The Ramsey Show - App - Don’t Make Decisions Based on Fear (Hour 3)

Episode Date: March 19, 2024

🎵 Live from the headquarters of Ramsey Solutions, this is The Ramsey Show. It's where we help you win with your life and win in your life. And you do that by winning with your money, your relationships, and in your work. And those are the areas that we cover. 888-825-5225 is the number. I'm Ken Coleman. Dr. John Deloney joins you this hour and we're here to take your questions. 888-825-5225. Let's go to Seattle, Washington and Josh is joining us there. Josh, how are you? Yes, pretty good. Thank you for taking my call. You bet. What's going on? So I'm thinking about jumping ship to a different company,

different position. The new position would entail that I would have to travel. And where I'm stuck is I have two little ones at home. They're eight years old. And, you know, I'm just thinking of what type of effect that would do to them if I do take this traveling position. How much would you travel in a given month? I told you. Yes, basically, I'd be traveling four days out of the week. So pretty much traveling all the time. I would be back Friday, Saturday, Sunday, and then start all over on Monday. Okay. Let's press pause on the kids for a moment. What's your wife think about this? She's on the fence as well, but she has been very supportive, and she stated that she's willing to make the sacrifice herself,

as long as at the end of the day it could be beneficial to my career. All right, let's talk about that. And if it's something. That's where I want to go next. So to me, beneficial, we have to look at two factors. What's the income bump by taking this gig? And then what does it set you up for? What specific ladder does this job set you up for? And I want to also know, are you always traveling or is this a two

year stint? Is this a 12 month stint where we're traveling and then it sets you up for promotion? Do you even know that? These are the things we've got to look at because what we don't want is to take something that's just a financial bump in the short term and then we're just hoping for a promotion, but this is a two to three year deal where you're gone that long. I start to get real uncomfortable with that. So tell me what you know about those questions. Okay. So I know that it'd be a two-year type of deal. Two years. And that would basically, if I stayed there the two years with a new company, that would basically put me in talks or open me up for a promotion management.

So we're talking management, and we're talking about a bump in $15,000 a year, but I'd be doing management versus teching out in the field. So that would kill the travel? Yes. All right, so that's two years from now you get a $15,000 bump? Correct. What kind of bump are you going to get for taking the job, from where you are to where you will be if you take this gig?

There is no bump. It's the same amount. All right, Josh, you're not going to like this answer. I want to bring in my colleague to see if he disagrees with me here, and I'm okay if he does. I'm saying this is a hard pass. You are, and here's why, you are going to sacrifice time with the 8-year-olds. You're going to put your wife, you're going to miss time with her. You're going to put your wife in a pretty intense position.

And this is a two-year rhythm for a $15,000 bump? No thanks. The trade-off's not worth it. And just to go further in this, you can do this later, but do the math on how much you're actually going to see in your paycheck with the $15,000 bump but I think you're going to have a really salty taste in your mouth John yeah I'm I'm and this is like the uh John and Ken agreeing show what it's okay no it's amazing I love it Ken's exactly right um if if you were going to get a master's degree and they said two years you're going to miss a lot of time with your kids and you do X,

Y, and Z, and we're going to guarantee you that we'll hold up our end of the bargain. And you're going to walk across that stage and you graduate. That's one thing, but all this does two years of missing out time with your kids that you can never get back for no extra money for a strain on your marriage. Probably you're going to be out money because

you're going to have to eat out while you're on the road your health is going to suffer and that puts you in line for the potential chance for a thousand dollar a month raise no i'm out yep i'm out it's not even worth it what do you make total right now uh about 120 okay that's good money you great money. Can you stay in your current job or are they going to ask you if you don't get on the road? Yes. I mean, uh, no, no, I can stay in my current job and, uh, I actually have, uh, you know, a followup interview with my current, uh, employer to talk about a development program. Great.

Uh, a year from now. Great. That's my thinking is if you're the same company and they're going to let you stay there, they're already paying you six figures, you're a young guy, I bet you can get to management that way too. And there's other options. Josh, you have a lot to offer. How old are you? I'm

39. You're crushing, man. And what's the path for you? I know you said management, but let's go five, ten years from now. Where would Josh like to be? Probably operations manager. Okay. So let's look at multiple paths in Seattle around you and the kiddos and the wife, and let's just see what our options are there. Sometimes we get an option and it's great to be wanted. It really is. It feels wonderful to get an offer, but this just does not have any kind of redeemable qualities to

saying yes to this. I don't see the upside at all. There's no upside at all. Okay. You got us? All right. You know, yes. We're asking you not to do it for you, for your wife, for your kids. That's what I think. I think it's that serious. I think John did a really nice job of laying out. This is emotional, physical, mental. I mean, this is the whole nine yards that affects you. And this is me generalizing, but I've learned in my house that when my wife is on the fence about a major life decision,

that's her gut telling her no, but she doesn't want to break my heart almost always gospel truth hey let's move i want to take this new job i'm thinking about and she's like well i'm on the fence that means she's only on the fence because she's considering your feelings because she's a good woman because she's a good person she doesn't want to bury me but she her gut says you're this is a terrible move for us yeah correct thank you and josh listen man saying no to the good means you can say yes to the best. I didn't come up with that. Somebody out there said that. I know I'm ripping somebody off, so I'm saying that I'm ripping it off. But I mean, I think there's a lot of truth there. As cheesy as it is, I don't even think this is good. No. It just feels good. And

that's the trap, John. I want to come to you on this from a psychology standpoint because the trap in the american workplace is the promotion it is and because you're an idiot you feel like an idiot if you don't say yes to something but you may not want to lead or you may not want to do this but if you say no to the promotion you say no to a bump in the check and i think it's a trap what say well a lot of times you don't to a bump in the check, and I think it's a trap. What say you? Well, a lot of times you don't get a bump in the check. You get an extra title. But buddy, let's just say, let's take a situation where you get the bump. Our core fears

is nobody's going to want us. And so when the boss calls you in and says, I've been watching you, and you're going to go from assistant to associate now, and you're going to have all this and weekends, and we're going to pay you 48 more dollars you feel like you have to say yeah because it feels good and i feel boxed in and you can say i like my life no thank you oh it's a real trap folks what josh is facing is very real don't fall for it you have options i promise we're here to

help thanks for the call josh you're a good man your wife's gonna be to be really happy. All right, quick break. We'll be right back. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. Dr. John Deloney is with me as well, and we're here for you. 888-825-5225. That's 888-825-5225. And if I can get it out of my hands here, here we go. It's time for our question of the day. Today's question comes from Justin in Michigan. I'm currently attending college for mechanical engineering, but I'm unsure if that's the right path for me. My friend and I have been discussing starting a business together. We already have a complete plan laid out. I don't want to waste three years of college if I'm not going to use my degree. Should we go ahead and start the business? I could look into doing an online business degree while we're getting things off the ground. Would

this be a good idea? Okay. I really appreciate these questions and I really appreciate Justin, but this is one, John, where I can't go back and forth. I don't know what the business is. I don't know if this is a good idea at all. Is he a senior or is he a freshman? We don't know. So I just want to tell the audience I'm qualifying this because this is a very, very difficult question to answer and give really solid advice. So I'm going to pull back a I'm attending college and I've gotten enough of the mechanical engineering and I'm unsure if it's the right path for me, what I want to do first, John, and this is your world, you counseled a lot of students your time, I want to dig deep with my professors,

maybe the head of the department, and maybe a couple of mechanical engineers out there that my mom and dad know, and I'd start there and go, all right, I'm unsure, and I want somebody, the department head, my teachers, professors, real mechanical engineers to go, hey, that's, I felt that too. Let's just, let's dig first on the unsure. I wanted to start there. Do you agree with that? I want you to talk to an actual mechanical engineer or two and find out, do you want that life? Yeah. What are we unsure of? And is it just because it's scary and it's new? Or's a pain in the butt it's a lot more math than you thought the engineering students are up there till the middle of the night man them and the architecture students it's a tough degree like for instance if if ken coleman took a was in this

position and my unsureness john would be absolutely correct because i would be over my skis well me too i can't do math. Yeah. But if it's him. Since the kids have been little, they've been told, get a degree in engineering. Go to engineering. Engineering. That's a great point. And then you get to engineering and it's hard.

Thank God it's hard. I don't want my buildings falling over, right? I want engineers to know what they're doing, right? So we want to get to why he's unsure. Right. If it's legit unsure that it's not a right fit, then yes, move on. Yeah. If it's just other stuff, you're a little scared and it's legit unsure that it's not a right fit, then yes, move on. If it's just other stuff,

you're a little scared and it's new, that's okay. Now on this other issue, again, my friend and I, a little nervous about that. Is it a snow cone business? Is it a car detailing business? Yeah, you got a complete plan laid out. That's great. I can't tell you how many complete plans I've laid out in my life that were complete crap. So just because it's complete doesn't mean it's not crap. And so I want to get sure on the college question first. I'm okay with you and your buddies trying to start this business on the side only. Low risk, low money, low labor. Let's just test this idea if it doesn't conflict with college and if college is not the

right path here uh that's all i can say here any other advice i give here is a stab in the dark the only other thing i'll add is if you're a freshman you took first semester you came back from the the holiday break you're at spring break and you're like dude i literally hate this awesome great if you're a second semester junior, I'm going to probably coach you. Just finish. Like 25 years from now, finish, unless you have a great off-ramp, not you and your buddy having a snow cone machine. I think that's right.

Because to your point, if you're already well past halfway mark, you don't have to become a mechanical engineer to use the mechanical engineer degree. Is that safe? You've already committed to the marketplace marketplace i can do something hard for four years i don't give up i'll finish up don't you think that's transferable are you kidding me yes i think a lot of people go oh you have a mechanical engineer degree from texas tech or wherever software engineer a human engineer yeah you don't have to go that route and so i think you're right once we've committed that much time let's go ahead and see let's knock it out dude yeah that's a very

good point. Yeah. We should take those kind of questions, James, and turn them into like Dean Deloney. And we make you put on one of those fake collars and ties, and we do some school music. I think my students had plenty of Dean Deloney. They're done with it. I know. I just like saying Dean Deloney.

I think it's fun to say. Good advice, Dean Deloney. That was my name for 20 years. Way too long. Too long? All right. Too long. Too soon to bring it back. That was my name for 20 years. Way too long. Too long? All right. Too soon to bring it back? No, I don't believe in the phrase too soon.

I don't believe in it. I love it. Good stuff. Thanks for the question, Justin. We did our best with that. All right, Michelle is up now in Los Angeles, California. Michelle, how can we help? Hi, calling for some advice to plan the rest of my life.

That sounds easy enough. We got you, Michelle. Not a problem. Okay, so I started really super late saving for retirement, both my husband and myself. We're in our mid-40s. I have my health payment and my car payment, and then our daughter goes to private school. Those are our only bills. I have enough cash to pay off my $20,000 that I owe on my vehicle, but I'm having a hard time letting go of that $20,000. But then I want it to attack the house because I don't want to work forever, and want to be debt free. So I don't just maybe needed a little bit of help. Okay. Let's, let's get into the numbers. Okay. Let's talk about your car payment. What is your car payment per month? That's a little under $600, but I've been doubling

it. All right. So let's, okay. So you've been, okay. So it's 600, but you've been paying 1200 and how much is left on it? 2020,000, like $21,000. Let's call it $21,000. What's it worth? Probably $28,000. It's a 2023 vehicle. Gotcha. And when will you pay it off if you keep doing $1,200 a month on this?

Two to three years, possibly, I think. Yeah. My husband's in all the math. I'm just the caller, and he's not here. I know, but because you're the caller, I want you to walk through this emotionally. Because here's the deal. Okay. You got the money to pay this off as soon as this call's over. Yeah.

And you're going, ugh. If I pay all that money, I've got all this risk. Yes? Yes. All right. Do you have $1,000 in your emergency fund in addition to the $20,000? Okay. So I want you to look at this as I'm not blowing money. I am paying off a 2023 car that should last me for quite some time, and I'm now giving myself a $600 a month raise by paper. But in all honesty, you've been paying $1,200 a month, so you get a $1,200 raise the minute you pay it off. And then just put that $1,200, add it to my health payment? Yeah, if you want to pay the house off. I want to pay the house off.

But you're jumping steps. So, sorry, I said yes. I'm incorrect. The baby steps are, baby step one is $1,000 in your savings for emergency. Baby step two is to pay off this debt. The only debt you have, because your school payments, that's private school. That's a tuition payment, yes? Yes.

That's not debt. So the only debt you have is this car payment in your home, right? Correct. All right. So that would put you in baby step three. The minute you cut the check for the car, you're in baby step three, which is three to six months expenses. So what is three months? I actually have a larger amount to put towards my house, but do I just keep that cushion in my bank account?

No, let's start. Okay. Let's, let's start all over. Are you familiar with the baby steps? Uh, yeah, I've been listening to your show for this year, so I am familiar with them. Okay. So, all right. So I started walking you through it. How much cash do you have total? Stop giving me that. I got 20 for the car. I got this. How much cash do you have saved right now? $140,000. Oh, my gosh. Well, that would have been nice.

They're burying the lead, Austin. All right. So you have $140,000 in cash. So here's – I've been talking enough. John, I'll hand the baton to you. I want to bring my colleague in. I want to dominate here. How much do you owe on this house? $265,000.

I would take three months salary and put it in an emergency fund. Yep. After you pay the car off. In a separate account. Yes. After you pay, I pay the car off right this second and you go to $120,000. Yep. Then I would take three months of that, which is going to be about $30,000

and I'd put it in an account. Savings account. That's your emergency fund. And now you are down to $90,000. I would put all the rest of that onto the house, every penny of it. And now you only owe 100 and would you say 250? Yeah, 260. Okay, 260. So now you owe $170,000 on your house, and you and your husband can run around like Will Ferrell, hitting the gotta-have-more-cowbell bell, cheering and having the time of your life tonight, celebrating because you're debt-free.

You don't owe anything except a little bit left on your mortgage, and y'all are going to knock this out in two to three years, and you're going to be free. And you're in baby step four immediately after you've done everything John told you, and you're now investing 15%. Hang on the line. We're going to get you a total money makeover. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm Ken Coleman. Dr. John Deloney is with me, and we are here for you. 888-825-5225. Let's go to Ashley in Los Angeles, California.

Ashley, how can we help? Thank you so much for taking my call. You bet. I've been a stay-at-home mom for about 14 years, and my husband and I were on step four, five, and six. And being a stay-at-home mom for 14 years, our kids are older now, and I'm really in this odd stage of not being needed as much at home and looking to possibly go back to work or school and just needed some guidance.

I did the Get Clear Career Assessment, and that was helpful, but I kind of feel like almost like the world is my oyster right now, and I don't know. That's right. There's like too many options. Well, do you have your results on you by any chance? I just have the part created, my passion, and to accomplish my mission. Yeah, that's all I need to see.

I'd love to hear your purpose statement, so you don't have to read me all the detail, but you know how we spit out a purpose statement with your results you have that um let me look at that um i don't have that easily on hand oh purpose statement yes okay so slowly yeah slowly read that just just give me your top Okay. It says I was created to organization is instruction, execution, to perform my passions of solving, making, and finishing. Solving, making. Hold on one second. Solving, making, and finishing. and your missional result, what motivates you is? Efficiency. Interesting. Do you agree with those results? I do. The hard part was kind of what has piqued my interest in possibly going back to school didn't really line up with that. Well, tell me what that is, and I'll tell you if I think it lines up. Okay. So we had our kids very young, and I was in the middle of cosmetology school. And so I had to quit that because I got pregnant when I was 18.

And so years forward, I went into mortgage processing administration, which I was successful at. But now I can't really see myself going back into the administration field. I am high on my creativity. So I'm wondering, should I go back to school? Is it too late for me at this stage of life to pursue that? Pursue what? Cosmetology to be a hairstylist. Okay, so let's leave that there. Okay, so that's what you're saying. Does cosmetology fit with my purpose statement? Is that what you're asking? Yes. Okay, great. Let's just look. Okay, so your talents are

organization, instruction, and execution. Let's just look at organization and execution. These are words, by the way, when you create an assessment, and I worked on this for three years. So these words are my best attempt to kind of go, this is a general description of a talent. So let's have some license with it. Does a cosmetologist need to be organized in their process? Yes. Does a cosmetologist need to be able to execute on a plan that he or she creates for the customer? Yes.

Is there a level of instruction and teaching and guiding that a cosmetologist would use? Yes. Interesting. All right, now let's go to the what you love to do. Do you see cosmetology as solving a problem? Yes. Interesting. All right, now let's go to the what you love to do. Do you see cosmetology as solving a problem? Yes. Do you see it as making a new solution, coming up with a creative thing to make someone look and feel beautiful?

Yes. Mm-hmm. And when the job is done and the person gets out of the chair and they feel a little brighter or they stand a little taller, have you finished, have you accomplished something there? Yes, John. It's kind of like that purpose statement needs to be viewed as I'm in a plane 35,000 feet above, and I'm looking down at all of my possibilities. And so I'm less concerned about the purpose statement, Ashley. I'm more focused on cosmetology. It's this thing you've always wanted to do, and you're creative. And you love the idea of getting somebody's wish list,

sitting them down in the chair, and driving that job all the way through. And that efficiency thing for you is, I want it to look neat and good. That's what you enjoy about the cosmetology, am I right? Yes. There's a sense of order about it. Yes. Yes. Well, it's not too late to get into that. So let's have, I guess one of the, the, I'm sorry to cut you off. No, no, you didn't cut me off. Go ahead. I guess one of the things is because I've been home for so long and my family, I've been so available to them, which I'm so grateful to have that opportunity

for so many years. I have this like nervousness about not only just going back to school and pursuing a career at 38 years old, but also, you know, what if it doesn't work out? Because some of the things I've done before haven't worked out. Okay, let's play that out. So let's play that out. I don't want to bring John in here in a minute. Okay. But I want to kind of walk you right into this. So what would have to be true? In other words, what evidence or what would you have to do for you for it not to work out? After 14 years, you go get trained and you go into it. Is it makeup? Is that what you want to be doing? Like describe what this thing is for us.

A hairstylist. Okay. I want to do hair. Okay. I'm sorry. So a hairstylist. So what would have to be true for this not to work out? Give us something specific where, well, if I did this or this happened, this would be

a big failure. If I wasn't able to complete school like before and had to drop out what would again do you guys have the money could you save up the money to where this is a non-issue that's another thing is i don't we don't really need the income we're blessed enough you're focused on the wrong thing you're focused on the wrong thing ashley you want to do this don't you yes go do it john go do it john jump in here there's some there's some psychology going on because she's coming up with all the reasons why it may not work ashley you said it right when this call started and i almost interrupted you because it gave me the oogies can i tell you what it it is? Yes. Oogies aren't even a thing, by the way.

But it just made me go, ugh. You said, they don't need me around here anymore. Oh. Yeah. Yes, they do. Oh. They absolutely need you. It just looks different.

They need you in a different role. Yeah. Okay? And you have to make peace with grieving the old thing, right? I hugged my son the other day, and he looked me dead in the eye. And he's not my little boy that I could just pick up and carry around anymore. He's humongous. And I grieved it.

I'm sad. I miss that little boy. And I love the man that he's turning into right in front of me. But it's different now. He needs me in a different way. You still have value, but you have to get over this. You have to just decide, I am mom. I put 15 years of my life into you guys. And there's this thing i've always wanted to do we can afford it i want to go get creative i want to do this thing i was i took ken's assessment for crying out loud and it told me that i'm right i'm going to make this thing happen are you going to get pregnant again no okay then go get it done yeah the reasons you're giving us ashley that this thing could not

work aren't even real reasons they They're all fear-based. They're you coming up with reasons why you don't have value, and you do. You're not going to fail cosmetology school. You guys have the money. You don't even need the money. This is something you need to do for you. And John, jump in real quick. Tell me if I'm wrong here, if I'm taking too much license here. I think you should do this because I think you need to accomplish something for you because you have different responsibilities to the house now. 1,000%. Go do it. Yeah. Thank you so much. And Ashley, don't forget the purpose in this too. You're going to make women feel really beautiful on a day where maybe they don't feel beautiful or that they're having a bad time.

This is not doing someone's hair. Or you'll listen to them when they have something to say and you're the only person that will talk to them. That's it. You're a counselor. You're a creator. You're all those things, and the world needs you to do somebody's hair. Go do it. Oh, I think I need a little trim myself.

Well, that's another issue. This is The Ramsey Show. Welcome back to The Ramsey Show. Thrilled that you're with us. I'm Ken Coleman. Dr. John Deloney joins me this hour. The phone number is 888-825-5225. Our scripture of the day comes from James 4, verse 14.

You do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time, then vanishes. You have to kind of think you're a big shot, then you read that. It's quick, man. It goes fast. Hey, that'll cut you pretty fast, right? And by the way, as a parent, isn't that the truth?

Yeah. Our kids with us is like a mist. Oh, this is a John Deloney special here, our quote of the day from none other than Eddie Vedder. Oh, the great Eddie Vedder. Life moves fast. As much as you can learn from your story, you have to move forward. The other night, I was reading a story to my daughter, Josephine, and we were laying in bed, and she just starts, you know when a kid starts laughing from their guts, like a hard laugh?

And I was like, what's so funny? And she gently reached up right behind my ear and looked at my hair. And she said, you have so many gray hairs. You are so old. I'm only eight. Yeah. And she goes, when I'm going to college, you're going to be so. And I was like, enough.

All right. Yeah, I get it. It goes fast, man. It does. It does. Just a poof., all right. Yeah, I get it. It goes fast, man. It does. It does. Just a poof. Oh, yeah. Oh, yeah.

I love when my kids point out my aging. It's really refreshing. So in case any of you are worried about the roles that we play here and the attention we get and that our heads are blown up, I cannot even begin to tell you how humbling having teenagers is and kids in general. So we're okay. Believe me. They could care less about we're okay believe me they could care less about what we do oh could care less i mean but this morning my son did something at breakfast

and i said that's gonna cost you and as he got out to walk to school i rolled all the windows down open the sunroof and i turned new kids on the block as loud as i would go that's a good choice and it was a great choice was it hanging tough It was, nope, it was the other one. You got the right stuff. The right stuff, baby. Yeah. Yeah, it's good stuff. Peter is joining us now in Honolulu, Hawaii.

Peter, how can we help? How's it going? Well, we're doing well. How are you, sir? I'm good. I've had better days, but I'm pushing through like everybody else, right? Can I just tell you, Peter, for a moment? I feel you, man.

I could say that about me today. So that's okay. How can we help? That scripture you just had from Eddie Litter, life moves fast, whatever happens in your life, you have to move forward. Yeah. That hit a tone just for me today because I've been dealing with some other personal stuff. So I want to let you know, everything is sent by God, and that was meant for me today, too.

So thank you very much for that. Thanks for sharing, man. My father, he helps me with my books for my business and everything. And a little back story behind me is my wife passed away, unfortunately, about a year and a half, two years ago. So I'm so sorry. She's 24 years old. What was her name peter her name was debbie debbie and she was just an amazing amazing special ed preschool

teacher loved kids loved the world loved her friends and family did anything for them and she was battling it since she was 35 and um the good lord took her home at 44 and it kind of left us in a stump because she's always allowed me to be the entrepreneur, to go out there and start businesses, create income, make messes with income, but still have grace to forgive me through everything I've done. And, um, you know, I think I showed her by being by her all the way to the very last day that I, she was, she was very important, but she always had to have the last laugh. And she didn't tell me she had an insurance policy. And, um, she always talked about us paying off our house and our mortgage and stuff and it was just kind of it blew me away so when

we got the insurance settlement in you know i've been kind of you know i have a very successful playground business out here and we do honeybee removals and stuff so i have a couple different companies going and i i make enough income and i live way below in means what do you make i don't really spurn i pay myself as a salary for the playground side only $60,000 a year. I should be paying me more because we do gross in the seven figures for the business. I think I'm going to have to. How much was the life insurance policy? It was $1.1. Wow. What a gift, man. Wow. Yeah. So what's your question for us? So my mortgage is only about $450,000 left on our home.

The home is valued at $2.3,000, of course, because it's a Hoy. It's ridiculous. Right. My parents bought the house when it was $50,000 in the 70s, right? Oh, my gosh. That's a great story, though. Yeah. So, you know, I have the money to pay it off.

My father says, you you know he likes to play the market and he's he's managing it so i don't touch it i don't i don't mess with it i have a emergency fund of about 80 grand okay slow down a little bit okay because okay so he's managing the 1.1 million yeah what is that no no no no no no no i got real problems with that you got to fix that you got to fix that today. Okay? Okay. This show doesn't exist without good-hearted and good-minded people going to help their loved ones and totally driving something into the ground. Okay.

Is this house going to be your house? Are you on the deed or your parents are on the deed? It's been my house for a while. Okay, your dad is not on the paperwork? Nope. Okay, I would take $400,000 and I would pay this house off and have a $2 million paid for house

in Hawaii right now. I would also move the rest of the money to a SmartVestor Pro. That's too much money to just let somebody quote-unquote play the market. Okay. He's not already playing the market. i just don't i just don't

know enough of it myself to understand yeah but it's not his money it's not his money dude this is a deep in about 60 000 last year through it john and his thought his thought process was like well how about we just paid off five years no no no no no no peter peter you're not hearing john john why is it a bad idea for his dad to be managing one nickel of this money? Because what happens if instead of six percent, I mean, he put it in a high-yield savings account. At five to six percent, it's what he did. That's what it sounds like, yeah. He could have made a whole bunch more money on the market with that money.

You need an investment professional. If it goes down, can you imagine having to sit down and have breakfast with your dad and he lost $250,000 of the precious dollars your wife left you to get you through the rest of your entrepreneurial adventures? It will at some point nuke your relationship with your dad. Okay. Y'all two be father and son. Y'all two have some fun. Y'all two go fishing. Y'all do your dad. Okay. Y'all two be father and son. Y'all two have some fun. Y'all

two go fishing. Y'all do your thing, but let the smart investor pros deal with the money. And Peter, this is a sensitive thing, but you told us your wife surprised you with this policy and she wanted you to pay the house off. I don't know why you haven't done it already I'd honor my wife honestly I've been kind of just trying to feel myself out for this past couple years I have four children I get that and the business started ticking off and it's gone very well and the business is you know in the mid seven figures now it's good and we're debt free in it right I know still only debt I have is my mortgage get rid of it today nothing else be done today honor your wife and pay it off.

Let me ask you just one more thing. In my house, we built up of it, put five bedrooms, four bedroom rental downstairs. It brings in about $40,000 a year. What would you recommend I do with that? Put it right back to the SmartVestor Pro? Because I won't need it. I won't touch it. Well, but you got four or

five kids. You got kids going to go to school. You got kids going to go to college. You got all kinds of different things to save up for. But what a smart investor pro will do is sit down and say, what do you want things to look like in five years or 10 years or 15 years? And you could say, I don't want my kids to worry about college. Well, cool. I'll create that fund. What else? Well, I want to not have to work after I'm 62. Cool. Done. What else? I want to be able to go fishing once a week on a charter boat out in the bay. Done. See what I'm saying? Like they'll reverse engineer the life you want to build backwards.

And this is the gift your wife gave you. Okay. And so part of that, it's basically going to become another business. You have an income producing business in your home. Cool. That's going to be one of your three or four or five or six different ventures. And at some point, your dad may need to move in. So you're not going to have that income because you're going to be one of your three or four or five or six different ventures. And at some point, your dad may need to move in, so you're not going to have that income because you're going to take care of your old man.

And life just goes up and down like that. That's why having a pro that you can call and reach out to is really important, somebody you trust. Okay. But that doesn't blur the lines. Let your dad just be your old man, dude. You know what I'm saying? That's hard enough.

He's 78, retired full colonel, and he still runs two miles and does something. I know, dude. It's hard enough. It's hard enough doing that relationship right. Don't throw a million dollars of money left from your wife who was an amazing woman who passed away. Don't let that come between you and your dad.

Okay. That's on you. Okay? I appreciate that. Thank you very much. I really appreciate it. I'm proud of you, man, for debt-free businesses. I mean, you got a house that's worth so much money.

Go ahead and pay it off. Honor your wife. Get with a smart investor pro, please. And make that money work for the rest of the dreams as John laid out so beautifully for you. We're really sad for you, but we're proud of you. And we're cheering you on, Peter. Thank you so much for the call.

Wow. Good stuff there. Thank you, Dr. John Deloney. Always fun to be with you, my friend. James Childs, our fearless leader in the merry band of men and women behind the glass. Thank you all. This is The Ramsey Show. We'll see you next time.