The Ramsey Show - App - Don't Chase Returns With Your Emergency Fund (Hour 1)

Episode Date: July 13, 2020

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🎵 Live from the headquarters of Ramsey Solutions Broadcasting from the Dollar Car Rental Studio, it's the Dave 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. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225.

Jared is with us in Allentown, Pennsylvania. Hi, Jared. Welcome to the Dave Ramsey Show. Hello, sir. I appreciate this opportunity. Absolutely. How can I help? So I've got a kind of loaded question here, I guess,

but I'll try to get to the point. My father-in-law owns a paving business. It's recently been estimated to be worth about $1.6 million. He's looking to retire within the next year. I've worked for him for about 12 years. And during that time, for about eight years, I've had a side hustle of the seal coating and line striping. And so he's kind of set this business up to paving for me to take over when he retires. As far as the equipment, nothing needs to be replaced. It's all ready to go. But my wife and I have no debt but our house, but we also do not have $1.6 to outright buy the paving company from him. And so he has talked about possibly taking a salary,

maybe doing estimates for me or something, until I could pay him back through the salary, that $1.6 million. Just kind of wanted your input on what the best way to do this transfer possibly without taking on that debt, even though my wife and I would feel like we would still be in debt to my father-in-law, even if he was only taking a salary, if you know what I mean. Yeah, well, you would be. That's why you'd feel that way. What is the net profit of the business a year? So it's anywhere, net profit between $250,000 to, it's been all the way up to $500,000 depending on the year.

What's it been lately? So this last year it was really rainy in Pennsylvania. It was around $250,000. Okay, so $250,000 is a bad year. Is a typical year more like $350,000? Yes. Or say, we'll just use round numbers, we might even say $400,000. Okay.

So four times the net profit. Now, that's net profit after he has paid himself a salary. Is that right? Yes. That would be, I would say that would be his salary included in that. That would be after all materials, employees. I got all that. I'm going to ask a stop so

here's the thing if i bought this business in tennessee i would have to hire someone to run it he has been running it is he being paid to run it and then still has profit of three or four hundred or is he being paid zero when we get to three300,000 or $400,000? Paid zero. Okay. So if we're running a $1.6 million business that has, what do you got, 30 or 40 team members? There's only about six of us. Six people working there. All right.

So if you're running that, if you're running a $1.6 million business, if I hired a manager to manage that, would you guess I'd probably pay them $100,000? Yeah, I would say I'm not making that work. No, I didn't ask that. I just said if I bought this business from him and I didn't want to run it, I was an absentee owner, might pay a hundred thousand dollars for somebody to manage a business that's netting 300 after that and grossing 1.6 does that sound about right

yeah okay so instead of netting 400 he's probably netting 300 or 300 he's netting 200 because he got to you have to take a salary out of that so this business is not worth 1.6. Okay. It might be, maybe, but that's a full retail blow on the thing. Okay. Roughly four times, maybe five times what the net profit after management has been paid. Not owners, but after management has been paid. And owners not taking a salary doesn't count. An owner takes a salary as a manager. After that, what's your net profit are times four times five, somewhere in that range, is the value of a small business. That gives an investor a 20% to a 25% rate of return on an ultra-high-risk investment like a small business, which is what you'd want.

It's the only way I would look at it if I were a venture capitalist buying small businesses. So, anyway, so let's establish, let's pretend that we settled on 1.6 and you said what do you get paid now so i make around 60 000 okay and you said i'm going to continue to draw 60 000 and i'm going to give you 100 of the profits until we reach 1.6 right and i'm going to run it and he's not doing estimates. He's not doing anything. He's just going home. And by the way, if it profits zero, you will get nothing.

Right. So if I run it in the ground, you get zero. You're not going to do that. But you're not in debt that way. You're paying him out of the profits until you reach the agreed-on price i think his price is a little high but aside from that if we said okay it takes four years of 400 000 right takes five years of 300 000 and you'll have him paid out and you're how old i'm 31 okay and he will have been paid out and he needs to put that money in mutual funds and live off of it.

And that's his retirement. Okay, so you give him 100% of the profits, or I don't care, give him 75% of the profits or 80% of the profits, and you take a little bit more. Okay? But you give him that amount until it reaches the agreed amount. And so if you have a bad year, you're not paying your payments because you're still giving him a percentage of profits.

If you have a good year, you're not paying extra payments because you're still giving him a percentage of the profits, and it all counts towards the total. And that way, if the whole economy turns upside down, and we have a 2008 and nobody buys paving for two years, you're not bankrupt because you're in debt to your father-in-law right or worse yet to a bank because you bought your father-in-law out with a bank loan yeah i would not do either one of those i would not do payments

to him i would not do a payment schedule to him i would do a percentage of profits and you ascertain a formula like i was talking about the two of you agree on that formula up to a set price and uh now do you think all the equipment if you sold it off is worth 1.6 or you just think the business is worth that no i would say the equipment's probably worth around 300 and then the land another 200 that the shop is Okay. So you're getting real estate with this? Yes. Okay, cool. All right, good.

Well, so that's a plus. That's a plus. That's a good thing. And by the way, the land is not necessary to make money, and so I probably would pay $1.6 for that package. But I would do it on a basis like I'm talking about, and that's a great deal for him. He gets to go home and make just as much as he used to make.

That's pretty cool for the next four years or so. And he banks 100% of that into mutual funds or a large portion of it, and he'll have a million dollars or so easily in mutual funds to live off of the rate of return, have him sit with a smart investor pro, and he can retire with dignity. He's not going to get $400,000 a year for the rest of his life. He's getting $400,000 a year until we get to, or whatever the profit is, until we get to the 1.6. That's how you work it out. This is the Dave Ramsey Show. Finding the right pair of sunglasses on a budget is difficult. They're either too expensive or they don't hold up.

But recently I got a great pair of sunglasses from shady rays shady rays offers premium affordable sunglasses and right now you can try shady rays risk-free for 30 days with a 20 off discount that means you can get polarized sunglasses starting at just 28 when you use the promo code Dave at ShadyRays.com. Juan is with us in Madison, Wisconsin. Hey, Juan. Welcome to the Dave Ramsey Show. Hi, Dave. It is an honor to speak the Dave Ramsey Show. Hi, Dave.

It's an honor to speak with you. You too. How can I help? Okay. So I'm currently on Baby Step 3, and I'm close to finishing it. I think I need about one more month, and I'll be done with Baby Step 3. Good for you. So then my question then has to do with Baby Step 4.

So I work for the university, and part of that involves that, you know, we put in a little bit towards retirement on their pension system, which ends up being an annuity later on in the future, and it's employer match, and I'm doing that. So you have a mandatory withdrawal from your check going into pension that's right what percentage of your income six percent okay i always count that about half towards your 15 because a it is your money you're putting it in and it's mandatory but b you don't have any control over it. Right.

And so I don't count it as the full six. I count it about three. You can do whatever you want. If you counted five of the six, then you'd put in 10. If you counted three of the six, then you'd put in 12. Okay, perfect. Okay, so that makes sense. So then my next question then comes with, say, the possibility that I end up moving to another job and I leave this job. So now basically the only two options that I can tell that I have are either take a separation benefit, which is basically the money that I put in,

or do I let it stay with the pension system with the employer match and then start taking it once I'm on, you know, the age, retirement age that they have. So if you leave the university, they don't give you any of the money that they put in? That's right. You're not vested at all at any point? So the way that they define vesting is you need to have two things. You have worked for the retirement system for at least five years, which I think I already have. And then you have to be, I think it's 59 years old.

So then, but then if I leave, say, and I already have the five years, the only option that I have then is the separation, what they call the separation benefit. Which is just the money you put in with no return on it. That's right. Wow, that sucks. I agree. That's why I'm wondering what you would do. The longer you're there, the more likely I would be to leave it there.

The closer to 59 that you are, the more likely I would be to leave it there. The closer to 59 that you are, the more likely I would be to leave that portion there. As young as you are today, I would just take my money and roll it to an IRA and the separation benefit. You can do that without any taxes on it. Because the further you're into it and the closer you are to 59, the more

valuable the portion that they've put in is. A, they put in more money. B, it's closer to the time you are to 59, the more valuable the portion that they've put in is. A, they put in more money. B, it's closer to the time you're going to get it, and it makes it worth letting your money sit there being tied up without any control over it. Right. Then what would you consider then the age sort of guideline? Because right now I'm currently 30. And what would you consider the age guideline of leave it, take it?

I'm just sticking a wet finger in the air, but roughly 45. Okay. That makes sense. Something like that. Let's get on out there. Because that means that 15 more years they've been putting money in there. There's a pile of their money with your name on it. True that.

And you'd ride that out. Plus 45, you're 14 years from 59 you know we'll let that ride a little bit but um if you leave within the next five years i'd probably just take it wonderful that makes sense thank you so much thank you for the call man we appreciate you joining us rebecca's with us in green bay wisconsin welcome to the dave ramsey show rebecca what's up hi dave i'm so excited to speak with you you have changed our lives i did not you did that's awesome so we are debt free and i'm just finishing up step three uh our baby step three i did a lot of research

on where to put our 15 000 i, credit union, and my personal finance advisor. My findings was that my personal finance advisor's company offered the best rate at 1.57. So I opened that account with $10,000 and plan on finishing up this week. So I happened to ask if this account is FDIC insured. He said that the money market is not FDIC insured, but is invested in very short-term and safe securities. He also said that if I want an insured bank deposit, the rate is 0.4%. Would you stay in the account that I have started or move it to an FDIC insured account?

Well, number one, I'm not chasing returns with my emergency fund. The difference in this discussion, what you make on either one, is not the issue. The fact that you have the emergency fund and have it accessible is your issue. Okay? Okay. So because your emergency fund is insurance, it's not an investment. It doesn't make you any money. I mean,.5 or 1.5, who gives a rip?

Both suck. Right. You know, it's just not any money. You're not going to get rich on that account. You're going to get rich on the other accounts that you don't have to touch because that account's there to cover them in case of an emergency. You don't have to jump out of your 401K to fix a car transmission. That's what makes you rich later on, not this account.

So I don't really spend a lot of time. I mean, I'd like to make what you're making. You know, I try to get mine up in that, you know, 1.5 to 2 range because when I'm sitting on cash. But, you know, and as far as I don't, who's the money market with? What's the company name? Edward Jones. Oh, you don't have any trouble with that. That's fine.

There's nothing wrong with that at all. It's a major company money market account. There's never been one fail, ever. Okay. Okay? So could they, hypothetically? Yeah, but, I mean, they would have had to really screw up their whole company for their money market to fail and be worth zero

because it's all sitting in liquid investments. So I don't think anything about putting half a million dollars in a money market account that's not FDIC. It doesn't bother me a bit. With a major name brand that I know, you know, Vanguard and Edward Jones or Raymond James, Fidelity, you know, you start, you know, American Funds, these kinds of big name mutual fund companies, their money markets are as safe as a stinking FDIC. If five of those money markets crash, the FDIC is probably going to fold. Because, I mean, the economy has gotten like the worst ever in the history of the United States if five of those big ones went down.

So that's how stable they are and how tied into the fabric of our economy they are. That thread gets pulled. There's bigger problems out there. So I wouldn't worry about the FDIC part. If you like the return and you trust your guy and you understand what you're getting into, I mean, that's a major brokerage

house, and it's not one I do business with, but there would be nothing to fear with their particular money market account safety, I wouldn't think. I wouldn't hesitate to put my $15,000 in there as far as safety goes. But again, back to that original part, we don't chase returns with the emergency fund.

The emergency fund, if it just sits there in a cigar box in your underwear drawer, that's not the end of the world because it's not there for the money that it makes. It's there for protecting you when life comes at you. So, but go make a little money on it if you want. That's okay. It's not a bad thing. It's just, you know, let's make the accessibility of it is the big thing, not the returns. So the liquidity.

Hey, thanks for thanks for calling in. Open phones at 888-825-5225. Find out for yourself why blinds.com is the number one online retailer of custom window coverings. Free samples, free shipping, new promos. Use the promo code RAMSY at Blinds.com. Jess is in Virginia. Should we tithe on the net profit from the sale of our personal residence? Thank you.

It's completely up to you. The scripture says to tithe on your net increase, Deuteronomy 28. Net increase, which would be net profit on something that you bought and resold. You can do that on your personal residence. Some people take the view almost like an old capital gains law from years ago that I'm going to roll the profit into my next personal residence. Some people take the view almost like an old capital gains law from years ago that I'm going to roll the profit into my next personal residence. And so I didn't really pocket the profit like you would on, say, an investment. And so they don't tithe on it. And I'm not mad at you about that. I can promise you God is not mad at you about tithing. When I'm not sure about giving, I always give. When in doubt, I overgive.

When in doubt, I overtip. When in doubt, I live my life with a sense of abundance and generosity. And it's worked out really well for me. I think that's scriptural. This is the Dave Ramsey Show. Families all over the country are discovering a faith-based and budget-friendly way of meeting health care costs, whether they're anticipated or completely unexpected. For example, take the Olcheski family from LaGrange, Texas. Jeff and Carice had just celebrated the birth of a new baby boy. Shortly after, they had another expensive medical issue come up. They could

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That's chministries.org. CHM is a proud sponsor of Dave Ramsey Live events. In the lobby of Ramsey Solutions, Eric and Morgan are with us. Hey, guys, how are you? Great. Doing great, Dave. Welcome. Where do you guys live? Brookings, South Dakota.

Brookings, South Dakota. What's that near? About an hour north of Sioux Falls. Okay, cool. Well, welcome to Nashville. Good to have you guys. Good to be here. Well done. So you're here to do a debt-oux Falls. Okay, cool. Well, welcome to Nashville. Good to have you guys. Good to be here. Well done. So you're here to do a debt-free scream.

Yes, sir. All the way from South Dakota. How much did you pay off? A little over $131,000. Yay! How long did that take you? About 39 months. Good.

And your range of income during that time? We started at $105,000, down to $90,000, and back up to $100,000. Good for you. What do you all do for a living? I'm a collegiate track and field coach. And I'm a school counselor. Oh, very good. Both of you are around education then.

Yep. Very good. Fun, fun. So what kind of debt was this $131,000? Basically anything you can think of. You were normal, huh? Yeah. Very normal.

Okay. Break it down for me a little bit. Student loans, credit cards, car loan, personal loan, unsecured credit, medical loan. You guys were just doing everything. Anything we could do wrong, we did, basically. Yeah. How long have you guys been married? A little over six years. Okay, cool. So a couple of years into the marriage, you look up, and we got $131,000 of stupid laying around, and something happened, and the switch flipped. Tell me what happened. One day, Eric came home to our brand-new house and our brand-new car to our brand-new baby, and it was like, where did our money go? And I said, well, honey, you spent it.

I didn't spend it, you spent it. And then he brought up Dave Ramsey and he brought home this big workbook for us to do for nine weeks. And, you know, I was okay with it because I wanted us to have our money figured out because we wanted to be able to not live paycheck to paycheck, but live the right life. And it was really hard to go through the program because every week we learned something else stupid that we were doing. So then it was, we just had to stay the course and stick with the path. And every single year we have done the program to remind us what we were doing. And now we're leading our own course. Oh, thank you.

Thank you for doing that. You know, but what's interesting about your all's careers is as a coach and a counselor, I mean, you're used to running with talking to people that you have to course correct them. And if they'll do what you tell them to do, then they get a better life, right, in both cases. And so you already kind of knew that in both of the way your brains work. And so when you sat down, it's like i gotta do this it was in that part kind of in a sense the grasping intellectual grasping of it had to be easier for y'all yes yep we were really good students i bet i bet you just go nope not doing that anymore nope not doing that anymore you know a good friend of mine he said you have

to submit yourself to a new way of thinking and in any area that you want to transform you know and stuff where you're working with these students it's the same thing they have to submit themselves to doing something different than they've done before to get something they've never gotten before right nailed it way to go you guys this is so fun what do you tell people the key to getting out of debt is now that you've done it um have a budget and stick to it, commit to it, be okay to say no when other people are doing things. I know we had to say no a lot just because we knew our goals, and then to make sure to call each other out when we're spending money we shouldn't be. What's the biggest budget fight you ever had during this 39 months?

Probably saying no to go visit friends on a vacation. Yeah. Yeah. That's probably the biggest one. Yeah. And who was wanting to go and who was the one that said no? I said no. Ah, there it is right there.

I'm the nerd spender. The nerd spender. That's what I am. Okay. Good. Very good. Cool, you guys. Very good.

And thanks for leading the class now. Did you have people cheering you on or did you have people saying you were crazy? A little bit of both, I would say. Some nice crazy. Hey, we like what you're doing, but we'll do it our way. Yeah.

It's like we think you're nuts, but you're kind of cute. Yeah. Exactly. And we knew we were doing it right when we got made fun of for what we were driving now. And that's okay

because we just needed something to get us where we needed to go. And in the future, we can buy something that looks a little bit nicer. Okay. So you moved down in car in the process? Yes. We sold our vehicle. What did you sell? We sold a pretty new Ford Escape.

And then you're driving a what? PT Cruiser. A PT Cruiser. How old is that? It's an 04. 04. Okay. An old PT Cruiser. Yep. All right. I old is that? It's an 04. 04. Okay. An old PT Cruiser.

Yep. All right. I don't know if there are any new ones. I don't even know if they make them anymore. Yeah. Yeah. Okay. But it's a.8, a.B car.

Right. You got it. And later on, if you drive like no one else, later you can drive like no one else, right? Absolutely. Yeah. Congratulations, you guys. Thank you. Proud of you.

Well done. Well done. Well done. We've got a copy of Chris Hogan's retire-inspired book for you. We want that to be the next chapter in your story where you become millionaires and outrageously generous along the way, and you'll be in a position to do that. You make good money. You know how to handle money now, and you're working together and smiling about it.

Life is good. Well done, you guys. Good job. Eric and Morgan, Sioux Falls, South Dakota, $131,000 a normal paid off in 39 months, making $105,000 to $90,000 to $100,000. Count it down. Let's hear a debt-free scream. Ready? Three, two, one. We're debt-free! Yeah! Woo-hoo!

And the crowd goes wild. I love it. I love it. And so does anybody else, Walker. Oh, that's so fun. Congratulations. Tony is with us in Quincy, Illinois. Hi, Tony.

How are you? Just fine, Dave. How are you? Better than I deserved. What's up? I have a quick question. My mother is 67 years old. There's no retirement that'll be left or any kind of investments that'll be left over to me.

I'm the only child. She's wanting to pre-plan her funeral by investing into something or maybe an idea that you can give me on where to put her money. She can afford about $250 a month. That's money that's after everything's paid. What should we put that towards? How should we go about doing that? Okay, that's $3,000 a year.

An inexpensive funeral is in the $7,000 range. How healthy is she? She's pretty healthy. She's pretty healthy. She's got a little diabetes, but her heart's good. You know, her brain, she's really functional. I mean, she gets around really well. Okay.

So what if we don't necessarily call this the funeral fund and just call it an investing plan? Okay. And she just starts investing $250 a month. If she does that for a couple of years, she's going to have enough for her funeral and everything beyond that, you know, a nicer funeral or maybe a little bit of some investment starting to build. I mean, if she lives 20 years and does this, it turns out to be a lot of money. Okay. So we can just go to an ELP in our area and just set up some kind of a mutual funds or something. and then that left to me as the beneficiary if something would happen to her.

Yeah, and you pay the funeral out of it. And if she wants to go a step further on this, I am not against pre-planning a funeral. I'm against prepaid funerals. Yeah, my grandfather and mother had done that and when my grandmother passed away they um wanted 1700 from quincy to um godfrey illinois to ship her down there from for them to come get her and the funeral director up here had stated hey they've already prepaid everything years ago i think you at least owe them that yeah so and that and they did they they afforded her to ship her down there.

So I don't want to prepay nothing. I just want to prepay her investments. Yeah, but if she wants to go over and pick out everything and have it all selected, so you know it may get more expensive over the next 10 years or 20 years or whatever her lifespan is, right? But at least you kind of have, if she really wants to get into the detail of it, some people are concerned about that so that she kind of knows, okay, then everything above that number or whatever that number grows to as funerals get more expensive

in this mutual fund is going to be left to you guys, or she's got it to go on a trip with or something if she wants, right? Yeah, I can take care of her for that. So thank you for your information. I'll definitely do that. Thanks. Thanks, Tony. We appreciate you calling.

That's how it's done, folks. Common sense. Stop and think. Be intentional. That changes the equation when you do that. This is The Dave Ramsey Show. Thank you. Thanks for joining us, America. Jason is with us in Connecticut. Hi, Jason.

How are you? Hi, Dave. How are you? Better than I deserve. What's up? It's an honor to speak with you. You too. How can I help? I recently inherited a 25% state share in a family farm. My father passed away in March. I'm sorry. I need some advice as to what to do with it. Okay. Who's running the farm? Well, so we call it a farm. It's simply a 20-acre piece of farmland. My father was the only one that actually farmed it. He was a 50% shareholder in the farm. He was the second and third generation owner of the farm, along with his brother,

my uncle. And now my father's deceased, and he left his 50% share to my brother and myself, 25-25. Gotcha. What's it worth? It's worth around $240 is what the probate is vested at. Okay. And so where is the farm? The farm is in a little town east of Hartford called Holland. Okay. Not super far from you, though. I mean, not the other side of the United States or something. No, it's a 25-mile travel for me.

What will the farm be used for now that your father has passed um well i'm carrying on his legacy right now doing my father raised poultry so right now i'm carrying on his legacy raising poultry it's a small very small family uh family business and it's really not income producing um And so why is that his legacy? It's more like a memory. Yeah. I mean, it's what he was about. It's what he did. He was an electrician for

years, and he retired to work the farm. I mean, I have not retired. I'm on baby step two. I have a family and young children and a wife. I understand. I have a family and, you know, young children and a wife. I understand. And now you're playing with chickens, too.

Yeah, I got it. Now I'm playing with chickens. But my struggle is more of a family issue. And my brother and I have never gotten along. He's been in and out of jail for years with drug and alcohol issues. Me and I have never seen eye to eye. He's a very controlling person. And we've just never, never gotten along. So, and he's currently in jail serving a 23 month sentence. He's got like 12 more months to go on this sentence. And I just don't even know. Does your uncle want the farm?

He does, but he doesn't really do anything with it. No, does he want to buy it from you and your brother? Well, I don't know. I haven't asked him. Personally, I don't feel that he can afford it, but I guess I really am not that person to make that decision. You can do whatever you want to do. I don't feel that he can afford it, but, I mean, I guess I really am not that person to make that decision. You can do whatever you want to do.

This is all still fairly fresh, and you're trying to work through the separation between who your dad was and what this piece of ground represents emotionally. Yeah. But you are a minority holder in a piece of ground. You have no power. You have no control over this situation. This is not going to end well. That's kind of my feeling, and I feel like if I sold it today,

I could be out of debt tomorrow. Yep. And I think that's probably a better legacy from your dad than you raising chickens at no profit and arguing with your control freak brother and your uncle who has no money. Yeah. I left criminal out of the adjective on your brother. You put that in there.

But anyway, so if I'm in your shoes, I'm going to talk to the two of them about putting it on the market, selling it, and everybody taking their cash and going their merry way. Yeah. That's a pretty cold, heartless, non-emotional statement is how that feels when I said it out loud. But at the end of the day, this land does not represent your dad's legacy, and the chicken farm does not represent your dad's legacy.

Your dad's character and who he was as a man is his legacy. And when the Bible says a good man leaves an inheritance to his children's children, it does mean goods and money and wealth, but it also means the character and the work ethic and the man that your dad was. And him having a piece of that land going towards you and your family's future would make him smile from heaven, I think. Yeah, I agree. And so I'm thinking, I work through these things fairly quickly in my emotions because I've done them so many times, and it's not my dad, you know, it's your dad, so it's a different thing.

But I think if you spend some time praying this through, thinking this through, talking this through with your spouse, maybe with your pastor for wisdom, I think you're going to say, the future is what we need to be aiming at, not the past. Yeah. Which tells me I'm putting this thing on the market with the other two's permission, getting it sold and handing them a check after we get their signatures. I'm sure your brother and your uncle would like if your uncle wants to buy you two out. That's fine. We know your brother's not buying anybody out, not with legal money anyway. So unless he's got some drug stash or something, but I'm kidding. I'm being sarcastic, but that was mean.

But anyway, the I think your uncle might be a player, but I doubt he is based on what you said. So I think everybody would like to have their money and go on. The only thing is it's fifth-generation ground, but my family sold my granny's place when she passed, and I'm not upset about it. I understand. It was fifth- ground fourth generation ground

um but my grandpa had already subdivided most of it and sold it off in a subdivision before he died so you know that's just part of how things go stuff goes stuff comes and stuff goes land included so um but we do get pretty emotional about our dirt, we Americans. And, well, other countries do too. Generational family, ranches, farms, whatever, places, those things are, they mean a lot to us personally. And I'm no different, but you just have to look at the situation and go, how's this, five years from now, how's this going to be a blessing? And the answer is, it's not. James is in Houston. Hi, James.

Welcome to the Dave Ramsey Show. Hey, Dave. How's it going? Better than I deserve. What's up? So I am currently on paid suspension from my job. I've been working there about three years. I got into an argument with one of my superiors.

I used a word I wish I wouldn't have used so that's really the reason why I'm on suspension but there had been things going on before that happened that led up to that that I'd been keeping to myself basically I just I don't respect the people who I work for but it's a really good job and I like to work so I was just

wanted your opinion on whether I should go back there or if they even let me back or try to find a new place to work. My family's been telling me that, you know, you're going to have bosses your whole life that you don't like, so you've just got to work through it. How old are you? 24. Okay.

Okay. No, you should not go back there, but most importantly is not those people or what's wrong with them. Most importantly is the man in your mirror. He's going to have a lot more to say about your future success than some guy who is or isn't a jerk at the workplace. What were you making uh about 45 okay doing what uh it's in a industrial bakery okay all right um well i mean you're not afraid of work um but you've got to learn to control the guy in your mirror in his mouth because he gets you in trouble, right? Right.

And all of us have gone through that growing up, and sometimes we grow up at 24, sometimes we grow up at 54. Sometimes it's 14, but most of the time it's later than that. So I think you've got to say, what was my part in this? Let's pretend that everybody over there's a jerk incompetent and doesn't deserve your respect okay let's just pretend that for a second how you react to that says more about you than it does them that makes sense right yeah that's my concern if i'm you you got to got to work on that part. And that means getting in a good church with maybe a guy's group, getting a good Bible study, and learning to control your temper because that's what controls your tongue.

I've dealt with that myself as a younger man, so I can relate. And now I use my mouth for fun, but it wasn't always so, my brother. This is The Dave Ramsey Show. Hey, guys, it's George Camel, host of The Dave Ramsey Show video channel. You can now listen to the show on your smart speaker. Just tell your Alexa or Google device to play The Dave Ramsey Show or find out all the ways you can benefit at DaveRamsey.com.