The Ramsey Show - App - Here’s the Fastest Way To Get Out of Debt (Hour 3)

Episode Date: December 7, 2022

Dave Ramsey & Kristina Ellis discuss: Ways that you can pay off your debt more quickly, When to pay off your house, How to best save for college. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET 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

Live from the headquarters of Ramsey Solutions, broadcasting from the pods of moving and storage studios, it's the Ramsey Show, where debt is done, 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. Christina Alice Ramsey, personality, number one bestselling author, is my co-host today. Our phone number, if you want to talk, is 888-825-5225.

Nicole is with us in Orlando. Hi, Nicole. How are you? Hi. I'm good and yourself? Better than I deserve. Merry Christmas to you. How can we help? Merry Christmas. So my question today is two-part question. The first part is, should I sell my payoff car to remove my debt quicker? And the second part, also, should I get a fourth job as well? How much debt do you owe? So in total, I owed $143,000. Now I'm down to $90,000. It's all my student loans, bachelor and master. I had no idea about student

loans. And right now I'm making 83k. My income did up a great significant amount this year. So to give you a little background, my car is going for 24k per the dealership offer. And my three jobs is one is being a medical social worker in the hospital field as a full transition. The second one is a PRN, which is as needed. And the third one is being a social marketing for my family business. Okay. No, I would not sell your car. Okay. Okay. Your car's fine. You're making really good money. You're not afraid of hard work and you're game on. How long have you been working on this get out of debt plan so dave um to tell you the truth i've been working on my debt journey um since 2000 well right when covid came in better is it so almost um in the middle ish so a year i have removed it a lot of my debt, my credit, medical, everything to think of, all gone, including IRS.

And then I had to stop because I needed a mental break. As a social worker, it takes a lot of impact of your mental health. So I took a break and was able to go on a mini vacation to take a deep breath. And now I'm getting back into it after six months. So how many hours a week are you working? So technically, I work 40 hours a week. But when I pick up my PRN, it will be about 60 hours in one week. And then when I'm working on my family business, I'm working to 80 to 100 hours a week. So is the 83,000 you're making, is that based on your primary job or all three jobs together? All three jobs. My primary job is 61,000. My PRN is $3,000 an annual. And then my family business is

$18,000. Why would you work on the PRN for only $3,000? To keep in the relationship of the organization because that organization is very well known throughout the state. I don't need a relationship with a well-known organization.

I need money. True. Yeah. very well known throughout i don't need a relationship with a well-known organization i need money true yeah true um so what i'm what i would do and if i'm not going to sell the car and i'm not is i'm going to do the most high paying thing because i want to get this over with. Then I'll worry about long-term plays, which the PRN is a long-term play. A cash grab is a short-term play, and right now you're looking for short-term plays. Right. Dave, can I ask you a question? I see you like a father figure because I don't have a father in my life. If I go ahead and let go of the PRN, would it be an option of keeping it and signing up for more days and hours with them? Because while I'm off at my primary job, I can pick up the weekends and I'll be working every single day but I can do my family business at night and then

the hospital days throughout the week what are your thoughts the thing is here what I'm looking for is what gets you out of debt the fastest because that is your best career move okay now if you can if you you know I don't think you're going to lose the prn by setting it on the shelf for 18 months are you um it's either i have to give two days out of the month to be permanent in that position in that second job okay but i'm saying you can go back to that job. Oh, yes. If you just said, you know, you can still go be PRN. But you just have to restart is all. Yes, I can do that as well. So all I'm asking is where do you make the most money?

My full-time position, but I'm not able to do overtime. Okay. For your side jobs, because all we're doing here is, I mean, if you can make $15,000 more at one of these things than another on the side gig, let's go do that and get this debt gone that much faster and before you run out of steam again. Right. I'm also wondering how attached are you to the full-time job? Because with a master's degree and the experience you have, there's a chance you could get a higher paying job as your primary, potentially getting you up to that 83. Yeah, I appreciate you asking that question.

I actually put a pause on my LCSW so I can remove my, which is licensed clinical social worker. I put that on a pause because my debt was overbearing me. Um, so if I go ahead back on track setting and pass my license, I can up my annual income and get a different side job by maybe 20 grand. To get the date of exam, it will take about approximately two to three months. And then after that, I can know on the spot if I passed or not. But it's depending.

So if we don't do that and we say, all right, we're going to take the most efficient, highest-paying cash grab, are you out of debt in a year and a half? I want to do less than a year, to be honest. $90,000? Yes, sir. You don't pay off less than a year on making $83,000. You don't pay off $90,000. Well, I'm getting another job or removing the prn and go to a different job

and maybe more income if that makes up yeah okay but i mean if you're gonna have to get your income to 130 to pull it off in a year uh or 120 anyway pull it off in a year if you can do that that's fine but i'm with you then then let's go get let's make the move up and that kind of stuff because we're not talking about a three-year journey here we're talking about 12 14 16 month journey and you know i'm going to give up a few long-term plays right now to get this out of the way and be done with it forever and ever i'm in because the beautiful thing is once you kick sally may out she ain't coming back and that's that's the that's what i want her in your rear

view mirror she's an ugly woman this isis ramsey personality is my co-host today thank you for joining us america we're so glad you're here open phones at 888-825-5225. If you've gone through Financial Peace University, chances are it's because someone in your life lit a fire under you. Your mom or dad gave it to you as a gift. Your pastor offered it to you at the church. Maybe a mentor at work or a friend that just wouldn't shut up about FPU. That's the best kind of friend, by the way. So you finally took the class. You started working the baby steps.

Now you got out of debt. You're on your way to being a baby step millionaire. Now you can return the favor and light a fire under someone else. This Christmas, you can give someone you care about, Financial Peace University, and share the same hope that you've discovered with money. When you give FPU as a gift, they won't just get the course, they also get the premium version of every dollar and group coaching with our team of financial coaches.

So this Christmas, give the people you care about a gift that actually matters. It's called hope. It's called freedom. To give Financial Peace University as a gift, go to ramssey solutions.com slash give fpu that's ramsey solutions.com slash g-i-v-e-f-p-u that's how it works christina ellis ramsey personality is my co-host today amy is with us amy is in indianapolis indiana hi amy how are you hi i'm doing well.

How are you? Better than I deserve. What's up in your world? All right. Well, my question is, do I pay off my mortgage? So here's my background. I'm 37. I'm married with three kids.

I am currently homeschooling my kids, so I am not working. My husband works full time, and we are kind of at the point where we're struggling to make ends meet. I'm having a hard time convincing him of a budget, so that's kind of where we're butting heads. So my mortgage, or I should say our mortgage is at 263,000. Um, I have, I inherited, um, a bit of money from my father about 14 years ago when he passed. It has helped us through lots, lots of, um, uh, problems. We've paid off a few mortgages here and there, and I've just been kind of tossing the idea around, should I take out some money and get rid of this mortgage? What's a bit of money? How much money is there? Well, it currently sits, with this lovely market, it currently sits about $800,000. What does your husband make a year? He currently is making $65,000 plus commission, and commission is kind of not hit or miss. He's still building up clientele,

so I'm going to give it about an extra $20,000 a year. So when you paid off the other mortgages, you didn't change your habits and continued to drain this inheritance a little bit at a time because you've refused to be disciplined and most likely yes yes is that what you told me or not yes that is that is correct and we had um so we built our current home, had it paid for. Why is this one different? Well, because we decided to start a business. And so we.

I mean, when you pay off this mortgage and you still have no discipline, why is this time going to be different than the other times? I know. I know. It's come down to do I go back to work and send the kids to school? No, it didn't. No, it didn't. It's come down to it's time for you all to decide to be grownups and manage this money

instead of leaning on this inheritance to allow you to continue to be undisciplined. Yes, that's correct. That's what it's come down to. So it's the husband on the budget thing it's you on a budget thing it's the two of you learning to live on what you make right right if you do that for six months i'd write a check and pay off the house these mortgages that you've paid off were they on your primary residence or do you have rental property no we don't have any rental property so and you know

we kind of started out with a smaller house you know had that paid off and then took that you know obviously the what we made from that put it on the next house and this is not sustainable right yes yes it's not sustainable and you yeah uh you know doing something else and trying to figure out a way to make it sustainable because what you've got to do is you got to get a set of habits you and your husband communicating you guys living on a written game plan and you're setting goals and we're being grown-ups instead of just kind of like i'll just go over there and get some money out of that inheritance every time i have a problem instead of addressing the issues in my mirror i'm just going to go over and hit the inheritance am i picking on you too hard does

that mean no i just wish somebody else was here to hear that as well well you can play it back it'll be on the podcast oh good yes and you know other than that, we're debt-free, and the only additional, aside from normal, you know, monthly expenses is child support. So, you know, I feel like if we, yeah, we just need to get our act together and get on the same page with a budget. Yeah, you're covering, you're treating the symptom instead of the problem. Right, right. And that's what I'm picking on you about because it's not good for you. It doesn't affect us, obviously. We're going to hang up and go on with our lives.

But for you guys, I want you guys to have this sense of power as a couple that having a written game plan and aiming at something together for the future holds. Because if you can function, and I think you could function beautifully on his income without a mortgage, but I don't want you to function on his, to not even, because your track record is you're going to pay off this mortgage and then you're going to continue to be sloppy and go back into debt again. That your track record right yeah yeah because you never treated the core issue well amy you said your husband's not on board but are you on board like are you ready i am i'm i have been so ready i probably think i have three of your books sitting

on my on my desk that i've been reading and i'm ready to kind of you know punch out numbers and go and let's let's get him into financial peace university. And the two of you start doing that together. And the way that sounds is this, and we're going to give it to you free. Okay. Cause we want to help you with this. And so my, if, if you're asking for like the doctor to give you a prescription to take to the pharmacy, okay, here's what it is. Okay. the two of you are in agreement like never before, and you're managing your household in a way that makes you proud, the two of you together, for six months.

And then you'll look at each other and write a check and pay off the mortgage, and you'll be just fine because you will have fixed the underlying thing, and we're not going to leave everything in danger because uh uh so it that that's what i would have you to do and we'll help you do that we'll put you guys into financial peace university and so the way that sounds then is when he gets home is not he's the bad guy he's not the bad guy here you're the bad guy both of you the bad guys you're but it's not it's not there's not a bad guy that's not the point but you're you're the the you both allowed this situation and it was it's a it's not like grotesque laziness it's a minor laziness like you're 10 lazy you're not you're not 90 lazy you kind of know what to do and you're doing okay but you've accepted okay and

usually the enemy of awesome it is not bad it's okay okay is the enemy of awesome because you can kind of get by on okay you know yeah and so that i want you to get out of okay into awesome that's all i'm begging you to do so the way you should sit down with him and just say listen i i want you to do this for me the two of us go through these nine lessons together in the next three weeks before the first of the year okay and then at the first of the year we need to sit down as a couple and have a vision for our future and let's lay that out because the stress of this and this gnawing thing that we're slowly eating away at this inheritance instead of dealing with our core issues it's it's driving me crazy and i need you to do this for me do it as this is my christmas gift i want you to go through

these nine lessons with me that's a cool christmas gift yeah and just you know he loves you and say this is an act of love to your wife. I know you don't want to do it. I know you don't want to deal with it, but I want us to sit and go through these nine lessons together. And, and let me just tell you, if the both of you sit and watch all nine of these lessons in the next three weeks, he'll be on board. I'll get him. I know how to do it. You get him in financial peace. I'll get peace, I'll get him on board. So hang on. Austin will pick up, and we'll get you guys signed up as our gift. Merry Christmas.

Merry Christmas. Merry Christmas. Merry Christmas. Christine Alice Ramsey personality number one best-selling author is my co-host today open phones at 888-825-5225 our question of the day comes from blinds.com they are the number one online retailer of custom window coverings you get free samples free shipping and with the new promos they run every month, you'll save even more. Always use the promo code. It's magical.

The name is Ramsey to get the best deal. Today's question comes from Ariana in Maryland. My husband and I are on baby steps four through six. Our children are 11, 9, 4, and 3. We've been putting around $1,000 a month into their 529s, but much more into the 11 and 9-year-olds since they will be going to college sooner. However, I was wondering if it would be smarter to put more money into the younger two children's 529s since there's a lot more time for that money to grow. We've told our kids we will cover the cost of in-state tuition

in full and don't want them taking out any loans. Woo-hoo, I like that. Our annual income is $350,000 a year. We have 315K left on our mortgage, and we hope to pay it off in the next five years. We currently pay $2,500 a month in childcare for the two younger kids, so I'm thinking we could cash flow college for the oldest two,

even if we have a little left on the mortgage. That's a great question. There's a lot to unpack there. They're doing a good job. Yeah. And they've got great income. So that's awesome. And I love that they've already put that line in the sand that loans aren't an option. I think the biggest thing right now is just getting super tactical and getting a really clear vision of what exactly are those numbers that need to happen in order to make, you know, cash flowing college realistic? So, you know, right now it sounds like the numbers are kind of squishy. You guys are doing a great job putting $1,000 a month away, but I want you to get onto a college

savings calculator, which we have one at ramseysolutions.com. You can search college savings calculator, and you can actually type in the college you're thinking about and how much longer you have until your kid's going to college, and then see how much you need to be saving per month in order to hit that goal. So, you know, figure that out. Also, if you want to get super tactical, sit down with a smart investor pro who can kind of see your whole financial picture and they can do the same thing. They can walk you through how much you need to be saving each month for each kid in order to reach that goal. And then once you have those numbers down, it's really about prioritizing what's most important to you. So, you know, paying off the house, that's also awesome.

You know, and if you find that to save for the four children, it's a little bit more than you want to do in terms of the balance between the house and savings. I mean, that's that's going to be more a decision of what's right for your family, because you could with a 350K a year income. You've got a really good shot at cash flowing that yeah so uh mathematically if you said i want enough in the 529 when each one of them get there to pay cash for in-state tuition and dorm and books okay then you get that number and be very clear as christina said and you say okay then based on that number and be very clear, as Christina said, and you say, okay, then based on that, for the 11-year-old, I have to save X. For the 3-year-old, I have to save Z. And you can come up with the exact number you need to be saving.

And if when you add all four of those numbers together to fully fund it, you say, oh, I don't want to do that. That's too much. I'd rather put more towards the mortgage and come up short on one. But if you were to do that fully funded idea, you're going to see that the 11-year-old's a lot more than the 3-year-old. Because as you said, I mean, as she, you know, Ariana says in the email, she's correct that, you know, it's closer to college, so you don't have much time so uh it doesn't take it's going to

take a minuscule amount for the three-year-old versus what it takes for the 11-year-old you got seven years and six years and uh you know versus uh 15 years so it's a whole different really substantial difference on the math so but so you would be putting in more for the older ones if you choose to fully fund all four simultaneously. So that's what the math tells you. So I'm going to kind of lean that direction even if we choose not to fully fund and put more towards the mortgage. Now, if you choose not to fully fund, you say, okay, I'm going to need $130,000 for the 11-year-old. I'm just making up a number, okay?

And I'm only going to be at 90 okay so i'm 40 short the way i'm gonna cover the 40 is i'm not gonna have daycare anymore and i'm gonna be making 350 we're gonna cash flow 40 we're gonna have the uh the 90 okay and so if you're gonna come up short then you're saying out loud i'm going to cash flow that much more when they do get there and so uh what i would do is either fully fund all of them with unequal amounts heavier on the 11 lighter on the three euro or underfund all of them with unequal amounts and then plan to cash flow there you know as you go there or option three you could say uh we're going to cash flow the uh last two almost completely the two older ones because they're kind of separated out here you got a four and a three and a 9-11 so you kind of got two buckets worth right uh because they're kind of separated out here, you've got a 4 and a 3 and a 9 and 11,

so you've kind of got two buckets worth, right? Because we're going to have the house paid off by the time the 3 and the 4-year-old get there. And we're going to 100% cash flow those, so we're putting hardly anything in theirs. That's another way you could run the math. Any of those will work, and it's just a matter of how you want to play it out.

But it's a really great thing that you're paying attention. In both of our answers, what you heard was get more detailed in your analysis and in your decision so you're intentionally saying i'm going to save in such a way that i'm going to be 40 000 short and you have those numbers now yeah and and and here's how i'm going to cover that 40 or i'm going to save in such a way that i'm not going to be short for this kid and this kid, but the other two, we're going to cash flow and we pay off the house. Or, but this idea, I'm putting in $1,000 and I think it's all going to be okay. No, no, no, no, no.

You need to drill deeper. That's what you said, and I agree with you. Yeah, and I think, I mean, I've talked to so many parents who are just overwhelmed when they get to college costs that they kind of just stick their head in the sand and they don't want to think about it. But it's like you can actually tactically work through these numbers. They don't have to be so scary. They don't have to stay squishy.

You can actually map these out, have a plan, even if it's intimidating. And even if you're going to be disappointed with how much you can contribute, I'd rather you, even if you're setting aside $25 a month and a 529 and that's not enough to cover the full cost of college you're doing something for the first time since I've been on the air it is an unknown what you're going to spend on that three-year-old you could have projected it but now we've had this tremendous upheaval of higher ed brought on by their ridiculous expense because they just keep driving the tuition through

the roof, the epic student loan crisis. And then they tried to charge everybody full price when they went home from COVID and try to do it online at the same price. And everybody went, no, no, no, no, no, no, no, no, no. I am not paying full price with no college experience. Just because I go on the computer and take a test. No, no, no no no no no no i am not paying full price with no college experience uh you just because i go on the computer and take a test no no no no so higher ed has got a real black eye right now and a lot of people are choosing to say no college at all which i don't believe in or they're choosing to say no learning at all no certifications at all no you gotta have it all known that you got to have post high school education of something to be a welder a diesel mechanic a code uh coding expert with ruby on rails or uh or go get four-year degrees

okay in different things but you need to go get post post high school education something but what you do it or how you do it is going to change so a lot of stuff that 10 years ago we would have said a four-year degree now we're saying probably not you're probably going to do some certs and some certifications and you're probably going to rock on and have a life of continual learning but not necessarily take the form of uh iv on the side of the wall right well the cool thing though too with a 529 is it can cover that it can pay for a lot of different certifications trade school whatever education what i'm saying is is that you can't predict i'm going to go to this school and pay this because a that school

might not cost what we think it's going to cost because there's going to these things are going to get turned on their heads people are pissed off at higher ed and so and they're they're abandoning so their ability to just charge whatever the crap they want to charge is gone but that doesn't mean don't plan no i don't want people to say what what i'm saying is is you can't if you project out the way we used to project out and you get 160 000 in your projections it might not be hopefully it's not i bet you it's not. I hope not. I bet you it's going to be less.

Because I think they're going to get it. I think they're going to get their nose punched in. And some of them are going to have to straighten up and fly right. Or income-based repayment will be a thing. And then people will go crazy with it. Hopefully that doesn't happen. No, we're not doing that one. That's not the case.

Please let us know. No, no, no, no. Hey, it's a great discussion. Be intentional and detailed. That's the sum of the case. Please let him know. No, no, no, no. Hey, it's a great discussion. Be intentional and detailed. That's the sum of the Day, Deuteronomy 31.6. Be strong and courageous. Do not be afraid or terrified because of them. For the Lord your God goes with you.

He will never leave you nor forsake you. John Wayne said, Courage is being scared to death but saddling up anyway. Open phones this hour. Christina Ellis, Ramsey Personality No. 1 bestselling author, is my co-host. Jennifer is with us in St. Louis. Hi, Jennifer. How are you?

Hi, Dave. I'm great. How are you guys? Better than we deserve. What's up in your world? What's up is I just found you. Where have you been all my life? I just found you about two months ago from a dear friend. She wouldn't stop talking about you.

So I checked it out and then I've been listening to you ever since. I'm just not quite to my confidence level for the question I have today. So I wanted to call in. Fair enough. So I'm working on my own baby steps, but this is for my son. I was never taught by my parents anything that you speak of at all. So this is all, I've been learning this the hard way for many years. Most weren't.

Right, right. Should be taught in high school. But while I'm working on my own, my son is getting ready to turn 18. And after listening to one of your, uh, whole life episodes, I realized that he had, I was paying for a whole life for him and I switched it to term and the cash out that is coming his way is, is only $2,500, but that's still money I've been putting away, I guess, with this for the past few years. So I'm not going to let him know that he has it. Um, I just want to figure out what's the best step forward. What do I do with that $2,500? If I hand it to him, he's just going to blow it. He'd be like, Oh, this is awesome. I'm rich. He's going to go spend

some money. He's 17, but he's coming up in you know his birthday's in january how do i advise him or what do i do with this money do i put it in a roth do i put it in a 401k he do i i wouldn't do either one of those what was the purpose of you saving the money i really i really wasn't i just for his For his future, in quotes. Yes. Kind of vague, in other words. It didn't have a particular target. It doesn't, and it's hard to find it because... Okay, so anything

he spends it on short-term, it was not your dream for this money. Your dream was long-term. He is set short-term. Well, he's a 17-year-old. Of course he old of course he's short yeah we have a plan for that and it's and where he's going but for this money no it was it was meant for future or at least the whole life that i thought he is he going to college he has a gi bill but he's actually

going to do an apprenticeship for the trade uh i'm a tradesman and cool what i'm sorry what's his trade uh i'm a tradesman right now he is actually going to go for either uh welding or plumbing good he's testing him out to figure out which one he likes better that's fun okay well he'll probably need the 2500 to complete the whole apprenticeship program and get some of the certifications won't he i don't think so because he has the gi bill which will cover it's going to cover everything i guess it will you're probably right okay um okay so you're you're if we could if we could go back in time for the rest of our listeners we would have started this discussion many many years ago so that he didn't like feel like he hit the lottery so i in other words if it's always best if you can start talking to a 10 year old about what it's going to be like when

he's 18 and that this money is a responsibility, not a lottery winning. This is not a Vegas weekend. This is an opportunity to do wonderful things for your future, and this $2,500, if played right, could be worth $250,000 to you, whether it's invested in education, whether it's invested period, whatever it is. So you start talking about that money is a responsibility. It's not a, whatever it is. So you start talking about, you know, that money is a responsibility. It's not a woo-hoo. But you're behind on that. So you've got an 18-year-old, 17-year-old.

You've got to just start that discussion cold. And so I'm not bringing up the $2,500 today, but I'm also not going to hide it indefinitely. I'm just going to put it over in your checking account and go okay I'm or not in checking I can't put it in a separate savings account your market for him and then sometime in the next three or four years figure out with him as you continue some discussions but it might sound like hey I'm learning some new things son and i wish that uh i didn't learn them this late but you're going to get the benefit of those things i'm learning about money as we go along

so there's some money set aside an earmarked for you i'll come back to that later it's not yours today but it's there to help you get some of these things done just like that gi bills help here to help you get some of these things done and so as we walk together and we make some great decisions for your future and you make some great decisions for your future uh maybe maybe it helps you buy a house someday maybe it helps you finish up your one of your certifications if the gi bill didn't cover it or maybe it's there but there's it's not a this is not a chance for you to go to vegas or it's not a chance for you to uh you know head of the bahamas for the weekend or something that's not not what it's for. Well, and especially, I mean, I've worked with so many 17, 18 year olds and parents that encounter unexpected expenses with their education. And I

mean, $2,500, that could make a big difference, especially if, you know, there's unexpected certifications or books that come up that somehow aren't covered. So it's like having that money accessible is super important. Now for today, I'm going to go open a savings account in your name and set it in there. Doesn't need to earn any money. We've got to get through this transition right now. Dave, I've got a question. So that money from the whole life insurance, is that technically the son's money or is that her money? It's her money. She's the owner of the policy. Right. So that money is coming coming back to her so that's not even technically his his but it's her it's in her name and she's earmarked it for him and you can give somebody twenty five hundred dollars with no gift tax so she could do she can give it to him

anytime in her mind it's his money am i right jennifer yes yeah that's exactly right you're not legally obligated is uh christina's point to give it to him and so if he's if he's going to be stupid on steroids we're not giving it to him right because we don't want to finance his stupid we want to finance his future well then there's not even really the obligation necessarily to tell him until you do want to give it but i want to begin the training i want to begin to have this conversation and just lightly begin to let them know what's going on, what's going on, what's going on, what's going on. And so we're training him over the next 18 to 24 months to make good decisions or better decisions that he might today. Well, that's a great training ground because you can train him and have those conversations,

but there's no point at which he can say, hey, that's my money, give it to me, right? Like there's no point at which he can say legally. Well, if he gets entitled like that, yeah, you don't have to give it to him. But yeah, yeah, that's true. You're not, you're not over, the mom's not over a barrel if he goes cray cray on her.

Yeah, that's true. So yeah, that's true. That's a valid point. So you got a lot of power here to play this for his own good. goes cray cray on her yeah that's true so yeah that's true that's a that's a valid point so you got a lot of power here to play this for his own good well and it gives a lot of freedom to really teach those lessons and regardless of how how it goes like you're still in control of managing that money yeah and then just don't be you know and if you if you kind of get to talking about it and you go you know what let's use this for your first house purchase and you're probably going to do

that at 25 and you're 18 now so we got seven years let's go ahead and talk to a mutual fund broker you and i'll go sit down with a mutual fund broker and let's put this money in a mutual fund and we'll both learn about how to do that and we'll both do this as a have a meeting with a smart investor pro and sit down they smart investor pros by the way love meeting with 18 year olds and doing 2500 deals uh they don't love doing 2500 deals but they love the idea that they're investing sit down. SmartVestor pros, by the way, love meeting with 18-year-olds and doing $2,500 deals. They don't love doing $2,500 deals, but they love the idea that they're investing in the future with somebody and helping somebody that's getting started. Well, and that's potentially a client for life. They're starting from the very beginning. Yeah. I mean, they don't even make enough to cover the postage to mail the crap in on $2,500, but they still love doing it.

If you can get an 18-year-old saving and investing, it's like the sky is the limit. That's how you get baby step millionaires who are 30 that's or late twenties. That's just going to be really impressive. So hang on the line. Let's get her into financial peace university and let's have them go through it together. I think that'd be a really cool, you know, mother son experience. I'd be fun. So hang on, Austin, I'll pick up and we'll get you guys signed up for that so great show today guys austin ben james zach andrew in the booth the booth dudes

caused it to happen as they always do christina great show good job 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. Have you been inspired to make a change with your money? Want to know where to start? Take our three-minute money quiz to get a plan you can follow. Go to ramseysolutions.com and search for Get Started to get a plan for your money.