The Ramsey Show - App - Getting Out of a Toxic Family Business (Hour 3)

Episode Date: October 5, 2022

Rachel Cruze & Kristina Ellis discuss: Tithing on retirement, Dealing with a toxic family business, Marrying someone with debt, Getting a reluctant spouse on board, Buying a house without rental history. 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 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Девочка-пай Live from the headquarters of Ramsey Solutions, broadcasting from the pods at Moving and Storage Studios, it's The Ramsey Show, where America hangs out to have a conversation about your life and your money. I am Ramsey personality, Rachel Cruz, co-hosting this hour with Ramsey Personality and bestselling author Christina Ellis. We are taking your calls at 888-825-5225. Anywhere in the country, it's a free call. So we are talking career, relationships, money, anything and everything. So give us a call this hour. Starting us off is Jerry in Ashland, Kentucky.

Hey, Jerry, welcome to the show. Thanks for taking my call. I just recently retired, and my whole working career, I tithed on my gross, and I'm accessing my IRA. I'm just curious, any thoughts about how to do that kind of tithing? Oh, that's a good question. There's $500,000 in there. I'm drawing $1,200 a month.

Well, good for you, Jerry. How's that feel to retire and doing it so well? Yeah, no mortgage or no other debt either. Good job. Well done, Jerry. Well done, Jerry. Well done. Well, you, yeah, I mean, when it comes to the tithe, you know, from a biblical perspective, we teach the 10% off your first fruits, which you did, you know, as you said, through all that.

So where you're at now, on a spiritual side, I'd never like to be legalistic about tithing or giving. I want it to be, you know, I think it's a great practice and one that we teach here at Ramsey to be giving at least 10% of your income. But I don't consider retirement savings income. But, again, not to be legalistic. So if you felt the spirit move that you want to give more and you have the ability to, then I think you absolutely can. I

wouldn't, I don't feel like you have to be obligated, but with money. I asked because this, you know, this growth, some of it's growth. That's right. That's right. Yeah. Yeah. So if you're getting technical in that sense, you're exactly right. But you know, with all money, we always say you just can give it, you can save it, you can spend it. And we need to be doing all three all the time. So I would still be giving and be generous even into your retirement years because I think that that's just part of our DNA and how we're made up that we are created to be givers. And when we're giving and serving, it is part of who we are and how we were created. So I don't want you to miss out on that, but I don't want you to feel tied down or in a legalistic sense that it has

to be 10% of the tithe. But that would be my opinion. Christina, what do you think? Yeah, I totally agree. I think that if you hadn't tithed off gross, we would be having a different conversation. But with you tithing off gross throughout building up your retirement savings, I'm right there with you. And I think if you do want to give just out of generosity and out of your heart, you have a lot of freedom to do that right now. But really good job on reaching this spot. I think that's the dream for a lot of people getting to retirement and just feeling that freedom, no mortgage, nothing holding you back, no debt. Yeah. And I saw a stat, Jerry, recently, I think it and I think it said less than 20% of Christians tithe in general. So even throwing in

the words gross and net, no one's doing it anyway. So the fact that you're giving at any point, I think, is a really great habit to be in. So I don't want you to get tied down to any of that. Okay, well, that's a good philosophy then. That helps a lot. Okay, that's great, Jerry. Thanks so much for the call. You know, giving is a part of the money message that I don't hear a lot of people in the financial space

really harp on. But this is a big part of why you do the things you do, you guys, with money. This is why you budget and you're intentional. This is why you work your way out of debt. This is why you have a savings, an emergency fund so you can take care of your own household and make sure if anything happens that you have the ability to pay for it. This is why you save for the future. All of this giving throughout it all, but then the end exclamation point of getting to baby step seven, which means you are investing, everything is paid for, including your mortgage, and you get to build wealth and give generously. So that giving part is so huge you guys and to start no matter where you are so those of you on baby step one saving your thousand dollars

still be giving be giving something give a little until you can give a lot because if you're not giving a little when you have little it's actually harder to give when you have more people think if I just had more money I would would give. And that's not always the case. A lot of money habits are created and then just magnified as you build wealth. So if giving is not a habit that you have even starting out, it's not like it just magically appears one day. You really, it's part of, it's an exercise, right? It's a strength, a muscle that you grow throughout your life and the benefit of it's wonderful. Right. And I think the thing is, is I love that you hit on the legalistic aspect

of it. This is not something that you're doing to check a box to just, you know, sleep better at night because it's something you felt obligated to do. Like this is something to do out of an abundance of the heart. And you talk in your book about having that abundance mindset and how it can just help so much in so many different areas of life. And so it's just important to, you know, see giving as a joy in the process. We are all about giving, but like in giving, you're making a difference in people's lives. You're getting to sow forward. You're making an impact. And that's all very exciting stuff. It's not something to feel heavy and kind of like, oh, that's right. Well, and what's so, I think,

interesting in today's world, we are such a self-centered culture, right? Like everything is about me, me, me, me, me, me, my happiness, my job, what I look like, what I want, if I'm happy. I mean, it's just, it's all about me. And you live your life like that

for a long period of time. And the truth is, I'm like, you end up it's just, it's all about me. And you live your life like that for a long period of time. And the truth is, I'm like, you end up being a very self-centered person. Like, that's the product of when you just look at yourself and that's it. And so when you give, you move on that aspect of being selfish to selfless. And you actually bring your eyes up and look at other people and see other people, hear their stories, know what's going on in the world, being able to use money as a tool to help with those things, whether it's a nonprofit or a ministry or an individual that you're helping. Well, I think it's even going to make you better in your own job because it's like if you have your eyes up

and you're seeing people, a lot of jobs, like what you're doing is serving other people. So it's like you already have that mindset of like, I'm looking around, I'm not so self focused that I'm like, wanting to, you know, that I'm not just looking at myself, I'm looking at other people and saying, in my career in my job, how can I provide more value? How can I serve others? How can I show up for other people in a way that eventually generates income for you. But it's really out of the abundance of the heart. It's out of wanting to do a good job for other people. Yes.

And in the career, I'm like, yeah. And in your marriage, when you're selfless, you're a much better spouse when you're like, hey, what do you need in this? When you serve, when there is a servant's heart in that, or a parent, right, in your parenting, or in a friendship. It's unbelievable in that or a parent's right in your parenting or in a friendship right you know like it's it's unbelievable just that selflessness and where it can start with the thing that we grip

tight the most which is our money right you could open your hands and allow giving and again you guys I know some of you starting out you're like are you kidding me I'm living paycheck to paycheck we can barely make our bills I would even encourage you to cut something just to be able to give. That's good. Just cut the Hulu subscription and buy two coffees for someone this way. Even just small things. But you start that practice and I'm like, it changes your outlook in life. I really believe that. And I think as a Christian, we were created in God's image, and He is a giver. And so our DNA and who we are, we're created to be that. And when you live that out, it changes your life. So spiritually or not, if you're someone walking in faith or not, I still encourage you, be

giving something. Give a little until you can give a lot. So thanks, Jerry, for that original call of the segment. This is The Ramsey Show. welcome back to the Ramsey Show. I'm Ramsey Personality, Rachel Cruz, hosting with Christina Ellis this hour. Going to the phones, we have Kelsey in Cincinnati. Hey, Kelsey, welcome to the show. Hi, Rachel.

Hi, Christina. Thank you so much for this opportunity to talk to you. Yeah, absolutely. How can we help? Okay, well, let me sum it up really simply here. My mother is spending so much money. Our business is in debt and I don't know what to do about that. Okay. Also, we had sold a part of our business to a gentleman who is a family friend. And now he's coming back to us saying that he wants to walk away from the deal. And I don't know what to do.

Can you unpack that a little bit? What did this deal look like? What does walking away look like? Sure. So we were under a lease for five years at a location and it was a retail store offering product. The gentleman came to us for a year wanting to buy the store. He didn't have the whole lump sum money that we were asking for up front. So what our set of beliefs with him was that we would walk for a year with a certain portion given each month. And then at the end of one year, he gave us the rest and like a balloon lump. January would have been the time for him to bring us back the rest of the money. Now he's telling us his final month is November and he has to walk away. But he would potentially like to come back in maybe six months, but he's telling us his final month is November and he has to walk away.

But he would potentially like to come back in maybe six months, but he's not sure. Oh, my gosh. Kelsey, were you guys looking to sell? Yeah. I mean, we had two retail locations and our manufacturing wholesale side. That's two different businesses in and of itself for one family. We can't maintain all of this. It's overwhelming. Yeah, it's a lot. What does the contract look like with this family friend? So it was a sub lease through us for right now until he paid off the full portion. And it was just that. He paid us a certain amount each month,

and then at the end of one year, to give him time to get a loan to buy the business entirely, he would give us the rest of the balloon lump. What kind of obligation do you have to him? To him, we don't have anything with the person that we're leasing the property through. It was a five-year lease.

We could terminate the lease with a penalty of six months' worth of rent. The only problem is our company doesn't even have that amount to give to walk away from all of this. Yeah. Because there's no money. Okay, so how much did he have left that he should have paid oh it was approximately sixty some thousand sixty thousand okay and it was there a contract or was this a handshake it was a contract. Okay, so you have legal documentation that he owes you guys $60,000. Yes.

Okay. I mean, Kelsey, at this point, he's in a contractual relationship with you all that he owes you $60,000, and now he's not giving it to you. And so with the terms of everything in the contract, I mean, that's in my head, I'm like, that's where a lawsuit comes into play. And I know he's a family friend, but at this point, like he's not doing what he said he was going to do. And I almost thank God for a contract that you have something legally to back it up for you guys, because for a lot of people, they do a handshake and there is no paperwork.

There is no legal documentation or evidence um but in your case i mean like have you guys thought about going the lawsuit route and suing him for this money i really don't want to do that because for one by the time we get done paying the fees and everything it's not going to be worth very much, the reason why he's backing away isn't because he doesn't enjoy the business. It's because it was either that or his home. So that's why he wanted a six-month break, give us back everything, and then possibly come back to it when he's in a more financially stable situation. And he probably won't.

So if we just pretended for a second that you guys went, just pretend y'all went the lawsuit route. He doesn't have $60,000 to give except for a house that you'd force him in that. Well, man. Tell us a little bit more about your mom. You said your mom's spending a lot of money and that's not really sustainable. Right. So I just found out a situation today that really, I sent her a text and I said, I'm very disappointed. And I'll unpack it. So my family was raised on her side of borrow from Paul to pay Peter mentality. She didn step 3A for my family. But for my mom and dad, they're not. They did just recently pay off all their personal credit cards. But now, because the business doesn't have enough money in its bank account, all the business credit cards are maxed out. She has used personal credit cards to buy business inventory. And today I saw an email thread with another vendor of ours, and she was getting ready to make another purchase with one of her personal cards. And I asked her, does dad know that you're doing this?

You guys just paid off your card. Yeah. So that's why we're having a family emergency meeting tonight because two days ago we just discussed how everyone needs to know what's going on with the financial situation and what's being bought. What does this business look like? So you're in business with your parents and with your mom specifically? Yes, with my mom specifically and then all of my siblings and we do have

employees as well. Are you guys all owners of the company and it's split five ways or how does that work? Every child gets a portion of the business when they turn 21. As of right now, two siblings qualify. The other two will eventually. Okay. In this business, you said it's got a lot of debt. Is it profitable at this point? Like what do the finances look like on this business? As of right now, it has the potential to be very profitable.

I'm more of a black and white person. I like numbers. I enjoy that side of it. So it has the potential, but there's so much debt that's outstanding. There's no profit. We owe money to family members and friends and credit cards and loans. And it's just overwhelming. So I'm just going to talk to you directly, not for the whole family business and talk as if I were in your shoes.

If I were in your shoes, I'd be trying to get out of this business. Like your mom created this business. She said she's adding the kids in as like a gift to some sort of thing that's supposed to be a great thing. But this doesn't sound great. This sounds like a burden for you. This is stressful. It's not structured well. Your mom is spending like crazy. And if I were in your shoes, I'd be running for the hills just trying to see what I could do to get my family out of it and set us up for success. Because at this point, like, this is a sinking ship. Well, and what's hard, Kelsey, is the person that is, you know, making these bad financial moves within the business, your mom, you can't control her. And so until you guys have a set of whatever it is, bylaws, values that you guys run the company by and say,

this is what we're doing. And if we don't do this, here are the, here's the boundary. Here are the consequences of what's going to happen beyond that. Cause like Christina's right. I'm not going to sit in this mess and just sit here because I'm a family member. No, I'm Kelsey. You know, you're an adult with your own family that you're trying to take care of. And so this has not become a gift. It's become a nightmare. And so for your mom's sake, you know, I mean,

I almost at this family meeting tonight would say, Mom, I can't control what you do with money. So on the personal side, I applaud that you and dad got out of debt. But whatever you guys do on the personal side of your life, I have no, I can encourage you. If you want my opinion, I can give it to you, but I can't control that. Now, when it comes to the business, we're now have our business hats on. We're no longer family members in that. And that's, we are co-owners in a business. And it's someone who is a co-owner is misrepresenting the business and is, are doing things financially that we don't agree. If you guys, if you guys all agree

that this is not okay. And so setting those and treating her, even though I know she owned it, but like, if you have me as part of the owner, you're going to hear my opinion. And unless we do this because we're drowning and it's not working, I'm going to have to set that. I'm going to have to set that boundary.'m gonna have to set that boundary. And so if it's on that, if it's on that's on the business side, and then when it comes to the family, friends, you know, I mean, you either have to eat it or you got it, you got to sue them. today's question from blinds.com blind Blinds.com 100% satisfaction guarantee means even if you mismeasure or pick the wrong color, they will remake your blinds for free. So get free samples, free shipping, and with the new promo codes they run every month, you'll save even more.

Use promo code Ramsey to get the best deal. Today's question comes from Haley in Virginia. My boyfriend has talked about proposing sometime in the coming months. I know I want to marry him, but there is one thing holding me back from committing completely. He has a ton of debt. He's a full-time college student at a private university and has around $30,000 in debt already. He doesn't have a job, so he is just continuing to accrue the debt and not pay on it. I'm a full-time college student, but I also work a full-time job. I have no debt at all, and it is very concerning to me that I would be taking in all of his debt

if I marry him now. How do we navigate this? Wow. Well, I think very first thing is to have that conversation because the fact that you're thinking about marriage with this guy and he's continuing to accrue debt, that's an issue. It'd be one thing if he had debt and you guys are on the same page and you're going to tackle it when you're married. But the fact that he has it and doesn't seem concerned

about it, he doesn't really want to work to pay it off and he's just kind of continuing to take it on. I think you guys have to have a real level setting conversation to go, okay, here's how I view money. This is my goal for the future. I don't want to have debt. I'm working really hard now while a full time student so that I can have, you know, freedom in the future and won't be stressed by money. If we're going to enter into this agreement together, if we're going to be married, I don't want to live my life that way. Yeah, the dollar amount, honestly, Haleyaley concerns me less because I wouldn't say not to marry someone because they have debt I mean yeah that doesn't bother me but what value

what bothers me is the values conversation what you're saying Christina like if he says oh yeah I don't care um about having debt and I'm gonna you know have credit card debt I'll probably take out car loans all that then your values are off at that point. And that's the conversation you guys need to have. And get even deeper to the why. Why don't you want to have debt? What's your why? Is it because of how you grew up and you're fearful? Is it because you've experienced not having margin before and it stresses you out? Is it because you want this feeling of security? Like what's your why for living debt-free? And I wanna know his why if he does. I don't wanna put this on him, but I'm assuming he's somewhat okay with debt

or he's 20 years old and he's a normal college student in the world and doesn't know there's another way. But if you guys talk about it and he still is like, no, I don't care because I want to enjoy my life and I want to, whatever the thing is that he's okay living in that. Then again, that's a values conversation that you guys have to have. And the truth is, is that money fights and money problems is one of the leading causes of divorce in America

today. I had a friend and he was like, yeah, if like the, if like the number one reason people died in your neighborhood was because of bears, people would be reading about bears. They'd be freaked out about bears. There'd be meetings about bears. Everyone would be talking about bears. And it's like, how do we avoid the bears? How do we get them away? How do the strategies? I mean, right. People get freaked out. And so when you hear one of the leading causes of divorce, when you're entering a marriage, you should be like, okay, what do we do about this?

Like it should be an on fire. So I feel that urgency from you, Haley, which I'm so thankful to hear that because it is a big deal, but also it's less about the dollar amounts of, I mean, if I, if, if Winston Cruz back in the day had $200,000 in debt,

but he said, never again, we're not doing it. I would still marry him and we would have a, we'd have a road to climb to get out together as a married couple because i'd still marry him i love him you know uh but i think it's important like if he says so you have this values conversation and he says okay i'm willing to change i i want to i didn't realize that taking out student loans wasn't something i should do i want to get on board have a great financial future like i think after that before you get married,

it's good to see evidence of change. Like, that it's not just a conversation where he's like, yeah, and then the next semester he takes out another, you know, $15,000 in debt. Like, especially at this phase you're in where there's like a very obvious outcome in terms of is he going to take on more debt or not? Pay attention to that.

Because, I mean, if he really wants to marry you and he's excited to marry you we don't want him to just say he's compromising or you know say something so that you know you get across you know the the marriage line and then he doesn't actually change so I think you have an opportunity to also see you know once you have that conversation how he perceives yep some. Some evidence in it. Yep. But great question, Haley. All right. Up next, we have Julia in Raleigh, North Carolina. Welcome to the show. Hi, good afternoon. Thank you so much for taking my call. Can you hear me okay? Yes, we can. Yeah. How can we help? All right. So actually, so I just came across you, Rachel, and the way I came across is I was looking for ways of getting or to pay for the college tuition for my last born. And then shortly after, I think it was O'Neill and Dave Ramsey, then you popped on and then you started talking about the seven baby steps. So I wanted to know how that works. And if my husband is like absolutely not on board at all,

what can I do about that? And basically to give you a little bit of background is we're both truck drivers. And during this last two weeks that I've been listening every night because I have all the time in the world when I'm driving, I get to listen to you guys and get a lot of positive resources out of your show. I actually happened to pass by Tennessee and I was like, oh my gosh, this is fine. Because all this time with the dry things, I never knew where you are. Yeah, that's great. And I heard about you. So Juliet, we have a hard out here in about two minutes. So let me get to your question.

So your question mostly is about the baby steps and how to get your spouse on board. Okay, so where are you financially, Julia? How much debt do you guys have? So we have a business, a trucking business. It's a small company. So it's between the house and the business. It's at a million, a little bit over a million. Okay, let's separate those numbers. So just give me your, just your house. How much do you own

your house? 500. 500, okay. 500,000. And do you guys have any credit card debt? Yes. Okay, how much is that? So the crazy thing is we had just paid it off a year ago. Oh, yeah. And then we got it all back because of the business. So we have, I don't have the numbers, but last year we paid off the credit cards and it was about $117,000 between the both of us. $117,000. Is that for the business, Juliet? No, that's for the credit cards. For the credit cards.

Personal. Personal. Okay. And you don't know how much current credit card debt you have there? Not how much you paid off, but currently? Currently, I would say, let me see, me alone, I have like about a hundred, because I have like about 15 credit cards. So me alone, alone about 130 thousand dollars in credit card debt and that's just consumer debt yes okay uh car loans uh we paid off the cars okay and then i have a student loan of 75 000. How much do you guys make a year? Yeah. Let me see.

Each truck. So we had three trucks, but we sold it slowly. How much do you and your husband bring in every month for your own income? Between $30,000 to $40,000. A month? Yes, before everything is taken out.

Oh, wow. Okay. You guys are doing great. Awesome. Yeah, but I don't see the money. No, you don't because you have a crap ton of debt, Juliet. So here's the deal.

Okay. So what you're going to do is you're going to list out all of your debts. Some of it's a little foggy, so you're going to find hard evidence. And even if it's multiple credit cards, list them all out separately. Okay, Juliet?

Everything is separate. List out all of your debts, not including your mortgage, smallest to largest. You're going to pay minimum payments on everything. And you're going to start attacking the smallest debt first. And hold on the line. Austin's going to pick up. We're going to give you and your husband Financial Peace University for a year. It's going to come with EveryDollar, which is our budgeting app. And I want you and your husband to sit down. And if you can force

them, you just tell them, you've got to sit down here with me and watch that first video, okay? That's going to explain the nuts and bolts of exactly what you're about to walk through. And you guys can clean this up. You have an incredible income, Julia. Your life could look drastically different in six months. And if you guys put the hard work in and you sacrifice, you can get this cleaned up. Thanks for calling. Our scripture of the day comes from Jeremiah 17, 7. But blessed is the one who trusts in the Lord, whose confidence is in him. Success is most often achieved by those who don't know that failure is inevitable. Coco Chanel.

Thank you, gentlemen in the booth. Did y'all pull a quote for me? Not that I have Chanel, but fashion. I appreciate that. Thanks, Austin. All right, you guys, if you love this show, if it's something you listen to on a regular basis, please, please subscribe to our YouTube channel, to podcast. Hit the follow button there. Leave a review. Share it with your friends, with your family. Honestly, word of mouth is one of the best ways for the show to grow and for us to really hit the toxic money culture hard. The more people we can get on board that are free from debt, that are in control of their money, that's when the world

starts to change. We're not dependent on all these toxic financial industries. And it's fun to do this in community. Like it's fun to do this with other people. Like if your dinner table conversations with your friends can be about, you know, how you all are paying off debt and building wealth. Like those are just such wonderful stimulating conversations. Yes. Which most people don't have because people don't talk about money. But you know what? Money is not a shameful topic you could talk about it and and encourage people because it can be a very stressful guilt-ridden subject in life and when you even can give encouragement to people on what you're doing and your story and your journey it's just helpful it really is all right so yesterday Christina we launched which I'm so excited about, a brand new Rachel Cruz Slim Wallet.

So we have the Rachel Cruz Wallet that has all the envelopes. And so this is a smaller version of that. It has one envelope, but multiple card slots that can hold your cards from your license and Costco and debit card, all those things. And it is genuine leather. It comes in three colors black camel and champagne and we produced it with our friends at join their incredible organization out of india where they provide fair trade jobs to really vulnerable communities and to help them be employed so they're an amazing organization so we're so thankful to partner with them uh so yeah if you

guys uh are if you've been doing a budget for a while and the cash envelope systems if you're kind of graduating out of it because eventually you kind of get to the point that you're like yeah i don't need that hard accountability of actual cash this is another great option to still have one envelope that you can always have cash with but also just the convenience of just carrying your cards so And it's so pretty. I just saw it yesterday. It's lovely. Thank you. Thank you.

Thank you. Yeah, so check out the Rachel Cruz Slim Wallet, available now for $39. But if you go to ramseysolutions.com, you can check out all the colors, everything we have going on there. So make sure to check it out. All right, up next, we have Jordan in California.

Hey, Jordan, welcome to the show. Hey, Rachel. Thanks for taking my call. Absolutely. How can we help? So I'm trying to get a mortgage. I'm 100% debt free and I haven't had a credit history. And the mortgage is not able to do the underwriting because I don't have a rental history or any housing history because I've been living with my parents. Okay. We've been living with my parents. Okay. So I'm wondering where to go next.

What to do there. Do you guys have a good down payment saved up? Yeah, we have $400,000. Oh, wow. That's amazing. Yeah. So a couple of options, Jordan, you can either go try other mortgage brokers, other lenders. You can even talk to like a local credit union, some other people that do still manual underwriting. But I'm going to say that the rental history is a big one to have. And so that's why we do recommend people renting for a short period of time just to have that. Did they say a specific timeline of how much they would need to see? Twelve months.

A full year. Yeah. Because sometimes they'll do even just six months and you rent just to get that fact on paper so you don't have to go you know build up a credit score which i would never encourage you to do so um so yeah so that that would be an option that you could look at other look at other lenders ask around have get different options um but again i think that that rental history is an important factor yeah the manual underwriting process. Do you have an urgency right now?

Are you trying to move out in a certain timeline? Or what's your forecast for when you want to do this? No, now that my wife's done with school, we're now ready to buy now that she's working full time. We're just in a position that you know we want to buy so i'm just trying to get all my ducks in a row and y'all have done a great job that's a great down payment especially is that just from working um yeah so we had a house like three years ago okay okay um so that's what half of that is gotcha gotcha and have you been living with your parents the rest of the three years?

Yeah. Okay. And how long have you guys been married? 11 years. Okay. Congratulations. That's awesome. And are you pretty settled in the city you're in? You said your wife just graduated. Um, are y'all going to stay there for her job uh yeah we're gonna stay so uh i'm all my clients are around here and we're not moving anywhere soon so okay yeah i mean jordan i mean for me i'm not going in debt for any reason i'm not going to go play the credit card game to get the credit score and all that so either it's going to be getting a mortgage from a different broker, broker, and so

shop around, ask around, I would talk to three, four different people and see if there were other, other means that you can show maybe even when you guys had your first house, if you can pull the mortgage, you know, the payments from from that, to have proof for that. But again, I mean, you guys have an incredible nest egg to buy an incredible house. Again, there's not a rush. I know you want to. But if the only thing it came down to was like, I need 12 months of rental, then I'm like, okay, well, we're going to go rent somewhere for a little bit, get the history we need, and then save up, keep saving. I mean, it's just giving you more time to save even more and then go in and buy the home. So I'm not playing that game personally. So

I'm not going to advise you to do that. Yeah, I'm with you. And I mean, you guys are doing so well with that down payment. The extra year of savings is great. I mean, I don't know what kind of price range you're looking at, but you're pretty close to being able to buy some level of house debt free, which that would be outstanding. Incredible. Okay, we're going to go to this last call. We have about two minutes, but is it Raul and Savannah? Hey, yes.

How are you? Good. How are you? How can we help? Good. Thank you. All right, so my mom recently came into some money, and I'm wanting to kind of help her manage it and see what the wisest move for her would be.

Okay, how much money? She came in $77,000. $77,000? Yes. Okay, and how old is your mom? She's 63 years old. Okay. She's wanting to retire next year.

How much does she have in retirement? This is it. Oh, she just has the 77,000. Okay. Yeah. Um, so she wants to, is she going to be able, has she run the numbers out? Has she talked to a financial advisor to say, okay, you know, if I put this in, I'm going to, I mean, she's not going to have enough to retire off of just that. Right. I mean, she's right. Yeah. I mean, um, she's, she, she, or she's going to get a thousand dollar check per month through social, social security. Okay. Um, she pays $500 in rent right now. Okay. And she's, uh, she's a hairstylist on the side. Okay. She has her cosmetology. How much does she make now?

Right now, I would say with her job in cosmetology, she's making like $2,500 a month. A month. Okay. And she'll be making, I guess, $1,500. Does she have a mortgage now? No, she rents. Oh, I'm sorry. You said that.

I apologize. Yep, you did say that. Okay. Well, I mean, I'm sorry. You said that. I apologize. Yeah, you did say that. Okay. Well, I mean, I hate to say with these numbers, though, she's not going to be in a position probably to retire at this point. She's going to either have to get her income up and keep putting money away. But I would recommend you guys go look at a SmartVestor Pro on Dave Ramsey or RamseySolutions.com and sit down and run the numbers and just look to see, okay, how much does she need to have in her nest egg in order? Because she may not need a lot to live off of, but she

needs some and it's probably going to, and she's 62. So she still could have 20, 30 years, you know, still here. So you want to make sure that there's enough and doesn't seem like there's enough right this moment. Thanks for the call. Thanks to everyone in the booth. Thank you, Christina, for co-hosting today. So fun. This has been The Ramsey Show. Hey, it's Rachel Cruz, co-host on The Ramsey Show. If you want to do your debt-free scream live on the show, visit ramseysolutions.com slash debt-free scream. We'd love for you to come to Nashville and tell Dave your story. That's ramseysolutions.com slash debt-free scream.