The Ramsey Show - App - Get Control of Your Money! (Hour 3)

Episode Date: August 21, 2023

Live from the headquarters of Ramsey Solutions, broadcasting from the pods of Moving and Storage Studios, it's The Ramsey Show, where we help people build wealth, do work that they love, and create actual, amazing relationships. thank you for joining us america george camel ramsey personality is my co-host today he is the co-host of smart money happy hour one of our more popular podcasts on the old ramsey network check it out he and rachel have a

lot of fun on that show and they even give you some information that's useful. So try it out. You'll like both of them. And also the George Camel with a K YouTube program is exploding, yeah, faster than even we imagined, and we knew he was the star. So check it out. He's my co-host today. Phone number here, 888-825-5225. Bob is in Boston. Hey, Bob, welcome to the Ramsey Show. Hi, Dave.

Hi, George. Hope you both are well. We are, sir. How can we help? Looking for some guidance today. So after following your baby steps for many years and our kids through college at this point, my wife and I are aligned on wanting to purchase a second home. Where it gets a little complex for me is she's talking about a sum that I'm not necessarily comfortable with,

and I am looking to slow down in a couple of years. I'll probably work part-time within a couple of years or so. So I need help. I want to please her. I want to do the right thing by her, but I think I need some help getting comfortable with the kind of numbers that she's talking about. Okay. What do you make?

I make just under $700,000 a year. What's your net worth? About $8 million. Okay. What do you do for a living? I'm in finance. Way to go, Bob. Well done.

Man, you are impressive. That's a very cool thing. I'm so excited for you. Congratulations. Thank you. So what is she wanting to spend on this home? She's talking about something like $2.5 million, which is a lot. What's your current residence worth?

About $500,000. Your current residence is worth $500,000? Yes. And your second home will be $2.5 million. Well, that's a little out of whack. Where's the second home? I hear you. Okay.

It would be in Maine. Here's my rule of thumb on second homes they're they're i've got i've got them okay they're toys and so they need to be a number one you got to pay cash for them or you don't do them uh you're asking the ramses so you're in finance you're obviously have done very well you're going to do what you're going to do but this is my rule i would never do it unless you paid cash, number one. Number two, they're toys, meaning they don't produce an income. It's not a great category of real estate to invest in because resort real estate is the only type of real estate that's more volatile than being a developer. These are the two places you can lose

your butt the most in real estate. So for instance, I've got a lake house. One year, it's worth $2 million. One year, it's worth $4 million. And then the next year, it's worth $2 million again. I mean, it comes and goes and comes and goes and comes and goes. You follow me? So, then the second rule on toys, lake houses, second homes, whatever we want to call them here,

is that if they're not going to be income producing, and so it needs to be a small enough percentage of my net worth that we could stomach it if we lost it. Because you're taking this much money offline it's no longer earning any money it will appreciate in value over time probably most likely but that's not why we're buying it it's not an income producing asset it's you know it's it's a capital gains asset so um you know if you're buying it to speculate on then don't buy it uh because you're buying it for a second home my lake house is not for sale it will be sold someday after i'm gone

but it's not for sale um for any price i keep up with value just because i'm a real estate nerd but it's not for sale and so that's what you're doing here is you're taking that much money offline. And that feels like a large chunk offline out of $8 million to me. That's the way I feel, too. I was thinking $1 million, and I was going to go with it. Yeah. Is there some compromise here? Or is she dead set, it's got to be this one? Oh, yeah.

Oh, no, no, no. There would definitely be compromise there. I think her view is, hey, listen, we're not getting any younger. me this one oh yeah oh no no no there would definitely be compromise there i think i think her view is hey listen we're not getting any younger we have this we have this pot of money we've always lived below our means if we're going to do it let's do it and let's let's just go for it yeah i mean that'd be 12 of your net worth is tied up in a toy and that's that's pretty heavy but that's doable um for me i i you know at a million out of eight million right and the good news is how old are you 52. okay so how much

longer are you gonna work making 750. two to three years okay and um and then you're going to be living out of your net worth. Yes. Yeah. And so you're going to slow its growth because right now its growth is compounding. Right. So you're going to be spending some of that to live because you're used to a decent lifestyle, I would assume, making $750. And you shouldn't be denied that. I'm okay with that.

I mean, so, yeah, that's another because I think the description to her if this was me talking to sharon i'd say honey what that means is we're going to have to it would trim our monthly income down because we're taking a chunk we're taking a third of our a fourth of a third of our uh net worth offline it's no longer creating income for us and so and i'm uncomfortable with that number for that reason because i want to keep our income steady so we don't have to think about we can do anything we want to do with a good income because i mean if you got seven million working for you you can still make six seven hundred thousand dollars a year off of that right right yeah and so in perpetuation i can I bet you can and so that that's

that's what I want to set up for you so I think that's the way you talk to her about is I don't want to cut that six or seven hundred thousand to four or five hundred thousand because we got so much tied up in a second home I think that makes a lot of sense and I like I like that approach I think she I think that makes a lot of sense, and I like that approach. I think she'll be open to that. She just saw something she liked, and she knows you've worked your butt off, and she wants to enjoy it before it's gone. Yeah, I'd go along with her on that. You live like no one else, so later you can live and give like no one else.

That puts us on her team, right, until we look at the ratios, and the ratios are bothersome that's right that's right yeah well listen i appreciate your guidance here i value your opinion so uh thank you both very much oh you're an incredible incredible dude well done great problem i'm sitting back here going this is a real problem don't get me wrong but this is a great problem to have this is the problem you have if you follow our advice if you do the stuff we teach you're 32 years old and you work the baby steps you're bob at 52 or 62 struggling with how much whether to put one million or two million into your second home hello this is the but you notice

what he's living in a half a million he's not living in an $8 million house making $700,000. Notice that, Hollywood. Notice that. This is The Ramsey Show. Dr. John Deloney has a brand new book coming out called Building a Non-Anxious Life. If you pre-order today, you'll get $75 in free bonus items. Nearly half the population reports their lives are affected by anxiety, stress, or burnout. It's everywhere.

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And Dr. John walks you through the six daily choices to recognize and break free from a life that is spinning, spinning, spinning out of control. Yeah. Pre-order it today. Building a non-anxious life. $20 at RamseySolutions.com. George Campbell, Ramsey Personality, is my co-host today. Brent is with us.

Brent is in Charlotte, North Carolina. Hi, Brent. Welcome to the ramsey show hey dave thanks for taking my call sure man what's up yeah um i am currently in baby step two with my wife we just found you guys about a month or so ago and you've been reading the total money the total money makeover book and it's really changed my whole life on how I look at money because um I'm a generation third business owner not with this business that I'm currently owning but um we're currently in baby step two and um we've had some changes to our business this past

fourth quarter um you know starting the fourth quarter of last year and my wife and I are trying to put a budget together personally um to pay off our debt and everything like that. We have our $1,000 emergency fund. But trying to come up with the income for me and my business to put towards our budget has been a challenge for my wife and I. And we're just trying to figure out how to set the proper income for my business. I try to look at my life and kind of see how much money I need to bring in to take care of our basic needs. But it's been a very challenge because our business has took a step back and it's put more responsibility on me to do the

actual work before I had technicians, you know, doing our workforce. And I was able to run it from an owner perspective. It's just been a challenge for me in my life, and I just wasn't sure how you could get a budget number so we can start paying off our debt and babysit you. When we get to end of 2023 and you look at your P&L on the business, what will be your net profit? We lost money last year. No, 2023. Oh, oh, oh.

2023, we will be lucky to break even. How are you? Does your wife have a job? Yes, yes. My wife's a house baker, so she owns a bakery, and I own an electrical business. Why are you only breaking even? Because I probably took on more people last year than I probably should have, and we kind of put us in a situation where I was making sure they were taken care of

and not paying myself like I should. There's a difference between paying yourself and not making a profit. You can make a big old hairy profit and not take any of it home, leave it in the business. But you're not making any profit, which means the people that work for you are in danger of losing their job because you're in danger of closing. Correct. And so you're not doing the people that are there a big favor by not making a profit it is required of you as a business owner to continue to make a profit

to stabilize the business for the good of the team and that may mean that some of the team needs to leave so the rest of the team gets to survive yeah yeah absolutely i mean we do great work we're making no you don't You don't make enough money to eat. You're not making a profit. Why are you not making a profit? Because you kept too much payroll, is what you told me. Yeah, too much payroll. And I have a big heart, and I try to help people.

And I guess that it's put myself in a... What are you doing to help people? What do you mean? Like, I have a heart for the younger generation going into the trade industry, and so I bring on young people and train them, and I've started more businesses than I'm willing to admit because I'm great at being an electrician,

and I'm great at, you know, I've read the book E-Meth and it really opened my eyes up to being a technician owning a business. And I'm working on, I'm following Entree Leadership. No, you're not. A lot of it is where I'm struggling. No, no, no. I just started. I just started. Okay.

You know, Entree Leadership. Yeah. Good. Yeah. Thank you. Because we teach people to make a profit there. Yeah, yeah. Because you can't continue the ministry that your heart is pulling you to.

You want to serve the people on your team, and you want to bring people on your team and give them a shot, and you want to introduce them to the trades, and you have a heart to do all of that. You are going to lose the ability to do that because you're trying to run this without making a profit. So you have got to make some difficult decisions to be able to continue to do the ministry that you want to do.

Got you. So you can't say, I'm unwilling to tell anyone no or send anyone home for the good of the organization and blame that on a big heart because ultimately your big heart is going to not get anything done yeah i mean we were doing great until last year and we took a step back and honey you told me you lost money last year and this year you're going to break even that's two years you've made no money this This is not a hobby. It's a business. You have to make the business decisions to get it profitable.

And that means some of your people that you brought on as projects need to go home. For the good of everybody else and for the good of future project people. If you want to help so-and-so and bring a young person on and help them, you know, come out of prison and get them going or whatever it is you want to do, you want to help people and you want to use the business, do that. Please, for God's sakes, do that. You're the kind of man we want running a business out there. But you have got to say, you've got to make hard decisions to be able to make the good decisions. You can only give out of the overflow. And right now, you don't have any overflow.

You're struggling to make ends meet. Your job first is to take care of your family. First. Yeah, and that's what's really opened my eyes by, you know, starting with Entree Leadership and starting with, you know, Financial Peace University. I've really opened my eyes up that my family needs to be a major priority, and that's why. I mean, I have made some decisions lately to

turn this around because i mean we do great work i just gotta i don't i don't i'm not questioning the quality of your work brent yeah yeah yeah i'm just saying that um you know when i first started in business i thought for here's an example of something that's a little different but it falls in the same bucket i thought by not confronting people inside of our organization that were doing things wrong, that I was being nice. Because I'm Southern, and being nice is what you do. It's called passive-aggressive, right? We're always nice.

We say, bless your heart. We'll slit your throat and say, bless your heart. We're Southern. But we're always nice, right? I always wanted to be nice. I always wanted to be a nice Christian man. And what I finally figured out is that by not confronting people's misbehavior, I was actually allowing the business to be torn apart from the inside. And I was staying angry all the time on my drive home at their misbehavior that I had never even told them was misbehavior.

It's completely my fault. And so we adopted a new slogan. Here's our new slogan. It's about 20 years old now. To be unclear is to be unkind. So that's my version of being nice, but with strength. I'm going to be very clear because to otherwise is to be unkind. And you're being unkind to the future people that you want to help with this business because you're being too kind, too nice.

You're being nice instead of kind. Being nice to the current people instead of the other. Yeah. And your family is also part of this and we're trying to get out of debt and so we need to get our income up yeah so if i'm you i'm going i can make 70 grand as an electrician or make zero dollars running this business you need some money and so it might be time to reset this business and how it's structured and see if you can get profitable fast and if you can't you probably need to go work for somebody until you can get

your act together and get there. Because only the strong can help the weak, sir. You know, starving kids don't feed starving kids. Projects don't help projects. You're now a project. You've turned yourself into one. This is the Ramsey personality is my co-host today in the lobby of Ramsey Solutions on the debt-free stage Jason and Kendall are with us hey guys how are you we're doing fantastic Dave thanks

honored to have you where do you guys live we are from Waukesha Wisconsin all right welcome to Nashville and all the way here to do a debt-free scream, how much did you pay off? $350,784. Love it. How long did this take? Four years, five months, and eight days. Aha. Love it.

Very good. And your range of income during that four years and five months? $200,000 to $350,000 combined. Very cool. What y'all do for a living we're in sales uh i am uh i sell life-saving uh health care equipment and i'm in cybersecurity sales ah very good two great businesses well done good what kind of debt was the 351 there was a phone there was a car a credit card a lake house slash cottage, and our home. Wow!

Look at it, weird people! 100% free! Yes. Yes. Way to go, guys. Thank you. Very cool. Very cool.

How old are you two? I'm 41. And I'm 38. And what's the house worth? We bought it for $300,000, and it's now worth $450,000 to $500,000. Very cool. How much in your retirement savings 850 000 talking to millionaires with a paid for house and lake cottage i love it way to go you guys thank you and at 41 years old and 38 wow very good excellent baby steps

millionaires well tell us the story what happened four and a half years ago that got all this started and made the whole family go into a tizzy and now it worked? under control. We can pay these credit cards off every month. We're doing fine. And then in November of 2018, Jason was laid off from his job right ahead of the holidays. And we realized we really were a short period of time away from not being able to handle what we had going. And it scared us so bad that we decided, okay, let's go back to that podcast we were listening to. Scared straight. Scared straight. Yepred straight, yep. And then what really solidified it for us is a year later, Jason was laid off again, but at that point.

Jeez. It was a rough patch. It was a blessing in disguise, though. That job that he rushed into in 2018 was a great job financially, but terrible emotionally for him. So it was a great job financially but terrible emotionally for him so it was a true blessing and then in 2019 i was able to say like let's let's take time you find a job that you are really going to love and he's still there today so so yeah so that's making bank too and doing well yep and then in um april of 2020 we had the opportunity to finish Baby Step 2, and things were uncertain. Well, there's some timing.

We're like, well, maybe we should just batten down the hatches and prepare for a storm. But we just decided to go into the storm and pay off and do Baby Step 2, be done with it. Love it. Yep. And then to celebrate Baby Step 2, we got a mini golden doodle, and we named him Ramsey David. Wow. Is it the middle name? Ramsey Davidid is yeah david's his middle name yeah dogs can have middle names so when he goes in the floor yeah ramsey david we joke we joke that he gives terrible financial advice because he's a dog.

Hey, that dog is debt-free. He's doing better than most Americans. I'm telling you. Yep. And then from there, we pivoted into let's pay off the house, and how cool would it be to stand here and be fully debt-free when we stood here? I love it. Wow. Good for y'all.

It's powered on through. Good for y'all. Very good stuff. This is amazing. So were the girls a part of this journey? I mean, they're old enough. They're like seeing mom and dad go gangbusters on this debt. I mean, was it weird for them?

Were they all in? Were they calling you guys out? You know what? They always pretend that they don't like it. They've had plenty of podcasts. They heard too much Dave Ramsey, and they like to talk a lot of smack about it. But if you're a teenager, you have to have the eye roll down. yeah let's see the eye roll come on let's see it you can do it yeah you gotta have it down you gotta have the eye roll down it's part of it later on in life

they're like oh yeah actually i was into that i tried to play it cool but i liked it yeah yeah anytime they see a movie where somebody uh uses a credit card oh no they're like oh my gosh i cannot believe that they're in debt yeah who would have thought brad pitt did that right they've they've joined us we've led five rounds of fpu at our church um at bridge church and waukesha waukesha go bridge church um and they've been there um at least come along a few times to to sit in and you know help with the kids sometimes and and even kind of share their story once in a while so how hard it is being your kid yeah yeah right seriously

you guys are awesome i'm so proud of you you're 100 free you're millionaires and you're 40 how's that feel david's phenomenal you know it's we We have a true understanding of what you mean when you say financial peace. It allows us to change what our dreams are. Instead of thinking of how are we going to get out of this, we can think of what are we going to go to, how are we going to get there, and we know that we control our destiny and we can actually plan on how we're going to do it. Yeah, amen, amen. So when you're leading one of these classes, you've obviously got a great example to set in front of them. You guys, you say, we paid off our house. We had this. We got 800,000 in savings. Oh my gosh, look at this.

This is where you could be. That's got to be very persuasive for someone in the class that's scared, that's hopeless, that's beat down, that doesn't know if they can do it. They can look at you guys and go, I think maybe I can. Yeah, I think when we started doing FPU, I think, you know, I was a little afraid of, you know, how do we share this? Like, how honest do we get about where we're at and where we're going? And we just decided if we're going to do this, if we're going to give one week a night for nine weeks every single year, we're going to go all in and be very open and upfront with everyone in our class. And it's really created this cool community that we have where they come up to us and they're like, hey, guess what I did?

We just paid off our car. Or here's what we're going to do next. And then they ask, where are you guys at? We're just following along. A lot of them come back to our class and just sit in and will then kind of be the testimony in that first class to say, hey, I did this last year and here's where we're at now. Here's what a year can do. Oh, wow.

It's really neat. That's powerful. Yeah, they need to be coordinators too. Yeah, that's great. Some of them are. Yeah, your grandparents. Look at that. Way to go, guys.

I'm very proud of y'all. Very cool. Very cool. So what do you tell people the key to getting out of debt is? I think the key is actually deciding that you're going to do it, not just thinking, I wish I was able to do it, I wish I was debt-free, deciding that you're going to do it, and you're willing to sacrifice what it takes to get there.

Yeah. And start, if you haven't started, start today. Because, I mean, we started when the girls were like nine and seven and you know a lot of i felt like a lot of people told us like you're gonna miss out on these core years that you could be taking them places or you know doing things with them they're giving them things and now we're here and we get to just and they seem they seem fairly well-adjusted. Yeah, I mean, for teenagers, yes. You didn't kill them after all. Who knew?

Who knew? Way to go, guys. Very proud of y'all. Hey, we've got a Baby Steps Millionaires book to celebrate the fact that you are. We've got a Total Money Makeover book as well that you'll give to somebody, Financial Peace University membership. You can give that to someone. You've obviously done a lot of good thank you for leading the classes and for being this huge example for the uh for the audience out there thank you so much very cool heroes very cool and uh we we've

uh poked at the girls and and teenage girls and all that stuff for a minute here but the truth is that when they look back years from now they'll realize how big a hero their mom and dad are and you guys have changed your family tree. You really have. It's pretty impressive what you've done. Very, very cool. Jason and Kendall, Addison and Amelia from Wisconsin, $351,000 paid off, house and everything,

on the way to being Baby Steps millionaires at 41 and 38 years old. Four and a half years, or four years, five months it took to do that. Making $200 to $350 through job changes and everything else. They persevered 100% debt-free. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!

Yeah! I love it. Well done, you guys. Very well done. This is The Ramsey Show. Our scripture of the day, Colossians 4-6. Let your conversation be always full of grace, seasoned with salt, so that you may know how to answer everyone. C.S. Lewis said, there are only two kinds of people, those who say to God, thy will be done, and those to whom God says, all right, then have it your way.

I like that. That's a new verse for me i like that your conversation seasoned with salt you've been known to be salty that's in conversation it's been it's been happening more lately so you're doing well shannon is in virginia roanoke to be precise hi shannon welcome to the ramsey show hi dave thanks for taking my call my pleasure what's up okay so i'm just kind of like i've heard about you before like when i was younger and in my 20s i'm 45 at the moment um and so i'm just kind of like rediscovering you i've started listening to uh budget crushing mama on tiktok and so i try to get her lives every morning. And she just talked about how her and

her husband have knocked out all this debt in like 18 months. And so I don't, I mean, I have quite a bit of debt as far as like my car and student loans and stuff go. But as far as like credit cards and stuff, I don't really have a lot of debt, but I was raised by my mother who was a single mom but she I didn't know when I was younger but as I got older just figuring out that that's pretty much how she raises was on credit cards and I have kind of continued the same cycle but not so much as far as credit cards because I've never really had my life together enough to qualify for the amount of credit cards that she has which is probably a good thing um but I also have not like saved any money I have how can we best help you today Shannon I don't know where to begin so to speak um I kind of understand the gist of it but I don't I don't know I'm just kind of looking for some kind of understand the gist of it, but I don't, I don't know. I'm just kind of looking for some kind of guidance as far as structure goes.

I'll say this. The best time to plant the tree was 20 years ago. The next best time is today. And so you got to just put the past behind you and go, whatever my mom did, whatever happened in the past, it's over. I'm going to start to chart a new path for Shannon and change the family tree and break those generational curses. So the answer is not, how do I have less credit card debt than my parents?

The answer is, how do I put myself in such a financial position that I can just stop talking about money and worrying about money? And so that's the goal. If we have that as the common ground here, we're off to a good start. The next step is to filter this through the Ramsey baby step. So you said you're new to this. So I'll run you through them real quick. And then I'm going to gift you something that will go in depth on this. Okay. Okay. Thank you. So the first step, and the reason this works is because it's one focus step at a time. We're not doing 17 things at once and trying to keep up with a bunch of debts. So baby step one is a thousand dollar

starter emergency fund. Do you have a1,000 in cash in the bank account? No. I started a business in October, too, and that's my main scariest thing is that I'm afraid of running it into the ground by the amount of money that I'm making. And it will, I guess, continue to just grow. What is your income? As far as my business goes goes it kind of fluctuates but i started a house clean business and it averages um somewhere around 72 to 74 but it has gone mostly it's over seven i mean over eight thousand closer up to nine thousand every month every month. Every month? Profit? That is just like, see, and that, I don't have anything. I'm just like transferring money as I need it.

So where is this $9,000 going every month? I couldn't tell you. That's my problem. Okay. I'm just like, mindless thinking. Does your business have any expenses? Well, I mean, I buy, like, vacuum cleaners. When I first started, I got them on, I think it is a firm.

So I'm making payments on those, and I would like to pay them off. My, like, cleaning supplies and stuff like that, that's really not that much money. It's not nine thousand dollars worth of expenses so and i do pay daughter works with me as well i do pay her um an hourly but it's only hourly while you're cleaning your business is cleaning house cleaning yes okay okay and you've got two vacuums on payments yeah okay all right but other than that you've not you don't have a ton of expenses so a lot of this money is free and clear for you to live on okay yes i think that if i can figure out how to get to where i can like i feel like i've dug myself in a hole to where i

have slowly tried to get out over the last couple of weeks, and I have done better this week, but I need to figure out how I can just pay myself weekly or whatever instead of I need $100 in my checking account. Let me transfer it over. Well, that's where the budget comes in. You said you're watching budgeting videos and you're wanting to get into this, so I'm going to gift you one year of every dollar premium to help you out with this,

and it's going to help you give every single dollar a job because you've got plenty of money. It's just disappearing because you're giving it to lenders. And who knows where I'll eat now. I don't know what your lifestyle is like, but we've got to get all of this in check and start to go, we're paying myself first. I'm going to pay these debts. I'm going to put extra on the debt. I'm going to live off nothing so I can get myself in a good financial position. How much is the total debt that you have? My personal debt is somewhere around $40,000, maybe not quite that high, but my student loans are $20,000. Last time I looked at it, it was like $38,000-$39,000. So my student loans are like $20,000. My car is $14,000, something just over $14,000. And then I have a few little credit cards, probably somewhere around the $5,000-ish

mark. Okay. Well, starting today, if you want to build wealth, a foolproof way is to just stop going into debt. And that means we're cutting up the cards. We're not going to do these buy now, pay later plans. If we don't have the cash to do it, we just don't do it. You're going to affirm to never do affirm again. The next thing you do is you list out the debts from smallest to largest balance. Don't even look at the interest rate.

Smallest to largest balance, attack the little one with a vengeance. With all the margin you can muster up from that $9,000 a month. And that's going to get rid of that first debt really quickly. Agreed? Agreed. And you free up a little payment there, don't you? So now you can throw all of that towards the next debt. That's the debt snowball. You pick up snow as you go. That's baby step two. And so you can do this. If you put them in order, baby step one, then baby step two, then we're going to get you an emergency fund so you never have to turn to debt again. See how that works?

When you have six months of expenses in the bank, you don't need lenders anymore, do you? No. Okay, Shannon, just in listening to you, you are a smart person. You're smart enough to do better than you're doing because you're living with a fair amount of chaos, not much order. There's not much order.

No. Disorganization and chaos adds a lot of stress to your life. So one of the things you can do here is to pretend that I was going to pay you $100,000 a year and you just went to work for me and knowing what you know today about money, which is not much, okay? You're just getting started. You're just starting your journey. But even with what you know today, you are a smart person. You're articulate. If I said I'm going to hire you for $100,000, the first thing I want you to do is I got this lady that's in the cleaning business over here. She's disorganized. I want you to go over there and get her organized. You could do that.

You could get her organized because you're smart enough to do it. Your problem is you get so emotionally stuck in all these different things and it's flying at you. And you need to, I want you to pan back and step above this and look at it as if you're managing someone else's stuff. Okay. Emotionally step aside like an out-of-body experience, okay, and say, all right, I just got hired to straighten up this woman's finances, and she's a mess. The first thing I'm going to do is I'm going to make a really good, detailed list of all my monthly bills.

The second thing I'm going to do is make a really good, detailed list of all these debts. The third thing I'm going to do is I'm going to open a set. You got a separate checking account for your business? Yes, I did start everything right. I kind of did it backwards, but I do have everything separated. Okay, good. And so now when you move money out of that business, you understand you need to set tax money aside, right? Right. So you don't get caught in taxes because that IRS is going to pound your head next year if you don't do that. So you hang on, and Georgia's going to get you set up with every dollar premium. The folks in the booth will take care of that for you.

You're smart enough to do this. You've got to get yourself organized. Remove the chaos, add order, and follow these steps. We'll show you how to do it. You can do this. That puts us out of the Ramsey Show in 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 George Camel.

If you like what you heard in this episode and want to know more about getting started on the Ramsey Baby Steps, go to ramseysolutions.com and click on the Get Started button. We'll help you figure out the best next step for you based on your specific situation. That's ramseysolutions.com and click Get Started.