an incredible company, flushing cash. But they haven't always been.

And anybody can make mistakes just ask steve jobs and so uh you know the uh i'm not going to have all of my wealth in a single stock that would scare the p wadden out of me so i'm going to begin to liquidate it and move it into other things over time uh i recommend that regardless of how you're getting a single stock, that you don't end up with more than 10% of your net worth in it. So I'm going to systematically be liquidating it. You're taxed on it anyway because it's compensation as you're receiving it. So you go ahead and liquidate it.

And again, that's just not to say that the company is not a good company. I don't care who it is, how stable they are, how big they are, what their track record is. I'm not having all of my wealth in one single stock. That's just playing Russian roulette, and I'm not going to do it. So I'm going to systematically roll out of it, and I'm going to count what's released, what I've got access to as my income for the calculation of getting your mortgage. Congratulations.

Sounds like you've got a fun gig, man. Thank you. Very cool. Thanks for stopping by. Thanks, Steve. This is the Dave Ramsey Show. Bradley is – oh, it's not. It's the Ramsey Show.

I'm sorry. Bradley's in Atlanta, Georgia. Today is the Dave Ramsey Show. Anyway, whatever. What's up, Bradley? Hey, Dave. How you doing? Better than I deserve, man.

How can I help? So, Bradley? Hey, Dave. How you doing? Better than I deserve, man. How can I help? So I've got a question. My wife and I have paid off about $60,000 since December. And we're through our emergency fund. And looking over the 401Ks, so I have a Roth and a pre-tax traditional. And I just want to see if I can get some clarification. I know I always hear you say you want to keep the government's hands off of it. And so I just want some clarification between the two.

Well, the Roth grows tax-free. The pre-tax, you don't pay taxes on the amount you put in until you pull it out years and years and years later, and you're going to pay taxes on the whole stinking thing. So let's say you steadily invest for a number of years and you have a million dollars in your 401k. If it's a traditional, 100% of that million is taxable because you haven't paid taxes on what you put in yet, and you haven't paid taxes on the growth yet, and it's all taxable. So taxes on a million dollars, let's say, is 300 grand. Okay?

Right. If it's a Roth and you have a million dollars, 100% of it is yours. So it's a $300,000 swing on this answer per million that you end up with. So if you end up with a couple million dollars, it's a $600,000 difference. So you do the Roth, man. You do the Roth. I see. Awesome.

Okay. Thank you so much, Dave. Thank you for the call. Nick is with us. Nick is in New Jersey. Hi, Nick. How are you? Hi, Dave.

How's it going? Better than I deserve. What's up? So I have a question. I'm currently living with my girlfriend, and we work at the same company. But in September, we will be starting a new job, which is in a completely different location. So I'll be driving there. So she finds herself needing a car. So she's looking to buy a new car, which I know is a big no-no. And I'm just having trouble kind of

convincing her not to do it she's like in love with the car and i feel like she's like setting her whole mind on what to do and i don't want to be like mean to her or like say like hey like you shouldn't do this but not like be supportive or anything so i guess how do i just walk that listen when you love someone and they're doing something stupid, you're not supposed to be supportive. Right. You should not be supportive. Don't be so wishy-washy. I don't want to be supportive.

Of course you don't want to be. You don't want to support them doing things that are going to bring harm to themselves. You love her. So, no, I'm not going to be supportive of stupid activities. And buying a brand-new car when you're a broke single girl is a stupid idea. By the way, buying a brand-new car is a stupid idea unless you've got at least a million-dollar net worth because they go down in value so fast. Okay.

How old is she? She's 24, and I'm 22. Okay. All right. Here's the thing. If you want to live your life like a child and say, YOLO, you only live once, I'm going to get me a new car, okay, then you can do that whether you're 24, whether you're 54, and you're what's called immature, okay? I don't care what your age is.

I'm talking about your emotional stability, your emotional maturity, because you're god it's friday oh god it's monday and you're planning windows about four feet long instead of having a runway that looks out into the future and says what is a wise purchase that a freaking adult will make and here's the thing she doesn't make enough money to lose as much as she's going to lose the day she drives that car off the lot. When you drive that car over that curb and it goes blump, blump, that's $10,000. So, no, you buy a two-year-old or older car. This is what millionaires do. They buy used cars and drive used cars until they're millionaires. And, no, I'm not going to be supportive of stupid stuff.

She's hurting herself. So you want to sit down and kindly, gently go, the math on this doesn't work. It's not the right thing to do. You're not supposed to be supportive when people are doing dumb things. You're supposed to kindly and firmly be unsupported. This is The Ramsey Show. Thanks for joining us, America. We're so glad you are here.

Leiden is with us in Boise, Idaho. Is it Leiden? Is that correct? Yes. How can I help, sir? Hi, Dave. Really good to talk to you. I have two questions for you. I'm a certified public accountant. Five years ago, I purchased a practice from one of the partners in my firm for about $400,000.

In the last five years, I've paid off $225,000. That, I still owe $175,000. The last two years, working in taxes has been very interesting with all of the different law changes that we've experienced. Tax season has been extended over the last two years. I think, unfortunately, I got a small look at what it's like to not go through a full tax season, a busy season, and I kind of liked it. So I'm thinking about changing my practice, perhaps selling it. And I wanted to know what your recommendations are, how you prepare, what steps need to be taken to make that step.

The second one that I had is what are your rules regarding the purchase of goodwill for people like CPAs, doctors, lawyers, those type of folks. I often consult with them, and I haven't heard a lot on your show regarding how or if you should purchase goodwill. Yeah, I'm a utilitarian on that subject, meaning that the goodwill needs to produce revenue. Otherwise, it has no value. Okay. value okay and so if the doctor's name is not is not adding bottom line to his practice then his goodwill is questionable it needs to create money that or it doesn't have value

you follow me now there's other people that would argue against that that mode of thinking but if i'm buying something as an investor uh you know we've been in business 35 years and you know you're buying our name well no your name's not worth squat unless it's making money that's what makes it worth something and so that's in a sense goodwill right and the same is true in cpas the same is true in law firms the same is true in other things. But, you know, your world is a little different. It may have more value there than it might other places. But truthfully, unless you can see your way to monetize it or it is currently being monetized, it really doesn't have – it's a theory at that point as far as I'm concerned. But, again, I'm very utilitarian.

I'm very practical in the way I look at that. So as far as preparing your practice, I mean, you've been – you've probably coached people on this as much as I have. It's a matter of being able to prove the income and have reasonable expense lines and reasonable predictable revenue lines. And so if the revenue minus the expenses creates profit, no duh, and those are all predictable lines, then I've got a real easy valuation. I'm just going to say, okay, what kind of rate of return do I want?

And it's your cap rate, right? You're going to just multiply it by four if you want a 25% rate of return on your net operating income, right? And so if you want 20% rate of return, you multiply it by five. I mean, it's a multiple of profits as a rate of return, as a valuation process that I would use if I'm buying a business. And the thing that we all get into, and you've seen this all the time, is these people walking around. They go, well, you know, I don't really turn in in all my revenue i don't really pay taxes on all of it well you know so you say you're willing to lie to the government i'm supposed to believe you on how much this

thing's worth i don't think so i think we're going to count what you really turn in dude and you're not doing that kind of thing obviously but um you know what you've got to do is firm up a um a forecastable believable future for a buyer does that make sense yes and i think the more the more you can print that picture and i you know your your buyer is is god help you a cpa right And so they're going to be a conservative buyer by their nature and a detail-oriented person. So there's not going to be a lot of bravado or grandiosity around this. It's just going to be the numbers. I bet, because that's how you would do it, right?

Probably how you did it when you bought it. Yeah. Yes, it was. And I think that there are other ways of – I've seen other ways of selling practices. I've looked at buying other people out after I purchased my first practice, locals and others in bigger cities trying to expand. So I have seen other ways of doing it. Oh, there's plenty of other ways.

This is just the method I would use. But, yeah, there's plenty of other ways. This is just the method I would use. But, yeah, there's a lot of ways. I mean, you can do multiples of gross in a business as standardized as yours. You can just take a top line and do a multiple. The radio business does that a lot. They'll take cash flow and do a multiple of cash flow instead of running it on straight net profit but um but the only formula i mean i again i'm just a uh um i'm a simple guy if i put in a hundred thousand bucks and i want a twenty percent rate of return on that that's twenty thousand dollars i want to see that come back you know i want to see that how that works

i want a five-year payout five-year break-even period on this investment. And that's how I'm going to approach it if I were doing the deal. So I think you know enough, more than enough, to pull this off and do it beautifully. And congratulations, by the way. Jerry is with us in New York City. Jerry is, hi. How are you, Jerry? Hey, Mr. Ramsey. How's everything?

Better than I deserve, sir. Basically, good, good, good. Basically,. How's everything? Better than I deserve, sir. Good, good, good. Basically, I lived in New York City. I brought in Jersey, not too far over the so I basically get a tax break of 100% off a residency. I bought a multifamily, and I have to live there. So I want to rent out the other unit, which is a five-over-three, three-bedroom. I'm renting and I'll stay in a five-bedroom unit, 13-square-hundred-foot basement. And I just wanted to make sure I made the right decision because, I don't know, it's in a flood zone. That's a problem.

And it's always dwelling on me that I purchased this. And I don't know if it's a big deal or not. Well, how much of a flood zone is it? I mean, you think you're going to get flooded, or is that just a technicality? The last one was in 2012 with that storm. Yeah, and how long was it before that, before the other one? Nothing dated that I looked at. Okay, so there's only been one on record?

Yes, right. Well, I don't think I'm worried about that. There's a river that runs by. It's not too far. It's about maybe about 500 yards away. There's commercial units there. Yeah, I mean, I'm not too worried about it because I'm prepared to, you know, defend miles. Well, you bought flood insurance too.

Right, absolutely, absolutely. I got an elevation flood insurance too. Right. Absolutely. Absolutely. I got it. I got elevation certificate and make sure that the insurance goes down. I'm not worried about it. Right. One flood in the history of the property ever. And it was a freak event in 2012. I'm fine with that.

I'm not, I'm not worried about that. Right. Right. And then just the tolls and everything going back, but you know what it is job covers that but they may have you know they geographically it's in it's in the area um just that's pretty much it right there mr ramsey it was so you're worried about the flood and the tolls but the tolls are paid for so you're not worried about those yeah yeah that's pretty much it. What's the real problem, man? I just came out of the Navy.

I did my 20 years, and I always wanted to get a house, and I finally did it. It was the flood zone thing. My realtor, which is very close to me, she said, listen, this is an investment for you, for anything. Live there three years and move. Absolutely. You'll make some money on it, and you will have a good experience. I have a 1,300-square-foot basement, which I love, but I can't really dwell. You can't dwell on that town.

Exactly. Yeah, you're fine. You did good. Hey, thank you for your service, by the way. Appreciate you, man. That puts this hour of the Ramsey Show in the books. Kelly Daniel is our associate director and phone screener, associate producer and phone screener.

Ben is filling in for James Childs today. I'm Dave Ramsey, your host, and we'll be back. Have a friend or family member that needs a daily dose of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.