The Ramsey Show - App - How Can We Increase Our Income? (Hour 2)

Episode Date: February 26, 2024

🎵 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 actual amazing relationships. I am Jade Warshaw. John Deloney is to the right of me. I'll be taking your money calls. He'll take your calls on really just everything else, John. I feel like you run the gamut. We were just talking off air. This whole show exists for one reason, to provide hope. That's right.

That's what this show is about. But man, I tell you what, sometimes that light gets real dim out there. It does. Like when you just, I'm you what, sometimes that light gets real dim out there. It does. Like when you just, I'm not a big news reader, but occasionally I'll just dip my toes back in. God almighty. People have lost their minds. Oh yeah. Across the gamut.

When it comes to schools and marriage, we had a caller in a former hour that was like hey man like my parents are speaking into my marriage um i'm married with a kid and we live in their like rent-free in their house it's like yes yes well i'm scared to like you know grow up and it's like i i just i i don't have a psychology for it sometimes and that's why i'm glad you're my friend jade listen at the very least we are always going to tell you the truth truth man and the truth I don't have a psychology for it sometimes. And that's why I'm glad you're my friend, Jade. Listen, at the very least, we are always going to tell you the truth. I'll tell you the truth, man. And the truth should bring hope.

At first, it'll make you be like, oh, crap. And then if you turn that corner, there's hope on the other side. And we can always look over here through the glass at the mighty Bob Marquez. That's right. Between two of the most hopeless people sits Bob Marquez, who brings joy and light into everyone's life. Oh, boy. And he has a great radio voice. All right. Between two of the most hopeless people sits Bob Marquez, who brings joy and light into everyone's life. Oh, boy. And he has a great radio voice.

All right. The best. Give us a call. The number is 888-825-5225. And we will chop it up with you. And, John, hopefully you can. We're going to shine the light. You can find that group that you need.

All right. Let's go to the phone lines. We got Stephanie in Albany, New York. New York. What's going on, Stephanie? Thank you for stopping me from getting into it. I'm hoping you can give me some hope. We got you.

Trying to get some perspective on a big decision that my husband and I have to make pretty soon pertaining to his career. He's finishing up a medical residency, which is very exciting. And he has two offers and we're trying to weigh the pros and cons of each. And yeah, we're kind of stuck on where to go which which one to pick tell us about the offers well one is where we could stay where we are living now um would not have to move it's offering about 90,000 more than the other offer because in like um student loan repayment and a sign-on bonus and a little more salary. The other one is still a good offer, but would get us closer to my family and friends in Pennsylvania. So both good options, but we just don't know what to do. Let's think about it.

How much student loan debt is he going to have coming out of this? $300K. So my initial thought, and you can start poking holes in this, my initial thought says, okay, if there's $300,000 of student loans that we're going to have to pay off and we can stay where we're at and make $90,000 more, that's looking like, it's starting to look like a green light for me. Help me see why it could be better simply moving closer to family, your family.

Well, that's what I'm struggling with. I think financially, on paper, that does make more sense. But you've been dragged around through med school for the last seven to 10 years and you're ready to get back to your family, right? Yeah. Yeah. So I just don't know how to look at it, like from a financial point of view, or I felt like I've been looking at it through a microscope,

through every angle possible, and now I just, I don't know where to go. All right, let's change the whole, let's back all the way out, okay? It's sometimes the more, the finer the microscope, the more we think we're learning, but actually it just blurs up the whole thing. So let's back all the way out. What Jade said is right. The math is the math is the math.

And you can try to make the math not the math, but the math just is. Right. Instead of, should we do this or should we do this stop looking at this as a right decision versus a wrong decision and just exhale and say what a crazy fortunate season of life that we got two options and that means that you're going to pick one and six months six years down the road, you're going to have more. You're going to have different ones. And reverse engineer this whole thing and ask yourself in nine months, when your husband comes home from work and your kids come bebopping in the house,

what do you want that to feel like? Where is that going to be? And build the life that you want to have. Don't look at it as a scarcity, like, well, it's got to be this one. It's got to be that man. There's, there's so it's such a more, it's such a more vast picture than, than, than when you're trying to look at under a microscope. Are you tired in New York? I'm hot and cold with it. There are things that are really great about it, but do you, is the thought of living next to your family life giving to you yeah okay have you been honest with your husband about that i have yeah okay as he said i don't really care we're gonna make a whole bunch more money get my loans paid off so we're staying in

new york no no he he has not said that um that. But that's another thing that's just kind of complicating this for me is like it's not really my career. You know, it's his career. It's your home. It is your home. It is your home. It is y'all's home. Yeah.

What is your career? Are you able to just easily move? Yes. Yes, I was. I owned my own business for 10 years, but gave it up a couple years ago, and so I'm mobile. Okay, but... And now I'm staying home with the kids.

Okay, so, okay, I see. Well, many times people call in, and I don't know, maybe John and I are opposing. I don't know that we're opposing. We might just be focusing more. No, I say to stay in New York for 24 months. Y'all shake hands 24 months and we're going to live Spartan and we're going to pay these stupid things off. Okay. And then we're going to see how life looks. Yeah, I'm with that. I'm with that.

Once we've exhaled and then say, and by the way, we're going to budget for 10 grand because we're making a whole bunch of money for flights for me and the kids to go to Pennsylvania and spend some extended time. And so we're going to build some of that in and you can practice life in Pittsburgh, but also you can get these stupid loans out of your hair because y'all have made a bed

that you got to sleep in for a minute. And then you can begin to decide what kind of life do we want to have? That's my picture. No, I'm with that because so many times, Stephanie, people call in after the fact. They've made the move because they've kind of followed their heart on the journey and now they're in it and now the reality of the money that they owe comes you know crashing hurtling back at them and it's like oh man what do I have to do and it's in those moments that I'm always telling people listen you you have to choose like there there's whenever you've made a

I'm going to call it a mistake because I think that debt is a mistake because it's something that you always have to go and you're having to fix the past right so in that way I'm going to call it a mistake because I think that debt is a mistake because it's something that you always have to go and you're having to fix the past, right? So in that way, I'm kind of calling it a mistake. You do have to trade off. And I'm kind of hoping that you can make that trade on the front end, like John was saying, instead of moving to Pennsylvania now or as soon as he takes this residency and then finding out, oh man, like we've got this crazy debt. It's not as great as I envisioned it would be because yeah, I'm close to my family, but now my husband's got to work, you know, three times as hard. And it just, I don't think it will be all it's cracked up to be if you don't have that freedom very closely in your, in your mirror. So I would do what John said.

This is the Ramsey Show. What's going on, party people? This is The Ramsey Show. I'm Jade Warshaw. This is Dr. John Deloney. We are taking your calls, so give us a call. Numbers 888-825-5225, and we will give you our best advice that we can come up with. Some say the advice is worth what you pay for it. That's an old school. Davism. Yeah, that's a Davism. Guys, I want to tell you about a new event that's coming up that I'm super excited about. This is the Total Money Makeover Weekend event. TMO. Yeah, TMO. That's good. Here at Ramsey, we like to make acronyms for everything and just say the abbreviation. So it's T-M-M-O-W. Total Money Makeover weekend happening May 10th and 11th here in the Ville.

Nashville is what I'm talking about. We've got an event center up on a hill. It's really amazing if you've never been there. And so the point is, it's a smaller or limited venue, I would say. So you got to get your tickets right away. These tickets are starting at $99, guys. So please believe that their hot potatoes are going fast. You can get your tickets now at ramseysolutions.com slash events. And I think that you should get a ticket because this event is very different, John. This is a crash course on everything we teach people about money. You'll hear everything from, you know, brand new content, brand new. So if you've been

to one of our events before, you're like, I already know what it is. No, this one's different. All the personalities are going to be there. We're talking a different spin on budgeting and beating debt and investing and more. And so what I like about it is no matter what baby step you're on, it's for you because we're talking about all the baby steps. So whether you're paying the house off or you're just trying to get $1,000 saved, this is the event for you. One of my favorite things that we're implementing is more and more Q&As.

So you'll get to ask your questions and we'll be answering them. I don't know about you, John, but I have some pretty fun stuff up my sleeve planned for this event. So I'm looking forward to it. Yeah, I think it's gonna get off the rails a little bit, which I'm looking forward to.

Yeah, the first 500 tickets have already been sold. And so you gotta keep going. Oh, I'm sorry. I read this wrong. It says, with the first 500 tickets sold, you'll get a copy of Total Money Makeover signed by Dave. Wow, that's great. Very cool. That's going to go really fast. So make sure you get your tickets, again, $99 for a limited time, ramsaysolutions.com slash events. That's cool. I'm excited for that. I don't know about the rest of you guys. Let's go to Travis, who's in Portland, Oregon. What's going on, Travis?

Hey. Hey, good. Hello, guys. Thank you so much for taking my call. And I really appreciate your time. And I'm happy to be here. Well, we're happy you called in. How can we help?

Well, I was just hoping you guys could shed some light on maybe what angle I should be thinking towards our debt and getting out of debt and what steps I should be taking. So the premise of it is we have $65,000 in debt to go. We were at $127,000. We were semi-gazelle intense, and then my gazelle got a leg cramp there for a second. But we're back on it. Okay, good. Yeah, we're back on it. Um, I'm, I'm personally active duty and I'm a nurse and my wife is also a nurse, but she is got the harder job, which is being a full time mom. She homeschools. Um, she has a teaching background, so we're really trying to put an emphasis on giving our kids a home education. In the past, I've tried to look at maybe getting extra work, but being in government, it's really hard sometimes because there's what's called conflict of interest.

So I found it, in my opinion, too difficult for me to look for extra work without breaking our rules. What makes it a conflict of interest? Can you give me an example? Sure. And I'd prefer not to give the details of the agency, if you don't mind. But I one time applied for a job and I got accepted. So I had to go to our HR department. And because the other company received grants from the federal government, we can't work with that company. So it's that kind of thing. And it seems like that happens a lot in the medical world because a lot of things come from the federal government, payment-wise or grant-wise, right? So, I mean, unless I want to be doing, and I'm not against it, but I could be like DoorDash or something, but I prefer to do nursing shifts

because they typically are going to pay better. Right. But if you can't, then, because it sounds like you're saying you're trying to, but you're running into this red tape. So the question is, what are you going to do instead? Yes. Yeah. And I guess the other part of that question, and I have so much respect for my wife, so I'm not saying this. I don't want to be misquoted or misheard, but my wife also has a nursing license, and I thought about her maybe picking up two or three shifts a week. That's great. Yeah, but I guess the issue is I don't think she's quite on board with that, and I don't know if I am either,

and I'm just wondering what you guys think is the best course to take because you're both working you're working at your nurse job and she's working with the kids so I don't think it's bad to ask the wife who's at home to also pick up work if you're also willing to pick up work I feel like it's both of you sacrificing in the way that you can with the hours that you have. John? Yeah, and it's easy to paint these as forever conversations. And what I hear a lot on the show is people calling and they've boxed themselves into a cage with their own variables. We have to homeschool our kids.

We have to do this. We have to get this paid off. We have to do this and we have to do this. Well, then there's nowhere to go. And so what I always want to recommend people do is just think in six month increments. For six months, could we, could you take the shifts that you're able to work? And because you're also active duty, you're going to become a part-time stay at home dad while your wife goes and picks up shifts that are actually that y'all

can send to the creditors that you owe y'all created a world where you owed 120 something thousand dollars you got it down to 60 something thousand but that journey's not over yet or can we put our kids in a local local small school or in a public school for just one year and it's going to make us so uncomfortable that we are going to go bananas getting the stuff paid off working every shift we possibly can you see what i'm saying and then yeah if you make that you know this you're in the military you make that short-term sacrifice it pays off forever it's just being able to say hey this is not forever this isn't the way this is going to be and by the the way, this is not how we drew this up. We don't want this to be true, but it is.

What do we have to do right now? And I think y'all are too smart. Y'all could solve this problem. It's just you've trapped yourselves with your own have-tos and shoulds and musts, and it's going to keep you paralyzed. I appreciate the insight. Does that make sense? Does that make sense?

It does. It does. Yes, it does. I think it would be something that I would want to talk to my wife more about because I think she's a bit more apprehensive than I am, and I don't want to come across as disrespectful to her because I think what she does is incredible. Dude, I think you've got to stop apologizing. You're tiptoeing in,

and I think that tiptoeing makes her think something's wrong. And both Jade and I are telling you, man, there's no tiptoeing. Y'all are both working your butts off to try to meet the values of your family. And y'all are both in service-oriented jobs. That's just who y'all are. You're both great people. It's just a matter of saying, okay, for this season, can we align our energy in this direction? That's not the direction we want to go forever, but just for right this second.

And you said something really important that I think everybody needs to hear when you're heading into these hard conversations or the ones that you're kind of apprehensive about with your spouse. Start with, hey, what about this scares you? And it could be, I don't want our kids to get behind because if they get behind in school, then this, and they're not going to know algebra, and then all of a sudden, they're not going to get into the college. Okay, we're going to be okay there, or maybe it's something more

existential. Maybe it's bigger. Maybe it's more X or Y or Z, but let's start with, hey, what's scaring you to death about this? Not, here's the plan. Let's do the plan. You see what I'm saying? Yeah, I can come across the way you just said it. I know you can. I try to bite my tongue a little bit. You know what I mean? Yeah, totally. But here's the deal.

By not biting your tongue, your wife is looking for some sort of strategic direction. And because you hem-haw around it because you don't want to come across as a guy who's an active military guy with, Here's the plan. let's execute the plan. So you end up handing her no plan, and that's when fear takes over sometimes. So let's sit down and co-create one together and start with, hey, what scares you to death about this? You say, we owe $60-something thousand and I can't breathe. And I don't feel like I'm being a good husband or a good dad chasing this debt around.

Now you go. What scares you to death? Here's our kids, someone else raising our children. All those things factor into it. And once we get the fears out of the way and on the table, everybody's got fears on the table. Now we can start together co-creating a plan. And I'm just going to follow the plan, knock it out.

You'll get there. What do you think, Jade? I love that. I think just remembering everything is short term. Short term. It's temporary. It's not going to be like this forever. And just always remembering that some people are just afraid of the unknown.

I've never had to work this hard before. I don't know what it's going to feel like. I've never had to have two jobs. And that's fair and that's okay. But I think together you guys will be able to work through that. This is The Ramsey Show. Hey, you guys. Health insurance costs are only moving one way, and that way isn't down.

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And CHMM support goes far beyond meeting financial needs. They'll also help meet spiritual needs. Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget. What's going on? This is The Ramsey Show. Thank you for listening. I'm Jade Warshaw. He's Dr. John Deloney. Give us a call. The number is 888-825-5225. And we'll do our best to hook you up with the right advice for your situation.

Let's go straight to the phone lines where we've got Chantel in Charlotte, North Carolina. What's going on, Chantel? Hey, I have kind of two questions. I just recently cashed out my retirement from an old job to pay off my car because I had a $700 a month car payment, and I was just kind of really struggling, like, having to work overtime just to make my regular bills instead of working overtime to pay extra. Okay. So I took a pretty big hit.

I had about $34,000 in that account. They took 20% of it, so I was able to cash out about $26,000. So I used that in combination with the money that I had in savings, and I paid off my car. So now I'm just questioning, how do I prepare this next year for tax time? I know there's going to be like a 10% fee. At minimum. Yeah. And also I'm questioning,

do I turn around and sell this car and put that money towards my other debt um i do have another o5 camry that i bought in cash just to run around for work um because i drive a lot of miles but it has 208,000 miles on it so you're you would you would cash cash out your whole 401k to pay off a car then turn around and sell the car to pay off another debt? That's what we're talking about doing? Yeah. So I'm torn between do I keep the car?

Yes. Whenever you're in the medical field and you find yourself going down a treatment and the treatment is making everything worse, even if you don't know what treatment to go to, the first thing you do is stop doing the thing that's hurting you. And right now you are spinning out. Okay? Okay. You're making some long-term decisions with a very short-sighted lever, okay? So just take your hands off the wheel, take your foot off the gas, and just slow down for a second, okay? What did you pay for the car?

I paid about $41,000 about two years ago. And what do you earn every year? What's your yearly income? My base salary is just over $80,000. But with the overtime I've been working, my taxable income for last year was $102,000. Okay. All right. The car's paid for.

It's not more than 50% of what you bring in. It's now paid for at a very, very, very, very, very steep cost. I'd keep that car and a line of credit. Those total up to right around $10,000 total. Okay, what else? And then I have about $14,000 left to pay for my attorney that I have used for child care. That is 0%, no interest or anything. I just kind of pay what i can when i can what else um and then i have a large sixty five thousand dollar uh federal student loan okay all right are you scared, honey? You sound scared. Well, I'm a single mom, so.

This is a lot. This is a lot. Yeah. Okay. I just want you to know you're not by yourself. We're way across the country, but we're sitting here with you. Okay? I know this one's heavy.

Mm-hmm. So, are you receiving any child support from the dad, or is that included in the 102? No. No, I don't get child support with 50 custody and it's actually pretty cordial and we handle things on our own now. There's no child support because the judge didn't rule it or because you didn't care to go through with it? Both. Part of it was because I earn significantly more income than he does. And I thought I would end up turning around. I'm sorry, speak directly into your phone. Hey, hey, Chantel, you got to speak directly into your phone. Yeah. Tell me that last part again. Can you hear me? I can. Tell me that last part again. I didn't pursue child support because I earn significantly more than he does. So I was afraid that I would end up

having to pay him. But now things are actually pretty cordial and he, you know, pays for his half of things for the children. So it's just not it's not something that we do okay okay so here's your choices if you wanted to sell the car that you have you could and it might behoove you to do that and now that i know the debt that you have swap swap the situation and you keep the runaround car and you sell this other car if you were to sell it how much could you get for it you paid 41 000 what do you think you could get um it's only worth like 15 000 private party didn't you say you bought it two years ago yeah it's depreciated really really fast because work from my car and i put a lot of miles on it. I drive a ridiculous amount. Because of work? Yeah.

Okay. In the first year that I had this car, I put 65,000 miles on it. Okay. Well, I wish it was worth more, but I'm still going to have you get rid of it because you have a $5,000 car sitting there that works just fine, like you said said to get around town um do you still have to drive an exorbitant amount for work I do yeah I work from my car I drive to different places I don't have like an office or anything that I work in it's just from my car like how far are we driving tell me more um so I'm a hospice nurse um so i drive to different facilities and homes um it varies i drive a lot more miles when i pick up overtime because i'm covering like the whole charlotte market um so it can be a lot okay all right could you do the be level with me i want you to be 100 real

can you do the job that you do in the older vehicle yes i do i that's my daily driver i hardly ever drive um okay then you like which is the car that i just paid off okay then we're selling the Buick. We're taking that $15,000. We're going to pay off these three lines of credit, these three credit cards in the line of credit, and we're going to take the additional $4,000 left and you're going to pay $4,000 on the attorney. That's going to leave $10,000 left on the attorney and it's going to leave you $1,000 saved. I'd leave about $4,000. I'd check with the tax person because she's going to owe the taxes on that too this year.

She does. But I think she's got some time to stack that up. Or you got to save up for it. Yeah. Yeah. And I would talk to a tax professional to find out. But that's your first order of business with the money from the sale of the car. And then everything else goes into the debt snowball.

So you've got the $10,000 for the attorney. You've got the student loan for $65,000 and know that you're on the hook for taxes come the end of the year. And I want you to find out what that's going to be sooner than later so that you can put that into your debt snowball and kind of put a sinking fund where you're putting a little bit aside every month so that by tax time, you'll have that money. When did you take the withdrawal on your 401k was it 2024 did you do it last year it was 2024 okay so you'll have until next april you'll have a year um more or less to save up for that so in the meantime you've got to just be there's no way around this other than to

say that you're working like a crazy person luckily you have an asset that you can sell do you have any other money laying around stocks anything um no i have 1800 in savings now um it was close to 8 000 but i i took a good chunk of that to pay off my car okay so you're gonna since you already have 1800 in savings i want you to take 800 of that to pay off my car. Okay. So you're going to, since you already have $1,800 in savings, I want you to take $800 of that and I want you to put it towards this attorney bill. And that's going to knock that down because I already kept $1,000 aside. That's going to knock that down even further. So $1,000 saved, everything above and beyond your minimum payments on your bills goes to the student loan. You're working like crazy, girl. Take all the shifts that you can get until this debt is paid off.

It's not gonna be easy. This is The Ramsey Show. You are listening to The Ramsey Show. I am Jade Warshaw. Dr. John Deloney is sitting right next to me. We'll be your hosts for this hour and the next hour. If you want us to take your call you can call in the number is 888-825-5225 and um hey if you're listening to this on whatever

podcaster you listen to or if you're watching on youtube or you listen to it on the radio thank you for doing that um obviously we exist here because of you guys there would be no show if there were no listeners or watchers or subscribers. So thanks for doing that. And if you could continue to do so, wherever you listen to this show or watch the show, be sure to like it, subscribe it, and share it with other people. Because when you do that, it just spreads the love around. And that is good for everybody.

And of course, I don't have to tell you guys the algorithm loves such things. So keep doing that. We're sure grateful that you do. All right, let's go to the phone lines. We got Ashley in San Angelo, Texas. What's going on, Ashley? Hello, thank you for taking my call. I am calling because I have a couple questions about life insurance, first of all. So I just got on Xander probably about a month or two ago. I had my counselor that told me about it, so I got onto it. My husband actually got onto it as well. My payment's about $30 a month for it.

My husband's is $100 just because he has a history in the past of atrial fibrillation. Okay. Hasn't had any issues since, but they dinged it and his is about a hundred dollars a month. Okay. So my question is really because we also have a whole life insurance that we got before we were married that my in-laws, you know, advised us to get, but listening to y'all, I know y'all don't recommend it, but we've been paying on it for, we got married in 16. So we've been paying on it since right before then. It's $91.98 a month. And I've called and tried to talk about canceling it, but I wanted to get y'all's recommendations. Like since we're already so far in, it's a 15 year note. Should we go ahead and cancel it?

So the policies you have now, the policies you have now the policies you have now the one that you have for 30 and the one that your husband has for 100 those are term life correct yes okay great yeah you know i would go in and i would cancel and cash out that whole life one immediately do you know why okay well i so my my stepdad he follows y'all he's i mean been phenomenal with it he's kind of explained it to me but if y'all could explain it to me and probably help me understand it a little better yeah you know big picture you know when you have a whole life um insurance policy part of it goes to your policy and part of it goes to an investment. That's why you pay more for it. So 9198, part of that payment goes to cash value, which is in part of it goes to an investment. So you might have a face value of, hey, you're covered for this much, but we're also going to

take a piece of that and we're going to invest it for you and have this cash value over here that at the right time you can have access to. But the problem with that cash value that you're investing in is number one, the rate of return is poo-poo. And number two, it dies when you die, which kind of defeats the whole purpose of the insurance policy. Why not just have a policy that you're paying into that's there when you pass away? That's the whole point of it. And so we always say that if you were to take, let's just say you paid into a whole life policy and, you know, $40 of it was going into the cash value and they were investing in that. If you were to take that $40 and invest

it yourself in good mutual funds that had an annualized rate of return of 8% to 10%, you could far outweigh what any of those whole value policies would earn you in cash value. So we're just pointing out the fact that the investment side of it is absolutely terrible. And we'd rather you take your money, do a term life insurance policy that is worth the time, worth the money. You get what you pay for. And then if you have extra money, you take that money and you add it to your investments and you invest it on your own through your 15%, which is the way we teach it. So that's why we say that. I don't want, you know, and for anybody listening, I don't want anybody to just say, I'm not going to do it because Ramsey says so. It's like, you need to understand it and

make sure it kind of jives with you and you know why you're doing it. So I'm glad going to do it because Ramsey says so. It's like you need to understand it and make sure it kind of jives with you and you know why you're doing it. So I'm glad that you asked that question. Okay, yeah. And I went back and forth about it just because just a little personal information about me. I was diagnosed with MS last year. So I was like,

am I going to be able to even get term life insurance again in 20 years? I know I going to be able to even get, I mean, term life insurance again in 20 years? I know I'll probably be able to get it, but my premium will probably be through the roof. Well, how old will you be in 20 years? I'm 36 now, so I'll be 56. 56. Okay. Yeah. Yeah, it's probably going to be more expensive.

The whole point, though, and just to make this clear, the hope is that you get to the point where you're self-insuring. The hope is that you get to the point where you're investing, you're working through the baby steps quickly so that by baby step four, you're investing 15% of your income over the course of time, that's going to compound and grow. And then you pay off your house and you've got equity there. And then after you've paid off your house, you're at being able to add even more than 15% to investments, maybe you're to 20 or even 25% into your investments. And the point is that you're building wealth to the point that when this term runs out, you can go, all right, I'm good.

Like I've got a couple of, you know, I've got a million dollars here in investments. I've got my home. It's worth this amount. And if something were to happen, my family members would be covered because the thing to remember, and this is not just for you, Ashley, but anybody listening, the point of insurance is to replace income for people who are dependent on your income. So your husband, if you have children, if something were to happen to you and they're dependent on your income, they'd be covered. But if you've invested to this point, you're already in your 60s, then suddenly you need a lot less of that.

Does that make sense? Some people kind of look at it as their ticket to wealth. And I'm like, no, the whole point of it really is to replace income for those who need it, for who are dependent on it. Can I ask you another question? Of course. I don't know how much time y'all have. Yeah, go ahead.

We have a Roth IRA that we got a couple years ago as well. And I think there's $10,000 in it. I had transferred some money over and put that in there. So, I mean, maybe just put the $91.98 that I was paying towards that in that Roth IRA every month. Yes, ma'am. Love that. Well, what baby step are you on? So, I'm not going to lie to y'all. I just kind of started. We're kind of going through a big

change in our life right now. We're going to be selling our house hopefully within the next month or two. Okay. And we're actually buying some property. And I know y'all probably don't advise the way we're doing it, but I feel like it will actually work out. Wait a minute. Wait a minute now. You told me about it now. Where are you buying property, Ashley? So I know you're from like West Texas area. So it's in San Angelo off of 277 near Cristobal area. And what are you going to do?

I know that area well. What are you going to do with that land? We're buying five acres from somebody and we're going to do with that land? We're going to, we're buying five acres from somebody and we're going to build a house on it. And we can probably make a good amount of money from our house, at least 170 to 180 that we're living in right now. And with that money, our plan, what I'm working through and what I've written down and tried to process is I'm going to pay off my student loans. I'm the only one who has student loans. My husband does not. I owe $79,000. And then we have a camper. We're going to live in our camper. We're completely fine with it. Both of us are.

We do owe on it. So my plan was to try and sell it and then get another camper that's a lot less in price to where we're not paying the full $50,000 that we owe on it. Rather pay like $15,000. And when you buy the land, you're just going to live in the camper or are you going to build a house? We're going to live in the camper and save up money. Oh, Ashley, Ashley, you got to get off YouTube.

You got to get off YouTube. You were in San Angelo last summer when it was a thousand degrees for like 150 straight days. I know, but I mean, both of us are, what about, what about, what about staying in your home? You'll look at each other and you make a two year plan and you'll work like B-A-N-A-N-A-S, and you get this stuff paid off. Oh, and I'm doing that too. What I do, I have the potential of making an extra approximately $2,000 a month. Go make that.

But listen, you're trying to do everything all at once and some cool stuff and some dream stuff. Here's what you're going to do. You're going to have no home. You're going to be sitting in a used camper in the middle of a field in the middle of west texas in july and then a tornado comes and you're going to say yeah forget a tornado you're just going to like just the the dirt from lubbock is going to fly over and you're just going to be staring at your husband and you're going to think I don't love you anymore anymore listen we're trying to do too much all the same time running and running running just follow the steps they're boring they're not sexy and they work every time

slow down just do it right this is the Ramsey Show.