The Ramsey Show - App - Getting Gazelle Intense With Your Spouse (Hour 3)

Episode Date: June 29, 2022

Dave Ramsey & George Kamel discuss: Life after the death of a spouse, Using credit cards to invest, How to get gazelle intense, Switching our business focus.   Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6

Live from the headquarters of Ramsey Solutions, it's the 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. We help people build wealth, do work that they love, and create actual amazing relationships. George Campbell Ramsey personality is my co-host today. As we answer your questions, the phone number, 888-825-5225. Megan starts off this hour in Charlotte, North

Carolina. Hi, Megan. How are you? I'm all right. Thanks so much for taking my call, Dave and George. How are you guys today? Better than we deserve. What's up in your world? Well, my husband passed away nine weeks ago. Oh, my. Unexpectedly. Yes. And I am. He had a heart attack in the middle of the night. Oh, my Lord. How old was he? I'm 31. He's 50 or was 50, I guess. Wow. Oh, my goodness.

I'm so sorry. Thank you. Yeah. So we have two very small children, two years old and nine months old. And I'm just terrified. I listen to you all the time. I'm a huge fan. And I just wanted to know what advice you have for me. What mistakes do you see people make in this situation? And what do I need to do? I just, I'm at a loss. What decisions are you needing to make right now? Well, the life insurance, which thankfully we had, just came in yesterday.

So need to decide what to do with that. How much was that? And need to decide what to do. About $800. $800. Okay. And do you have a house? Yes. I have a house that I can't stand right now, as you can imagine. And what is it worth? It's worth about $700. We owe about $400 on it. Okay. So let me kind of give you a general principle that we all use here,

and then we can back in out of that and into that for you know you and i can to you and i and george can to figure out what your best some of your best ideas are okay um when you go through something like this particularly something that is um when you go through losing someone particularly suddenly and tragically unexpectedly it uh your brain uh no one's brain uh functions at full capacity in the middle of heavy grief okay and so uh you got this fog i mean sharon i've been married 40 years if um something happened to sharon my brain wouldn't work good for a while you know what I'm saying? And so it doesn't mean I'm dumb. It doesn't mean I have a bad brain.

It just means that in the middle of this kind of trauma is the worst possible time to make major decisions if you can avoid making major decisions. Is that logical? Yes. So, for instance, I wouldn't go on some kind of big campaign to become a professional investor with $800,000 right now. You're 31 years old with two little babies, and you just had this horrible thing happen. And so I always tell people, if you can, let's just put that in a CD and park it for six months and cry. Okay. I'm not making any decisions for six months.

I'm just going to cry and let the fog of grief go by because grief comes in waves. I mean, you'll be going along, everything's fine, and all of a sudden it just hits you, right? Mm-hmm. Absolutely. Some silly smell or noise or something, you know, triggers your brain, triggers a memory, and it just hits you and you don't even see it coming. And, you know, you don't want to make an $800,000 investment decision in the middle of that. So if you can, let's do nothing. Okay.

That's the first thing. Now, doing nothing is not possible because you've got to eat, keep the lights on. You've got to figure out, you know, do you have an income? Do you work? I've taken leave from work since this has happened. Okay. What were you doing? I was a personal assistant.

Okay. And what were you making? 65. Okay. He was the breadwinner. I got it. The main breadwinner. Okay.

All right. And if you make decisions, let's try to make decisions that can be undone. Okay? Let me give you an example. Okay? It might be okay to sell the house if you want out if you just can't stand the place right now i take it he passed away at home yeah in our bed yeah and so just walking around that house is icky right that's what you're saying i can't stand this house that's what you said yeah so it's okay to move however moving is emotionally traumatic too

with two babies dadgum right everything you do is emotionally traumatic but um but i i don't think i would go buy a seven hundred thousand dollar house today so if i did anything i would just sell and go find something to rent and you know it's my crying spot for six months or a year i'm going to sit here for a year and then later i'm going to make a decision on where i want to live okay but i don't think you're in i i would not be in the state of mind to make a decision on where i want to live for the next five years right so if you want to dump the, that's something that the only downside of that is you can't get that house back.

Right. But you can get another house later if you just go, okay, the chances of me wanting to live here five years from now is almost zero, and the chances of me wanting to live here five days from now is zero. So I'm done with this thing. We're tapping out on it. So now I don't have 800. Now I got a million two to sit in a CD while I just rent and go back to work and pay my bills.

Or pull enough off the million two to quit your job and start a new job a year from now. And just set aside a salary. Set aside $100,000 to live on for a year. now and just set aside a salary set aside a hundred thousand bucks to live on for a year okay okay but what you don't want to get into then is grief spending which is medicating the pain with buying stuff so you set yourself on a like you like you say okay here's an amount of money i'm not going to touch like if we did that if we sold the house and you said you got 400 000 equity right yes okay plus 800 is a million two following me yes sir your rent you don't have any other debt right no sir okay and you just you just put yourself in park mode so you can heal give yourself some margin to heal and then a year from today we

decide what you you decide what your career is a year from today based on your new career you decide what house you want to buy and you say out of that million two i'm gonna set aside a hundred thousand over here and i'm that's going to be my salary eight thousand dollars a month for one year, and I have no payments except a rent payment. That make sense? Yes, it does. And you don't touch the other million one for anything.

Don't tell me you found something in the middle of your grief that you have to do, because there's no such thing. Follow me? Because I've seen people burn through this, and I've seen them make dumb decisions trying to be stiff upper lip, trying to be strong in a time when you shouldn't even be trying to be strong. You should just cry. Move slow and just grieve. Yeah.

So sorry, Megan. Yeah, it's awful. Yeah, sit down with one of our SmartVestor pros. They'll help you execute that on getting rid of the house as an ELP, a real estate person, and get a SmartVestor Pro for helping you with the investing as well, if that's the plan you decide to execute on. That sounds okay to me. In an uncertain world, being a good steward of your money is more important than ever.

While some circumstances can't be controlled, there are items within your budget you can take charge of, such as your health care costs. For nearly 40 years, Christian Health Care Ministries, or CHM, has provided a budget-friendly means of sharing for medical bills when our members need it. Learn more by visiting chministries.org budget. That's chministries.org slash budget. Christian Healthcare Ministries is a Ramsey Trusted Provider. All right, put your phone down. Over the years, we've substituted having deep and meaningful conversations for binge-watching Netflix or scrolling through social media and seeing how many Facebook

friends you have, which by the way, if you didn't know, those aren't real friends. Sometimes you can be sitting right next to someone, but feel a thousand miles apart. You deserve better relationships. That's why mental health expert, Dr. John Deloney created Questions for Humans. These are conversation starters that will help you put your phone down and actually connect and have a conversation with the people you care about. These cards are flying off the shelves. You guys keep asking for more topics, and we took the hint. We have new conversation cards, brand new.

There's a girls' night out, a guys' night, a dating, a parents and teens teens and a workplace edition spend time laughing together learning something unexpected and build deeper stronger relationships pick up one or two of our new questions for humans conversation starter cards and start having fun shop at ramsey solutions dot com 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 free samples free shipping and the new promos they run all the time will save you even more use the promo code ramsey and you'll get the best deal today's question comes from rick in delaware he says i'm 27 years old and for the most part i follow your financial

advice. I only pay for things with cash or debit. However, I have over $100,000 of open credit. When stocks crashed earlier this year, I used two of my credit cards to borrow $20,000 at 0% interest and bought S&P index ETFs. I thought, wow, stocks crashed. I'll buy now, pocket $3,000 to $5,000 when the market bounces back, and pay off the balance. Now the ETF values are even lower. The total I had in the stock market was $30,000, and now I only have $21,000. The 0% APR on the cards will end in October of next year. Should I pay off my credit cards now and take a loss of $9,000, or should I ride the wave until the loan is over since all the money is in indexes? I have only $2,000 in cash, I make $35,000 a year, and I have about $1,500 in monthly expenses. Oof. A lot of bad decisions were made here. That's why you get the big bucks, George.

Rick sounds like a 27-year-old making $35,000 who thought he was going to get rich quick by using credit cards to invest. There's yikes written all over this, but we'll answer his question. Proverbs says, he who hastens to be rich will not go unpunished. Every time you set yourself up to get rich quick, you're going to get your

head taken off. There is no shortcut to any place it's worth going. So this is the lesson of this horrible tale for this young man and for any of you listening to this young it's worth going. And so this is the lesson of this horrible tale for this young man and for any of you listening to this young man's horrible tale. So basically you're going to have some pain.

You're just going to have to choose your pain, okay? You're going to have the pain of waiting and risking even more. If you ride until October. It could be down further and you could be further in the hole. Or it could come up and you might not have to write a check for $9,000. $9,000 is a lot of money when you make $35,000. However, you can make $1,500 a month delivering pizza or uber eats and your little butt's about to go to work to pay for your stupidity my son

uh because i've done the same thing and that's the only way i got out of it's worked my way through it so when i've done something stupid rick and i have done a lot of stupid things i have a phd in dumb buddy so So when I do something stupid and it caused me to lose money, I call that stupid tax. And you, young man, are getting ready to write a check for stupid tax. The only question is how big the check is. You can name your poison right now. It's 9,000 bucks and call it. Call it a day a day i learned my lesson not playing this game anymore over i found usually if it starts with easy it ends with hard and he was trying to make an easy 3 000 and now he owes a hard 9 000 because he wanted to take a shortcut and try to

game the system and every night when you're delivering pizza just go you know i hate the idea of borrowing money on credit cards to buy etfs i hate the money i hate the idea of borrowing money on credit cards to buy etfs i hate the i hate the idea of trying to beat the market with borrowed money i hate the idea and just by the time you finish delivering all those pizzas you will really hate the idea that card's gonna get cut up yeah and you'll be done with this what are we doing giving 27 year olds making 35k a hundred thousand dollars of open credit uh we didn't but uh some idiot bank did uh so but yeah so rick you really have two options i mean one is limit your losses to 9 000 or take a chance um you're going to likely take some medicine somewhat less than 9 000 somewhat more than 9 000

what is the market going to do between now and october i do not know um i do not know his track record of timing the market is not great. I think the market is going to come back up, but I don't know if it's going to make it by October. I think there's enough negative pushes on the market that I don't know if it recovers 100% of your money by October. I wouldn't make that bet. I'm not saying. I don't know. I just don't know.

So if I'm in your shoes and I don't know, what I don't need is more pain, I'm probably going to – I would rather have a known devil than a future unknown devil. Because that $9,000 could turn into $12,000 by October. It could. It could turn into $15,000 before it turns into nothing. I mean, it could turn into nothing. Everything's a possibility here on the table. But so I think you're paying $9,000 in tuition to the School of Life, and you're getting ready to write a check and graduate with honors.

Summa cum laude. Yep. Look at that. No, it's a thank you, Lottie. Thank you, Lottie. Yeah, that's it. So, jeez, yeah, I'm sorry. I'm not making fun of you because I'm readily admitting I've done dumber things when I was exactly your age.

Crap, I went bankrupt when I was 28 with millions of dollars in real estate debt. So, you know, your little $9,000 stupid ain't even close to mine. So, you know, I'm not picking on you. I'm not shaming you. But I do want you to realize realize and say out loud one of the benefits of me going bankrupt is i figured out it doesn't work what doesn't work i don't do it again i've done a lot of stupid things very seldom george have i done the same stupid thing twice you learned a lesson i generally find a new one to do but touched a hot stove and went not again but yeah this is the goal is to save up the nine thousand by oct October so you can pay it off.

No, just pay it off as quickly as you can. Put it on a credit card. Pay it off now. It's on a credit card, right? Yeah. So it's on there. It's on there. Just cash out your stocks today.

You've got $9,000 left or your ETF today. You've got $9,000 in credit card debt because you were stupid, and you go deliver pizzas and pay off your stupid and work like a maniac and if you can deliver pizzas 80 hours a week and be done in three months or two months that'd be great but um it's gonna take you a little while but you you know clean up your mess and all the while going i learned my lesson i learned my lesson learned my lesson i learned my lesson learned my lesson i was about that age when i bought gold i lost five grand on that gold deal i was about because and i had it all figured out i was so smart for a stupid guy and so what is the mentality behind this is it this well i'm gonna

i'm gonna outsmart the system i figured it out yeah there's an let me tell you arrogance every time you fall for get rich quick it's um usually not every time it's almost always got a level of arrogance to it like i you know i understand that there's risk but i am smarter than all these people who perceive there to be too much risk because i've got this figured out and there's always that that element of arrogance to your diving into Bitcoin, your diving into Beanie Babies. Well, thank you, Rick. Stupid stuff people put money into. He's a cautionary tale, so he helped us out today.

Yeah. Hopefully stopping another 27-year-old. Rick is your anti-mentor for the day. Everybody needs an anti-mentor. Bless your heart, Rick. I'm sorry, man. I'm sorry you're going through this. But, hey, good news, it's only $9'm sorry man i'm sorry you're going through this but hey good

news it's only nine thousand dollars good news you're 27 you got the rest of your life to never do this stupid butt stuff again this is the ramsey show We'll see you next time. George Campbell Ramsey personality is my co-host today. Richard is with us in Bethesda, Maryland. Hi, Richard. Welcome to the Ramsey Show. Hi, Dave and George. How are you? Better than we deserve. What's up? Well, just paid off $45,000 of my debt, totally debt-free. Woo-hoo!

How long did it take you to do that, brother? Right around 18 months. Good for you. And your range of income during that year and a half? So I was making around $42,000 plus another $26,000 with allowances from the military. Mm-hmm. So about $68,000 in total. So through that whole time, that was your income.

Okay, cool. So thanks for your service. Yes. Very cool. What kind of debt was the $45,000? So I had around $20,000 in credit cards and about $25,000 in a car loan. All right. So you pay off the car or sell it

i paid it off wow man you've been busting it i have like beans and rice rice and beans it's pretty much been that way yeah 18 months you've been no fun pretty much yeah now you're the definition of fun you're dead free man i love it how's it feel to have no payments big burden you know off my shoulders so 18 months ago you were living la vida loca and then you decided to you know batten up the hatches here what happened 18 months ago? Pretty much, you know, payments. You know, after I get my paycheck, I make the payments, and I only have a few hundred left over to last me in the next couple weeks.

And I had a good friend who gave me the total money makeover, and I finally started reading it, implemented it. I wanted to, you wanted to change a lifestyle. How long did it lay around after he gave it to you before you read it? About a week. Oh, that's not bad. That's impressive. You said, I finally got around to reading it.

I didn't know. I thought maybe it was two years. Well, I want to know, because a lot of people say, I try to give my friend the total money makeover, and they laugh you out of the room. What was it? Did you complain to him, and he was going, hey, if you're sick and tired, here's the book for you?

And he did it in a winsome way? Well, for a long time, he would always talk about it to other people and I would hear him, but I wouldn't listen to him. And then that's when I started looking at my own situation and realized I was unhappy with it. So I finally started listening to him. And that's when he handed me the book and

it changed my life man i love it i like this guy what's his first name dave way to go dave cool dave here's dave here we go it's great i like it that's awesome so what was the biggest sacrifice you made it sounds like there was a lot what was the biggest one where you went man this one hurts i'm sorry could you read that what was the biggest sacrifice where you went, man, this one hurts? I'm sorry, could you repeat that? What was the biggest sacrifice you made in those 18 months? I made pretty much no fun. You know, pretty much work home, only getting necessities that I needed. You know, cutting out the fun, excessive spending, no vacations.

And your friends went, dude, you're no fun anymore. What happened? You went, I'm trying to get out of debt, dude. Well, he's also one of the big reasons why I was able to pay it off so quick. He allowed me to live with him rent-free, and I offered to pay rent. But he says, no, pay off your debt. How generous. This guy's a real friend.

He is. That's pretty amazing. Very cool wouldn't wouldn't be here without him that's neat man yeah if you're gonna work hard and do that i'll let you do this for free yeah i'm gonna be part of i want to be part of your success story i like friends like that that's awesome well done sir very very very well done love Love it, love it, love it, love it. So how does it feel to have no payments after all this work? It feels amazing. It's definitely the new lifestyle I want to keep. I don't have a house, so, you know,

I've been saving up to eventually put a down payment down in the next, you know, few years or so, but definitely not going back to credit cards or anything. But what about the cash back, Richard? What about the rewards and the points? You're not going to miss that? Absolutely not. It's not worth it. Wow.

I guess you can give yourself cash back because you have money now. Absolutely. That's a good plan. I love it. You're impressive, man. Thank you so much for your service, and what a great job getting rid of this debt. So what do you tell people the key to getting out of debt is that i already asked you that uh no sir okay um you just have to have the mindset to want to do it you know it's not you either have to you know jump in the pool

or get out um all in or not so no toe dipping right you, you can't just kind of want to do it and implement just a little bit of it, you know. Can't do it-ish. You've got to be all in. Man, I'm proud of you, Richard. Proud of you. How old are you, sir? 29, sir. Very good.

Excellent. You've got the rest of your life to live with no payments. You're going to make so much money. You're going to do so well. Well done. You really, really, really conquered a big issue here. Very, very well done. We've got a copy of the Baby Steps Millionaire's book for you, number one bestseller, Well done. You really, really, really conquered a big issue here. Very, very well done.

We've got a copy of the Baby Steps Millionaires book for you, number one bestseller, How Ordinary People Built Extraordinary Wealth and How Richard Will Too. It's not exactly what it says on the cover, but pretty close. And, hey, also a copy of Total Money Makeover. You can give that to a friend like your friend Dave did for you, giving you that. And I'm going to give you a one-year membership to Financial Peace University and every dollar premium in the Ramsey Plus membership and get you started on the whole thing and let you go through the class if you've not been through it.

If you have been through it, give it away to somebody. And it's all new videos, including George and Dr. Deloney and Rachel Cruz and me doing all the lessons. And so it's all there, all our to you to say we we're proud of you we congratulate you we salute you very very well done Richard in Bethesda Maryland forty five thousand dollars paid off in 18 months making 68 a year count it down let's hear a debt-free scream three two one I'm dead free yeah this is how it's done very cool jim is in albuquerque new mexico hi jim welcome to the ramsey show hi david hey gorge how are you guys great How can we help? So I've gone through the class myself and my wife,

and we did this probably about five, six years ago. I know what we're supposed to do. I know the steps. I know everything that's supposed to be done. But for whatever reason, we just can't get it done. We don't start. We don't initiate. We'll save $1,000.

We'll't start. We don't initiate. We'll save $1,000. We'll spend it. How do you get to that gazelle intensity? Well, do you guys want it badly enough? Because it sounds like you want to have fun more than you want to be out of debt. In all honesty, I think that's probably where we're at. We both sit down and say we're sick and tired, but then as soon as the opportunity comes up to, well, you know, let's go do this, let's go do that, we end up doing it. You need a bigger why. Your why is not big enough.

Your why for doing this whole thing is we have mild discomfort, so we should get rid of our mild discomfort. That's your only reason for screwing with us, and that's not big enough to push you through. You have something to set your hair on fire, man. You got kids? We do. We have four kids, five grandkids.

Our debt scenario, if you took a hurricane, earthquake, and a tornado, and they all had a baby, that'd be our financial situation. We'd rob from Peter, pay Paul. How much debt do you guys have? Including the house, we're well over probably $300,000-$400,000. How much is the house?

Debt. House right now is at $300,000. So you got about $100,000 of consumer debt uh probably yes actually i'm sorry our debt in the house is 230 okay what's your household income uh 162 okay all right well you're right. I mean, y'all are just lazy. I mean, you know what to do, and you're just too lazy to go do it. And so you got it. But the reason any of us are lazy is one of two things.

One is we're just comfortable sitting in our own poop. Or two, we don't believe it can be done, and we're hopeless. We've lost our hope. And the second one is more of a heartbreak. The first one is more of a you need your butt kicked. And so we're the people to help you with either one. We can love you through your heartbreak, or we can kick your butt. Because we love you, and we want you to go win. So I'm going to put you into Financial Peace University.

And, Jim, you need to put a picture of these little kids on your refrigerator and go, they deserve a better grandpa than that. And he's about to clean his crap up. It's about time. Act like a grown man and stuff. You can do this. Don't call here if you don't want that. We love you, Jim.

You can do it, brother. Hang on. We'll help you. This is the Ramsey Show. Our Scripture of the Day, Acts 24, 16. In view of this, I also do my best to maintain always a blameless conscience, both before God and before men. Benjamin Franklin said, the best tranquilizer is a clear conscience. Amen. George Campbell, Ramsey Personality, is my co-host today. Open phones at 888-825-5225.

Allison is in Cincinnati. Hi, Allison. How are you? Hi, I'm good. How are you? Better than I deserve. What's up? Well, thank you guys for taking my call today. I have a business question for you. Before I dive into that, I'll give you a breakdown of our financial situation to give you a basis for the answer. So my husband and I both work. We're on track to make about $150,000 this year. Our only debt is our mortgage. We owe $110,000, and it's worth about $800,000. So my husband's a contractor.

He opened a business about six years ago. And while he loves what he does and he's talented, it's very the 24-7 job. We're constantly answering calls and people wanting work done and that kind of thing. So we've been tossing around the idea of purchasing a flip house. But with that, there's pros and cons, too. Some of the things that we've considered pros is that, you know, we're going to have limited customer contact, potential for a big profit. My husband can do most of the work, so the cost would be low. And then I've heard you say that house prices are going to continue to go

up. So if we were able to find a good deal, you know, I think now would be the time. But the cons to that is, you know, it would take a lot of our cash flow up front and then the unstable market, the increase of interest rates, and then the waiting game to get our money back. So I'm calling to find out when do you think would be a good time for us to purchase that and do that type of, you know, transitioning from our current business to that type of work, or if you think we should wait, given our situation. How much of the $150 was your husband's income? He makes about $100, and I make about $50.

Okay. And do you have cash to do the flip with? Yes. So our goal would be to purchase it in in cash how much cash do you have property um we have about 60 to 70 000 um and then of course between the time that we purchase he has work already lined up so it would be several months before we could actually get to it that we we a potential to make another $30,000 to $40,000 before we would even start. And that includes not touching your emergency phone? That's correct. Okay.

I would do both. Okay. I wouldn't switch until you've got enough flips going and your flip business is proven to walk away from the contracting business. And instead, what I would do is I think you're managing, I think you can change your business conversation with your clients. you know when i first started at this i allowed people to call me 24 hours a day seven days a week because they were having collectors call them and i you know i was coaching people and they were in trouble and they're behind on their house and they could call me at night if they got a collector call or whatever and i i would you know i was available anytime uh now i'm never

available right and it doesn't mean i don't care and it doesn't mean i'm not serving our customers um and so i think you can just say listen though we you know we work um between these hours on these houses and anything we do outside of those hours is an exception rather than a rule you know if you've got a customer coming in from out of town and you're building a house for them and they only can meet on, you know, Friday afternoon after work, well, that's fine. You can go do that. But not every Friday afternoon after work, and you're not available 24-7.

So you just go, we're just not available during this time, and you just don't answer your phone. And that's perfectly fine perfectly you can build a custom house for people and they get their questions answered and their concerns addressed and um perfectly fine in a normal work week without being available all the time you just got to change your customer expectations you know we you know let me give you an example of that okay a different a different world but a different but a similar thing most customer service lines are the people on the other the people receiving the calls are trained by stupid people that say stuff like the customer's always right and no matter how abusive they are you have to put up with them if you call the ramsey

concierge team we will be kind to you we will answer your question we will serve you under no circumstances will we allow you to mistreat our people inside this building i have taught them to fire your butt as a customer if you're going to be a butt to one of them. I said, listen, we'll just give you your money back, and you don't need one of our books. You need to spend that money on counseling because you have a rage problem. And so move on. And so we just don't have – we don't accept the normal customer service model. We serve our customers while we maintain our dignity

and allow them to do the same. And so you can serve them without being available 24 7 i just really want a segment now where dave takes customer service calls that would make me really happy it wouldn't like to dave's point i just think there's a lot of risk in switching the business and you may not see any income from this investment property for months and months and months putting you guys in a lurch and so i like the idea of continuing this side first yeah yeah that's our biggest concern yeah it puts too much pressure on the deal anytime you get pressure on the deal you give the house away right oh we gotta get rid of this thing we gotta get our cash freed up and

and if you don't have to um you don't have to become a um a motivated seller and uh when you're not a motivated seller... I'm sorry? I'm sorry. What's your thoughts about the market right now? I've heard you say prices are just going to keep going up, and we've actually found a good deal. We think a property for $42,000, we think we could put all in at $100,000 and probably

sell it for $220,000. That's pretty incredible. Do you see buyers? Yeah. I mean... It's a lot of work that's a hope that's a big rehab it is a lot of work it is a lot of work okay but my concern is i wouldn't want that to be my only job okay i think your husband keeps some contracting going maybe he takes less of it and fewer jobs at better margins and he sets the hours like i'm talking about um and you set your customers expectations reasonably while you do this rehab uh maybe you cut back 25 30 on his side and then you do this rehab that's fine but i

wouldn't just turn one off and turn on the other whether the market's hot or not that's not a reflection of the market it's a business model issue for me. Your business model should be that you need to proof text your ability to do these rehabs because a rehab the size you're talking about doing, if you miss the estimate on that rehab, it's an extra month and an extra $25,000. You're about to blow your profit margin. Right. And so I like to do stuff with minimal rehabs for flips a heavy rehab is much higher risk on a flip because it takes longer and you

might miss the estimate you know because i you know we bought i used to buy these stinking historic houses and they don't build them like they used to thank god you know and we would open up a wall and inside that wall we thought we were just going to you know run some wire or change out some plaster for some drywall or something and oh my god you open up the wall and you got to rebuild the whole freaking thing because it's just a disaster back there and that was not in the estimate you know you can't tell that till you open up the wall and um so you got twisted lumber from 1902 that they put in there green because there was a goal a building boom and they didn't even let the lumber uh properly properly dry out probably aged before they put

it in the dadgum house and it just it looks like a pretzel in there but on paper your plan seemed great yeah it was just my estimates had all kinds of margin in them yeah but now you've got now i got a whole nother wall i got a bill and so it's just that i don't know can't tell you how many times that happened chip and joanna years ago for 35 years ago and you can still tell i'm pissed about it but yeah but you know the uh so that that's what you're facing so take your time don't bet the entire income of your household or the future of future income of your household on this one deal. Let this deal kind of stand out there on its own, and you'll do better with it. But I love what you're doing.

You're paying cash for it. You're industrious people. You're hardworking people. I like the plan overall. I think you're going to be great. But just do a couple of those things we're talking about there, and I think it's going to work out perfectly for you. Good hour, George. Well done. Fun times. Thank you. That puts this hour 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. Do you love a good day, friend? Want to see the latest Ramsey Show videos going viral? Check out your favorite moments from the Ramsey Show on YouTube. Go watch and subscribe to the Ramsey Show channel on YouTube.