The Ramsey Show - App - Don’t Get “Doc-itis” With Your $378K in Med School Debt! (Hour 3)

Episode Date: August 1, 2023

Dave Ramsey & Dr. John Delony answer your questions and discuss:   EveryDollar, budget for the life you want today for free: Click Here "How can I pay off my debt without changing my lifestyle?"  Catching up on retirement later in life. "We have $378K in student loans, what can I do?" Check out the Ramsey Student Loan Hub for tips, tools, and the fastest way to pay off your student loans, Dealing with a nasty mold problem. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Enter The Ramsey Cash Giveaway for a chance to win $3,000! https://bit.ly/TRSCashGiveaway Want a plan for your money? Find out where to start: Click Here Listen to all The Ramsey Network podcasts: Click Here Interested in advertising on The Ramsey Show? Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving, and storage studios, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual, relationships dr john deloney ramsay personality number one best-selling author of the book own your past change your future and host of the very popular podcast the dr john deloney show where he answers questions about

life mental health and relationships brand new book going on sale today building a non-anxious life is on pre-sale right now it will ship october 3rd and you can get it at ramsey solutions.com we're throwing in a bunch of extra goodies about 75 dollars worth of stuff if you pre-buy it for 20 because it helps us and we appreciate it and of course you're going to get a lot of good fun stuff extra stuff if you buy it early so there you go It's kind of a fair trade. Open phones at 888-825-5225. Alex is in North Carolina. Hi, Alex.

Welcome to the Ramsey Show. Hi, Dave. Hi, John. Thanks so much for taking my call. Sure. What's up? Dave, to quote you, I've been looking good with no freaking money. And I've been doing it for years.

I just discovered your work and I've been following it. I'm on baby steps number two. And basically, since I discovered your work, Dave, I mean, from one day to the next, everything I bought and all my decisions from my reckless spending and my bad decisions now just feels weird and sort of brings shame. I mean, I'm driving around in the new car I bought last year. It feels weird sitting in the expensive furniture doesn't feel right. Um, things I've, I've bought and stuff just makes me feel uncomfortable, uh, pretty much all because

I know I have this big mess to clean up. Um, I think I'll be able to clean up the mess and come out. All right. But I guess my question is twofold are my numbers right and that i can clean this mess up without changing my lifestyle too much um if i can just control my spending behavior and secondly if i can clean it up with my current income how do i deal with it sort of emotionally and psychologically kind of seeing all my past mistakes every day in front of me. Okay. Well, how much debt do you have, not counting your house? Right at $80,000.

Okay. And what is that on? $40,000 is my car. $30,000 is a student loan. And and 10,000 is a credit card. Okay. And what do you make? 150. Okay. And how much money do you have in savings, not counting retirement? About 15K. Non-retirement, any non-retirement investments at all? About 5K, mutual fund. Okay. So we got 20K there.

All right. Cool. Cool. I think he can be done by October 1. Yeah. Yeah, maybe. If he sells that car. Yeah, sell the car and use the 20k yeah you'll be done by

christmas yeah so yeah this is very doable um if you don't sell the car you'll be done by the next christmas so um 18 months you know 6 to 18 months you can be done depending on whether you want to keep the car or not um and i think it was you i think you were talking about somebody the other day was saying your stuff talks to you oh yeah is that you yeah um uh don madsen the minimalist mom was introduced me to this idea that um your things have imaginary conversations with you all the time and i kind of rolled my eyes when she said it and then i got home and i started looking around my basement where i've got this little jam area and my hunting gear and all my books and they quietly started saying hey are you gonna read us are you just gonna be stupid forever my guitars were like are you just not gonna play

us just gonna be old you're gonna be that guy and my hunting stuff was like he's gonna be an indoor nerd now it wouldn't shut up and so there is a an idea that at some point i gotta get rid of some of this crap and i gotta deal with this shame. I'm interested, brother, what makes you feel this shame? You keep talking about you don't feel comfortable in this. What is at the root of that discomfort? Just that I know that it was like reckless behavior, that I sort of see the light now.

Okay, if I just say sell it, what's your initial response? Like, put today on Facebook Marketplace, here is some furniture, I'm going to sell it. What's your instant gut response? Peace. Then what are you doing, man? Sell it. Yeah. Sell it. Are you single?

I'm married. Okay, yeah, you probably ought to talk to her. Okay, yeah, you ought to talk to her. Before you sell her couch. You got to lead with that, man. Before you sell her couch, we need to talk about this. But yeah, so it's okay if you're, I mean, I have, okay, I owned a bunch of property before I went bankrupt in my 20s.

Most of those houses are still standing. So when I go out to eat in that end of town and we drive by and I go, yeah, I used to own that. And that house is looking at me going, yeah, back when you were stupid. And that's been 35 or 40 years ago, you know? And so that house is still telling me I'm stupid or was stupid. But I was stupid back then. And so, you know, when you bought that, you were reckless and it's telling you, you were

reckless back then. And it might be okay if it's not weird or dysfunctional to have a few things reminding you not to go back to that behavior that, you know, that table says we shouldn't have bought that. And so, and, you know know every time i eat at it i remember not to be reckless anymore right so maybe it's a good reminder in a sense a milestone a psychological or spiritual milestone to look but if there's too many of these things telling you you're stupid all day long it's the thing is you have to make the items behave in their message

their message has to be you used to be reckless when you bought me now you're not the old me did that but the new me doesn't do that and so if they're but if they're telling you that you're just you're stupid no it was stupid when i bought you but i'm not stupid now and i wouldn't i wouldn't buy you again and here's what you have to do you have to gain some confidence in this new life and our buddy alex herosi, I love the way he says this. To get confident, you have to practice. You just got to, you can't think your way to being confident. You have to start doing it. So you need to start making a budget with your wife every month. And what you're going to do is you're going to look up in six months and you're going to, you're going to owe nobody anything. You're

going to have gotten rid of some of this stuff that's nonsense and she might be completely at peace or she may have like want to pull your hair out but there's going to be some peace in your house and then you're going to have some confidence because you've got some budgeting practice you're starting to get a hang of this thing and all of a sudden this shame kind of evaporates because you're walking a little bit taller and you've leaned into this life right you know and honestly the thing that craig rochelle and james clear both talk a lot about too is resetting your identity yeah and that's saying okay i am a person who is thoughtful and wise in my purchases i'm not a reckless person and that's you say that's who i am now now i used to be you know this and this and this,

and I used to be the guy who borrowed money up his eyeballs. That's how I went broke, and that's how I started doing this whole thing, right? That's me, but I'm not that guy anymore. I'm now Mr. Don't Borrow Money Ramsey. I mean, come on, hello. And there's something about sitting with your wife and saying, here's who we're going to be. Are you in?

And then you all just reverse engineer it, and you co-create that life together. Yeah, and I think your stuff will shut up when you do that it does it'll quit yelling at you it's only yelling at you if it gets a foothold i have one guitar that still yells at me but all the others are good they're all good well i you know what facebook marketplace nope nope this is the Ramsey Show. Dr. John Deloney, Ramsey personality, is my co-host. Thank you for being with us, America.

Open phones at 888-825-5225. Lori is in Sacramento, California. Hi, Lori. Welcome to The Ramsey Show. Hi. It's great to talk to you guys today. Thanks for taking my call. Our pleasure.

I'm working on Baby Step 4, and I found myself a financial advisor, and I know he's the right one because out of everybody I asked, he's the only one that agreed that I have to pay off my house instead of investing more. Okay. He passed that first test. My question for you is I know that you have the four categories for investing um i'm 61 years old do we need to adjust that at all for my age i'm i'm a little bit behind so i tend to want to kind of go a little more aggressive to gain more or should i just stick with the plan i would stay with those four if it was me.

I'm 63. My personal 401k is in exactly that. It's in those four. And then just to throw another little wrench into there, he's in the process of pulling all my retirement accounts that kind of spread out at different employers. He's going to pull that all in together. Good.

And I didn't realize that I have kind of a big old chunk of a single stock that's done really, really well. And how much of it can I keep? Is that in a retirement account or is that just a single stock? It's in a retirement account. It's in my Charles Schwab, an old 401K that's rolled over. Hmm. Okay.

So it was like a company benefit of that company stock you worked for at the time? Nope. Nope. It was just that company set it up so that you could have an account at Schwab and invest in any old thing you want. Wow. Okay. I'm rolling all of that into the four types of mutual funds in IRAs.

So I can't keep my little single stock? You can, but you asked me if I would. I wouldn't. He doesn't want me to either. What's it worth? Right now it's worth probably about $100,000. Okay. And what's your total nest egg in retirement it's about 325 yeah i wouldn't i wouldn't have a third of my nest egg in a single stock too much risk for me yeah i know you said like 10 but yeah 10 max and that's what i would do so if you love it and you

just want to keep messing with it then that means about 30 000 of it you could stay with but um okay but i i i don't you know again i i what i tell people to do is what i actually do i don't have like one set of thing advice for for myself and then for everyone else i give this other advice no i do exactly i don't own a single single stock not one and i'm not so uh because i just don't want the risk and i don't want to screw with it i don't get it's not fun for me i i like to put things on i like wealth building things to be on autopilot and right and that's really what i want so that's a good point i would look at it like at some point you got to walk away from the table in vegas and you've done really well i would just walk away from the table. Yeah, cash in.

Great. What's the house debt? I still owe about $250,000. Okay. And I just started doubling down on it. What do you make? I make about $120,000. Okay.

So you're going to be four years. You're going to be 65, 66 that's paid for. Is that your plan? That's my plan. Every penny, maybe more if I can get more shifts. Okay. Good for you. You've got a lot of energy.

I love it. That's awesome. Proud of you. Yes. Very well done. Okay. And here's the good news. Not counting the 15% that you're continuing to add to the 350,

but the 350 in that same period of time will become 700. Oh, I like to hear that. And then seven more years when you're 73, 72, that 700 will be 1.4. Oh, that's beautiful. That's music to my ears. Yeah, and then the house is worth what? The house is worth about $550,000. Okay, all right.

So in about two years from right now, you're going to have your first million net worth. Woo! Yeah, that's where you are. And Lori, I'll tell you this. Dave mentioned this on air one time when I was here, and it was like a light bulb went off. When you turn 61, if you're in good health, chances are you lived to 91. And suddenly you got 30 more years of investing in this thing potentially doubling every seven years. That's a lot of money.

That's a whole bunch of money. Yeah, I've got 80-ish parents. So I think I have some longevity genes. There you go. There you go. I like it. That's genes. There you go. There you go. I like it. That's a good thing. Yeah.

And, you know, again, because the average death age of a male right now is 72, 74 for female. But that includes infant mortality, teenage death, those kinds of things. And so, again, when you make it within reasonably good health into your 60s, you've got a high probability statistically of making it into your late 80s or 90s and so uh we typically bring that up when we're addressing oh well you're now 60 so you need to move all your money into conservative investments and no inflation will kick your butt you got 30 more years to buy bread and gas as it goes up and so yeah that's a but you're not we're not

having to worry about that with you laurie you're in good shape you're doing really smart things yeah you she's got a plan man she dialed in and i love the uh i don't know i i all the psychological data says when people just quit working they just stop everything falls off and i like to hear somebody who's 61 is like no man i'm getting after i'm doubling my shifts i'm going for it man i just love that i love it it's fabulous jace is in las vegas hi jace how are you hey dave how are you doing better than i deserve how can i help so my wife and i recently got on the budget and we have about four or five hundred dollars left after all of our expenses are taken care of and everything um we're kind of wondering what to do with that money um we have three hundred and seventy thousand dollars of debt what kind of debt um it's all student loans 100 of it who's the doctor who's the lawyer so i'm a doctor i am in residency

i have two more years left i'm in the middle of residency right now and so what are you making what's your household income so i it's about fifty50,000 after taxes. That's take-home. My wife stays at home with her kids. Oh, okay. All right. So these are college years.

I mean, you're in college. That's what it amounts to. Yeah, so it's medical school and undergrad is about $20,000. Yeah, I understand. But I'm just saying, you know, when you're in school, we don't expect people to make big strides in their wealth building when they get out of school. Yeah. The thing you have to avoid then is getting what we call doc-itis.

It's a disease that medical school spreads. Yeah. No, I've heard of that disease, and I've studied it. Yeah. Yeah. Doc-itis is where you go buy a new BMW to prove that you're a new MD instead of paying off your freaking student loans. And so, yeah, you keep driving a hoopty and you live in like a broke doctor because that's what you are going to be very soon, hopefully, a doctor because you're currently broke we hope we can add doctor to it and then we go make a couple hundred a year and we clean this up and because we don't upscale our lifestyle

we keep our lifestyle where it is now and then when you do graduate get your md and move into the bigger income that's when you'll be able to actually make progress but you i really don't expect you to do much but tread water right now yeah so we were just thinking of putting that just kind of in a bigger emergency type of fund honestly yeah i would because it's a very small amount and and make sure and make sure that that also enables you to not take out any more student loans or any more than you have to just get really limited you know quit quit just taking the full boat on everything okay stop that and uh and then finish up your residency you know pass your boards and let's go make some money and pay this money back and don't change your

lifestyle yeah it's like that movie space balls only what you need to survive right you don't need to take out every man the number of students who'd come in and just take out... I qualify for how much? And they just get this huge refund check as though it just rained on them, right? And so far exceeded the cost of college, and that went to video games and TVs and couches and fancy apartments.

Beer. Beer. More beer. Beer. I worked with good students, Dave. Yeah, you did. They bought beer. This is The Ramsey Show. Dr. John Deloney, Ramsey Personality, is my co-host today. Thanks for hanging out with us, America. We're glad

you're here. Open phones at 888-825-5225. In the lobby of ramsey solutions on the debt free stage kyle and kristin are with us hey guys how are you good how you guys doing better than we deserve now where do you live we live in what's called hopstead indiana near evansville indiana evansville very Very cool. Love it. Welcome to Nashville. How much debt have you paid? $209,678. Love it.

How long did this take? About 10 years, but that included our house, so that was kind of the last step there. Looking at weird people. Love it. And your range of income during that decade? Started at $72,000 and ended at $138,000. Cool. What do y'all do for a living?

We're teachers. Ah, very good. Very good. What's this house worth? I would imagine if we were to sell it right now, it'd be about $350,000. Very cool. And how much in your nest egg, in your retirement nest egg? A little over $120,000 in retirement and probably about $70,000 in 529s.

So you're half a million anyway net worth way to go guys thank you thank you love it how old are you two 35 yeah you'll be millionaires by the time you're 40 excellent excellent well done guys well done proud of you so uh tell me what happened uh 10 years ago they got this journey started how long y'all been married 11 years okay so one year into marriage boom here we go one year into marriage, boom, here we go. One year into marriage, and I'm the math teacher, so when we got married, it was kind of like, well, we should save X dollars each month, and then months came and went, and it was like,

wait a minute, we're not saving that much, so what's going on here? So my mom kind of mentioned, well, I hear this guy on AM Talk Radio, you guys should give him a listen. So we did, and then we started listening to podcasts. Whether we were walking the dog, running, early drives to Florida for vacation, whatever it may be, we always had the pod on and listened to lots of shows.

And the debt-free screams kind of got us inspired in addition to all the radio listening we did. And then we decided we've got to have this on paper on purpose so that we know exactly where our money's going yeah okay so you laid out a budget of course and went after it then okay what kind of debt did you have other than the house so i had a little bit of student loans about eight thousand student loans uh we were we were normal financed a car early on in our marriage and then then did the same with the minivan a couple years later. So two vehicles, student loans, and the rest was the house.

All right. Wow. Very good. Good for you. Wow. Plowed right through. How's it feel? Pretty good.

The day we did it, it was very, felt like we could breathe a little bit. The air felt a little different. You've talked about before, the grass feels different when you walk through it uh it's just freeing very freeing and luckily for you two nothing has been weird in the world of education the last three to four years so exactly not owing anybody anything except for your house had to have been comforting because if you're like the teachers i'm talking to across the country and looking at this data, this mass exodus, there had to be moments when you thought, what are we doing? How long can I keep doing this? And not own anybody any money, had to feel great and knowing we're right around the corner from paying this house off and that we could do whatever

we want, right? Yeah, exactly. When we first started, there was a big fear of Indiana teachers that money wasn't going to be there. We didn't know if we'd get raises, this or that. We've been fortunate that hasn't been the case in our corporation, at least. So that was kind of one of the things. It's like we got to make sure that we are as financially free as possible in case a situation like that does arise. OK, but you got to know how crazy that is, because everybody looks at uncertainty and they look at the government or some media outlet and said save me and y'all two said all right it's going to be uncertain times for us we're going to have to forge ahead and solve this with ourselves and our family and our community

dude that's that's how communities change right there we appreciate that it's amazing and we just did a lot of unique or weird things like in the wintertime we kept our thermoset at 60 our parents would sometimes not want to come over because it was too cold in there but we're trying to pay less to our energy company they're well played guys we would go to sam's club and stock up our freezer but then each week we go the grocery store is like 35 that's what we want to spend because we're just buying lunches pretty much for the two of us uh yeah so we just did lots of things that that were weird to to try and get ahead and now you're in a great shape well thank you yeah you really paid a price i mean 10 years you're stuck with it yeah that's pretty impressive very very well done well done now when people find out your house and

everything is paid for how old are you two did you say 35 35 yeah yeah people find out your house and everything is paid for. How old are you two, did you say? 35. 35, yeah. Yeah, people find out your house. You're just so weird. I mean, if people find that out, they go, how did you do that? What do you tell them the secret to getting out of debt is? Well, that's like what we've talked about. There really is no secret. You put it on paper on purpose and you follow it.

I mean, it's discipline. It's no, we're not going to go out to eat. And no, we're not going to get a gift at every store we go to. The kids hear the word know a lot and it's just being different, like you said, but being disciplined and sticking to the plan. And having the resolve to realize that at some point it's going to pay off at the end. One thing, at least I'm a visual person. So each, each, uh, every so often we go through and, hey, at this month we should have this much of the house paid off. And it was on the computer. And if we got that, we put ourselves in the black just to have some kind of visual reinforcement of the goal we're working towards.

Perfect. Well done. Very simple. Like you used to say, Dave, advice your grandmother used to give you except we keep our teeth in. So it's very simple. That's true. That's true. true and then my wife is a grandmother and i'm not allowed to say so anyway i need to she has all her teeth before we do the difference i need you to clarify a few things because i just want to make sure america hears this i'm under the impression that teachers no matter what simply don't make

enough money to survive in America and they just can't get ahead. True or false? That's false. I'm under the impression that you have to be inside your home as comfortable as you are at a spa or everything falls apart. True or false? That's false.

I'm under the impression that if you tell your kids no, they evaporate and they hate you and they kick and scream and they become disaster like little feral animals true or false they do kick and scream for a minute and then they get over it and then that energy runs out and there we are exactly dave talks about hope stealers i want people who consume the media on a regular basis, who have bought into some narrative that the country's over, everything has fallen apart, everything is over. I want to look at you two, and you two inspire me,

literally my own house with my family, because y'all have said we're going to circle the wagons here with our home, with our family, with our community, with our parents. We're going to do this the right way way and y'all did it man and everybody listening it can be done because i'm looking at it right here i'm looking at three kids that are still breathing and smiling and acting like kids they made it right they did they made it they were fun it's kenley our oldest uh about i don't know a year ago she'd walk around with our smart money smart kids book and she'd pull bill aside and read it to them, and she was just learning how to read.

She was proselytizing, man. Yeah, it was fun. We've got commission jars for them. They've got things they have to do around the house. They save and they give. Very good. It's just exciting things. Very cool.

Let's bring them up and introduce them. Amazing. One of their names and ages. We've got Kenley here. She's our oldest. She is eight. She's eight. We've got Cameron.

He's our second. He's six. And we've got Lucas here. She's our oldest. She is eight. She's eight. We got Cameron. He's our second. He's six. And we got Lucas here. He's our youngest. It's three and one in the next probably five to six weeks. All right. Way to go, guys. Beautiful family.

Thank you. Thank you. You guys are heroes. Those kids' lives are completely changed because you paid a price to win and you taught them the ancient word. No. It's a good word. it's a good word it is it's kind of escaped our vocabulary in this country and it's good when you can return it one family at a time yeah we've got the live and give box for you to say thanks for coming it's the baby steps

millionaires book which that's your next stop for sure and then total money makeover book uh and you can pass that on to somebody who needs to do what you're doing and a financial peace university membership if you've not gone through it you ought to go through it if you haven't if you have and you want to give it away do that it's for you to live and to give that's what it's called that's why it's called the live and give box way to go guys kyle and christian kenley cameron and lucas guys are y'all ready to do your thing all, here we go. All right, here we go. $210,000 paid off, house and everything in 10 years, making $72,000 to $138,000. Count it down. Let's hear a debt-free scream. Three, two, one.

We're debt-free! Yeah! Woo! Ho, ho, ho! Ladies and gentlemen, did you hear that sound? It was the sound of a family tree being changed. They're free, Dave, they're free. Pretty cool, pretty cool.

This is The Ramsey Show. Our scripture of the day, Colossians 2.8. See to it that no one takes you captive through hollow and deceptive philosophy, which depends on human tradition and the elemental spiritual forces of this world rather than on Christ. Jordan Peterson says it this way, don't be a slave to stupid rules. Jordan is very seldom that much into the the point he's i mean short he usually has a lot more to say i i just need you to know that the next there's going to be a time when

i might don't be a slave to stupid rules i might suggest that uh one of my office rules i don't want to be a slave to a stupid rule. I guess then you can say, well, then you don't have to work here. That's pretty cool. Oh, well, there's stupid rules and then there's just rules. That's fair. That's fair. All right, here we go. Brandy is in Greenville, South Carolina.

Hi, Brandy. Welcome to the Ramsey Show. Hey, Dave. Thank you for taking our call. Sure. What's up? Okay. So we are in a huge dilemma, both financial and emotional.

We built a house brand new in 2017. Right after moving in, we started noticing a lot of issues. Long story later, in a long five years worth of litigation, we settled outside of court. Now that we've settled, we started doing some of the renovations and, you know, we thought we were looking really good on budget. And then one thing after another started popping up. We started having severe mold issues. We had it in the HVAC. We had it in the crawl space, under the floors. You can imagine it's just mold infested. At this point, we don't have any more money from the settlement to invest in our home. The pickle here is we don't live in a subdivision,

so we can't just flip around and sell. We actually have a piece of property that my parents gifted me. Now, in the beginning, we were told that we could sell if anything were to ever come up, but now family members are getting, you know, emotionally involved. My husband and I have decided that, you know, we really don't want to go into debt to fix this house unless, you know, it's the right thing to do. We know interest rates are doubled, what we have now. What is your household income? Okay, my husband makes $72,000 at his first job,

and then his side gig he makes $10,000, cutting grass on the side. Okay, so $82,000 household income, and you don't look at... I'm sorry, $72,000 total. It's $62,000 and... No, I'm sorry. I'm sorry, sorry. $72,000 total. It's $62,000 and $10,000. Okay, I'm sorry. All right, good. So $72,000 total. And you don't work outside the home?

I don't. I'm a homeschool educator. Okay. And how many kids have you got? I have three high schoolers. Okay. All right, cool. All right.

And so what bids have you gotten on the mold eradication? Okay, so I know that we need around $80,000 to finish this project left. Not in mold eradication? No, mold remediation. We have a mold hygienist coming out on August the 10th. He's supposed to be one of the top in the state of South Carolina. You can't afford him. You don't have any money.

Why do you have the top guy in the whole state coming out? Because the other people that we've had in our home, we've spent $15,000 in the crawl space, remediating that, and then we spent so far, just in the flooring portion of it, around $12,000.

And it's still not gone? No. That should have done it. Yeah, well, we have more mold that we're discovering. So that's, yes. I'm confused. I mean, because if you have a crawl space home and there's mold in the crawl space and you eradicate the crawl space and you clean the heat and air ducts, you should be done.

Well, yes, but it's in the walls. You know, that's the thing. We found some things that are in the walls that need to be addressed, so that would be an additional fee. All of the other things, you know, have been addressed. It's just the new things that have popped up. Why is it $ thousand dollars in that's not true that's to complete the whole entire house um you know but you can't afford it you haven't you haven't yeah oh i know that's why we're backed in our corner because every last penny that we had

um you know for the remediation um or you know the reno it went into the mold remediation because all of your mold should be done i mean you it should be done but maybe just a little bit so there's two separate issues you're not lumping it all into one issue and turning it into a drama okay the other renovations i don't care when you do those but the mold has to be taken care of to live there well we don't that's the thing we don't live there we've been living with my parents because it was so bad we've okay so the mold has to be finished but all the but the other renovations don't have to be done to move in well actually they do because our house is gutted we have no bathrooms we have no flooring we have nothing in our home no kitchen everything has been completely how much did you get of a

settlement um 150 000 and you couldn't fit and you all you did was get the house gutted for 150 grand we got we had to do structural stuff landscaping stuff and i mean yes we've put every landscaping you don't do landscaping with your house gutted and no bathrooms. I mean, like, regrading the yard. The builder graded our yard into the house. My God, it would have been easier to push this thing down. That's what I was saying from the beginning. And, you know, so now our question is, we know we've spent money. What do you owe on it?

We don't have it. $211,000. If it was in tip-top shape, everything was done, you had $80,000 fall from the sky, what could you sell it for? $550,000. I've been speaking with a few realtors, and that's what they think that the number is. So you'll be lucky to get out of it right now yeah that's what we're just trying to see should we sell as is do we need to do uh you know a home you all suck at renovations so i really your ability to manage this project

and this budget is horrible you've it just has destroyed you and so um i really don't want you continuing this because you're not it's gonna you know you did when you were building it didn't get done right and then when you try to do a renovation with the amount of money you had you didn't stay on budget and you got completely out of control on on everything and so it's like there's no limit to spending here. So, I mean, gosh. Yeah, I don't think this ends well, even if you went and borrowed 80 grand. I don't think that's the end of it. Because I don't think, I think something else is going to come up because you all don't do this well. Yeah, and that's what we're afraid of, you know. I mean, I know well enough, and I've made a lot of financial you know mistakes and we were really trying to so how many acres is it it's

only one and a half acres and it's adjacent to what your parents or something yes yeah okay well i mean you don't have a choice you gotta've got to sell it. It doesn't make sense. There's nothing here that says I want to keep this. Hopefully you can get more than $210,000 for it. And then you're just going to have to go and get your rental property and start rebuilding your lives. And if mom and dad or whoever it is that's griping at you don't like that, then they can buy it. But they don't really have a vote and whether you keep it unless they're

going unless they give you 80 grand if they give you an 80 grand then as a gift then they can have a vote yes sir but they don't get to tell you what to do with your property that's part of the problem with giving someone something they now own it you when dave just you've got to sell it, did that give you peace? Yes and no. I mean, that was our forever home. Seems like the cosmos is trying to tell you, no, it's not. No, it's not. No, it's not.

Yeah, and that's where I just kind of stopped and asked my husband. You know, we've been out of the house. We thought things were going to be completely different, and it's not. around just kind of stopped and asked my husband you know we've been out of the house we can't think we thought things were going to be completely different and it's not it's been the opposite from the beginning so i'm not opposed i'm not going to sit here and dig my heels in to keep something just because it's family land i'm not either i'm not either i'm sorry it's family land but if the family wants to buy a thing buy it or if they want to give you $100,000 cash gift and you want to try to finish it so that that's fine, if somebody's rich and wants to put their money where their mouth is. Otherwise, they don't get a vote. I'm sorry you've been through all this.

You're lying. I hate that feeling. But if I were in your shoes, I'd be done with it. I'd want a fresh start. I'd be done with it. That puts us out of the Ramsey Show and the books. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace,

and that's to walk daily with the Prince of Peace, Christ Jesus. Dave here. You can find all of our shows with the Ramsey Network app on your smartphone. It's the only place to listen to the entire back catalog of episodes. Download the Ramsey Network app in your favorite app store today.