The Ramsey Show - App - How a Snowstorm Got the Snowball Rolling (Hour 3)

Episode Date: January 21, 2019

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Live from the headquarters of Ramsey Solutions, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage may mean you're on your way to being an everyday millionaire. That's right. The third week of the Everyday Millionaire theme hour continues. The third week of the tour continues. This is a theme hour to talk about it. Chris Hogan, the author of the book Ramsey Personality, is joining us, number one best-selling author. And the book is Everyday Millionaires, How Ordinary People Built Extraordinary Wealth and How You Can Too.

This project has been so exciting, and these three weeks have been very blinding. It really has, Dave. I am so excited to be out, to be meeting people, looking them in the eye, and talking about this message. This is a project that we began a while back. And so to be here and to be out on the road, it's just exciting. It's time. I mean, it feels like we've been hatching this thing for a while.

Been sitting on it a while. But tomorrow, Chris will be doing the Smart Money Live event here in Los Angeles at Mariner's Church, Irvine. Of course, I'll be doing that with him. And it's fun to be in L.A. and to do this. Really, really good stuff. Now, Monday, January the 21st, we'll be doing a book signing, Chris will, at the Barnes & Noble, Los Angeles, at 6 o'clock at the Grove at Farmer's Market. And it's not just a book signing.

No, it's not, Dave. We're also going to be giving away $1,000. And so you've got an opportunity to come out. Now, you've got to be present in order to win, but you don't have to buy a book. I'd prefer that you did, but you don't have to, to win the $1,000. But it's a great opportunity just to get together, Dave, see some people that are all motivated and moving in the right direction. I can't wait to get this movement started. So I know you got a little traffic in LA and I know the book signing is tonight at the Barnes and Noble at the Grove at Farmer's Market,

but I also know somebody's going to get $1,000 for braving the traffic and everybody else is going to become an everyday millionaire if they follow the guidelines in this book, because we show you statistically how the millionaire did it. That does two things. One is it gives you real hope based on real facts, and two is it destroys the mythology out there that has stolen the American dream with this victim mentality, because I'm a victim of something. I'm not a person of privilege.

None of these millionaires that we found were hardly persons of privilege. Only 4% actually became millionaires because of their inherited money, according to their own responses in the survey. We added a little bit to that and found that some of them did inherit money, but they didn't inherit enough or soon enough to cause them to be a million dollars. In other words, they might have already had $2 million and then inherited $200,000. Right. So that did not cause them.

They did inherit money, but that didn't cause them to do that. It didn't cause them to be a millionaire. They were already a millionaire. Or they got it so late that the million was already on its way. And so what we can determine from these numbers are 93% of America's millionaires are not millionaires because of inherited money. That's an important number if you think you're a victim. No, it really is, because if you're looking and you're saying, listen, I didn't get anything. I don't plan to get anything.

Therefore, I can't become a millionaire. That's called false. These millionaires, over 10,000 of them that we talked to, these are people that were focused and they did some things consistently, Dave, over time. And so they realized that they were in charge of their future. They decided to make decisions and move in a direction. And so what it tells you, America, is that it's available. This is something that you can do as well. It's just a matter of getting started, Dave, and having the right information.

It's the largest study ever done of millionaires in North America. And we found that 94% of them grew up in middle class or less. Around 80%, 8 out of 10, said they were lower middle class or below. And so this idea that you have a silver spoon or this idea that you are a person of privilege whether it's due to race creed color national origin it's just false yeah yeah does everyone have obstacles of course yeah of course we're not saying no one has options this is not a pollyanna thing it's not easy if it's easy everybody do it we wouldn't need to write the book you know but but this is doable yeah it really is and and listen we all have

obstacles and we all have different starting points as well but the reality is is that it's a matter of making decisions being intentional and staying that way not getting distracted right not not following this next whimsical thing, but following a surefire plan. And that's what we walk through in the book. So hear me. The book is fantastic. The team did an amazing job working on this. We have the statistics from over 10,000 millionaires.

We talk about the attributes that these millionaires have. All of them have in common. But we also, more importantly, tell you their stories. I mean, it is amazing to hear where some of these people have come from, what they walked through, some of the obstacles and challenges that they had. But guess what? They didn't let it hold them back. They were very, very focused and extremely hardworking people. It's like Condoleezza Rice said at Entree Summit last year. It doesn't matter where you're coming from. All that matters is where you're going.

I love that quote. I do, too. I do, too. So Los Angeles, here's the deal. Tonight, Chris will be signing books in Barnes & Noble, 6 o'clock at the Grove at Farmer's Market. $1,000 given away by the SmartVestor crew. No purchase necessary.

Must be present to win and must be 18. That's always the giveaway rules, right? He'll be signing books in San Jose, California. And folks listening up there in the San Fran area and San Jose area, make plans to come out to the Barnes & Noble at Stevens Creek Boulevard. Again, $1,000. That's Wednesday night at 6 o'clock. On Tuesday night, we'll be doing the Smart Money event at Mariner's Church in Irvine.

Chris and I will be doing that together. And then, of course, on Thursday, Chris will be in Sacramento. Listen up, Sacramento. Here we come. Barnes & Noble, 6 o'clock at Arden Fair. And that's a $1,000 giveaway there as well. Again, all of this brought to you by the SmartVestor team and the $1,000 giveaways and all that. So you want to be there.

Because SmartVestor connects you up with the ability to do the investing that causes you to be an everyday millionaire. See how this all works together. It's not an accident. On Friday, you'll be in Seattle at the Barnes & Noble there. More information coming up on that really, really soon. Busy time. Last week of the book tour, three weeks out. Are you going to make it?

Oh, absolutely. I'm going to make it, Dave. You still got energy. I'm still fired up and ready to go. I may extend it a couple weeks. Really? No. But I am excited. Listen, California, i want you to come out i want to see

you you all have always treated me fantastic and and really turned out excited i expect to see you there we're we've already kicked off a new year now it's time to get on a plan that's going to take you where you want to go this is is not an accident. The American dream is available and I'm coming to see you to prove it to you. Well, it is available. It's hard. Yeah. It's not easy. Not everyone will pay the price that you have to pay to win. And then I guess it's comfortable to take a victim narrative if you're not willing to pay the price to win. And that's just sad. Yeah. Because we want better for you than that we believe in you we are proud of you we know that you can do this stuff and we think that hope is alive and well and it's not pollyanna and it's not just some kind of false positive thinking thing this is statistical facts

of exactly what occurred and it gives you a model to follow and if you follow the model it's best practices you will be one of the everyday millionaires that we're talking about. And we're meeting people everywhere that are now self-identifying. They're walking up to us and whispering, I'm an everyday millionaire. It's like they don't want to brag about it, but they're proud. But they're proud. And there's nothing wrong with that. And so if you are coming out in California and you are an everyday millionaire, I want you to come up, shake my hand, and lean in and just tell me. Because it's good for me to hear it. He might yell through the store.

Oh, yeah. No, don't yell at me. And I promise I won't. But I want you to give me a wink and tell me, Chris, I'm an everyday millionaire. And when I shake your hand, I'll know. I'll know it's not an accident. I know you made a decision to start to build your family tree in a whole new direction. The book is Everyday Millionaires, How Ordinary People Build Extraordinary Wealth and How You Can Too.

Barnes & Noble tonight in Los Angeles at the Grove at Farmer's Market at 6 o'clock. Be there. This is the Dave Ramsey Show. Your goal this year is to get rid of your debt, but here's the deal. In order to keep your momentum going past January, you have to make small changes that get quick results. That's why you need to attack your debts smallest to largest. I also recommend you look for ways to find extra money to pay off your

debt sooner. It's there, I promise you. Take a look at your mortgage. If you call my friends at Churchill Mortgage and request a five-minute checkup, they can help you find extra money. Churchill Mortgage Checkup has helped thousands of my listeners save big. In just a few minutes, the Churchill team can tell you how much cash they can potentially save you, or they can restructure your mortgage to pay it off early. Become debt-free in 2019. Call Churchill today at 888-LOAN-200, or visit churchillmortgage.com for your Churchill checkup. This is a paid advertisement. NMLS ID 1591.

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Nobody's even close. And there's no shame inducing. Everybody's done stupid. Everybody's felt this way. The trick is don't feel this way anymore. Wouldn't it be cool if a year from now you went, you know, I used to not be good at money, but I'm pretty good at it now. I got this thing on the run.

I'm cracking the whip on this stuff. Yeah, DaveRamsey.com, Financial Peace University. Or call Customer Care at 888-22-PECE, 888-227-3223. Michael is in Seattle. Hey, Michael, how are you? Good, Dave. Thank you for taking my call. Sure.

What's up? So I have the opportunity coming up very soon where I will be getting a promotion and relocating from Seattle to Savannah, Georgia. My wife would quit her job, and we have a house here in Seattle. So I guess the question is, should we keep our house here and rent it or sell it? Sell it. Sell it, even if we might come back in five to six years? You can buy a house when you come back.

Okay. Sell it. Here's why. If you lived in Savannah, you would never call me up and go, Dave, I'm thinking about buying a rental in Seattle because I might move there in five years. Correct. You would never say that because that's not logical. Because if you're going to want a rental, you want a rental down the street where you can watch it, right?

Yes. Around the corner. You don't want it across the continental United States. Yeah. We've got a lot of equity built up in the house, so we were thinking we would just sell and then buy a house. Yeah, that would be awesome. Sell and pay cash for a house in Savannah. It's a much more affordable real estate market and a wonderful town.

I was just down there. It's a wonderful town. And people are neat. It's got a good vibe. You'll love Savannah. But anyway, not that Seattle's not. But it's a different vibe. But it's wonderful.

And you really are going to pay cash for something if you got big. How much equity you got? So we owe $269,000, and the realtor said we could probably sell for $525,000. Oh, yeah, you can pay cash for something, for sure. For sure. How old are you? Good deal. I'm 34. You're getting ready to for something, for sure. For sure. How old are you? I'm 34. You're getting ready to have no mortgage, man.

Touchdown. Yeah, that'll be really nice. Yeah, sell that baby. Good question. Thank you for calling. Congratulations on the promotion. Tracy is with us in Boston. Hi, Tracy, how are you?

Good, how are you? Great to speak with you. You too. What's up? So we just started, me and my husband, with Financial Peace University. Literally, we're on like lesson three. Cool. And we did $1,000 in our emergency fund, and we started working on our snowball.

Good. And we have a good amount of debt. We get about 45,000 credit cards mostly. Pretty much, it's all credit cards. And we make pretty good money between the two of us. But the problem is my husband is a police officer, and he got injured on the job a couple years ago, about two years ago. And he's been getting paid full.

But they told us about eight months ago that at some point they're going to make a decision whether it will be a permanent disability, because my husband hasn't been improving, or a 30%. And we're thinking that probably next now. They told us that in August, eight months, nine months. So we're looking April, possibly. So I'm thinking, you know, should I stop the debt snowball? Should I just, you know, start putting money I start putting money towards my money market?

What's your household income? So household income, I think we take home about $9,200 a month, so I'd say about maybe $140,000, $150,000 a year. Wow, good. Okay. So now they're going to decide about the disability in April? Is that what you said? Yes.

And then it will happen in Augustust uh well no in august of this year he's been out for two years in august they were coming to some sort of decision and um the decision didn't happen so they said that probably would take eight months to a year oh it's a decision either way okay so you're not going to hear the earliest you're going to hear that they're going to do anything is April. The latest is somewhere around August. That's what you're saying. Yeah, but I'm thinking it's probably going to be probably right around April.

Why do you think that? Yeah, it's either permanent disability. Why do you think it's going to be April? Well, because in August, they told us it may take eight to nine months for a final decision. You told me eight months to a year. Well, I'm just ruffling, but they pretty much said eight months. Oh, okay. Eight months around that.

Okay, so they're going to tell you in April. Will it be instantaneous once they decide? They said pretty much. And it would either be a permanent 70% or possibly the minimum of either 70% or 30% of what he takes home now. Okay, wait a minute. That last statement didn't make sense. Okay. If he gets put on permanent disability, they're going to pay him 70% of his old pay.

That part I got. What's the other option? The other option is just 30%, which is... 30% of what? They're going to only pay him 30%? Oh, but he keeps working. No, this is him not working either way. This is just the way they work.

They either accept a full permanent disability or it's a medical disability, like not on the job. So it's very strange. So after this decision is made, he's no longer on the force. Right. Okay, and he's either going to get 30% for partial or 70% for total. Correct. That's what it comes down to. Okay, I got you.

So what's he planning to do when he's no longer on the force? Well, he's, I mean, he's mulling around ideas. He obviously says he's got to get a job, but it obviously can't be something where it's too physical. You know, he could do like a sedentary job or something that doesn't involve, you know, heavy things. So what's he going to do? I don't think he really knows.

I think it's past time to decide yeah because this is not not gonna happen he's getting ready to lose his job right the only question is how much he's going to be paid by them when he loses his job so i think you solve his career aspirations between now and april know what he's going to do with that, and you keep plugging away, because I think this is a good man, and I think he's going to make some money that's going to be a lot more than he used to make at the police department, and he's going to get the police department money, which he should for having been injured there.

This is the Dave Ramsey Show. I had a conversation with a friend recently, and he told me about a young man in his late 20s who died suddenly with no life insurance. Now, I don't want to sound unsympathetic, but this drives me crazy. What are people thinking? I don't understand how taking care of your family isn't a top priority. Most of you probably just spent a bundle on Christmas on things you didn't really need, and now you're making New Year's resolutions that are focused on yourself. But have you taken the time to do something really important like protect your family?

If you want to use the New Year as a reason for doing something right, then do it. Term life insurance is something every family needs, and that's why I talk about it every day. It's not complicated, it's not expensive, and you need to do this right now. Zander Insurance is the only place I recommend. Visit zander.com or call them at 800-356-4282. Please learn from other people's mistakes and get this taken care of. Zander.com. In the lobby of Ramsey Solutions, Nick and Elena are with us. Hey, guys, how are you? Awesome. Hi.

Is it Elena or Elena? Elena. Elena. Good. I got it right the first time. Good. Just making sure, because I it right the first time. Good. Just making sure, because I mispronounce everything. It's part of my job.

Where do you guys live? Stockton, California. Wow, and all the way to Nashville to do a debt-free screening. Oh, yeah. Well, we are honored to have you. How much have you two paid off? $87,483.05. Wow, very good.

And how long did that take you? 2705. Wow. Very good. And how long did that take you? 27 months. Wow. And range of income during that time? We started about 72, and right now it's about 85. Okay. What did you sell? Big stuff?

Yeah, lots of big stuff. Lots of money. What did you sell? No, we didn't sell anything. We just cash floated with the budget. Yeah. What kind of debt was the 88? 15 credit cards, student loans, furniture, cars.

Man, you have lived on nothing then. Yeah. To be able to do 44 a year, basically, for two years and make an 85, that's nothing. Beans and rice. At the very end, we did sell the house to move to California. That was about $10,000 of it. Okay. All right.

So that just pretty much finished it. Good for you guys. Very well done. So what happened 27 months ago that put you on this journey? Well, I'm from Buffalo, New York, and that's where we met. So we were living in Buffalo, and we were visiting her sister Rebecca at Christmastime. And it was six months before our wedding, and somebody had mentioned investing. Her sister mentioned Dave Ramsey.

So when I got home, she stayed in California for a little bit to go wedding dress shopping. I got snowed in with a blizzard in Buffalo. Imagine that. Imagine that. Yeah. And so she got stuck in California for a couple of days and I just spent eight hours researching Dave Ramsey on YouTube and it just got me so fired up when she got back home. I'm like, I signed us up for a class. We're doing this. Whoa. Elena, what'd you say? My husband got stuck in a snowstorm and lost his mind? Well, we had talked a little bit with my sister about the program and everything like that. And I was like, all right, it sounds good.

We needed a plan, so that was good. So it was kind of pre-marriage counseling then. It was. Oh, yeah, absolutely. And we got hooked up with some of the best facilitators in Buffalo, Beth and Brian Smith. They are amazing. They created such an awesome community of people just retaking the class twice a year and just keeping you accountable. I mean, I think that they've averaged over $1.1 million of debt paid off in that class.

Wow, they're super coordinators. Yeah, they are. Very cool. Very cool. Very cool. So when we moved to California, it was a promotion opportunity, and it was right in the same town that she's from, so we got to move right by her family. Oh. And we know it's a God thing totally because the promotion opened up.

I interviewed, got hired in a week pretty much for the opportunity and when we went to sell the house it sold in three days for asking price we sold all the furniture in there the company even helped pay for the move everything okay wow and then my company i work with a restaurant and they opened up a brand new store in the city that we moved in the month that we found out about his promotion so i was able to transfer very cool what do y'all do for a living yeah well i'm a manager i'm a bartender okay very good good for you guys very cool so when people find out you paid off 88 000 in 27 months and they say how did you do that what do you tell them the secret to getting out of debt is budget yeah definitely absolutely the budget it was amazing when we like it took us a few months to get it

down but once we got our budget down we felt like we got the biggest raises because it was halfway through the month and we had all of our bills paid all like money already going into the savings account we're like we still have two checks coming in like this is amazing so that's honestly how we were able to um just pile onto our debt snowball which yeah our list that we kept on the fridge to like keep us some coffee stains motivated that's a real one if it's got a coffee stain it's not real till it's got a copy. And then we even paid for a wedding in cash, too. I mean, that was just amazing. So, I mean, you had done student loans. How much was the car debt?

The car debt was, we had $7,400 left on it. How much was credit cards? $35,000. And you guys are how old? I'm 34. I'm 28. Yeah. And you guys are how old? I'm 34. I'm 28. Okay. Well, you've got a group of high school seniors sitting beside you here in the lobby that have come by for a field trip.

Convince them not to do what you did. Don't do it. Don't do it. Like, I seriously would just put everything on a credit card every month and just hope that I could pay it off. And she even knows how stressed I got when the bill came in. It was ridiculous. And if I would have done this 10 years ago, if I would not have taken any debt,

we'd be probably millionaires right now. And student loans. Don't try not to take out student loans. It seems like it's the norm. It seems like everybody's taking hundreds of thousands of dollars, but there are ways you don't need to do it that much. You know, you don't need to.

So I would definitely like look for scholarships, look for, you know, colleges that you can afford now. So you guys are young enough that actually has credibility when you say it. When I say it, I'm like the old guy that doesn't know anything. You know, way to go. I'm proud of y'all. Good job. I keep joking with her that you were going to ask us what the Hardest part of this would be

What was the hardest part? I keep joking saying it was not going to see A Brad Paisley concert Because he is my favorite performer Well Brad will be mad at me If I'm costing ticket sales here And it's a good concert, he's a great performer Well congratulations Well, Brad will be mad at me if I'm costing ticket sales here. And it's a good concert.

He's a great performer. Oh, yeah. Well, congratulations, you guys. Very proud of you. Very well done. Thank you. How's it feel now that you don't have any debt? Amazing.

I mean, it's just financial peace. There you go. It's amazing the stress. Like he already said, but just when that credit card bill came in, you could feel it. It was a weight on both of us. And now it's just, we have cash to pay for anything we want. We just have to plan it. Now we're saving up for a nice down payment on a house, and you know how housing prices are in California.

Absolutely. Well, you know how to do it now. You know how to do it. You can do anything you want to do now that you've learned how to play this money game and win at it. That's right. Well, congratulations. I'm very proud of you. We've got a copy of Chris Hogan's book for you, Retire Inspired. I actually have that book.

You already do. I'm in. Yeah, I know. Do you have The Legacy Journey? Yes, I do. Do you have Rachel's new book? Yes, we do. Well, I'll tell you what.

You pick out something in the bookstore that you don't have, and Dorothy will let you get it, okay? Dorothy and Kat will take care of you. There's plenty of stuff in there. Or if you want to just get a copy of something for a friend, since you have a duplicate, that'd be okay, too. We'd love to have you. But we want you back on the air when you are, millionaires. And that'll be the next chapter in your all story. And you're well on your way. All right. nick and elena stockton california 88 000 paid off in 27 months

making 72 to 85 count it down let's hear a debt-free scream three two one Two, one, we're dead free! Oh, my God! Yeah! Man. If you could talk to the, speaking of Brad Paisley, if you could talk to the 17-year-old version of you, what would you tell you? He's got a song about that. Has nothing to do with money. Nothing to do with money whatsoever but uh cute little song a lot of brad songs have a great he's got a great sense of humor but um but you know all of that aside if you could talk to the

17 year old version of you what would you tell you about credit cards oh you need to build up airline miles? Really? How's that working for you? As Dr. Phil would say. If you could talk to the 17-year-old version of you, what would you tell you about car debt? What would you tell you? Oh, nice, James. Pull in a little Brad for bump music. Just having the Brad Paisley theme hour here.

Oh, my gosh. That's all right. It's Nashville, after all. Just having the Brad Paisley theme hour here. Oh, my gosh. That's all right. It's Nashville, after all. This is the Dave Ramsey Show. Thank you. Our scripture of the day, Proverbs 13, 4. The soul of the sluggard craves and gets nothing, while the soul of the diligent is richly supplied. Wayne Gretzky said, Procrastination is one of the most common and deadliest of diseases,

and its toll on success and happiness is heavy. Spoken like a philosopher there, Mr. Hockey Player. Well done. Carol said, and Carol's calling from Milwaukee, Wisconsin. Hi, Carol. How are you? I'm pretty fine. Thank you for taking the call, Dave.

Sure. How can I help? Well, my husband and I have been dairy farmers for over 40 years. And my husband passed away earlier this year. And we have the farm to do something with. And I would like to do smart rather than stupid. I hear you. We have been thinking about the possibility of utilizing a farm trust of some type,

and we were wondering what you might think of something like that, if that's a wise idea. Okay. I'm sorry for your loss. How old are you? I am 82. Okay. And what's the farm worth? Right now, we just had an initial appraisal, and it's up to about $900,000.

Okay. All right. Do you still live on the farm? Yes. There are two homes on the farm. All right. And you intend to stay there? I would like to, yes.

Okay. All right. And have you guys saved money in addition to this? Nope. That's it? Okay. Yes. Okay. All right. And have you guys saved money in addition to this? Nope. That's it? Okay. Yes. Well, we have a small investment fund, but it's rapidly disappearing.

So how would you do something like just pay your property taxes? Well, we have a son who is interested in possibly purchasing the land and a grandson who was also interested in a portion of the land but i would like to protect the land to stay within the family somehow that's my major objective okay well the problem is i don't know how you can do that unless there's money to take care of the expenses. And so if in the future the family decided not to work the farm, then there would be no way to maintain the farm. Maybe two generations from now, that kind of a thing. And so I don't know of a way to do that unless you had a substantial sum of cash to leave in a fund to cover the expenses of the farm. And then it can just sit there and be idle and stay in the family if no one's working it. I know enough about dairy farming to know that you guys have worked very, very hard for 40 years.

Yes. Those cows don't take a day off, do they? I've noticed. So given all of that, I don't know that you'd want to leave this to someone that wasn't working. Well, that's part of my problem. I have one son who thinks he is able to come up with a loan for the property that's left. If that cash were to come in, would not that be able to be utilized within a trust? Well, but somebody's got to pay the mortgage. Now you've got a piece of property that's in debt when you do that,

and that's not going to be sustainable. That makes it even harder to sustain long-term. Now, the grandson that's wanting to buy a portion of it, what would that portion be worth? Somewhere in the vicinity of $500,000. Oh, he wants to buy half of it. Well, approximately, yes. Okay.

I mean, you could take that cash and use that to leave the rest of it in trust. That would work. And you would leave, you know leave some money to maintain the trust, and then you can dictate whatever behaviors you want for the people involved after that. I mean, what you probably need to do is sit down with an estate planning attorney to help you piece this together and work through your wishes and how to structure it. But, I mean, you could probably sell off a portion of it, use the money from that sale

to support the other portion that you want to leave in the family in perpetuation. But the first portion that's sold wouldn't be protected, so to speak. Yeah, that's my problem, though. I don't want to sell it off. Yeah. Now, if a son were to... Let me ask you this. I'm curious, okay?

Why? Why? Yeah, why do you not want to sell it off? Because there's blood, sweat, and tears into that ground for over 125 years. Oh, 125 years. So you're third generation. Yes. Okay.

So when they left it to you all, they didn't leave it in trust. No. But they left it with blood, sweat, and tears and tradition. Yes. But if you had chosen to do something else with your life, you were free to do that. Right. I do a lot of estate planning with my family and thinking about it, and one of my goals is not to trap my kids or my grandkids.

I don't want them trapped. Well, I thought possibly something like that could be built into the trust structure. Yeah. I mean, it could be. I think you need to sit down with somebody and talk it through that's really good at estate planning. I'm always leery of something being done forever and ever on a piece of ground, and the family looks back four generations or three generations or two generations later and goes, we are so stuck because she just wanted to make sure it stayed in the family, and we're in a corner.

We can't get out of this mess. It's a mess. And because you didn't leave them options. You had an option. You worked it. It worked for you. I'd rather you leave it to one of the kids that wants to work it and let them work it.

Don't even charge them for it. Just give it to them, that death, and let them work it and leave you a life estate on it. You stay there until you pass away. Let the grandkid death, and let them work it. And leave you a life estate on it. You stay there until you pass away. Let the grandkid and the son want to work it. Let them come in there and work it. And just teach them that what, you know, you'd like to see. Your wishes are, granny's wishes are, I want it to stay in the family.

But then, you know, if the world completely changes 50, 60, another 100 years from now, I don't know what dairy farming is going to look like i mean you guys didn't know what it's going to look like and you may you know they may not there may not be in the family anybody that wants it and then they're stuck with it because it's stuck in this trust so i i'm not a fan of that idea but uh but it's okay if you want to do it it's your land you've worked it i mean i'm not telling you can't do it i'm just saying you that's what i always think about like with a building i've got if i'm put it in a trust i go well it always has to be there it always has to be there

and can't ever sell it and if you ever sell it you know it just uh man so you got to be real careful of doing stuff and trying to think out 100 years from now because that's what you're doing so sit down with an estate planning attorney and they'll walk you through how to do it your issue on the financial front is going to be how the property is maintained if none of your family's milk and cows on it how's it going to stay there how you're going to keep the insurance paid the electricity turned on the property taxes paid and so on and you're going to keep the insurance paid the electricity turned on the property taxes paid and so on and you're going to need some money to do that so you're going to sell off something to have the money to work that to create this in perpetuation that's what you're facing so

could be wrong but that's how i understand it and i would tell you to sit down with a good estate planning attorney and be prepared to spend uh ten twenty thousand dollars to get this right because you got a million dollar asset here and you better spend some legal fees to get your wishes buckled down in good legal documents and it's going you doing something that's complicated enough you're going to spend a little bit of money with a lawyer and that's okay okay. You got it. It's what you do. It's why you've done all of this. Good question.

Interesting question. Obviously, good hardworking folk there. Man, 120 years in the family. That's something to think about, isn't it? Something to think about. Well, that puts this particular hour of the Dave Ramsey Show in the books. Our thanks to James Childs, our producer. Blake Thompson is our senior executive producer. Kelly Daniel is our associate producer and phone screener.

I am Dave Ramsey, your host. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. Hey guys, this is James Childs, producer of The Dave Ramsey Show. I'm excited to announce that we're now carried on 600 radio stations across the country. To find one near you, head to DaveRamsey.com slash show.