The Ramsey Show - App - Don't Wait for the Government to Grow a Brain! (Hour 3)

Episode Date: February 21, 2020

Budgeting, Career, Savings, Debt Tools to get you started:  Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

🎵 Live from the headquarters of Ramsey Solutions Broadcasting from the Dollar Caller Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. I am Dave Ramsey, your host. This is your show, America. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225.

Frank starts off this hour in Atlanta, Georgia. Hi, Frank. Welcome to the Dave Ramsey Show. Hi, Dave. How are you doing? Better than I deserve. What's up? Okay, so I have $10,000 from a settlement. I got into a car crash this year, and I've decided not to buy another car

because I have another car readily available for me. What should I do to invest this settlement money? Are you okay? Oh, yeah. The chiropractor sessions were pretty intense, but I'm okay. Okay. So all your medical bills or needs are behind you? Yes.

Yes, they are. So this money is free and clear, and you're down one car, but you have another car to drive yes that you own yes okay and what's your household income um i'm currently living with my grandmother i i personally make uh about 21 000 a year okay and my grandmother makes about 200 okay Okay. And how old are you? I'm trying my best to. I'm 19, by the way. I'm trying my best to invest the money into myself or somehow start to be more financially literate. I started watching you about a week ago.

Wow. Well, I'm honored. Thank you. Obviously. And what do you do for a living? What do you do for a living now? I'm IT support. Okay.

And what do you want to do when you're 29? When you're 29, what's your goal? I want to be a sort of systems architect or some sort of programming architect for a company. Good. That's a great, great career field, and especially since you've shown aptitude to technology already or for technology already, you can move that direction pretty easily. Good for you. And so, all right, the good thing I always do, and I learned to do this years and years ago,

is I ask myself the same question I ask you is where do I want to be in 10 years or 20 years, right? And then I have to ask myself what will have to be true about me that is not true today otherwise i would already be one of those okay okay you kind of the same thing i got a friend of mine that's uh running the half marathon next week here in nashville okay and had to ask she had to ask herself okay what has to be true for me to be able to do that that's not true now? And she asked herself that about a year ago. And she's lost 40 pounds, by the way. That's one of the things that needs to be true to be able to run a half marathon.

It's easier to not carry an extra backstreet boy with you, you know, when you're running, right? So what has to be true about Frank that's not true now for you to 10 years from now be successful as a architect and platform engineer in the technology field? And my guess would be some certifications and some training. Would that be right? You're right. You're right. Detail that out by talking to a few architects, platform architects and platform people, and ask them, okay, to get hired to be your assistant and to be a mini-me in your company just like you or similar to you, what would I need to know and what certifications would I need to get that I don't have now?

And you don't need to get that from an article on the Internet. You need to talk to actual human beings that are doing what it is you want to do. Okay. And then go take those classes and spend that money on that. Okay, okay. And that's going to be a great investment because those guys make 210. They make 10x what you make. Yeah, yeah.

So it's worth doing, okay? It's definitely. I've got several of them on our team, and they're brilliant people, and they have an aptitude for that. I mean, we do a lot of technology work here, a lot. Most of it I don't understand, but I pay for it. And so I understand enough to pay for it and understand how these people's brains work and how they are able

to pull these things off. And so go learn from them what you need to do. And that's what you spend your money on. Because I can go ahead and tell you it's not a four-year degree in information systems. Okay. That's not needed to do what you're talking about. You do need some certs and some certifications. And you do need some programming experience and some project

management experience and some things along those lines and you can get about the business of doing those things the other thing i do is your company you're working for technology oriented no okay any chance they would pay for any of your certifications for you to get better to help them? No. You sure? Yes, I ask. Oh, okay. Already been down that road. Good. Okay.

Well, it might involve you taking a technology job at a technology company that wants to pay for tuition, and then we could get a lot more bang for our buck out of your $10,000. Okay. Okay. So, you know, again, ask yourself what has to be true what do i have to know and do that i don't know and do now to or otherwise i'd already be one to to be able to run this marathon to be able to be this platform architect and so forth and that's what i would spend your money on

and stay out of debt frank don't go buying the student loan debt lies that you need to go into debt to do all this you have 10 grand to jump start you're wise to think about it like this and your grandmother making 200 grand is no slouch she's obviously bright at something uh so she'd be a great mentor in this process even though she may not know anything about technology but she'd be a great life mentor you probably ought to listen to herumb people don't make 200 grand very often. It's fairly unusual. So generally this woman's got some wisdom that she can pour into your life,

and I'd be leaning an ear in on that. That puts her in the top 1% of income earners. So good question, man. Thank you for calling in. Honored to have you at 19 here on the air. I don't know if you old-time listeners that have been with us for many, many moons have noticed the number of 18-, 19-, and 21-year-old phone calls that I'm getting these days as opposed to, say, five years ago or ten years ago. And it is way, way up, and we are very happy at Ramsey that this generation actually wants to talk to a dinosaur like me, and I can help them get moving in the right direction on some of these things.

We're very honored that the Franks of the world are not only listening, but that's because of two things, just to let you guys know what's going on. Talk radio in general is moving to a younger demographic, especially with the advent of podcasts, and our podcast has exploded. It's gone from one million listeners to almost 6 million listeners in about three years. It has gone bananas. And our YouTube channel is just, I can't even measure, it's hundreds of millions of downloads now.

The hours, it's just bizarre the number of hours people are consuming on YouTube. And in case you didn't know, YouTube is a primarily under 35 year old phenomenon. I go on YouTube, but not like you guys do that are young. So there you go. But I have to stretch to get into my SUV. That's a joke from the other hour. This is the Dave Ramsey Show. Business leaders, I'm not going to lie. Finding the right people to make an impact at your company for years to come is hard work. But I can tell you from personal experience, you can find them when you use LinkedIn Jobs. LinkedIn Jobs reaches candidates you just can't find anywhere else. And not only are they able to reach these candidates, they're able to get the right people for the right jobs.

It's no wonder a hire is made every eight seconds on LinkedIn. And when you consider that over 600 million members visit LinkedIn to make connections, learn and grow as professionals, and discover new job opportunities, it's easy to understand why my team loves LinkedIn Jobs. They make it incredibly easy. Get started today with LinkedIn Jobs and get $50 off your first job post. Visit linkedin.com slash Ramsey. That's linkedin.com slash Ramsey. Terms and conditions apply. Thank you for joining us, America. This is the Dave Ramsey Show.

We're glad you are with us. Our question of the day comes from Blinds.com. Find out for yourself why Blinds.com is the number one online retailer of custom window coverings. You get free samples, free shipping, and with the new promos every month, you save even more. Use the magic word, the promo code Ramsey. Today's question is from Brenda in California. How do I proceed when collection agencies have not responded to my debt validation and settlement letter? It has been over a month.

You can call them if you want and just say, I sent you a letter asking for debt validation and settlement and just checking follow-up if you want. Here's the thing you'll find. The problem is there are a few, and I mean a very few, collectors and collection agencies that are competent. The vast majority of them have the person sitting in the chair calling you has a lifespan of under 90 days on the job. They don't keep their jobs. And the reason is, it's 90 days on the job.

They don't keep their jobs. And the reason is it's such a horrible freaking job to call people all day long and be nasty. It's just very difficult for most people to do that. And so the turnover, and plus most of the collection agencies lie and they break federal law and they do all these other things that people with ethics can't abide. And they just, you know, again, there are a few good ones, and most of them are your local small-town collection agency where they do abide by the Federal Fair Debt Collection Practices Act. And they may be somebody that's actually in the Chamber of Commerce.

They may go to your local church. They might be reasonable human beings. But the rest of them are scum. And what you do if you run a large boiler room collection agency is you hire and train all the time. Because you have to replace the revolving door that is your front door. They come in and they go out. They come in and they go out. Because as soon as they can find a job making less money they'll leave because it's just such a horrible job and it's not so that's what you're dealing with is the um you know the bottom of the darwin curve

is who's on the phone because the number one they took this job in the first place which means they were desperate for a job and if they stayed there a long time now you got double uh because that's starting to make a statement about the person you're talking to or they've just been there 20 minutes and you know more than they know uh and that's what you usually find so it just takes a while. It's a very frustrating process to negotiate with and deal with collection agencies. See, this is your money. You owe money for something someone did for you or gave you. This is your personal business. The person on the other end, it's just their job. And they're in a cubicle with a headset

on and they hadn't been there long. And that's what you've got to remember, especially if one of them starts being nasty to you and all that stuff, because they teach them the nasty technique the first day, right? And because it works, people get all intimidated, scared and shaky and freaked out. And they'll give you their mother's house, you know, just to get you off the phone. And, um, you know, because people just don't do conflict well anymore, unless it's, you know, they don't do well. The only place they've got any bravery is on Twitter, but in real life, people don't do conflict well, cause they're scared. And so that they use this intimidation tactic in the collections world because it works. And if you start getting that, here's a neat idea.

Just go, hey, you've got about five seconds to turn that crap off, and we're going to talk like two regular people, or you're going to be talking to a dial tone. What? You have blank, blank, blank, blank. You're going to hang up on me? Yep, dink, you're gone. Just like that. I push the little end button right here on my phone

and you will end. It's over. I ended you. And that's, you know, you just got to move on and go back and try to find one occasionally that for a second will rub two brain cells together and try to help you. But it's a frustrating process. Stacy is with us in Indianapolis, Indiana. Hi, Stacy. How are you? Hi, sir. Thank you for taking my call. I'm good. Thank you.

Sure. What's up? So I struggle every day to come to work. It's been about five years, and it's like every day I want to walk out the door. I do have some debt. I do have some money in our company's 401k, and I just don't know what my next step is. How much debt do you have? I have a car. It's 13. My husband's car is 8. $5,000 in student loans, about $4,000 in medical, and about $2,000 in credit cards.

Okay. And what do you make at your crummy job? I make between maybe $45,000 and $48,000 a year. Okay. And what does your husband make? He just got a new job, so he's probably going to be around maybe 30, 35. Okay. What do you mean probably? Did they not tell him how much he's going to make before he took the job? Yeah. I'm sorry. I just didn't calculate it. Okay. Well, it's part of your household income. It's what you'd be eating on if you didn't work. What do you do for a living?

Me, myself, I do medical insurance. Medical insurance. What do you do? Sell it? No, I do like, I'm like an insurance verifier. I verify insurance for patients coming to surgery. So what is it you hate so much? The environment.

So it's not the actual job itself, it's the people around you. Yes. The quality of the human beings in the company. The company itself has a high turnover. Yeah, okay. So it's a low-character place. Okay, I got you. Well, I would want out of there, too, after five years.

So what is your long-term goal for your career? I want to do a course of, like, billing and coding, probably start to do some things and maybe work from home and maybe do another little small job. So you want to work from home more than likely yes i don't know what to do with that 401k billing and coding billing and coding was not your goal you picked that up because you wanted to work from home and you heard you could make money that is what my degree is in yes you have a degree in billing and coding

not degree but like certificate school that's what i went to in, yes. You have a degree in billing and coding? Not degree, but like certificate, school. That's what I went to school for, yes. Oh, okay. All right, so you do have a background in it. Okay, so that does fit with what you're actually doing now. I doubt you can make anywhere near what you're talking about doing that from home. I don't think you can replace this job making that. So what I would do if I were in your own shoes is I would begin a plan of working the baby steps and working your way out of debt so that you're free to be able to make some changes.

In the meantime, the only change you can afford to make is one that is lateral, meaning if you could find another job making similar money somewhere else, fine. There's no downside to changing that. But you starting a small business on the side and this family starving to death with all this debt on it because you're miserable, nah, that's a bad long-term play. It feels good on the short term for about 20 minutes. By the next Friday, you're going to be starting to think, what in the crud did I do?

So you've got a big pile of mess here you've got to wade through, and you don't have to stay in that job to do it, but you have to stay in something that's making similar money. You can't just jump out and start your own business cold. I heard you say something about pulling out your – if you leave a job and take your 401k and you don't do anything with it, I thought I heard you say something on a different video where you can get penalized for that. You can roll it to an IRA, but I would not pull it out and pay debt with it.

No, that's correct. You would get penalized. You'd be charged 10% plus your tax rate as well. So that's not the answer to your equation. But I would start working the baby steps, which would be stop investing, set aside $1,000, cut up the credit cards, start living on a budget, and you've got an $80,000 household income. I mean, you ought to be able to pay some of these bills off.

And then let's start looking for a job. And long-term, let's think about how we can be self-employed, but that's long term. Hold on, I'm going to send you a copy of Christy Wright's book, Business Boutique, which is about starting and running your own business. This is The Dave Ramsey Show. Thank you. Camille is in Oahu, Hawaii. Hi, Camille. Welcome to the Dave Ramsey Show. Aloha, Dave.

How are you doing? Better than I deserve. How can I help? Yeah, so I'm 22 years old, got married four months ago with no kids yet. I just immigrated here to the States, so my husband is the only one working while I'm still waiting for my work permit. My husband and I have done Baby Steps 1, 2, and 3 already, and we're already working on our Baby Steps 4. Good for you now thank you um my concern is recently i have the opportunity to learn with uh learn hands-on with uh tim sykes for stock trading now the registration fee is quite hefty

it's 6 500 and um that's separate from the money that we would be investing. Now, I don't have $6,500 lying around. My question is, should I borrow that money from our emergency fund? And if we do, we still have three months of emergency fund left. And what are your thoughts on this? Well, I'm not familiar with the exact course that you're talking about, but obviously I'm familiar with the concept of buying and selling stocks or day trading, if you want to call it that. All of the research shows that 78% to 84% of day traders lose money.

Mm-hmm. And 100% of them think it's not them and that includes people who take courses like you're talking about i can find no data points that show on a consistent level across a broad population the people that take a course like that become wealthy as a result because buying and selling single stocks is ultra high risk. And truthfully, Wall Street Journal, for example, had a big piece of research that they printed on the front page a few years back that they took a blindfold and put it on a guy, put all the stocks on the wall and threw darts at the wall, and they bought those stocks hypothetically,

and then they used some of the top players on Wall Street to pick a portfolio of stocks, and the blindfolded guy beat most of the top guys. Oh, yeah. And it was a trick. The research is not real. It was a trick. Here was the problem. They were only allowed to pick five stocks.

And the problem is that with that little amount of diversification, which single stocks always cause you to have, is a small amount of diversification, you can get no safety. And so the volatility caught. Even the guys who were smart, the volatility catches them. And so you you got to have a broader base than that and that's why i don't buy any single stocks personally now i found some i know i have some friends that took their companies public and made a couple

hundred million that's different i i know some people that buy and sell some stocks as a small percentage of their world it's almost like a hobby for them. And some of them make some money, but it's kind of like a fishing story. It's always talking about the one that got away. Or they're always talking about the fish is always bigger than it really was when you actually go back and look up the returns. So I just don't do it. All of that to say. So all that to say I wouldn't do it.

Number two, would I take a course of any kind and pay for it with my emergency fund? No, because it's not an emergency. Okay. Use your emergency fund for emergencies. Jim is with us in Phoenix, Arizona. Hi, Jim. Welcome to the Dave Ramsey Show. Hey, how are you, Dave?

Better than I deserve. What's up? Well, you know, my sweetheart and I were bumping along just fine until about a year ago I lost my job. Ooh. Corporate downsizing, and we're both 61. We're debt-free except for the house. And this is one of those what-would-Dave-do questions. My income has dropped dramatically. We're able to make all the bills, and we're paying everything, and we're maintaining everything great,

but I'm just not putting anything else away for retirement. Got about $400,000 in retirement accounts now. Got about $150,000 equity in the house. Good. What do you owe them? $330,000. Okay. What did you used to make?

About $140,000. Doing what? Sales management. Good. Good. Yep. Okay. And I've been looking. I've been Sales management. Good. Good. Yep. Okay. And I've been looking.

I've been looking, but I just, you know. My question is real simple. How long were you doing sales management? Oh, 30 years. Same company? Nope. Nope. Okay.

My company got acquired, and then that company got acquired. It was a series of. And what does your wife earn now? She does not work outside the home. Okay. So you've got another gig, but it's not making $140,000. That is correct. Making what?

About $100,000. Well, there's nothing here to panic about. No, we're not. But we bought a large home. We got in early on a master plan development night, and we've had some nice appreciation already, and my plan was to keep it for another three or four years when we want to retire. Yeah.

Sell it, pull the equity out, take cash for a condo, have no debt in retirement, and then ride off into the sunset. And how has that plan changed for the $40,000 change in income? Well, I'm not putting anything else into my 401Ks and my retirement accounts. Why? Well, I mean, not to put it where I was, but I was putting a lot into that. Okay, you're debt-free except your house. You have $400,000 in your 401K.

You make $100,000 a year. Right. Why can you not save 15% of your income? How much did you say you owed on the house? About $330,000. You still should be. It's a little higher than I'd want you to be. What's your house payment?

$27,000. You're still okay. Yeah i i want you on a budget um number one number two um you know you and i are about the same age and we share the ability to sell and my in my experience um a salesperson is probably a really good, high-quality salesperson, especially somebody who's trained and led sales teams, is probably more employable than almost anyone on the planet. That's about the easiest gig to land. I know you've been after it, and I'm not saying you did a bad job.

I think you got kicked in the teeth, and you're still reeling a little bit. And I think you're probably worth double what you're being paid, and you just hadn't found it yet. I think you've got an encore career in your future. Okay. Well, so you would not sell a house right now? You keep putting – Well, there's no reason to panic.

You're just not making the traction you want to make. Right. Yep. Yeah. I wouldn't panic yet. You know, if you think – if you look up three years from now nothing has changed yeah i might downsize but you were going to do that anyway at that point right exactly yeah no i'm hanging on i'm gonna hang on but i my challenge for you is emotional on the career side i think you're worth more than um when they did this to you it it it hurt deeper than you've

admitted there's probably some of that yeah and i think you're worth more than you think you're worth deep down inside because honestly i mean we deal with salespeople all over america in all kinds of situations and i know tons of them just selling, not even sales managing, that are making $100,000, $200,000. And you've done this for 30 years. It's your career. You're a pro. And, yeah, yeah, you don't get to ride off into the sunset yet.

You have another rodeo. You're not done. That's my prediction for you. We'll see. You call me back and let me know open phones at 888-825-5225 you jump in we'll talk about your life and your money randy's on facebook dave what do you think about pre-paying funerals i don't do it i don't think about it either but i don't think about but i wouldn't do it. Don't prepay anything. There's no point.

You can have money set aside, and you can have everything preplanned and selected, but if you give them the money and you don't die for 20 years, you lost the interest on that money for 20 years. And had you invested that $3,000 at 60 and then you don't die until 90, you could have buried King freaking Tut with what that would have become in a mutual fund. Okay, so you don't prepay that stuff. They get to make you money on your money. It's very profitable for them.

But pre-planning, oh, I totally believe in pre-planning. I don't have my casket picked out, but just about everything else. This is the Dave Ramsey Show. Our scripture of the day, Luke 12, 34, For where your treasure is, there your heart will be also. Stephen Covey said the key is not to prioritize what's on your schedule, but to schedule your priorities. There you go. Where your treasure is, your heart follows. And where your heart is, your treasure is probably going to follow.

That's what we're saying. Tricia from the Ramsey Baby Steps community on Facebook says, Dave, I want to say thank you to whoever recommended contacting an ELP in your area for a car insurance quote. I contacted the one recommended in our area, and we're saving $2,100 a year in car insurance. Wow! Now I can put even more towards our credit card debt. Touchdown! Way to go. $2,100 a year in car insurance. Whoa! Now I can put even more towards our credit card debt. Touchdown! Way to go, Tricia.

Love it. If it's been a while since you checked your insurance, most people don't do a good job of checking it. And all that means is not that you're bad. You just left money on the table. You're probably giving them too much money. So you can get a property and casualty, meaning car insurance, homeowner's insurance quote from an endorsed local provider. That's an insurance broker, meaning they'll shop several different companies and find you the best

deal in your situation. You're not trapped with one particular company and have to just go with whatever they say. That's called being a captive agent in the insurance world. So to find out who your ELP is for insurance, go to DaveRamsey.com slash ELP, or go over on the right-hand side of the homepage, and you'll see those ELPs listed out there, endorsed local providers. They don't work for me, but they do the stuff I teach the way I teach it and give you the best possible service, best possible deal. Ron is in Las Vegas.

Hey, Ron, welcome to the Dave Ramsey Show. Well, thank you very much, Dave. And, by the way, I do believe that you deserve to be as good as you are. Thank you, sir. How can I help? Unusual situation. I am a full-time educator at a dental school, and I've been selected by the students to offer the convocation talk.

I would like to have a quotable from you to present during the convocation with any advice you can offer concerning their very significant student loan debt. Some statistics that I just did. Our graduating class has an average student loan debt of $350,000 at 7.1% per year. When they graduate, their average first year income will be approximately $80,000 a year. Rules of the loan with respect to is there an end to all of this? If they don't miss payments for 20 years, the remaining balance can be forgiven, but they pay taxes on the balance. If they are in a teaching position, government position situation, then that is reduced to 10 years, and their loans can be forgiven, and there is no tax consequence.

The two choices that I see them make are either living incredibly frugally for the first few years or just servicing the interest and hoping that there will be some changes in the federal loan debt crisis that we're in. Is there any advice that you could offer these students on how to face this mountain of debt that they're under? We talk to them all the time. I spoke to a group of dentists a while back, and it's shocking how expensive dental school is these days. It's probably the most expensive educational professional school.

I think it is. It's more than a typical med school, unless you're doing some kind of a fellowship or something, or some kind of a specialization. Well, you can pay for that. more than typical med school unless you're doing some kind of a fellowship or something or some kind of a specialization. And then most of the time a fellowship. Well, you can pay for that. See, the medical residencies, you generally get paid when they go to hospitals. Yeah, exactly. Dentists do not.

Anyway, what I teach docs and lawyers, too, for that matter, and dentists would fall into the same equation, is simply this. Number one, you don't want to wait 20 years to have a life. Number two, you don't want to wait 20 years to have a life number two you don't want to wait 10 years to have a life and hope the government gives it to you that's not a bet i want to make uh that that suddenly the government's going to grow a brain uh that really don't want to count on that so the way i view it is this this group of men and women that you're talking to a convocation are very unusual in two areas number one they have a high intellect because you cannot get through dental school if you're stupid okay agreed number two they uh much more so than

the general population they have the ability to delay pleasure for a greater good. In other words, they've gone to school a lot longer than anybody else. Why? To get into a career that they desperately wanted to be in, obviously, and because they thought they'd make a lot of money doing it later. And so they delayed moving into the marketplace by four to six years, more than the general population, in order to do a greater good. So they have this amazing ability to see into the future a good thing

and sacrifice to get it. That's emotional maturity. That's above the general population, because you can't get through dental school if you don't. So here's what happens as a result. I've worked with docs. I was with a doctor today, as a matter of fact. I wasn't doing his finances, but we were actually both talking about this.

What normally happens is I call it doc itis they they've been holding their breath for 16 18 20 years of school and they finally ring the bell and it's game on finally'm here. I have arrived in the promised land, the land of milk and honey. And they push their student loans to the side mentally, emotionally, and mathematically. And they go buy a BMW, a house, and many of them will buy into a practice in the dental world within the first three years that they can't afford. Now they've got almost a million dollars in debt. Yes. And that's doc-itis. It's like they held their breath for so long, when they finally exhaled, it just went crazy.

And so what I say is, you have the intellect, you have the emotional IQ that is above the general population, use it. Don't come out of school and buy a BMW. Don't come out of school and buy a BMW. Don't come out of school and buy a practice. Don't come out of school and run your lifestyle up. You're not a doctor. You're not a dentist. You're a broke dentist.

Very good. And act that way until you get these loans cleaned up. And most of them may make 80 year one, but I think the average out there after about three years is probably between 130 and 150. Would you agree with that number? 150, yes. Okay. And so if we trend that 80 up to 150 over three years and we keep living like we're a graduate student, 350,000 is almost gone. Three to four years, they could be debt-free.

Then in three to four more years, we're seven or eight years out. You could buy a practice for cash. That's what I teach them. Now, can I get them all to do it? I can't get anybody of all to do anything. But I teach them, here's your natural propensity, is you are set on the edge of a major screw-up called doc-itis. You're about to exhale, and it's all going to look stupid.

That is wonderful advice for them. Thank you. I appreciate you doing this for them, and I appreciate you calling in. Because, honestly, doctors and dentists, they're a stereotype financially. Those of us in the financial world, not all of them, but it's a stereotype. They're laughably broke. They're laughably horrible with money. For people of such intellect, they absolutely have no sense when it comes to money. And it's almost like it's a football player that made so much money and ends up broke.

How'd you make that much money and you end up broke? Same thing with a doc. But some of them do really, really well, but most, honestly, they're not very good with money. And they can choose for that not to be the case. They have the intellect and the ability to delay pleasure.

That puts us out of the Dave 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. Hey, it's Blake Thompson, Senior Executive Producer for the show. You know, you can listen or watch anywhere with the Dave Ramsey Show app on your smartphone. Catch the full show or watch the highlights and check out Dave's upcoming guests. Head to the App Store and download it today.