The Ramsey Show - App - How Can I Pay Off Debt More Quickly? (Hour 1)

Episode Date: November 6, 2023

Девочка-пай Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by the Jade Warshaw this hour, and we're taking your calls at 888-825-5225. Ring us up. We'll talk about whatever's going on with your life and your money. And Jade, it was a fun week last week, pre-launching my new book, Breaking Free from Broke. Thank you to the thousands who have already pre-purchased to get all the bonus items. You get audio book, ebook, access to my new talk, three months of every dollar. There's so much in there. I forget how much. That's a lot. Look, there's no reason that you shouldn't

pre-order this book today with $100 in free bonus items. It's a no-brainer. It's a win-win. This is like total money makeover meets complete guide to money meets the fine print and borrowed future meets my YouTube channel. A lot of information. It's eye-opening. It's motivating. A lot of humor, empathy, snark, and research. So you're going to love it. I guarantee it. There you go. Go check it out. RamseySolutions.com slash store and get your copy. All right, let's go to Lydia out in St. Paul, Minnesota. What's going on, Lydia? Hey, thanks for taking my call. Sure. How can we help? So I want some advice on a one-year game plan. We have some credit card debt.

It's about $9,000. My husband and I are moving so he can go back to school and he won't bring in some income, at least during the school year. So we want to figure out how can we eliminate most of this credit card debt. I do have a little bit of student loans as well in the next year. How are you paying for school? So it's actually seminary, and the way it works, we're Orthodox. The way it works is that we go under our archdiocese,

and so they will be paying for all the seminarians under our archdiocese, and so they will be paying for all the seminarians. Okay, so no cost to you guys. What about the student loans that you have now? How much is that? Yeah, I have $30,000 in student loans. Okay. Any other debt? And then credit card debt is $9,000. Okay. And is he able to work at all outside of school? Probably during the summer. I know that they have connections for the seminarians during the summer. But is he taking classes 40 hours a week with no time to take a part-time job on top of that? Yeah. Yep. And are you working outside of the home? No, I work from home mom,

so we don't worry about childcare. I have a flexible schedule and I'll be able to keep my job. What will your income be? Right now, I'm making $3,000, but it will probably go up in the next six months, probably double. Because of what? I'll be able to go full-time.

Ah, okay, great. And is that your take-home pay per month? So I'm at $10.99, so I do have to account for taxes. Oh, boy. After taxes, what would you estimate it to be? When you go full-time? I don't even know yet. Okay.

My guess is you're looking at probably closer to $2,200 take-home. Yeah. Is that enough for you guys to live? So seminary is being Orthodox. It's literally giving up everything to go. It's not like normal Protestant seminary. It's truly giving up everything. They're not covering your housing or anything, right?

They have married housing. So you're not needing to pay rent or anything? We will, but where we're going, it's a lot cheaper than where we are now. When does that start? In a year. Okay. So let me just make sure I get a whole idea of this. He doesn't start this for one year.

So you're wanting to pay off as much debt as possible so that when you get to this seminary time, you have less debt. Yeah. And then how long does seminary last? Three years. Okay. And what does he make now? Not much. What's he doing? Not what I make. Everything that he possibly can. He graduated a year ago from his undergraduate and it's been very hard for him to find something that. Well, what was his undergrad in?

History. Oh boy. Yeah. So what was he doing, teaching? No, no, no. We thought about waiting about five years so that way he could find some work, but it has been very, very hard. And so one day we were like, maybe we should just go earlier.

And so we've spoken with a lot of people. And they said, before you have more kids, before you have to, you know, think about other things, educating your kids and all that, maybe go. Look, I disagree. I'm going to be honest with you. I think I disagree. I think that you guys have a mess that needs to be cleaned up, almost $40,000 of debt. And you guys have not figured out how to make an income as a couple yet. And I think that you need to figure that out for a couple of reasons. A, when you enter life

as an adult and you get your big girl and big boy job and you're like, you know what? Okay, I've established my value in the market as far as what people will pay me to do a job. There's a certain level of confidence that comes along with that. And I think going from that into seminary is going to make you guys feel far more confident going forward as opposed to it kind of being like, well, he wasn't able to get a job. Let's just go ahead and try seminary. And then it puts you up against this clock of, okay, we have one year and then because what happens if you don't pay off the debt in a year because on 2200 a month that's going to be very difficult and so that's i mean you called us that's my two cents i understand you said you

have a lot of other folks giving you some other advice but if it were me there doesn't seem to be any reason for him to quickly go into a season of not making income for three years. That's just me. Yeah, what is the purpose of him going to seminary? Where did this come from? To become a priest. But where and why and when did this all happen that he feels called to this? The first day I met him, I knew that he was going to pursue seminary.

Okay. So we've always had that on our timeline. We got married in college. We've lived in his parents' house. We've been able to be in our own place for a year. I mean, we've lived incredibly frugally and humbly, trying to get through school and being married and also bringing

in a baby in our first year marriage. So we're used to the lifestyle of living pretty humbly. I just don't want the next three years of your life to be living hell and stress, because there's not enough income coming in. He's trying to get through school. He's feeling the pinch. You're trying to take on the burden of running this household, financially and physically, and that's going to take a toll on the pinch. You're trying to take on the burden of running this household financially and physically. And that's gonna take a toll on the marriage. So anything you can do to pay off this debt before you start seminary

is going to set you up for success. Because the truth is dreams take sacrifice. And so if he really wants this dream, he has this dream of being a priest, he better work 80 hours a week for the next year if he's serious about this dream. And can I ask a question? What does a priest make? Like what type of salary or is there a salary? hours a week for the next year if he's serious about this dream and can i ask a question what

does a priest make like what what type of salary or is there a salary it depends um it depends on what the parish that you're assigned to well what would you expect if you had to guess i would i don't know sounds like look i really want look, I really want you guys to research this further before you decide that in the next three to four years, you're not going to have an income. Absolutely. And we've got to do some homework here before we take this next step. But I'm doing everything I can. I'm pausing this dream until we get this debt paid off and get a good financial footing

under us. Thanks for the call, Lydia. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm George Campbell, joined by Jade Warshaw this hour. The number to call is 888-825-5225. Well, Jade, about 4,000 people sent me this article. Our team was buzzing about it. This was big news last week. Yes, it was. Here's the headline. Intuit to close Mint and migrate users to Credit Karma.

Ooh! Budgeting app Mint will be killed off on the 1st of January with users invited to migrate their data to Credit Karma. Ooh, how inviting that sounds. I never would. Give me your data. That's what it feels like. Gross.

Last year, the Mint team was integrated into Credit Karma as Intuit looks to combine the former's money management products with the latter's technology and product ecosystem. Let me tell you what their product ecosystem is, by the way. It's debt. That's their entire business model is luring you into different loan products, credit card products, and debt products. So don't fall for it. Credit Karma has never

been a budgeting platform ever everyone uses it to keep up with their credit score which is a waste of brain calories in my book help me understand okay so yeah they go on to say credit karma will use customer data to do things like suggest people use a different credit card to maximize their rewards opportunities or flag when they're about to be in a cash crunch. That's sad. Yeah. That's not budgeting, by the way. And so what they're moving people to is not a budgeting app at all. No. That's rough. It's just really a way to monitor how quickly you're going into debt. It ends with, however, users will no longer have the ability to set monthly and category budgets, instead getting a simplified way, quote, for you to build awareness of your spending and track your savings. Hold up. Hold up. What does that mean? What it means is that we have a solution

for these people because this right here is not a solution at all. No. So what's the solution, George? Well, we have a world-class budgeting app that does the one thing you want it to do, which is make a plan for your money ahead of time, by the way, not just tracking the mistakes you made last month and how much you did in DoorDash. That's right. But actually making a plan for your money ahead of time, by the way, not just tracking the mistakes you made last month and how much you did in DoorDash. That's right. But actually making a plan for your money. And we've got millions of people that have used every dollar to get that financial piece, get that confidence for where their money's going.

And that's the crux of our entire plan. That's right. And we won't sell their information. And we won't sell you debt. That's for sure. And we won't sell them debt. And we'll give them, here's what I'll be honest. Back in the day, back in 2015 or so, I downloaded Mint thinking, okay, I need a budget. I'll try this one. What it wasn't, why I didn't like it is

because if you're trying to get out of debt, if you're trying to save money, if you're trying to build wealth for the very first time, you need education. Like you need guidance. You need something there helping you knowing what the next step is okay i have this option or this option what should i do and one of the things i love about every dollar is there's that guidance built in that's always kind of pushing you in a direction it's connected to ramsey so it's always teaching you our principles really so it's it's more than just a budget it's like a free education you know oh yeah so for the four million mint users if you're listening to this i want to you know, we welcome you with open arms over to EveryDollar. And lucky for

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There we go. All right, let's get to the phones. Kalen joins us in Atlanta. Kalen, welcome to the show. Hey, thank you very much for having me. Sure. How can we help? All righty.

So I'm trying to figure out a way to eliminate. I have $314,000 in debt. So I'm trying to figure out ways that I can pretty much reduce that. What kind of debt is it? So I have $287,000 in home debt and then $7,000 in credit cards, but it's divided in between two. Okay. And then I have 20 in student loans. Okay. So the mortgage debt, is it just simply your mortgage or did you take out any sort of

P-Lock or loan against your mortgage at all? Yeah, just simply my mortgage. Okay, awesome. So for the time being, can we just take that $278,000 and just put it on the shelf and kind of pretend for a moment that it doesn't exist? Because the way we teach, the first amount of debts that you're going to pay off is just everything except your mortgage. So I think looking at it like that is going to make you go, oh, OK, twenty seven thousand dollars of debt. I can handle that. Is that fair enough? Yeah, sounds good. Awesome. So how familiar are you with our teaching? Not too much. I've been starting to get into it, especially now that I've gotten older. I just

graduated last year and life kind of sped up. So now I'm like, all right, let me get ahead of the game before I let a lot of time pass. So the way we teach is a series of baby steps. And maybe you've heard it before. It's seven baby steps. And for all intents and purposes right now, you're on baby step one. Now, do you happen to have any money saved anywhere? Yeah. So I have three separate retirement accounts and then I, in my bank

account, I have about 4,000. Okay. 4,000 in your bank account. Now is that for bills or is that money that you're calling savings? Savings. Okay. Awesome. So what I would do, baby step one is to get a thousand dollars saved. So I would earmark a thousand of that as baby step one for you. And that leaves 3,000 left. And we would take that 3000 and we would apply it to your debt. Baby step two is paying off all of your debt except your mortgage. And you're doing that using the debt snowball method. And what that is, is we list all those debts that you have smallest to largest. So in this case, probably your two credit cards are going to be first. And then your student loans, if those are broken into smaller loans,

you would list those along with your credit cards in order of smallest to largest. Does that make sense? So we'd pay that $3,000 on whatever the smallest debt is. My guess is the credit card. Yeah, exactly. Is it enough to pay off that credit card? Yeah, for one of them, yes. That's going to feel good. It's working

already, George. So you pay off that first credit card. And then if you have any extra money that you can throw towards debt, you put it on the next smallest debt. And that's what you're doing month to month. And the key here is you going quickly, right? So we're bringing in as much money as possible. What's your income at this point? So it's $101,000. Hey, let's go. There we go. What are you investing right now? You said you've got three retirement accounts. What percentage of your income are you investing? So right now I'm doing $50 a month in just a Roth that's through Primerica. And then I have a 403B account for a hospital that I used to work for. I worked every once in a while. So usually about a month, I'm putting in $35,000 and they're averaging like $15,000.

It's not too much on that one. So let's say $50 a month. And then I'm doing 4% of my actual salary right now in a separate Roth. Okay. So what if for just a short time, we took that 4% down to zero, we paused all of our investing, that's only $100 over there, 4% over here. But what that's going to do is add a nice chunk of change to your monthly income you can use to throw out the debt. Probably, you know, 300 bucks worth at least. True. True.

And so that's going to get you out of debt even faster. Because I think making 100 grand, you can pay off 27 very quickly. Yeah. What would it look like if you lived on 75,000 or 70,000 this year instead of 101? It'd look a lot prettier, that's for sure. It'd look like you being debt-free. Yeah. Man, doing this while you're young as a new grad is going to be so much easier than doing it later on in life when you have other responsibilities and a spouse or kids and life got expensive. And I think that's going to free you to then get your emergency fund fast, three to six months after you're out of debt. Then we'll

go back to investing and it's not going to be a meager 4%. We're going to bump that up to 15%, which is going to be 15 grand a year. And then you pop that into a compound interest calculator and your eyes will explode over how much money that will turn into over time. Then in baby step six, once you got that dialed in, baby step six, we can start paying off the house early by throwing extra at the principal. And you'll get there, man. Okay. Sounds good.

You're going to be in your early 30s with a paid for house if you followed this stuff. That's right. And not fall for all the traps and distractions that are out there today. And there's a whole lot of them. George, you know about paying off your house in your... Yes. Have you hit... Are you in 30s?

Yeah. Okay. I'm still here, Jay. You've got a boy in your... Yes. Are you in 30s? Yeah. Okay. I'm still here, Jay. You've got a boyishly young face. I wasn't sure. Thank you. I'm somewhere between 25 and 40. I'll never tell. No, it's fun. It's a good life living in Baby Step 7. I'll tell you that much. And it's possible whether you're 25 or 55, you can get there. These steps work for everyone. This is The Ramsey Show. Welcome back to The Ramsey Show. Welcome back to The Ramsey Show. I'm George Campbell, joined by Jade Warshaw. If you want to talk about your life and your money, call us at 888-825-5225.

Eileen is in Portland, Oregon. Eileen, welcome to The Ramsey Show. Hi, thank you for taking my call. Sure. My husband at 58 years old has been diagnosed with early onset dementia. And you guys talk about long-term care, but I think I can self-insure. Okay. So I was wondering if you had any suggestions on how to plan. Yeah, walk us through some of the numbers here. What's your nest egg? 3.0. Awesome. And are either of you still working? We both are. Okay. And what's the household income? It ranges from $140 to $160. Very good. Wonderful. Okay. And what does the next few years look like as far as his care? Have you looked into that?

Not really. He really needs to change careers because it's causing more stress. But we don't know what that looks like yet. With his diagnosis, what does he qualify as far as long-term care is concerned, since he's already gotten a diagnosis? What do you mean as far as, like, asking about the insurance, long-term care insurance? Uh-huh. Well, I guess my question is, so if he loses his job, he is a breadwinner, and he holds all the insurance, the health insurance. So if he loses that or can't work, then we have, I'm 56, so we would have many years without insurance until we can get to Medicare. So you'd be covering that out of pocket for those years, which you have the money to do. I mean, you guys have an awesome nest egg. What is that invested in?

401k, IRA, Roth. And then he has a, I can't remember what it's called, with a company and contributes some to. A match. And then, yeah. A match. Yeah. Well, kind of. Some sort of pension plan? Kind of, yeah.

Kind of is like 3% a year. And then I have a couple few small ones, but I'm self-employed, so I can't contribute too much. So you mentioned that he's the breadwinner of the $160 per year. What portion of that is his and what portion is yours um he's probably between 115 and 125 depending on overtime okay and then i'm the rest okay it's all gross that's gross that's not nothing okay so we're what we need to cover what we're thinking about is just not only your normal insurance needs, health insurance needs,

but at a certain point, you're going to want some sort of care for him as this progresses, some sort of in-home care, right? I'm hoping so, yeah. Okay. But I don't know how soon. I just have no idea. It was a surprise. Oh, I bet. That's a very difficult process. Now, the issue you may run into is because he has this pre-existing condition, it may keep you from qualifying.

Right. So that's something that you may be out on that. I'm glad you have this nest egg because if this happened and you guys were broke, it would be a different situation. But you might need to self-insure. You might not qualify for that long-term care. I would still look into it. I think it's a bargain for what you're going to self-insure. You might not qualify for that long-term care. I would still look into it. I think it's a bargain for what you're going to get out of it.

But you guys should be okay other than, you know, dealing with this diagnosis where we don't know what the next several years of his life looks like and if he's going to be able to continue working. But it sounds like you guys have set yourself up to where it's going to be okay either way. Yeah, I guess it just doesn't feel that way. Do you guys have set yourself up to where it's going to be okay either way yeah i guess it just doesn't feel that way i guess you know do you guys have any debt no zero no house payment or anything so if you looked at your household expenses and you looked at your income could you still cover all the bills without even touching the nest egg right now not net probably not no that might be some good homework for you to sit down and use every dollar

and we'll gift you three months of that to sit down with the premium version and go okay let's look at all of our bills let's look at our income now let's delete your income out of this equation and see where that would leave us okay also. Also something that would make me feel better, if I found myself in your shoes, Eileen, I'd probably sit down with my investment professional and I'd say, okay, let's project the next three years. What do we think that our net worth is going to stand at? And what would it take? What could we draw off of our retirement in order to meet what we pay ourselves now, which is around $140,000 a year? And could we comfortably do so? It looks like with the 3 million net worth that you have, if that's what's

in retirement, you'd be able to do that very easily. And then if you say, okay, now let's just assume that we don't have health coverage like we thought we were going to have. What's that going to cost us out of pocket? And if we add that again to what we're drawing off of our nest egg, and I can just tell you just quickly running some numbers in my head, you're going to be fine. But I think it's going to make you feel a lot better if you sit down with your investment professional. If you don't have one, you can find one of our SmartVestor pros and sit down with them. And I think that's going to give you and your husband a lot of peace for someone to track out the numbers with you and show you on paper what this is going to cost you, how much money you're going to have in the next three to five years. And that's going to give you guys the peace you need to sleep at night. Thank you for the call, Eileen. Hang on the line. We're

going to give to you three months of every dollar premium so you can put these numbers on paper and make a plan for the future. Jake joins us up next in Raleigh, North Carolina. Jake, what's going on? Hey, how are you guys? Thank you so much for taking my call. Absolutely. How can we help? So I had a question.

My employer currently right now offers me the ability to, I guess, make my own selection of percentage between a traditional and a raw. And I guess I didn't know if I should split up a percentage between the both of them, maybe do all 15% in one or the other. So I guess just curious on your guys' opinion on it. I'll tell you what I do. And if that's any consolation, I go full Roth. Me too. I love the idea of looking up at 60 and I've got 2 million in a Roth account, which means Uncle Sam already took his share. And I have 2 million tax-free dollars to use. And so the question is, do you want to pay taxes now or later? And we can get into the argument of, will taxes be more later versus less? And what will your tax bracket be?

I just don't want to worry about that. I know, that's right. Yeah, okay. And so what do you think I should do now, I guess, with what I have been, I have been using a traditional. Okay. Should I roll that all over into Roth? No, just pause. Leave the traditional where it's at, because if you roll it, you're going to have a tax burden to pay, and you only want to do that once you're in baby step seven, and you have no debt, including a mortgage, and you can stomach that. So I would just pause what you're doing in traditional and start in Roth.

Okay. Are you out of debt? I'll do that. Yes, I am fully out of debt. Awesome. And you got the emergency fund. You're investing 15%? Oh, yeah.

Currently, I'm investing 10%. I can't afford to do the 15%, so I'm going to make that election now. What's keeping you from the other five? Are you saving up for a home? I guess it's just a personal thing, just not liking more money coming out of my paycheck. I do save a lot of money. I have about $80,000 in a high yield account currently. And I just kind of like just not seeing the money go down, I guess.

In the stock market, you mean? Like if it's in an investment account? Yeah. I don't really have anything in investments besides my 401k. I just, I only make, that's the only, I guess, investment that I do have. And then I just kind of keep everything in cash until I eventually do buy a home. So I'm kind of looking at that maybe in the next year or two. Is your 10% enough to max out your 401k? Currently, no. No, it is not. I make around $95,000. Okay. Look, if I were you,

I would jump that thing up to 15%. I would get used to working that muscle and... Get used to living off 85 and you're going to be real happy later on in life. You sure are. Because if you go do a calculation on our investment calculator, what that extra 5% will do? Because you sound like a young guy. How old are you? I'm 25. From 25 to 65, 40 years of that extra 5%. And by the way, your income is going to go up. You're already making great money at 25. Imagine you're making 150 and you're maxing out accounts. It's going to blow your mind how much money you're going to have.

And I know it's scary because you want to see the money saved. You don't want to see it go up and down. You know what I do? Don't look at it. Don't look at it. I look at it once a year just to go, oh, there it is. You know what? I'm you want to see the money saved. You don't want to see it go up and down. You know what I do? Don't look at it. Don't look at it. I look at it once a year just to go, oh, there it is. You know what? I'm not going to lie, George.

I look at it a lot more often, but I can take it. You're snooping. I just like it. I like riding the roller coaster. But if you're skittish, do it. I'm not saying you're skittish, George. Most people only look at their 401k when the market's down. That's right.

That's the worst time to look. I know. I know. So, dude, 25 years old, you're crushing it. No debt. I would bump it up to 15%. It's not going to change your world dramatically, but it will later on. So that's what I'm here for. Make a decision today that future Jake will be very grateful for. This is The Ramsey Show. This is The Ramsey Show. I'm George Camel, joined by Jade Warshaw this hour.

If you enjoy the show, we would love it if you would consider sharing the show, subscribing to the show, leaving a review wherever you're listening, and sharing it with friends. It means the world to us. We have a very limited marketing budget because you all are such great marketers for us. Telling your friends about it, you know, showing them the life change that you've experienced. That's one of the best ways to get someone to listen to the show. You go, you paid off all that debt? You're like, yeah, I've been listening to the Ramsey show.

Got me motivated. I'm ready. Add it to the repertoire there. So I appreciate that. Chris joins us up next in Vancouver, British Columbia. Wow. What a journey. How are we, Chris?

I'm good. How about yourselves? Good afternoon. Yeah, we're doing good. What's going on with you? How can we help? I need some advice on something honorable and meaningful to do for my children and myself with an inheritance. Okay, tell us about it. Okay, it's been kind of a rough summer. My best friend of 40 years passed away then my mom passed away a week later and my stepfather just died recently oh gosh there's yeah it's it's brought

me back to jesus and it brought you know brought me deeper uh relationships with my children so there's some positive things out of all that tragedy and sadness. Wow. What a great attitude. Thank you. Yeah, I'm definitely a half full glass kind of guy. You definitely are, man. I don't know how you do it, but we appreciate it. It's inspiring. All right.

Thank you. Thank you so much for that. So this is generational money. This is money that my grandparents and I guess great grandparents earned and they passed it on to my moms, and she's passing it on to me, and it's a little over half a million Canadian dollars. Okay. I'm 60 years old. I'm on disability.

I work part-time on a dairy farm, and I have two young children. They're 8 and 10 years old. Cool. So half a million dollars. What would be your advice? Say again? Oh, go ahead. You go ahead. No, I'd just love to know what you guys think. What are we going to do with this 500? Where is it sitting right now? It's, the probate is just about finished, and then it will be transferred to me and my sister. So there's about a million dollars plus transferred and divided between the two of us.

Okay. And you get $500 to do whatever you want with. That's correct. Do you need the money? You know, I've been living like a pauper and a farmer for years. No, I don't really need it. So do you have your house paid off? No, I do not. I'm. So do you have your house paid off? No, I do not.

I'm a renter. Okay. And yeah. I mean, that was something that was top of mind is something like that to pass on to the kids. Yeah. Do you have any other debt? A house. I have a little credit card debt of a thousand bucks.

And that's it? That's it. I think $500,000 might cover that. So that's a good start. I love that. So what to do with the kids? So the hard asset, the property is the thing to go for? Potentially.

I mean, Canada I know is wildly expensive. Every caller from Canada is like a condo starts at $2 million. Yeah. So I understand that property may not be the right next step right now. I think it's great long term because when you're 80 and rent continues to go up, that worries me. So I'd rather you get into something, even if that means, hey, the kids aren't going to get anything right now, but they're going to get this paid for house by the time I'm retired and gone from this world. What's your income working at a dairy farm?

It's really small because I take care of the kids five days a week. So it's only about $1,400 a month because I milk on the weekends and Friday night. But that's about it. And the disability is about $1,800 a month. Okay. And that covers everything. Well, it covers the food and the rent and then the bills. And I've got about $ bucks for myself after all that.

Yeah, man, you've been living frugally. You're not, it doesn't sound like you have a lavish lifestyle. No, not at all. I mean, you know, I'm a retired chef as well, so I can get through the food thing easily. I can turn anything into a meal pretty well. I love this. It's a great skill to have. Yeah, certainly. What would it look like if you started looking at real estate in your area

to see if there's something that you could put a very sizable down payment on, if not pay 100% cash for? Yeah, I've been looking around and, you know, because of my farming background, I would like to have something with a bit of land attached to it. And things, as you mentioned before, things are ridiculously expensive. Even in rural areas? Yeah. I mean, the farmland that I'm working on right now is $100,000 an acre. Wow. It's insanity, right?

Wow. And everybody's talking bubble, bubble, bubble, but the bubble just gets bigger. So I would like to get something without having a mortgage. And I'm thinking that it's potentially a buyer's market. People have said there's a place I've been looking at for seven hundred thousand. And I said, often I'm four. These people have had this on the market for five months. Yeah, why not? So, I mean, yeah, what's the worst that can happen, right? I can super lowball and not get it, but at least I try. Yeah, that's one route to go. Because when you think about the kids, if we instill in them good money principles, help them avoid debt, we help them get their first car in cash, we help them go to school if that's their next thing, some college education, debt-free.

Beyond that, they're going to be okay. They don't need a huge pile of money at 16. And so I'd rather you set yourself up well, and then whatever's left from your estate gets passed on to them, and the legacy continues that way. And there's some fun things you can do now. I love that. There's only three things you can do with this money. You can give, save, and spend. And I would encourage you to do all three and do that with them. They're old enough that they're going to remember this. Yeah, well, we are giving. I do a breakfast program at their school three days a week, and there's about 40, 45 kids that come every morning,

and there's a real need for it. So we're kind of in the spirit of giving. That's one way of expressing you know, expressing your faith. Absolutely. As far as I'm concerned. Yeah. You know, not talking from the pulpit, but doing something in the trenches. That's good.

I love that. Well, I would start to divvy that up. Of course, let this money just sit. I would put it in a high-yield savings account. I don't know what the Canadian version of that is. I'm sure there's something out there. And just park it for now. And later on, maybe you invest some of it. Maybe you use it as a down payment. Maybe we give some of it. Maybe we spend some of it. We take the kids on a fun trip and go, this is thanks to the wisdom and legacy and good money management of the ones that came

before us. Hallelujah. Yeah. I think that's a great idea. That's what I wanted to do. I wanted to park it. I didn't want to make any rash decisions. I don't have any kind of crazy aspirations to have a Ferrari or anything like that. So well, can I ask you this? Good advice. I really appreciate that. Well, let me ask you one more question. Do you have any money saved for retirement? And are you currently putting away anything for retirement? That's a scary laugh, Chris. I know it is. No, I'm just ominous. That's the laugh of a man on the edge. Yes. I am a paycheck to paycheck and it's through God's grace that I'm getting by every day.

No, I do not have any savings. What's your rent? My rent is $1836, which is a screaming deal for a house in Canada. It's also over half of your income. So that's where I go. I think real estate might be the move, just getting something reasonable that you can pay for in cash to remove that largest fixed expense of your life. You're going to be able to breathe again if you get rid of that rent.

And you'll be able to have some money to set aside into some sort of a retirement account monthly. It'll free up some margin for you. Okay. Okay. So that's good. Yeah. Because I think there's a, my limit here is a tax-free saving account is $120,000. So that's what you mean by high yield, but I've only done just a really cursory look at what I can do with the money. That's once again, why I'm calling you folks. And yeah, I think you're right about being able to breathe all the chest pain would go away. Yeah, even if it doesn't have to be the dream farm,

you may just be able to help out on a farm nearby, and you may not be able to purchase the five acres you always dreamed of, but at least getting rid of that expense is going to let you retire with some dignity and still have some money left over to raise the kids. God bless you. I really appreciate that. Thank you. Thank you. That's good. Absolutely. George, if I'm him, I would take three months, three to six months of that. I'd set it aside, like you said, in that high yield, just so he's got a cushion there because he's living life on the financial edge. All it takes is one emergency. Yeah. But then he can take a decent chunk of money and like you

said it sounds like he was talking about a dream farm he can get something probably for a little less pay cash for it he's got margin now he can start putting aside whatever he can i'd love for him to get to 15 but man thanks for the call chris you're you're an inspiration love that call that puts this hour of the ramsey show in the books i I'm George Camel. She's Jade Warshaw. Big thanks to all the folks in the booth keeping the show afloat. And you, America. We need you. The show would be nothing without you.

And we'll be back before you know it.