The Ramsey Show - App - How Do I Deal With Places That Don't Take Cash? (Hour 3)

Episode Date: August 23, 2021

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Music Music Music Music Music Music Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Ramsey Show, where debt is dumb, cash is king, and a paid-off home mortgage has taken the place of the BMW

as the status symbol of choice. I'm Dave Ramsey, your host. Kent Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. That's 888-825-5225. Rusty is in Odessa, Texas. Hey, Rusty, what's up? Hey, guys, how are you?

Great, man. How can we help? Doing well. Hey, I've, what's up? Hey, guys, how are you? Great, man. How can we help? Doing well. Hey, I've been following your plan for about 20 years. We're on baby step seven. Wanted to ask you a question about something that we're starting to see is places that are no longer taking cash or basically penalizing those of us that are using cash, like entertainment places where you have to put cash on a plate card, and then if you don't use all of it, you don't get it all back. We're just curious your thoughts about that.

I'm not familiar with that type of transaction. You know, I mean, obviously there are situations where I just look, as a matter of principle, I choose not to do business with somebody. Right. They are putting forth barriers to me. They're requiring things of me as a customer, maybe around COVID or around cash or something that I don't want to do, and therefore, I don't do it. And that means I can't be their customer. And that's okay.

They own the business. They're allowed to say that. As far as I know, the whole legal tender thing won't work. I mean, they're supposed to accept legal tender. That's the whole purpose of a currency. But I don't know of anyone enforcing that at the federal level, which is what it would have to be, I guess. So I think that's probably more of a philosophical discussion than anything else.

But I carry a debit card. So if I'm in a situation like that, unless the people are just being weird or something, I use a debit card to run a tab at a place or something if I need to. But I'm not going to give somebody cash that's non-refundable if I don't use it all. Right. What is that, like a club, like a nightclub thing? Yeah, it's like an entertainment that has movies and bowling alleys and game rooms and things like that. Oh, okay.

Yeah, it's like a Dave and Buster's type thing or something. Or a Chuck E. Cheese or whatever. That's exactly right. Yeah, okay. All right. Yeah, I'm not – no, I mean, will they take a debit card? They will, but I like to use my cash. Okay. Well, I'm not. No, I mean, will they take a debit card? They will, but I like to use my cash.

Okay. Well, I don't blame you there. I mean, I don't blame you. But so it comes down to, you know, a horrible transaction, which is the plate thing you were describing. I'm not doing that for sure. Or I like to use my cash, and you people are making this difficult. And so you're basically saying I don't want you as a customer rusty and you say okay then i won't be your customer i'll go i'll go bowling somewhere else you know and so there you go i'll look for my excitement elsewhere or you can use if it's something you're you're not uh wanting to take a stand on. I don't make a principled picketing stand

on every single transaction I do. I just look at it and go, this one's not worth it. I'm not fighting this one or this one I'm going to fight and I'm not going to do this. And so, you know, you just got to decide that and say I'm not going there. But you're right. There's more and more places that have gone to cashless. I was in a breakfast place, a tiny little meeting three breakfast place off the side of the beaten path up off of outside of Aspen, Colorado last year.

And they didn't take cash. And I was like, God, I mean, it was like a biscuits and gravy kind of thing. It wasn't like some kind of frou-frou thing or something, you know. And I went in there and I was like, God, I just wonder I didn't leave my debit card like back at the hotel or something. I would have had to go back and get that. I wonder what the reason is. In their case, they were doing it because they were, well, it's Aspen.

I mean, they're frou-frou, right? The food wasn't frou-frou, but they have the little thing come to the table and check you out with this high-tech thing at the table. The biscuits weren't high-tech, but the payment methodology was high-tech. They're paying for that. And so, yeah, they are. And like 3% every time you swipe for your biscuit. I understand that. For biscuits, I'd take a dollar or two.

But that's, you know. So anyway, I was just, I had a pocket full of cash. I always do. But thank goodness I had a debit card, because Sharon would probably still be there washing dishes. I would love to see an Instagram post from Dave Ram ramsay i'm just like sharon and i stopped i can't pay for my meal dave's in the back washing dishes and then they found out who you were they'd probably make you mop the floor too yeah twice twice just for good measure that's

fantastic yeah but i mean that that's the kind of thing he's running into is um and there was a there was a minute during covet i haven't it lately, that some places quit taking cash because they thought the little COVIDs were on the money. And there wasn't any. I'm sorry. I'm trying not to laugh, but you just said little COVIDs. Well, I think they thought the COVID, you know, everybody was worried about what the COVIDs were on. These little jurors, like when they show those cleaning commercials, the bugs, and they magnify it. I mean, they were everywhere for a while, and now they only use certain channels.

Apparently. But you've just got to know how they behave these days. They don't like plexiglass, I'll tell you that. Well, I don't know. The plexiglass has come down a lot of places now. I was in a donut shop the other day, and there was plexiglass before, and now now it's down so yeah i went to a couple amusement parks this summer and i told my wife i said we should have gotten to the we should have found some company to invest in we've got a yes i should have opened a plexiglass company that would have been a boon last year that would have been a nice

roi on that yeah that's you know there's situations like that where they wouldn't take cash because they're worried about germs yeah and uh money is germy there's no like that where they wouldn't take cash because they're worried about germs. Yeah. And money is germy. There's no question about that. Yeah. Don't put that in your mouth. It's true. Coins as well.

Remember that? Oh, yeah. Oh, gross. All right, Chad is with us. Chad's in Atlanta, Georgia. Hi, Chad. How are you? Hey, I'm great. How are you doing?

Better than I deserve. What's up? Well, we're in a position where we owe $163,000 on our mortgage, our house. And I'm in a position to pay it off. How much money do you have? I have $185,000 in cash, debt-free. We expect to make $300,000 plus a year. Cool.

What is it you love about being in debt on your mortgage? Pardon? What is it you love about being in debt on your mortgage? I don't love it, but my accountant, we have a small business, and my accountant has told me that it's a bad idea to pay off your mortgage because we're on a low mortgage rate. He says we should invest our money. I've got five years left on a 10-year note. So what's your house worth? The farm is worth probably $500,000. Okay.

Well, you should probably go get a bigger mortgage on it because rates are down. Go get a bigger mortgage. If you're going to keep that accountant, you should because that's what his theory is. My theory, however, is fire your accountant and pay off your mortgage today. Today. Both. Because your accountant doesn't share your values, and you have more money than he does. This is The Ramsey Show. Your number one wealth building tool is your income. For business owners, this comes as no surprise,

as you're used to putting in extra hours and watching your bottom line. That's why Christian Healthcare Ministries, or CHM, is a great option for those who are faith-focused and budget-conscious. CHM is not health insurance. Rather, it's a health cost-sharing program. It's not harder, but it is different. To learn if CHM is a fit for you or your business, visit chministries.org slash budget. Ken Coleman, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. If you are not strapped with student loan payments, odds are you know someone who is.

Millions are putting off things like buying a house or having kids or even getting married. They're waiting and waiting and waiting on the government to save them with student loan forgiveness. This is a joke. We produced a new documentary, a full-length documentary, world-class production called Borrowed Future. It follows the track of the Borrowed Future podcast, only it's better. And millions and millions of you have listened to the Borrowed Future podcast. It uncovers the dark side of the student loan industry

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You can find that on your television program, wherever you go and watch good stuff. And we'll be listing all the different places as we get them all contracted as you go to BorrowedFuture.com. Be sure and mark it down now. October the 14th. You don't want to miss the premiere of this. It's going to be something everyone's talking about. Our question of the day is from Blinds.com.

Find out for yourself why Blinds.com is the number one online retailer of custom window coverings with free samples, free shipping, and new promos all the time. You'll save even more. Use the promo code RAMSEY to get the best possible deal. Today's question comes from Luke in Chicago. I'm an accountant with a Fortune 500 company making $65,000 a year. I'll get a promotion next year where I'll earn $75,000. My wife and I are working

the baby steps and we'll be debt-free in two and a half years. I was recently offered a job in a CPA firm at $60,000. That would be more geared towards actual clients and tax returns, which I've always wanted to see that side of the industry, and I think it could provide more opportunity for growth in the long run. However, I would be forfeiting the promotion and raise, plus I would have to repay $4,000 for MBA classes, which were paid for by my company. Should I stay at my current job while working the baby steps, wife going back to school, and possibly having another baby in the near future,

or is it worth taking a chance to pursue this new career path? I would stay put right now with the one caveat that when you tell the new offer that you're grateful for the offer, but it's a pay cut and it's not a good move for you right now. You're really grateful, but it's too much of a cut based on opportunities at your current company. Let's see what they say. How bad do they want you? But at the current offer, I would sit tight. And this is hard for people because I get that Luke saying, all right, this is kind of the side of accounting that I always had wanted to do. But here's the good news, Luke. You're in a Fortune 500 company. They've trained you, looks like, or at least they paid for your

training with an MBA. You're going to get a promotion, more money, and experience. And you're acting as though this is the only opportunity you'll ever have to move over to this side of maybe front facing you know client facing accounting work and that's simply not true so it feels good to get an offer it makes us feel good we feel wanted and valuable but you've got to look at the long-term big picture so my advice would be sit tight look for something better let me ask you this in in the what you teach um i know how you teach about asking for a raise value if he went back and said i would be willing to add something to my duties at the new place you're talking to your potential new employer that's right i'd be willing to do some extra work so that i didn't get a pay cut and you cover my MBA problem.

Right. Because here's my problem, guys. I really want to work over there. Yep. But I'm making $65,000 now, and it's going to cost me $4,000 in MBA. If we can cover that, I'll do some extra work for you if you'll tell me what to do to but but to add value but if you but you got to help me and at least meet what i'm doing now and if you can't that's okay i understand i'll just sit tight but but if you can then i think we can get a deal done yeah is that is that an unreasonable

as an employer if someone came at me that way i would not be offended certainly not unreasonable it's a version of what i told him to do he could say say to them, hey, look, I can't make this work financially, and then they're going to ask questions if they're really interested. No, I would just say what it takes. No, I know. The only thing I'm concerned about is if he says, if I leave, you guys would have to and I understand your offer, but

still, coming out of pocket, the 4K for his MBA, that could raise a flag. Well, you left them. Will you leave us? See, that's why the company paid for his NBA. They kind of put that incentive there for him not to leave. I don't think it's a red flag, but I'm saying it could be to some. Whereas I don't think he has to get into that.

I think he could say, I'd really like to be here, but you guys aren't. This offer isn't where I need to be, and candidly... If my CFO came in and said, we have a candidate and we're offering 60 and he needs 65 and 4 to pay off his MBA to come on, and it's the guy we want, should we do it? I would say do it. Yeah.

Especially in today's hiring environment. Well, absolutely. Which is why I think it's worth for him to just say, look, guys, I can't do it at this number. Here's what I've got now. That's it. And I can't. I've got a baby. I've got to make this now. That's it. And I can't. I got a baby. I got to make this happen.

That's it. And so if we can make this happen, and I don't mind doing something extra, I'll throw in added value. Sure. Yeah. The answer is I like what you said. I really like it. It's a little bit more forward thinking and saying, hey, here's the deal. A little bit more aggressive.

A little bit more aggressive, but it's not going to offend anybody. There's nothing that's in any way. And if it does, so what? Well, then there's your sign. Yeah. To borrow a. There's your sign. Yeah.

To borrow Bill Ingvall. There's a little throwback. It is, yeah. From 25 years ago. I've seen a lot of Jeff Foxworthy specials. Apparently. All of them memorized. All right.

Whitney's with us in Tulsa, Oklahoma. Hi, Whitney. Welcome to the Ramsey Show. Hi, thank you for taking my call. Sure, what's up? I am currently transitioning jobs, and my current employer offers a Roth 401k, which I've been very happy with, but my new employer is on a pension fund, and I just don't know anything about pensions or how to kind of

navigate that when i'm saving for retirement they don't have anything except a pension no it's ems and that's what we get yuck okay well that's what you get then i mean they put it all in you're not putting anything in right no we have to contribute 8%, and then they'll match. It's what? Where are you? Oklahoma. What, state? Oklahoma.

Oklahoma state, government. Yeah, it's the Oklahoma Public Employment Retirement. Yeah, you're working for the state of Oklahoma. Mm-hmm. Yeah, okay, all right. Crap. Okay. Well, yeah, you're putting in 8% in something you have no control over that's probably going to yield you about 6%.

Yeah. And so in addition to that, you need to be saving for retirement. Okay. Could I roll my Roth 401k to a traditional Roth and keep contributing that way? You can roll your Roth 401k to a traditional, or to a Roth IRA, and you should, and you can add new, they're technically two accounts, but every year you can open a Roth IRA separately in good mutual funds. So get in touch with your SmartVestor Pro and do your rollover and set up a personal Roth

in addition to this pension that you're doing in the state of Oklahoma. That took me a second to catch up with you. I'm sorry. I didn't understand where you were. Good question. Thanks for joining us. Thank you. In the lobby of Ramsey Solutions on the debt-free stage, Alex is with us. Hey, Alex, how are you, man? Hey, I'm doing great.

How are you? Better than I deserve. Where do you live? Memphis, Tennessee. All right. A couple hours Hey, I'm doing great. How are you? Better than I deserve. Where do you live? Memphis, Tennessee. All right. A couple hours down the road, made it up here to do a debt-free scream. How much have you paid off? It was just a little under $74,000.

Excellent. And how long did this take you? Two years. There's a little story. I cash flowed nursing school in between that, so two years was paying off debt. Okay. All right. And your range of income during that time?

About $80,000 to $110,000. Okay. So you're out of nursing school now? Yes, sir. Okay. About a year out now. What kind of debt was the $74,000? About $50,000 was student loans.

A car was $12,000. My dog's eye surgery was $4,000, like laptop and just about anything but credit cards, to be honest with you. Okay. Just life. But somewhere around that two-year mark or whatever, you woke up as a young single guy. How old are you? 32. And you woke up back in your 20s and said, this isn't working.

Tell me your story. What happened? Trying to keep it brief. In about 2015, my mom gave me the total money makeover. She had a note written in there that she said, if you follow this, you can retire a millionaire. We didn't come from money, so flabbergasted when I saw that. I was like, there's no way. So naturally, what do you do once somebody gives you a book as a gift?

You put it away. Yeah, you set it out for a coaster. Yes, sir. So fast forward to about 2017 i was in the middle of a move and i um came across the book and i read it or i saw the note and i was like i'll give it a shot so i read it in a couple days and i finally had my i've had a moment you know reading the stories were inspirational and it was after that was just game on just paying off debt and then um you know cash flow nursing school in between that so it was a little pause for 20 months total but just didn't stop after that wow good for you so you just tore

into it yes sir all right so once you read it you're like that's it i'm done let's do it because i never i mean in my 20s i was just it never really occurred to me like i you know made all the payments on time so it never really kind of clicked. So you're really, you know, in the red as far as negative. And I just finally had my – I've had a moment. You know, some of my other friends were much further along, like, you know, in life and going on trips and stuff. And I was like, all I'm doing is working, paying bills, working, paying bills. And just that circle got, you know, a little tired of it. How much was nursing school?

Do you mind me asking? Did you cash flow it? I think it was tuition. I think it was around $20,000. I mean, books and other miscellaneous stuff is around there, but I think it was about $20,000. Two-year program? One year. One-year program.

Yes, sir. So how far along were you in paying off debt? Out of the 74, how much had you paid off as you began to then go into nursing school? I think it was maybe a year. I'm sorry. No, that's okay. Roughly. I think it's roughly about a year.

Yeah. Really interesting. Wow. Very interesting. Cool process. Yeah. So now you're 32, debt-free, and a nurse. Yes, sir.

Awesome. RN, LPN, what? RN. Okay, sir. Wow. That's an awesome career. Yes, sir. Very good. Yes, sir. Very. RN, LPN, what? RN. Okay, sir. Wow. That's an awesome career. Yes, sir. Very good. Very good. Very cool. How does it feel?

It still kind of hasn't sank in yet. I mean, it's very liberating. A good buddy of mine, he's also debt-free, did the program. We went on a celebratory golf trip to Denver earlier this month. That's fun. We had so much fun. It was a blast. It was a lot of fun. Great. You ought to do something like that to celebrate earlier this month. That's fun. We had so much fun. It was a blast.

It was a lot of fun. Great. Yeah, you ought to do something like that to celebrate debt-free. I love it. Very good. Good for you. That's pretty incredible. So, has it emotionally and intellectually sunk in yet that your mom was right, you're going to be a millionaire?

I want to retire with $2 million now. yeah it's yeah it's it's it's he did the math yeah he did the math i'm an arian i want 10 million yes sir it has but it's it's been a it's been a fun journey but i'm looking forward to the next uh steps met some or some people with some edm shirts out there so that's my uh it's my next goal yeah Yeah. Everyday millionaires. Baby step millionaires. I love it. Yeah, that's very cool. Well, you're there, man. What was the hardest part for you?

Honestly, it's just some days when you just get tired of doing it over and over and over again. It's a grind. I mean, it is a grind. It really is a grind. Yes, sir. That's what I would say. It's just the days that you're not expecting where you're just like, I don't want to do this. I want to just go out to eat.

I want to go just splurge. But, you know, you just keep to it and stuff. So the good thing is I was a restaurant bartender before that. So it was good having cash every day so I could throw money at debt just every couple of days. So it kind of kept me on the straight and narrow. If you throw it at the debt, it's out of your hands, and you can't do something with it. Exactly. You're hiding it from yourself.

Yes, sir. Yeah, that's pretty cool. That's good. It gives you an incentive to work, too, because you see those numbers come down. Yes, sir. Yeah. So what do you tell people the key to getting out of debt is? You've got to find your why.

But, I mean, mainly the every dollar budget was amazing i mean it's just so user-friendly it's very easy and you know and just um every time you hit a little milestone or a thousand or something like that you know it's you know it's going down but you know definitely just find your why in the budgeting so what's your why um we uh my father died at a young age and so my mom had at the time three kids and um, um, it's no, no fault of her, but we just didn't have a lot of money, um, growing up. And so I realized at a young age, whatever I want, whatever I want in this world, you know, um, I'll have to go out and get it.

And so, um, I just want to make things, you know, better and brighter, um, kind of write my own story going forward. You have, you say, two siblings? I have four. We had, at the time, when my father passed away, we've got a younger brother, different dad, but yes, sir. So that same message set in on all of you or just you? Trying to get.

No, the message of if I want it, I've got to go get it. Oh, 100%, 100%, yes, sir. Yeah, that's not a bad message. No. Even if it comes from a place where your mom was struggling to do everything. It's a place of lack, but it still wakes that part up in you, and it never really goes to sleep again. No. It's personal responsibility at a different kind of visceral level.

Yes, sir. Yeah, she gave me my hard work and the discipline of that. So, I mean, I thank her every day for that. Yeah, I think she's probably a rock star. She is. She's great. Probably a pretty incredible lady. Yeah.

Very neat. Very neat. Good stuff. Yeah. Great, great story. Who are your biggest cheerleaders? The guy I was living with at the time, my good friend Adam Blair, did the program. Angie, my girlfriend over here.

And, you know, families and friends would always just, hey, how much you paid off, kind of reminding me and stuff like that. But I didn't have any barriers or anybody, like naysayers and stuff. So everybody was really encouraging. It was great. That's helpful. Yeah, that is helpful. That matters a lot, having people in your corner screaming for you.

Good stuff, man. Proud of you. Thank you so much. You're a hero. You did it. You did what your mom said. And now you're going to go on and be a Baby Steps millionaire and prove it. Because she's exactly right.

You do the stuff in that book, it'll take you there. And good Lord, you're 32. You're definitely going to be there. Definitely going to be there. I love it. I love it. All right. We've got a copy of the Legacy Journey for you because that's definitely the next chapter like we're just talking about in your story,

and a copy of the Total Money Makeover for you to give away so that someone can pack it away with a note that you write, and two years later when they're moving, it'll come out of the box. This book gets out that way. This book has a delayed, it's like a smart bomb. It has a delayed reaction with people. You're like the human version of Where's Waldo? Oh.

Where's Dave? The book keeps popping up. It just pops up later. I love that. Yeah, so we're going to give you one of those. Put a seed out there for one more person to delay their change. That's the way it works, though. I love it.

All right, and so Alex from Memphis, $74,000 paid off in two years, making $80,000 to $110,000, $32,000, and cash flowed nursing school. What a rock star. Count it down. let's hear a debt-free scream three two one i'm debt free yeah oh by the way a cash flowed nursing earthy school, tending bar, and going to class and passed my bars. And don't call me and tell me you have to quit work and sit at home and go $50,000 in student loan debt to be a nurse, okay? Because I've met Alex. That's right. And I've got proof.

Yeah. Yeah, and don't tell me that because of your debt, you can't pursue your dream. Ding, ding. He just did it. Yeah. There's a Ken Coleman. There's a Ken Coleman. See, that's why you're here, because you see stuff like that that I don't see.

That's good. I like it. This is The Ramsey Show. show. Our scripture of the day, 2 Chronicles 20.15, this is what the Lord says to you. Do not be afraid or discouraged because of this vast army, for the battle is not yours, but God's. Babe Ruth said, every strike brings me closer to the next home run. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Hunter is with us in Atlanta.

Hi, Hunter. Welcome to the Ramsey Show. Hi, Dave. I'm going to try and be brief. It's a lot, but basically my fianc fiance and I are looking to buy a house shortly, and I need some advice. I'm a college student. I do work full-time. Neither of us have any debt I make between $40,000 and $45,000 a year while in school. And she is completing her master's program and will be taking over a number of franchises that are owned by her family. She already has a little over a million dollars in her trust.

And not long ago, i started your plan i'm done with step one two and three um and basically i'm i'm curious as to what we should do from here i know that obviously debt is um bad don't want to go into it but i i struggle seeing the way that we can purchase a house without using the money that's in her trust and without going into debt how old are you uh we're both 23 cool when you're getting married within within a year not not the end of this calendar year, but... When will the two of you graduate? I, well, I am fed up with college, honestly, and I just had open heart surgery, and I transferred schools and changed majors, which has put me far behind. She graduates this December, and I will be done beginning of next year. Why are you fed up with school?

Basically, the line of work that I'm in, I feel like I've gained much more knowledge there than I have and ever will in college. What do you do? Farming. Is that what you want to do long term i'm not necessarily the labor side but i would be very interested in selling produce or anything in the ag industry um so let's i would not be opposed to farming but right i would have to make substantially more money than what i'm being paid okay so let's go back to what you just said based on what you know now what you learned, and where you're positioned within the farming and ag industry,

does it make sense to you to stay in school to finish out where you are? Do you think it's going to put you further ahead? Is it going to get you qualified to do the thing you ultimately want to do, yes or no? No, honestly. I don't think so. So let me ask you, hold on a second, let me ask you an alternative question. So if you stay, let's say you walk today, and I'm not telling you to walk, but if you walked and you went at this full time, and you worked your way up,

and you learned more about what you're doing, and you made great relationships within the farming and ag, and you crossed over into that specific area you mentioned, could you do that faster and make more money in the amount of time it would take you to stay in school and work part-time? You see, I have contemplated that exact question myself for quite some time now. And the school that I'm in, I'm getting a degree that is pertinent to what I do. I'm getting an ag business degree and a minor in agronomy. So it is, you know, there's a direct correlation between my degree and what I plan on doing and what I am doing now.

Well, now, a minute ago, ag business probably would further you, wouldn't it? Well, and you would think so, but I haven't learned anything. And I'm not trying to bash college. I think college is great, and there's a lot of people that gain a lot of information from it. But me personally, I've learned better through hands-on experience, I think. What year of school are you in? Well, to make it short, I am a senior, but I still have 30 hours to go due to the change in major. So you've not had any ag business classes that taught you anything that you didn't already know?

Because at 23, I was learning accounting and statistics I didn't know. No, I would say that's correct. Don't get me wrong. I'm not trying to be boastful. I'm not trying to act like I know it all. But with me working on this farm and... I'm not talking about the agriculture part. I'm talking about the business part.

Oh, no. So you know accounting inside and out. You know statistical analysis and data analysis inside and out. You know marketing inside and out without ever having taken a class. No, I have taken macro and microeconomics. I know, but you said you haven't learned anything. No, yeah. I made A's in all those classes with very, very little studying. On macro and micro econ.

Yes, and marketing and the business classes. Right. Here's the deal. You're 30 hours away. Here's the deal, Hunter. You're 30 hours away. Go finish. Finish it up at this point. Yeah, finish it.

But don't be all down in the dumps about it. Either decide to move on or finish. I wouldn't buy a house right now you answer your original question you don't need to buy a house right now you two need to get married settle down rent for uh until both of you finish up your degrees and then rent for a little while longer and then buy a house and yes you can use our trust fund to buy a house by then but that's going to be two years into your marriage and you're fine to rent for the first two years of marriage it's not the end of the world.

It's a little bit of time for you guys to get your life foundations laid, and then you'll decide. She'll be neck deep and running those franchises by then. I take it she's getting an MBA. Yes, that's correct. Okay, cool. And that was exactly my plan. That's verbatim what we said to do was to rent for the first year or two and then look at doing something i just don't know how i feel because well i mean listen you married a woman with a million dollars and you're she's gonna buy you're gonna buy a house with some

of that money i mean it you know it it's an awkward feeling because you're you're a guy that works hard and earns your keep, and you feel like you hit the lottery or something or you're cheating or something, and you're not cheating, but admittedly, it's awkward. Do you think he feels a little bit of guilt about using some of the trust money? Sure. I've heard a little bit of that. Sure, it's awkward.

Yeah. I mean, most people would. Sure. Unless he's like a gold digger or something, but he's not. He's a good guy. Super responsible. And so, yeah, most people would. Sure. Unless he's like a gold digger or something, you know, but he's not. He's a good guy. Super responsible. And so, yeah, you're fine. But I think you just say out loud, this feels awkward.

And, you know, if you want to put a, where there's extreme differences in the wealth of a couple getting married, that's the only time that I am okay with a prenup. And this is pretty extreme. She's getting all these franchises and this trust fund. Now, you don't have access to the trust fund, but if you move money out of the trust fund and put it in the house in both your names, now you've got access to it. So you could have a prenup to protect her in the event of that

and a will to protect her in the event of that and so on. So, you know, that's the plan. But, I mean, if that helps you feel less awkward, that would be an okay thing to offer. But I think that, you know, I think she's probably protected by the laws in most states anyway if you used her family money after marriage to buy a house in terms of legally protected. But I'm not an attorney. You'd have to check with one to be sure. But that's how I feel about it.

But I do understand the awkwardness. That is a standard. That's a normal feeling, Ken. I love your advice, too, because here's the deal. You're right, Dave. She's going to be fresh out of an MBA program, taking on these franchises for the family business. A lot of self-induced pressure there.

They're a young couple. You've got to learn how to live together and learn how to be married. The first two years are weird. did she does life the way that she saw in her house you do life the way that that you saw and so i love the idea of renting shopping for homes you know and even though you're not buying look at what you like and decide take a couple years to breathe and then make that big decision i love that for all of those reasons not just the finances yep that's That's the plan. Hey, man, thank you for calling. It's an interesting question. Sharp young man. Interesting question.

I would go ahead and finish the degree, though. Yeah. I think that's a win. All right. That puts this hour in the books. Good show, Ken. Appreciate you hanging out with me, Ken Coleman, Ramsey personality of the day. James Childs is our producer, back in the chair producing again. Kelly Daniel, the band is back together. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. Have a friend or family member that needs a daily dose of Ramsey advice in their life? Let them know about the Ramsey Call of the Day podcast. It's a quick hit of advice about life and money in under 10 minutes.

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