The Ramsey Show - App - Don't Overcomplicate a Mistake! (Hour 2)

Episode Date: March 2, 2021

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Alive from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studio, this is The Ramsey Show, where America hangs out to have a conversation about your life and your money. I'm Chris Hogan, and hosting along with me this hour is Dr. John Deloney, and I can't tell you how excited we are to be here with you and ready to take your calls. So here's what we need you to do. Pick up the phone and dial this number, 888-825-5225. Again, that's 888-825-5225. If you've got some questions out there, whether it's dealing with relationships, anxiety,

job change, money questions, whatever it is, we're going to do our best to guide you all right john are you awake and ready to go i am man what have you been working on in your show i mean i know you you're always doing something these days i mean we are um talking about relationships and mental health and school and physical health and everything that's going on in people's lives. How do you handle it when you find things out about your spouse or your boyfriend, girlfriend you didn't know about? How do you handle things when your kids show up with special needs or special challenges or medical issues? All of it, all in one big bundle, man. It's just helping folks make the next right step.

My goodness, that's a lot of stuff. But it's stuff that people are going through, and it's called life. And the most important thing to know is you don't need to go through life alone. You need to get the right people on your side, the right information, so you can make the right decisions. So give us a call. We're excited to talk to you. We're going to the phones because

that's what we do. We've got Jason who's in Traverse City, Michigan. Jason, how are you? I'm doing well. Good to speak with you, Chris, John. Yeah, how can we help you today, bud? Well, I am a future everyday millionaire that is trying to get past how to get to that point with a financial decision that I'm looking at. I've been debt-free since 2013. I have no debt.

I've got money packed away, and I'm looking at purchasing a property, mini storage units, because I got a late start on my retirement, and I think this would be a fast track to getting a retirement income post-work that will supply me with a steady income in my years of retirement, basically. Okay. So for what you're looking at, what's the dollar amount? All right. So here's what I've got. The property currently has one mini storage unit on it plus one large pole barn with storage. The property is generating only about $1,000 a month.

So it needs to be expanded. So I'm looking at a $400,000 mortgage, essentially, which will include the purchase and erection of two new multi-unit buildings, which in turn will allow me to have a much larger shovel to dig out of this debt. The income that comes from this property is not needed. I run my own business, and I can easily live off my current income, as well as, if necessary, pay for this property on top of that. Okay, so how much are you making a year right now? Let's just round it into a medium of $80,000.

Okay, and how much money do you have sitting ready to be used as an investment? Let's just round it into a medium of $80,000. Okay. And how much money do you have sitting ready to be used as an investment? Minus my emergency fund, which is a pretty healthy emergency fund. Let's say $100,000 liquid. Okay. And so in looking at this in the multi-unit, How many units are you talking total? Two additional buildings with approximately 32 to 36 units per building. Okay, 32 to 36, and the average rental price would be how much per unit? Granted, you'll have different sizes, 5 by 5, 5 by 8, 8 by 10, 10 by 12. But on average, what's the storage fee?

I've done an overall calculation and I know that each one of these buildings on a conservative occupancy with conservative rental rates should generate between 25 and 3000 a month. And that's not max capacity, obviously. Okay. What about these buildings is over and above the thousand dollars a month you And that's not max capacity, obviously. Okay. What about these buildings is over and above the $1,000 a month

you're generating now? Say that again? Are these new buildings you're going to build bigger, fancier? What makes them different? The current mini unit that's on there is only a 16 unit building.

Is it full? Is it old? Is it full at capacity? Oh, yes, yes. Yeah, yeah, yeah. Absolutely, yeah. That one's full to capacity, and the large pole building has just open space for random space storage. Okay.

You know, RVs, cars, boats. Hey, Jason, you said you had a super healthy emergency fund. Of course, that jumped out at me. How much over and above a six-month emergency fund do you have? Let's call it another $40,000. Okay. So essentially, push come to shove, you got got $140K that you could use toward this. If I needed to, but tell me if my logic is correct here or if I'm going in the wrong direction.

Part of the reason I want to keep as much of my liquid cash available is that way I can use that for better negotiations for concrete work or building erection, rental equipment to do excavation, things of that nature. I got you. Along with just making sure I – Yeah, here's the deal. I can hear it in your head. You're a serial entrepreneur, and you are itching to take on debt. And that's where philosophically we're going to differ. Like, you know, when I look at this and say, hey, first thing, sir, at any business, I'm going to tell you to work on a business plan.

I want to know what competition is in the area, how many other storage units are there in your area or the area you're thinking about living. Are they at capacity, or is it an oversaturation where there's too much? Also, you also have to be aware, just like with a rental property, yes, you do have these things that you're putting up and it's new. And on the start end, you're going to do it. But what's the rate of people falling off the wagon and not paying?

Then you're having to now go in and do auctions and clear outs of this thing. So I don't think it's as passive as you're thinking it is. Is this something that in a year, you got $140,000, let's just say straight up, that you could use in capital. Could you get a little bit more intentional? You're self-employed making $80,000. I think you're pulling my leg there a little bit. You might be making more than this.

But looking at this, is this something I would strive to do with cash? Absolutely, I would. Or a very short-term loan where maybe you're financing 50% of it. And I'm saying if then. To me, I feel like you're going to not only do this, but then you're going to go on and do something else. And the next thing you know, you're going to look up, you're going to have a million dollars in debt and wonder how you got there. So I would adopt a cash, debt-free kind of mentality with any business that you're going into to start small. And maybe you start small.

Maybe you start with, what would $140,000 get me? Can I get that to capacity and get that humming and then save up money to be able to add the next one instead of building the grand poobah? I'm going to build a little poobah. That's right. And anytime you're trying to do something to quote-unquote play catch up yeah i feel like i screwed up in the past i haven't invested enough and so now i'm staring down the barrel of retirement so i found a shortcut you start doing napkin math that makes that shortcut

work for you so you can forgive yourself for the challenges you did in the past yeah don't make another mistake on top of don't calm down the mistake there you go when you try to hit a grand slam, it increases the odds of striking out. There you go. So just stay focused on hitting base hits, people. Base hits with cash. It'll get you there. This is The important than ever. While some circumstances can't be controlled, there are items within your budget you can take Thank you. That's chministries.org.

Welcome back to The Ramsey Show. All right, everybody. We know it's that time of year. It is. It's tax season. And I know you're out there and you're going, ah, Hogan, really? Really? Listen, I know no one wants to be bothered with taxes, but you finally have an easy way,

a money smart way to be able to file online. Now, there's other software out there that'll do it, but I'm going to tell you this. It's not what it's cracked up to be. They say it's free, but no. TurboTax is not free for the vast majority of people that use it. They sign you up, and then they increase the price basically from 40 to 60 to 120 or even more. Now, we're not going to play around like that. The cost to file a federal tax return with Ramsey SmartTax is crystal clear. It's $17 or $37, depending on the level of support

you need. So if you're a single filer, you can do it for $17. If it's a little bit more complex and you need some upgrade to get live help, $37 will do that. But it's not just about the cost. The technology that we have and the support that we're going to have for you, it's second to none. And we're never going to leverage your financial situation and sell your name off to other lists, i.e. credit cards or other companies out there, because that's what a lot of these tax filing companies do. They'll sell your information off to other companies. So let's do it right the first time. Sign up for Ramsey Smart Tax. Take a look at it. You're going to get it done. You're not going to pay a thing until your taxes are right and you're ready to click file. So you got an

opportunity to kick on the tires and check it out. All you have to do is text the word tax to 33789. Again, text the word taxX to 33789. Got to get that out of the way so you can unclog your mind and feel better about your situation. So here's an insider view. We do commercials here, right? We've got to make a living, right? I used this this weekend. I had a gap between a family thing we were doing.

I had to take my sister to the airport. She came to visit us. So I had a small between a family thing we were doing, and I had to take my sister to the airport. She came to visit us, so I had a small amount of time. I sat down, used this program, did my taxes. Now, I'm a simple guy, so we don't have anything complicated going on. I got all the way through it. So like you said, I got to test drive it all the way through. Didn't have to pay until the very end of it. It was simple.

It was fast. It told me exactly what my refund's going to be. Hit a the very end of it. It was simple. It was fast. It told me exactly what my refund's going to be. Hit a button that says file it. Filed it. Done. Dude, it was awesome. Wow.

Well, you can do it. Listen, I pretty much came to work today on a covered wagon. My horse is sitting out there like, I'm not a sophisticated guy. You cracked me up i can do taxes on my own by myself in my kitchen table that quick big deal it's just simple for us simple but listen i want to encourage you out there i know some of you have like oh i've been meaning to do it i was going to gather up my stuff but i just found something else to do listen don't you paint that don't paint that room again okay don. Or I know people that would rather move than deal with taxes. Or paint.

I know. Don't go out there and rearrange your garage for the third time. Get this done. You're reading my mail, Hogan. Now, listen. You might have a complicated situation. You might be a self-employed person or you may be a business owner. We've got tax ELPs that can help you with that as well.

You go to DaveRamsey.com. Click on tax ELP. You can find with that as well. You go to DaveRamsey.com, click on tax ELP. You can find a tax professional in your area. The main thing is, is let's not prolong it. 2020 was goofy enough. Let's get these taxes done, get this behind you, and know what you're dealing with. All right, that's the commercial, people. Happen.

Make it happen. All right, we're going to get on the phone. We got, oh, CJ's on the line. CJ, how can Dr. John and I help you hi guys how are you i'm so i'm so excited to talk to you i'm excited to talk to you what's going on well i have a question so um i've been dating someone for about five months and uh this you know we've been married before, and we're both 60. So I'm not exactly sure when the best time to talk about finances would be. And if you guys have any suggestions on how to broach that subject.

Is, man, that's a loaded one. That's good. Yeah, it is. So what is your financial history? Well, mine personally, I've been through the program, so I don't have any debt. I own my home and I have a good retirement. I'm still working, but it's looking good for retirement for me. So I'm in good shape. Usually I hear somebody ask this question on one end of a barbell. Their finances are a wreck and they're ashamed to talk about it

or they've really been diligent. They've just chipped away and chipped away and chipped away and they find themselves where you are. They got a good job. They got a paid for house. They've got no debt. And they are worried that this is going to be the deal breaker or you're going to find this is going to be the one thing

that me and this person who I've been dating don't agree on it's just going to burst it here's what i would tell you this is never about money it's always a values conversation and so i would approach approach this the same way you approach any other value sit down and have a conversation all right five months you've been dating a while you get to know this guy you both have been through this this you'll both have been married before y'all been in this rodeo before there's no surprises at this point i'd sit down and if this five months actually i think it's a long time right i would have had it beforehand i'd i'd do a smile on my face we're talking about money cj do you think you all differ on this money stuff?

I do. I did ask him if he did Dave Ramsey's program, and he hasn't yet. But our church offers it sometimes, so he plans on going through the program when the church does offer it again. Right. Had he ever heard of Dave before? Of course, yes. Oh, okay, okay. So what's your apprehension about the conversation well i i don't really know how to bring it up and um have you kissed this man have you kissed him

wait a minute here deloney if you've kissed him cj you can talk about money okay see i knew it okay first of all john has just overstepped the line he has overstepped cj chris here's why i say that when i was i'll never forget doing my counseling practicum people would tell me the most intimate things about their lives real intimate stuff chris i get it i get it and then i would say tell me about your finance situation lockdown nothing yeah we have such a sense of discomfort and shame around money we do and if we have been doing well with it we tend to feel a little bit better than everybody around us right it's just this thing and i think it comes back to our culture if we ask this

one question hey chris what are you worth and we as a culture define that as a number right not a number of people who love us and our kids and all that right so all to say is this you're going to just approach it the same way you would any old conversation i do with a smiling face and say we've been dating for almost half a year now and we've talked about politics because i know you have we've talked about pandemic stuff because i know you have we've talked about pandemic stuff because i know you have past relationships your kids past you've talked about all of it it's time to go into it and get into it and and cj i would even tell you of the money things you want to find out do they budget what's their feeling about debt right do they have money saved for retirement i would just make this conversation the one.

And what I mean by this is this is the make or break. Any of the other questions you've been thinking? Because I know, CJ, you've got other questions too, don't you? You know, not really. We've covered some of the other big topics. Okay. All right. Okay. Listen, you're so sweet.

CJ, I love you. You are a southerner that has moved to Arizona because I hear the twang in your voice. You're a sweetheart. Listen here. Make the list of questions. Have the conversation. But, you know, in that, and I agree with John, it's like anything else. If you want to know, you've got to talk about it.

But that being willing to, to connect and go to through Financial Peace University or plug into Ramsey Plus together, I'm going to put where the rubber meets the road. And this is one of those where you're talking budget, especially if this is long-term. If you guys are just hanging out to hang out and there's not a long-term plan, then you do your money thing separate. But if you're thinking about getting married or thinking about being a couple, it's something you've got to talk about. And I would listen to the hesitation. Yeah. If you're uncomfortable five months in talking to somebody who's been through as much life as you two have, and you are nervous about this conversation, you don't know how to bring it up,

that tells me there's some other alarms going off about this relationship. And it could be that maybe, CJ, money was used as a weapon against you in your previous relationship. Either way, again, put the cards on the table. Be able to talk to each other. Gain understanding. Then gain agreement on the right direction. And then start working in that direction. But remember, you're separate until you're married.

That's right. So you work your plan and stay focused. This is Theitor's Show. I'm Chris Hogan, and hosting along with me this hour is Dr. John Deloney. We're pumped up and ready to take your phone calls. So all you have to do is pick up the line, call us, 888-825-5225. Again, that's 888-825-5225. We'd love to be able to hear from you and talk to you about what's on your mind.

So if you've got a question, whether you're dealing with relationships, whether you're dealing with stress and anxiety and needing some guidance, Dr. Deloney will help you. And if you've got a money question, you want to talk about building wealth, you want to talk about dealing with retirement, I can help you. We're here for you. You can find us on social media, at Ramsey Show, or Hunt Me Down, at ChrisHogan360, or Hunt John Down, at John Deloney. We have finally got him some social media. So you can find him on there,

and he's learning. You guys dragged me into the 21st century, and it is not going well here. It's a lot, isn't it? I'm telling you, man. It is a lot. Lots of flashy things. It's a lot, isn't it? I'm telling you, man. It is a lot. Lots of flashy things. Twitter and Facebook and Instagram. Bells and dings and all of it.

All the things. But I tell you, we love connecting with you all. And help John and I defeat Christy and Rachel. We are trying to outgrow them. So definitely follow us. Tell your friends to follow us. We must win this battle. It's a necessity. Or we'll never hear the end of it.

All right, we're going to the phones. We're excited to take your call. We've got Kristen is on the line. Kristen, what's your question for John and I? Hi. So my husband and I are funding our 401Ks at 15%. Good. But if we stop, so we've reached baby step four or five because we're funding for our kids' college funds as well.

But my question is, I'm 25. So if we stopped or not stopped but dropped our percentage of allocation to the 401ks to 5% and paid off the home in two and a half, three years. Would you recommend that over paying into our 401ks or what would your thoughts be on that? Okay, Kristen, how old did you tell me you are? 25. Who are you? Where'd you guys learn about this money stuff? Actually, Dave Ramsey.

I had a class in high school, personal finance, and it was one of the best things that I ever saw. When I was 25, I didn't know what day it was. Well, that's another show. That is another show. That's another show. Kristen, I'm impressed, seriously. Because at 25, I wasn't thinking like that as well.

So the fact that you're at that point, that's awesome. You heard the information. And not only did you listen to it, but you guys have started to apply it. Okay. So you're asking, do you cut down your investing down to the minimum, the match, and take every other extra dime and throw it toward the house? Is that correct? Yes. Yes. No. Okay. And here's why. You guys have the ability. I want you flexing that muscle of doing the 15%. Matter of fact, I want you doing 15% regardless of the match the company's doing.

Okay? So you guys are doing your 15%. I still want you throwing extra money toward attacking the house. All right? Now, why do I say that? Because remember, compound growth is the thing that's the game changer. Compound growth is what's going to help put you all on the next level. So you all can do both.

For example, what's the household income for both of you? It's $130,000, and we put, so I can make, I'm going to have it like three years. I was hoping to speed it up by pausing that a little bit, but I allocate about $4,000 a month to the home payment. Yeah. Yes. Yeah. See, and here's the other thing you're not factoring. Your income growth over the next three years.

Okay? So you all, again, I would just continue to do the 15%. The compound growth is going to set you guys apart because you all are laying the foundation right now financially to become everyday millionaires, literally by your late 30s. So I would not. I would not cut that out. I would continue to do your 15%, but then throw all extra money toward attacking the house.

But here's going to be the secret weapon also, Kristen. You're the saver in the relationship, aren't you? Yes, definitely. And your husband, bless his heart, is he still eating ramen noodles or what do you let him eat? Actually, no. I let go of the groceries. I'm just playing. He eats what I say he eats.

No, but you can hear the focus. And so I want you guys to make sure you're still having some fun. You're one of those people I got to give this lesson to because you see and you attack, right? You're so goal-oriented. But inside of that, just know you guys can still go out to eat and pay cash. You guys can still do some stuff. And that's important. And, Kristen, the reason I'm bringing that up is I'm trying to get

you guys ready because once you build wealth, I need you to be able to enjoy it. So it's just that mindset of giving yourself a chance, relax, breathe a little bit. Yes, you can still attack the debt. You want to get that out of your life, but you're not going to forego saving for retirement. So Chris, help me with this. I bought a a house i haven't owed anybody money in a long time and i recently took out a mortgage by house i did all the the right ways if you will right it's killing me i hate yes when somebody money yes i hate it i hate it yeah and we've sat there with a spreadsheet chris and I can do it this fast. Right.

If I just hang on and then I can cash flow college and then I can catch up on my... Talk me out of it, man. So you have thought about yourself foregoing maybe retirement for the sake of a... If I can just suck it up and then do a couple of speaking gigs here and I can quit feeding my kids on Saturdays, I can do it. Okay. Don't stop of speaking gigs here. Right, right. And I can quit feeding my kids on Saturdays. We can do it. Okay, don't stop feeding your kids. They're nice.

Right, right. Bring them to me. I'll feed them. I know you will. But here's the thing. With people that, I tell people all the time, when your income can fluctuate or you can earn extra money, there's nothing wrong throwing that extra toward the house. Okay.

But I wouldn't forego saving for retirement or forego saving for college. The reason why is the compound growth is the thing that gets exponential. Yep. Okay? So don't get in the habit of that four, five, and six, that investing 15%, saving for college, and throwing extra at the house. I don't have a problem with any extra dime that comes in. It going there.

But not at the sake of having the retirement taken care of. Because here's the deal. These kids that people tell me they love so much, if you don't save for retirement, you're going to burden them. That's their problem. I'm just kidding. They're going to have to take care of you. I know. Yeah.

But, no, I love the intensity. It's just one of those. I hate old money, Chris. Yeah, I know. but look at it if if again the home how are you getting it out of your life as fast as possible and and for people that can earn chunks of money or bring in some extra income i tell them all the time fire every dime at that but please don't forget to budget for some fun like don't don't don't forget you gotta have some blow money in, don't forget, you've got to have some blow money in your pocket. Of course.

You're getting out of debt, beans, rice, rice, beans. The only restaurant you see is as you drive by it. That's right. Or if you see it on TV. But when you get out of that mold, that four, five, and six, it's a marathon, not a sprint. But I get it. And that detesting it, that's what will cause you to pay it off even faster than you think you will. That's right.

Like, that thing's gone. Because if you have something, you'll start thinking, you'll go, boy, you know, what if I do this or this or this to bring in some extra money? You already know where you're going to send that money to. Yeah. You know, you're not going to be upgrading vehicle or anything like that. You've seen my car. You have the mindset. You have the mindset of this debt's got to go.

That's right. And the challenge for me is I want it gone so bad that, man, I could sit down at a spreadsheet and make the math work in my favor. Or more importantly, it's the psychology of it. It is. Right. It is. But like you said, having been debt-free, now as you make the decision to buy a home,

because you were doing the on-campus living stuff, so stuff to take care of. For you, it's that looking at it. And I i like that i like that you don't like it but looking at it you're going okay i've got a systematic plan i am going to feed the kids all seven days of the week right you are going to do that but you have a plan that's right it's good though i like that you're intentional with it man it tells you that you go it don't feel right nope you know and i tell people a mortgage debt that's the only debt that we're okay with you getting and i'm not even okay and you're but that's that's a good thing that's a good thing because here's the thing you won't be house hopping in three years you won't be thinking of going to buy x y and z you're thinking i want

to own this outright that's right then that's the to go. If I look back over the history of time, any house me and my family are fortunate enough to live in with an air conditioner and a roof, we're on house money, man. I mean, we are playing on house money. Hey, dude, it's called having perspective and awareness. It's a beautiful thing. All right, stay tuned. When we come back, we're taking more of your calls. There's no telling what we might do, so stay tuned so you can check it out. This is The Ramsey Show. and come back. We're taking more of your calls. There's no telling what we might do, so stay tuned so you can check it out.

This is The Ramsey Show. We are excited to be Ramsey Show. We are excited to be back with you. I'm Chris Hogan, and co-hosting along with me this hour is Dr. John Deloney. We are excited to take your phone call, so we're going to jump right to it. We have got Christopher's on the line in Huntsville, Alabama. Christopher, how can we help you? Hey, guys. This is a question about a 529. my wife and i have a five months old

congratulations well thanks thanks uh a covid kid it's uh it's been fun that's gonna be the name right y'all are oh you're a covid baby right is this your first uh yes it is how are you guys doing uh good she is finally sleeping through the night, so we're celebrating. Yeah, that feels like a minor miracle right there. When you get that full night's sleep, you can go, oh, to be human again. It's the only celebration that results in going to bed earlier. Good for you guys. Great job, buddy.

So you guys are saving for college, So what baby step are you on? So we just bought our house back in December. Okay. And so we've done the flip to the 15% investing in our 401ks. Okay, good. And everything. So now we're on the 529, and we started a 529. And we were thinking about front loading it.

Let's say that instead of investing consistently, you know, the last caller, you talked about some of the compound interest and everything with it, that basically, let's say by age one for our child, that we put $20,000 in there. Is that enough growth if we stop at $20,000 for her to be ready when she graduates from high school, ready for college, or would you recommend to put, let's say, after the $20,500 a month? The biggest thing is the compound interest is what we're thinking. Okay. So do you all have the 20 grand liquid right now to do that? No, but we bring in some good income. Okay.

Let me say that. Well, the child is five months old. How much do you owe on the house? We owe about $210,000. Okay. What's your household income? About $210,000. Okay. What's your household income? About $260,000. $260,000.

What do you guys do? I'm an engineer, and my wife is a nurse practitioner. Okay. So here's the thing. Your kid is five months old. You guys have a strong income, or as we call it, a big shovel. I'm going to be more apt to you guys doing three grand a year toward the 529 and throw every extra dime toward the house until it's paid off.

Then you could easily jack that up to five grand a year in the 529. Okay. Yeah. And so, you know, I want you to get the number one, that threat out of your life right now, and that's the debt on the home. You guys got a massive income. Christopher, can I tell you this? How number one, that threat out of your life right now, and that's the debt on the home. You guys got a massive income. Christopher, can I tell you this? How many more kids do you want?

Well, we're in our young 30s, and we think this is the last one. Okay. See, I tried to ask you a trick question there, and I'll be dogged if you didn't answer it the right way. He's smarter than you, Kogan. I asked you, how many do you want? And I wanted you to throw out a number, and I was going to say, how many does your wife want? But you said, we think we're done. The reason I said that was, as you're thinking about it, as you guys are setting this up with the 529, there will be enough growth there.

If you guys are doing that, you know, three grand a year, throwing at that thing, you're going to be more than fine. But getting the house paid off and then shifting it to now where you're not having that mortgage payment, but instead of what you were paying on the mortgage, you now start to invest, you guys are going to be great. How old are you all, Christopher? Well, we're, my wife's 34, and I'm about to turn 34. Okay, yeah, you guys, you're doing great. I mean, you're on the ball, buddy. I like the mindset that you all have and the intentionality.

You're going to have a great opportunity to be able to be 100% debt-free and make sure you've got your education paid for for your kid. That's huge. Yeah, that's incredible. And leave it to an engineer to crank out a spreadsheet the moment that kid's born and say, all right, how much against this, that's awesome, I love that heart they crack me up man because they're thinking and again, you can't get somewhere without

a game plan and some forethought so it really takes that but it ends up being, it goes back to that same question I was asking you earlier which is for him, for me it's that thing weighing on my soul that makes you want to throw the plan away and just go after this thing is my is my mortgage for him it's i gotta make sure this kid's college is taken care of that's right let's start planning right now if i take

this chunk and i dump it yeah right and and it is it's a matter of breathing and understanding but then it's the process and you know what i I found? People want to understand the why, the what, and the how. And so going back to that, and I love when people know their why, because that's the thing that will motivate you. The what and the how, you can get to that. But that why is that root thing that keeps you engaged to it of people that are trying to get into shape, trying to to get stronger or whatever it is you're trying learning a second language whatever it is that why is what's going to fuel you some people have a why of growing more hair have you ever tried that okay okay first of all i can grow listen let's go over to the youtube guys check this out hey hey don't even think about it don't even don't even think about it there is a photo of my good friend chris listen this is taken two weeks ago two weeks ago

he i saw chris in the mirror he was clenching his fist really hard if you're listening it's on the radio chris man he had a illustrious head of hair he shaves it off on purpose those of you that are listening to the show deloney has dug into the archives and found a photo for me of just just a few months ago we haven't here this is actually from way back in the day uh you look good so this proves i can grow here handsome guy well it's about finding your why it is it is and i just prefer being bald uh it's just i like to let my scalp breathe. And so that's what I'm doing. That's honestly what I'm doing.

While Deloney has harassed me, I'm going to take a moment and tell you about the Chris Hogan Show. Yeah, no, seriously. When I look at my show numbers, they high-five me and they're like, hey, man, you're doing really great. And then I think, yeah, that's what's up. And then I look at yours and I'm like, nope, not doing good. Christopher, what are you doing on the Chris Hogan show? Listen, we have a lot of fun. We're take callers, obviously. But we do a segment called Did You Know? And this is where we give an opportunity to give people some information that maybe they

didn't know. For example, of the episode that is airing, actually aired this week, we gave people five things that millionaires invest in. And so we call it Did You Know? And there's a graphic that'll pop up and you can see it. And I went through people five things that millionaires invest in and so we call it did you know and there's a graphic that'll pop up and you can see it and i went through the five things according to our research study because we talked to over 10 000 millionaires of what they're investing in and just real quick i'm going to do it like david letterman style let me guess it's bitcoin no and gamestop not at all john if i if i had the gong show, I'd gong you. No, John. They invest.

Number five, personal growth. Study of millionaires showed that people are active and intentional. They impact their future. Number four, relationships. Being mentored. Asking for help. Getting guidance when you need it. You preach that all the time.

You mean millionaires have humility. Stop it, Chris. Number three, homeownership. Millionaires are likely to own a home than the general population. And on average, millionaires pay off their homes in about 10.2 years. See, John, you're going to have yours paid off in like 4.4. Have no doubt. Number two, IRAs. Investing in things will allow you taxable investments where you can start to put money away to start to let it grow. And the number one thing, the number one tool millionaires use, employer-sponsored retirement plans, 401Ks, 403Bs, IRAs, Roth IRAs.

The opportunity to put money away was the number one tool that helped them grow wealth. So all this to say- Hold on. So real estate wasn't on there? That surprises me. Real estate, it wasn't in the top five. Other than your personal home. Other than your, yeah, just real estate,

personal home, home ownership. So, mindset. So you've got an opportunity. Real estate was in the top ten. Just the top five. So, these are the kinds of things we talk about on my show. We take calls. We take questions. Love the opportunity to connect with you. We're on YouTube as well.

As you can see, I'm a little animated. I make some faces every once in a while. And I got a flag that I throw. If there's an article out there that gets me riled up enough, I throw a flag on them. So check it out. You throw a flag at me. Just have a dinner. Go to ChrisHogan360.com. You can find out more about the show or find it any place that you can listen to podcasts.

If you had to distill it down right now, what's causing people the most apprehension about their retirement, about what's next? Oh, I think it's just the unknown of what's going on with this pandemic. Everybody's got opinions, and the stock market, as we're seeing, is riding like a roller coaster. But the unknowns. And so that's why I tell people, go back, control the controllables. All right, listen, everyone. Thank you so much for tuning in this hour. We want you to stay connected with us.

We love your calls, and we love your support. This is of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.