The Ramsey Show - App - Get on a Budget and Take Care of Your Family (Hour 2)

Episode Date: July 10, 2018

The show about you

🎵 🎵 Live from the headquarters of Ramsey Solutions, 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. Open phones at 888-825-5225. That's 888-825-5225. That's 888-825-5225. Anna is with us to start off this hour in Fargo, North Dakota. Hi, Anna. How are you?

Hi, Dave. It's an honor to be speaking with you. How are you? Better than I deserve. What's up? Okay, so here's my situation. My husband and I have a three-month-old baby boy, and he works full-time in the guards, part-time, and as a farmer, full-time, and he gets paid a salary of $2,000 after taxes. to our home without having a 10% or 20% down payment for our home. And his father had to lend us $6,000 for the payment on our house.

So that's our only debt. And as I mentioned, I'm not working. And so I'm in college. I'm a junior right now. And FAFSA is paying all my stuff. Now, my question is, how do I get him on board to selling our house since my, so like our mortgage is $730 every month without an escrow on the homeowner's insurance or the taxes? And he's not on board with it, but I don't think we're ready to get into another house, and we are trying to sell this one to get more financially secure. You are or you aren't trying to sell it?

We are trying to sell it, yes. It's on the market. It has a sign on the yard. Not yet, but we've had realtors coming in, and we are planning to put it on the market within the next month. Because you don't think you can afford it? i mean he makes a year i know you told me what he makes you told me what he makes but you're going to graduate from college in one year yeah yep and i sell stuff on the side you're going to graduate from college in one year what's your degree going to be in my degree is going to be in social working. Are you going to get a job?

Yes, then I'll be getting a job. Okay, and then the house will be easily affordable. So all you have to make it is for one year. Okay, right now we're on baby step two. I know, you told me that. You have $6,000 owed to his parents, and you're on baby step two, and you're starving to death because he doesn't make any money, but you have a very low house payment.

He makes $2,000 a month, plus he's in the guard, plus you sell stuff on the side. I got it. But you can hang on for one year. And then when you get a job, this house is very affordable, isn't it? Yeah, once I get a job, definitely. Is there another reason to sell the house other than uh you don't think you can afford it the street that we live in is full of traffic and i don't know if that will be an inconvenience when our little boy gets older and won't be able to run

around and play and how old is your little boy? He's three months. Okay. I think I would take extra jobs, side jobs, him and you, and I would make it through this year and stay in that house for now. I don't think you put it on the market. I'm on his side. And then, by the way, when you get extra money over and above, then you can start paying his parents back. His parents probably aren't going to get much money this year

because this year you're just trying to make it, just trying to make ends meet and get through and finish it up. But that's what I would do. I would stay there for now. Thank you for the call. Open phones at 888-825-5225. Speaking of selling a home, if you're trying to decide whether to continue rent or if it's time to buy, well, if you're out of debt and you have your emergency fund in here for down payment, it is time to buy.

Those in Gen Z that are now entering the renter's market will spend, on average, $226,000 before buying a home. Median rent right now is $1,710 a month. That's a lot. Baby boomers and millennials don't have it much better. Low inventory is also creating higher rents. It is a great time to buy. It's not a great time to buy if you're still broke, and you don't use this as an excuse to do that.

If you're thinking of selling a home in this hot market you need to get a good realtor in either case when this market is as wacky as it is right now you need a good real estate agent that knows their stuff in your corner that's what our real estate elps are and just remember that when you're making a decision like she is trying to sell decide whether to keep the house, whether to sell, whether to move right now, whether it's time, you know. And what's the proper amount, our 15-year fixed rate, where the payment's no more than a fourth of your take-home pay, and all that.

Just click ELP for real estate. If you're thinking about selling, you'll get more for your house. Yeah, you can get offers right now. A monkey can sell a house right now. With somebody knowing what they're doing, you'll get a lot more for the house when they know how to handle this hot market. A real pro. Click ELP for Endorsed Local Provider for Real Estate at DaveRamsey.com.

You can find some help there. Dylan's with us in Greensboro, North Carolina. Hi, Dylan. How are you? I'm wonderful, Dave. How are you? Better than I deserve. What's up?

To kind of go along with what you were just saying about housing, well, I'll start by saying that my dad has done everything for me. I currently live in his house with my family of four. He just moved in with his new wife at her house. He was paying bills and mortgage and everything for me until he lost his job in 2016. I took on everything at once. And basically, with the $40,000 I made per year at that time, I paid some of the stuff and charged the rest to credit.

So the other day, well, my plan this whole time was to pay off the house the rest of the way, fix it up, and then either rent it out or, you know, let my dad sell it at a later point. It's your dad's house. I'm sorry? It's your dad's house. Right. So why are you fixing up his house? Well, I was thinking at first, you know, that it might be a place that I'd be fine with living.

And, you know, now that he's married and living with his new wife, he doesn't, I guess, need the house for anything. So he wants to sell the house and he wants you to move? No. I'm trying to change things up to help my position and his position. So what I was thinking was that if we sold the house for what it's worth now,

I could use some of the money from that to pay off. It's not your house. How do you get the money when you sell his house? Hello? Yeah, I'm still here. That's why I started with, he's done everything he can for me. And he's trying to help me get out of credit debt that I'm in now.

He's going to give you his house. Well, not all of it. I'm not asking for any of it. Good. I think you need to move out and rent and get on a budget and take enough jobs to pay for your family and let your dad do what he wants to do with his house. This is a pretty dysfunctional, codependent relationship. You're a grown man with a family, and your daddy's still taking care of you.

Dude, it's time to get your game up. That's what it sounds like to me. This is the Dave Ramsey Show. Let me tell you a story about two families that are very much alike in a lot of ways. Both families have two working parents and a couple of young kids. Each has debt and has struggled to make ends meet, but they're starting to make headway with their budgets and smarter decisions with money. They have dreams and plans, and the only real difference is that one family has the right amount of term life insurance and the other doesn't. Big difference.

If one of the parents die, and that does happen. Their well-being would be destroyed. Paying for the mortgage, utilities, food, and other bills would be impossible, let alone saving for education or retirement. That's why every day I talk relentlessly about getting term life insurance. Just go to ZanderInsurance.com or call 800-356-4282 and see how inexpensive it really is. Be the family that takes those deliberate steps to be different and responsible. It really does make you the hero of your story,

and it puts you on course for better things ahead. A few years ago, a rare talent hit country music radio with a storm. Been blessed to call him a friend along the way. And I was actually, what was I doing? I was hosting the National Radio Hall of Fame. And the other day, about six months ago, I guess, and he was being inducted. So I got to talk about him then. It was so kind, too.

Let me say this. You come up and you're... You know, what we do is we pick someone... By the way, this is Bobby Bones, ladies and gentlemen. Yeah, sorry, sorry. I feel like I'm sitting here with a friend, so it's just time to talk. Yeah.

So, by the way, they put me in the Radio Hall of Fame, and I think it's a bit early, right? I know it's premature, but I'm... You're the youngest member ever to be admitted to the Radio Hall of Fame, and I think it's a bit early, right? I know it's premature, but I'm... You're the youngest member ever to be admitted to the Radio Hall of Fame. You deserved it. Okay. Well, that's debatable, but we go in and we pick someone to induct us. And so I pick, you know, someone's been instrumental in my career, and you go up and say words, and you crush it.

You have me almost crying. And I'm going, there's no... Like, you stole all the amazing thunder. It was the nicest thing anyone's ever said about me in my career. Oh. And get this, Dave. So my name is Bobby Bones. And in that, this is the story of my career.

They're introducing me into the Radio Hall of Fame before you come on. And they introduced me as Bobby Jones. Oh, yeah. And so at this point, I'm a little on tilt. I'll be honest. I'm like, oh, i don't even know who i am and you came up and you were so kind and well you've had an impressive career brother i'm proud of you i know you're proud to call you a friend we're both here in nashville and of course i heart

syndicate you out of here and you guys are on what several hundred stations yeah how many stations it's been a good run you know 100 and one in canada too now which is awesome yeah that's fun yeah and your second book coming out that's what we're here to talk about yeah second number one bestseller this one lands and i love the title i love titles like this because it means there's good stuff inside fail until you don't fight grind and repeat fight grind and repeat a friend of mine named john maxwell wrote a book years ago called failing forward and my contention is is that no one is a success we just continue to experiment some of us have experimented more than others and it leaves a mark sometimes yeah for me my

whole story is i really don't have this one talent that transcends me in any way like i don't have that talent but what i do have and what i talk about in this book is that we all have that drive. We all want to drive towards something. Now, it may not be the same thing. We may not have a career drive. We may want to be a better mom. And so, but what I have is the drive and the effort. And I think if you have that, you can create these openings that you're searching.

And I wanted to show that in this book that the people that are the most successful aren't the most talented always. They just don't quit. They just don't quit. They just don't quit. I did a TED Talk, and I went in, and they said, what would you like to talk about? And I did this talk called Winning by Losing. And what I did is I showed people who we think of as the most successful people and really peeled back and said, let's really look at this, that they've actually just failed the

most, and that was the inspiration for the book. Yeah, that's cool. We tell people all the time the gleaming mountain of success is actually a pile of garbage. You're just standing on it instead of laying under it. You just got the cupcake sprinkles, what you're seeing on the very top of all the turds. That's what it is. That's it. Fail until you don't.

Fight, grind, and repeat. And what people don't realize about radio, I mean, you do four hours a day? Five. Five hours a day. you do four hours a day? Five. Five hours a day. I do three hours a day. I think there's people that come into our business and, oh, that's fun. And they don't realize it is fight, grind, repeat. Yeah.

I do 15 hours of live radio a week. You do 30 or whatever. It turns out 20-something hours of live radio a week. And we enjoy what we do. We're having fun when we're not 20 something hours of live radio a week and we enjoy what we do we're having fun when we're on the air but it's game on it's focused and you got to do it all the time when you're sick you know nobody cares if you got the flu nobody cares if you got whatever you go do the show right yeah i think with you know any career where you have to show up all the time you know that's the key part to my success is showing up on time all the time.

All the time. I wake up at 3 in the morning. I've built these different avenues for me that I feel like a big part of my success has been building the roads that I'll drive on. And so I know me and what works with me. For example, I can't keep sugar in the house because I'll eat it. So you know what I do is I don't keep sugar in the house. And so I do the same thing with sleep and discipline. And I wake up at 3 in the morning every day,

and I'm at work, show starts at 5. So, yeah, that part's the grind. But I found what I love, so I know what I'm driving toward. And it makes the worst parts of it better. So you've had some of the biggest names in music on the air. Tell me about one of your favorite guests. I mean, if we're starting with just a favorite, it's probably Garth Brooks

because Garth Brooks and John Mayer are my favorites. Those are my favorite artists. And the first time that Garth came in, Were you just fanboy i was and we get a bit jaded in what we do frankly because we see that everything isn't really what it is on the screen and some of these people you want to meet you wish you didn't yeah that that absolutely happens and not only that you take down all your guard for who you want to meet even it switches you the other way too. And you're like, I don't even want to meet people.

But Garth Brooks came in and I geeked out a lot. And he was the best person to geek out to because he still appreciates being geeked out on. And Garth Brooks, by the way, is the highest selling solo artist of all time. Not country. All time. Elvis. More than Elvis. Yeah. More than Elvis. Yeah.

More than the Beatles. And so there's a story that I wrote about in the book that we were playing a show at the Ryman and I had the flu and Garth was going to come out and donate because we do this show at the Ryman in Nashville and I have a band called the Raging Idiots and we give all the money to charity

and all these artists come and they play with us and Garth was going to come give a check. And I had the flu and I was throwing up all over the place. But I was out. I was doing the show. I couldn't miss the show. All these people awaited and my people. And so Garth comes out

and he's going to bring a check for $200,000. And I had it coming out of both ends all show long and I was fighting it. And Garth shows up and it wasn't $200,000. He brought a $2 million check. Oh my gosh. Yeah. And so Garth, yeah, he's been a good one. shows up and it wasn't 200 000 he brought a two million dollar check oh my gosh yeah and so like

garth and yeah he's been a good one a good one for me to to know and kind of give you that faith that people are still cool very cool fun stuff fun stuff bobby bones is my guest this segment he is uh the host of the bobby bones show one of the premier talents in country radio today uh syndicated highly rated number uh two this is second, I'll try to say it, number one best-selling book. It's called Fail Until You Don't, Fight, Grind, and Repeat. Fight, Grind, and Repeat. So what are some of the habits and disciplines you say to be successful? Well, I think, first of all, the hardest thing to know is yourself, oddly.

Like to actually know yourself and know is yourself, oddly. Like, to actually know yourself and know what makes you tick. So there's a whole part of the book where I say you have to find somebody that tells you that you suck, that you can take that from them, because you can then appreciate when they tell you you're good. Because anyone will tell us that we suck. Just get on Facebook. You want to be told you suck? Just hop on, click, click, click. And a lot of people will tell you that you're awesome because they don't want to hurt your feelings. So if you can find that person that can give you criticism and you trust it, when they give you praise, you actually trust that. And so that's a big part of it for me is finding those people.

For me, it's all about my environment too. I talk about knowing what roads for me to get on. I have to surround myself with great people. Well, your crew, your on-air crew is a solid team. You brought most of them with you from Texas when you started this, right? Yeah, none of my people have ever worked in radio. Amy, Lunch, all of them. They're all friends from 10, 15 years ago.

And so we kind of started the show because we had no money. And so when you have no money, we're a lot of no-money talent. And we were able to kind of figure it out a bit how to be the best cheap talent there is so you grew up in a trailer i know the story and uh in texas arkansas arkansas yeah sorry i don't know the story and um two number one best-selling books a huge you know youngest member inducted to the Radio Hall of Fame. What blows your mind about all of this? For me, it's the platform that I've been able to build to give back. Without church groups, PTA groups, things like that giving to me as a kid, bringing Christmas dinner, bringing presents, bringing school clothes, people donating to me, I would

not be here. So the most rewarding thing that I've been able to do as a radio talent or a stand-up comedian or an author is, for some reason, and I don't really understand my appeal. Like, I don't. But for whatever. I know what it is. It's your authenticity.

It's what I told you when you were getting inducted that night. It's the most authentic thing on the radio right now. Well, what I appreciate is that you were getting inducted that night. It's the most authentic thing on the radio right now. Well, what I appreciate is that people will help me give back. That's it for me. Cool stuff. Well, guys, you get what you see, and you see what you get when it's Bobby Bones. Proud to have you, my friend. This is thrilling for me.

This is the coolest thing. Like all the people out there, this is like the coolest thing I've done in five years. Except for the guard thing. This is it. Well, congrats on another number one. I'm proud of you, sir. Thank you very much, my friend. Proud to call you a friend. This is the guard thing. This is it. Well, congrats on another number one. I'm proud of you, sir. Thank you very much, my friend. Proud to call you a friend.

This is the Dave Ramsey Show. For years, I refused to endorse any company that claimed to get people out of timeshares. I told my listeners it's a horrible product and that, unfortunately, they didn't have a lot of options. Then a few years ago, I sat down with Brandon Reed, the owner of Timeshare Exit Team. Brandon walked me through the timeshare industry, and I learned that you can't sell them, and you can't even give them away. And then we talked about Timeshare Exit Team's process. Every ownership situation is different, which is why they have more solutions than any other company. And that's when they earned my respect. Don't call any of the imposters out there, and there's a lot.

The only timeshare exit company I stand behind is Timeshare Exit Team. They have exited thousands from their timeshare burden this year alone. Yes, you will write them a check, but they stand behind their guarantee. They will get you out, or they'll give you a full refund. Call 844-999-EXIT. Online at timeshareexitteam.com. Carlin is with us in San Antonio, Texas. Hey, Carlin, how are you? How are you, Dave? Better than I deserve.

I see on my screen you're debt-free. Congratulations. Thank you, thank you, thank you. Way to go. So how much have you, Dave? Better than I deserve. I see on my screen you're debt-free. Congratulations. Thank you. Thank you. Thank you. Way to go. So how much have you paid off? I have paid off $33,000.

Awesome. And how long did that take you? About 20 months. Good for you. And your range of income during that time? I started out around about $42,000 all the way up to about $80,000. How did you double your income in 20 months? I am a musician.

I do that part-time in addition to my full-time work. And that doubled your income? Yes, sir. Well, that's sweet. Yes, it is. Sounds like you got a career. Way to go. Well done.

So what kind of debt was the $33,000? It was mostly, let's see, I had a car, had a car loan, I had Best Buy loan, and most of that was credit card debt. Okay. Wow. So what happened to you 20 months ago that put you on this debt-free journey? Yeah, so I like to point at my wake-up moment. I was actually driving on my way to work and just feeling very, very overwhelmed with bills and expenses.

And it actually was my son's, his birthday was coming up. He was turning 10, and I had no money. All my bills were paid, but I didn't have anything, you know, over that. And I was moving over sort of my last amount from my credit card, doing like a cash advance so that I can buy my son a birthday gift. So that was a very, very low moment for me as a parent. I can imagine. A single mom and just feeling like this is just crazy. This sucks.

Yeah, this sucks. Yeah. Something's got to stop. Yeah. Yeah. So at that time, I was having, like I said, on my way into work, my partner had, you know, asked me one question. She asked me, you know, why is this time going to be different? Because I had made, you know, plans that I was going to change things before but never really did it. And that question, I didn't have the answer at the moment.

But I think that was the time when that light just sort of switched on for me. Like I need to do something. And what did you do? Well, I just, the first thing I decided to do was just stop. I just, I did nothing. I actually took the next day off of work, and I decided to pull up all my expenses, and I just decided to take a look. And I think that's the first, the hardest thing, I think, for a lot of people is just to stop.

Just stop, you know, and just take a look and see, um, you know, what you're doing. And I was mortified. Um, and it wasn't anything that I wasn't making enough money or anything like that. I was just doing a bunch of stupid stuff, eating out. Um, yeah, almost kind of lost my kind of threw up a little bit when I saw the, our eating out expenses, like $1,200 for a month. Like, seriously. Yeah. So I just decided to stop. That was the first step. And then I had taken your class back when I was about 19 in the military. And of course, then you had nothing to teach me, right? Yeah, sure. And then, so I knew how to find you. And I knew that that was something that God had placed in my heart to look you guys back up,

and that's when, yeah, just made the decision. Cool. Okay. So you jumped back into Financial Peace University or what? No, actually, so I got the Total Money Makeover on audio, and I listened to that in about a couple of days, and that's what jumps at me into this whole plan but you had that classic i'm sick and tired of being sick and tired moment oh yeah yeah

definitely kind of had it i'm not living this way anymore and that was the change that was the moment yeah way to go so what do you tell people the key to getting out of debt is? Oh, man. So two things, really. The first thing, you know, you have to realize that there's really no special sauce. I think I didn't get that right away. I just realized, like, there really isn't any magic dust or anything that happens. It's like a matter of just saying, you know what, I'm going to do something different. And when you get that, when you get that there's no secret, and you are the secret really, is to managing like you, and you say this

all the time, Dave, managing the person in the mirror, when you get that, and that really starts to resonate with your spirit, man, the sky's the limit. So that's the first thing. And the second thing is, you know, everybody says it when they call in, budget, budget, budget, budget, budget, and keep budgeting. Every dime, every penny. That was what really made this sort of come to life and put skin and bones on what I was doing was seeing the money come in and knowing exactly what I was doing with it. So, yeah, for sure. Very cool. Well, congratulations.

How does it feel now that you're there? Oh, man, I feel victorious. Well, congratulations. How does it feel now that you're there? Oh, man, I feel victorious. I feel victorious. I feel like I'm ready to go. Game on. What's the next thing, you know? So I just feel amazing. So how old are you?

I'm 35. And this is the first time since you were 19 that you've been debt-free? Oh, yeah, for sure. Okay, wow. And you can do anything now, yeah. And you doubled your income! Yeah. By the way.

By the way. Oh, by the way. Yeah, way to go. So proud of you. Excellent job. Do you have people cheering you on? Oh, yeah, I had a lot of people. I had a lot of folks cheering us on.

Of course, my partner, her family, they were amazing. You know, we could go over there and eat when we didn't have anything, or they just kind of knew what we were doing and supported us there. My boys, my boys were my biggest inspiration, just seeing them every day. And they just had such a fun time with this whole process. We did everything. We did all the visuals that, you know, the folks out there that are doing this did. And we just made it a family affair.

And, yeah, and everybody else just sort of, I think, you know, when you turn the lights on in a room that's been so dark for so long, you start to realize you're probably living with a lot of rodents. So when we started telling people what we're doing and, you know, you're shining the light on and a lot of people just kind of were like, yeah, that's good for you. Yeah, I hope it works for you. That's the line which means I don't believe you. Yeah.

For sure. For sure. All right, Carlin. Well done. Well done from San Antonio. Oh, got a copy of Chris Hogan's book for you, Retire Inspired. I want that to be the next chapter in your story where you're a millionaire now and outrageously generous as you go along.

Very well done. Carlin from San Antonio, $33,000 paid off in 20 months, making $42,000 to $80,000. Count it down. Let's hear a debt-free scream. Three, two, one. I'm debt-free, yeah. Woo! Love it.

Well done. This is how you do it. Man, oh, man, oh, man. That is fun. Open phones at 888-825-5225. Tony is on Facebook.com slash Dave Ramsey. Doesn't term insurance decrease over time? No, it doesn't.

Term insurance is, there's two or three types of term insurance. There's decreasing term insurance, which does decrease every year over time. There is level term insurance, which is what we recommend, level term for 15 or 20 year level term insurance, which is what we recommend, level term for 15 or 20 year level term. And that means that the price and the coverage are level for that term, that 15 year term, that 20 year term. And that's what we recommend. And if you go to Zanderinsurance.com, you can get a quick, easy quote there.

It takes about 13 seconds and it'll jump among about a bazillion different companies, and you'll be amazed at how inexpensive 15- or 20-year-level term insurance is. I mean, a half million dollars is just nothing on a 30-year-old. It's the cost of a pizza, you know, and you can really make sure that your family is taken care of. I met a young man in the lobby a few minutes ago and taking pictures at one of the commercial breaks here, and he said his stepfather passed away a week before last,

and his mom is in really good shape financially because they had done the stuff we teach here. They were out of debt. They were starting to build wealth, and they had term life insurance in place. See, that's just taking care of your family because you just don't know, do you? That's the process. Yeah, so check out Zander Insurance and learn more about term insurance. This is the Dave Ramsey Show. Are high health care costs getting you down?

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of Dave Ramsey Live Events. chministries.org. David is with us in Los Angeles. Hi, David. Welcome to the Dave Ramsey Show. Hi, Dave. It's a real honor to talk to you today. You too, sir. What's up? So we've been following your plan for about 12 years now, and we're in kind of an unusual situation. We have three paid-for houses in Southern California worth about $1.6 million.

Good for you. Thank you. It's all because of you and your plan. It really does work. You know, if you're out there listening, if you follow it and you're dedicated it does work um so we're in a situation where we have you know after our tithing and after everything else and we have about 40 to 50,000 extra every year of money to invest and we're not sure what to do with that money okay uh what's your household income? About $130,000. Okay. Well, what I teach people to do most of the time, I'll send you a copy of the last book I did, The Legacy Journey. Do you have a copy of that yet? I do not, no.

Okay. Because one of the things that happens, it's a book about wealth. It's the only book I've ever written about wealth. The other books I wrote were about money, and there's a difference. When you reach a certain point, and you guys have, you have done a fabulous job. Congratulations. Very well done. You need to always remember there's really only three things to do with money. That's enjoy it. That's lifestyle, in other words.

And that's what most people do too much of. Give it. Most people don't do enough of that. And invest it. And most people don't do enough of that. And what you've done is you've done a good job with giving, and you've done a good job with investing. I'm wondering if you're doing a good enough job enjoying.

Okay. Are you? Well, we don't take that many vacations. I work a lot. I think that might be one reason why I don't take a lot of vacations. And we really would like to do some work around the house. But, you know, when you're on the plan so long, it's hard to spend money. I thought I smelled that.

Okay. And so, yeah, fix up your house a little. Your wife is, you're married? Yeah, yeah, we've been married for 22 years. And what do you do for a living? I do swimming pool service. Good, okay. Good for you.

Well, you have done. And I have a big online presence, too, and I have a, I started online coaching for the guys that are starting the business, and I've been doing it for about a year now. So these are all new young guys in their 20s that are wanting to learn to trade, and they can text me and call me, and I think that's one way I'm helping with some of the resources I have. Good, good. Well, and you're allowed to take a week off from that. Okay.

And take your wife on a cruise. And you're allowed to spend some money and buy her a new dishwasher or whatever it is. And so what I would tell you to do is increase that budget and talk to her about it. And when you talk to her about it, listen to her. What is it that you've been putting off that it's time for us to do now? You're worth almost two million dollars or over with your business you're worth over two million dollars and so you've done it ta-da take a bow take a bow you know i'm not suggesting you become crazy and start spending money like you're in congress you're not going to do that and i'm dave you know dave

ramsay's not going to tell you to do that. But you have done a great job. And there is nothing immoral, unspiritual about you enjoying a portion of the fruits of your labor. As a matter of fact, it's biblical that you enjoy the fruits of your labor. You give some and you invest some. So I want you to continue to invest. And if you want to just do some good mutual funds and buy some more real estate later after that builds up big enough with some of that investment dollars, that'll be fine. You can sit down with one of the smart investor pros and lay that game plan out.

But I want you to just lay down that budget. Hold on. Kelly's going to pick up. We're going to give you a copy of the book, The Legacy Journey. And again, you know, when I'm working with people that are making a ton of money or that have done a great job building a pile of wealth like you have, we always want to just go back to that basic premise. Believe it or not, it's actually what we teach a five-year-old. We teach them four things about money, Work, give, save, and spend.

And, you know, it's funny that when we're 55, we still need to work, give, save, and spend. But most of us will do too much of one of them. Most Americans do too much with simply spending. That's simple. almost always you hear people that get out of debt calling in here that you know they they worked more the lady on just a few minutes ago worked more that was her deal and um you know she doubled her income and you know uh david he he has you know been been steady. He's predictable, $100,000 income.

He's worth $2 million. It's pretty impressive. 22 years. By the way, that makes him an everyday millionaire. When we do these everyday millionaire theme hours, it's people like David that call in. And, you know, sit down with your smart investor pro, have a plan. You know, when you're thinking about investing, a lot of people think,'m too young oh i can get to that later no david didn't oh i'm too old no you're never too old if you're breathing you still have a chance now i'm here to tell you you can do this

stuff and david just told you follow you can do this stuff and i David just told you, follow. You can do this stuff. And I just told him, sit down with a SmartVestor Pro, and they'll lay this out on how to do what you want done and how to reach this point of being an everyday millionaire or two-millionaire or whatever. And just click SmartVestor at DaveRamsey.com. Put in your information. It'll drop down a list of the SmartVestor pros in your area. Boom.

You got it. All right. Pam is in Phoenix. Hi, Pam. How are you? Hi, Dave. Thanks for taking my call. Sure.

What's up? Well, I'm kind of torn between my practical side and my emotional side. And my husband and I are retired and we've got little small jobs that kind of make extra money for us. But our investment was always in property. So we've got, we had a property in Scottsdale. We had two condos and a summer home. And we sold the property recently in Scottsdale, which netted us about $20,000 in the bank. And then we still have the summer home and we moved into one of the rentals. My other rental is by a renter. She's been in there six years. It's her home. She's rather elderly. When we rented to her, we kind of just needed a tax write-off. So we didn't really have, you know, a big rental

income. So we rented the property to her for like, she's paying like $950 a month now. The property as a rental is probably worth about $13350 a month. And we've got mortgages on our condo and summer home and on this rental also. So my practical side says, you know, you should ask her to move and get more rent for the property. My husband wants to sell the property, pay off the mortgage on our current condo that we're living in, and just be done with the whole thing. I like that. What's wrong with that plan?

What am I going to do with the renter? Well, you're selling the property. They have to leave. Oh, how do you have the heart to do that? She's been there forever. She's been there. Six years? There's no place.

Yes. Well, she can, I mean, she's going to find a place to live. It's not like she's going to be homeless. She's paying $1,000 a month. She's old. Well, it doesn't mean she can't pay $1,000 a month. It's hard to rent. How old is she?

Probably, let's see, she's probably about 78. Well, she's not that old. She's all right. She's able to live on her own, right? Oh, yeah. Yeah, she's lived on her own. Yeah, she's very active. Okay.

Well, I mean, I don't think it's cruel at all. I mean, you own the house. She doesn't own the house. It's one of the things that happens. I mean, you think you're obligated to keep the house for 20 years because she's old? I mean, what if she lives to 98? Are you supposed to keep the house just because of that? No, I don't.

You're a very sweet person, and it's not a matter of being mean. It's just, you know, you're just a very sweet person. And I not a matter of being mean it's just you know you're just um you're just a very sweet person and um i'm a nice guy too i'm not unkind to people uh but uh you can give her plenty of room just say listen you know it's six months out but six months from now we're going to put the house on the market next spring give her plenty of time if you want but you need to make this move. It's going to be a good thing. Your husband's right.

This is The Dave Ramsey Show. Hey, it's Kelly Daniel, associate producer and phone screener for The Dave Ramsey Show. Did you know that in 2017, Dave Ramsey Show listeners paid off $50 million of debt? That's pretty impressive, and it could be you this year. Keep listening for more inspiration. Folks, the real estate market is on fire all over the country. If you're looking to buy a home and you need a mortgage, don't sell yourself short by going and getting a typical pre-approval. That's a false sense of security, and it's just not good enough in today's fast-moving market. Instead, call Churchill Mortgage and get their certified homebuyer program.

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