The Ramsey Show - App - How Do I Handle $500k That I'm Inheriting? (Hour 3)

Episode Date: June 28, 2021

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Live 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 the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host, Ken Coleman, Ramsey personality, number one best-selling author of the book The Proximity Principle, host of The Ken Coleman Show, where he talks about careers and jobs

and getting work you love and work that matters. He is my co-host today as we take your calls. The phone number, 888-825-5225 phone number, 888-825-5225. That's 888-825-5225. Michael's with us in Wisconsin. Hi, Michael. How are you? Good, Dave.

Hi, Ken. Just got a quick question for you here. I recently, about a year ago, left my job and had a pension there through the sponsor system. It's a 401A plan. There's about $60,000 in it. I know you always recommend to roll that over when you leave or take it to a personal investment. I'm wondering if I should do that. In leaving that plan, you lose the employer contribution, which is about 50%. So that'd be $30,000. I'm wondering what my best move is. If I let it sit and access it when I'm able to and I'd be eligible to, which is age 50, or I'm 30 years old right now,

or do I take that out and take a portion of the loss and invest it? The 401K plan at your old company does not vest your matching until you're 50? It's a 401e. I know, but that just means after tax is all that means. They don't vest your matching? True. Yes, correct. That's asinine. Okay.

And it's how much money? $60,000. That's the match portion? $30,000 is mine. $30,000 is their match. Okay. And what's it invested in? It's distributed.

Oh, geez, I don't even know what the breakdown is. They are pretty limited on what they give you. You don't get to choose your investments in that plan. Yeah, and how old are you? 30. You don't get to choose the investments in your plan? Negative. It's a pension plan to the state.

Okay, here's what's running through my head, and then you can decide what you want to do. You're how old now again? 30. 30. 30 years old. Okay, so for 20 years, you either are going to have $30,000, $60,000, underperforming, sucking, $60,000, or you're going to have $30,000 performing well in good mutual funds. I figured that was the route you were going to go.

And I don't know which one's going to end up with more money. Wait a minute. Wait a minute. Yes, I do. The $30,000 will double if you've got it invested at 10%, if your mutual funds perform at 10%, which they should. It will double about every seven years. And so it will double three times in 20 years, 21 years.

So it will go from 30 to 60 to, okay, I can do this. Wait a minute. It will go from 30 to 60 to 120 to 240, okay? That will be your $30,000. It will double three times, One, two, three times. That's it. Okay. Now, $60,000, let's say it's making, I don't know,

do you have any guess what the stupid thing's making? I would guess. I've looked at the averages over the course of the last, say, 40 years. Put it all together, I think I came out with like a 7% or 8% average. Okay, at 7%, it'll double every 10 years. Put it all together, I think I came out with like a 7 or 8% average. Okay, at 7%, it'll double every 10 years. Okay. So 60 would be 120,

would be 240. It's exactly the same. Yeah. Okay. Your 30 will grow to as much as that 60 will grow if you invest it at 10% or greater versus 7% in a 20-year period of time. I actually could do that.

That's crazy. I did it. But, okay, but the, yeah, that, so, and here's the other thing. There is a, there's a philosophical, spiritual thing that happens when you take control of your money and someone else is not in control of it in other words you've kind of got it tucked over here in this underperforming crappy thing or you take it out and you say i'm responsible my destiny is in my hands and there's something that happens in in that inside of you assuming you take control and

you take you know you take your destiny in your own hands then you will end up with more and so i always when there's a tie i always take my money and figure i'm my best shot not the freaking state government. I'm my best shot in case of a tie. Now, if this had been double leaving it with the state, I would have held my nose and left it there. But it's going to come out about the same, plus or minus, the I'm in control of my own destiny factor. And, Ken, we see that in lots of areas of people's lives, that when you take personal responsibility,

when you take control, when you say, if it's to be, it's up to me thing, and you shoulder the wheel, you put your shoulder to the wheel, we see a change in their careers, we see a change in their marriages, we see a change in their money. Yeah, engagement is what the real, what's going on there is now I'm engaged. If it's just sitting there and the government's handling money, well, everything's passive. If I'm handling it, it's not passive anymore. It's active. And that is an engagement issue.

And I absolutely couldn't agree more. When someone takes responsibility for their health, their marriage, their parenting, and you become very engaged, well, all of a sudden, you feel the pain. You feel the victories. Everything has got so much more personal of involvement in it and there's no question that's going to win for him because now he's looking at that he's got his dashboard you know set up with the smart investor pro and he's watching that thing grow he's also adding to that thirty thousand dollars as well so yeah i

think that's the right move well you're gonna're going to be doing that in your other accounts and your other retirement things. But that 30 versus that 60. Yeah. They both should end up. And I don't trust the government, Dave. I'll be honest. I don't know it like you know it, but I don't know. Could the state screw that up?

Oh, yeah, they could screw it up. Okay. So that, to me, is another reason. Look at the finances of a state. Exactly. How badly, like, I i mean if you're in illinois be very afraid you know so yeah that's even more reason to take the 30 out math eludes them you know so yeah it's uh i mean you got states like state of tennessee is very well run

right you know in terms of the business aspects of the state uh so uh you know you don't have to sit and tremble about it but i mean there mean, there's some of these states' pension funds are in trouble. Oh. Because the state is just, they just suck at running these things. So, yeah, that's another factor in there. I wasn't even thinking about the failure side of it. I was more thinking about the upside. Yeah.

But, yeah, this idea, that's a good word, engagement. If something happens, people that engage an area of their life are 100% of the time more successful in that area than people who wait on someone else to fix that area of their life. That's what it comes down to. 100% of the time. Now get with the SmartVestor Pro and roll that puppy over. This is the Ramsey Show. Hey y'all, this is Christy Wright. As a business coach, wife, and mom,

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Patrick is with us in New York. Hi, Patrick. Welcome to the Ramsey Show. Mr. Ramsey, Mr. Coleman, it's a pleasure. Thank you for taking my call. Our pleasure, sir. How can we help? So I have been blessed recently.

I lost my father years ago. I just lost my grandmother, but I am blessed in the fact that I am going to be inheriting what my father would have inherited. So I am going to be gifted half a million dollars from my grandmother, her estate. I started following your program in October. I've paid off two cars since. I've read the Total Money Makeover, and I've also contacted a smart investor pro. My issue lies within, I mean, I can run through the baby steps in one shot, but then what do I do after that? Wow. How old are you? It's a lot to take in.

How old are you? I'm 37. Okay. And what's your household income? Between my wife and I, it's $150. Excellent. Excellent. And so after you pay off all your debt, your home, you have an emergency fund in place, and put money aside for kids' college if that applies,

how much money of the half million will you have left? Probably about half because I have $160,000 on the mortgage, $90,000 on the student loans. Okay. All right. And do you have children? I do. I always make the joke I have two mortgages and only one house Okay. All right. And you have children? I do. I always make the joke I have two mortgages and only one house because I have two children in daycare. Okay. So we'd set aside some of the remaining $250 for kids' college with a SmartVestor Pro. And then the rest of it we're going to begin to invest and to enjoy.

Once you reach Baby Step 7, Baby step seven is everything's paid off now we're going to obviously fully fund all retirement that's available to you keep the government's hands off of any money you can 401ks roth iras anything you can do you keep your hand keep you know fully fund everything but that really comes out of your budget which will be easy to do because you don't have a single bill in the world now. And college. You set college aside with the SmartVestor Pro out of this. And so, you know, you're probably going to have, I don't know, $150,000 or more, a little bit more left. And then what you need to do is say there's three things you can do with money in Baby Step 7. You can give it with generosity

and you should. you can give it with generosity and you should you can enjoy it and spend some of it on you guys lifestyle and you should and you can invest it some of it and you should uh and so if you you know say we're going to spend x on something for enjoyment we're going to uh do this piece of generosity and get the levers starting to pull to where we have the rhythm of generosity ongoing in our life from this point forward. And then you invest a chunk, and you're probably just looking for some good mutual funds to invest in at this stage of the game, because you're not going to really have a big pile of money left by the time we do all of those different things. Correct. Now, is that just kind of like a line budget item? Because I'd probably consider about half of our income monthly.

That would be, like you said, do all three things with that. Yeah. Well, I mean, you've got this chunk of money that you can do that with, and you've got this tremendous room in your budget because you don't even have a house payment now in our discussion, right? And so you can do a little bit of all of it. And the trick is just to keep some kind of intentionality. Because, listen, here's the thing. People don't blow their entire paycheck intentionally. They do it because they don't have a plan. People don't give so much that they destroy their lives and their financial plan with outrageous, crazy, out-of-control generosity.

That almost never happens, by the way, but they would do that on accident without having a plan. So you plan some giving, you plan some enjoyment, and you can just make it a percentage of your income from this point forward, and you can just make it a percentage of your income from this point forward, and you can apply that percentage to this last chunk of money that's left after these other goals are hit. Yeah, I was going to recommend, Dave, that Patrick and his wife sit down and say, hey, who is somebody we'd love to bless? That could be an organization. It could be their church, a nonprofit.

It could be a family in the area, whatever. But really, when that $250, if that's what they've got left over and they figure out, okay, we're going to invest, we're going to enjoy, and then we're going to give. And I think really planning that giving and saying, all right, in our budget, do we want to tie that? They don't have to. But if there's a cause that they really believe deeply in, I love the idea of giving some of that chunk to get them started and then work it into their monthly budget like he was asking. Because I find that we hear from folks that live like no one else, and then you get to that point where they've got so much room and there's some sort of guilt as opposed to if you could focus on giving a decent percentage of that,

boy, you're really going to have the juice that comes with all of that labor and all of that. In this case, you're aided by a big inheritance, but it doesn't matter. Then you don't feel guilt over it, and you shouldn't eat anyway. But by giving some of it, boy, there's a wonderful emotion attached to the discipline and that consistent giving in the budget itself. I know Stacey and I have always felt that way as we've given to our church. But whether you go to church or not, intentional giving, when you get to this point at Baby Step 7, I think you'll enjoy the money more when you give a percentage consistently.

Yeah. And, you know, as weird as it sounds, you know, we plan our impulses. Yeah. You know, I mean, we just, it sounds like, it sounds really nerdy, you know, but, you know, being chaotic and out of control did not cause us to build wealth. We were able to build wealth because we planned, because we did it on purpose. We were intentional. Great statement, yeah.

And so, you know, so we do, we plan the nice things that we're going to do. Now, we can set aside a chunk of money and go, okay, this money is almost in an envelope, so to speak. It's not really, but I mean, this pile of money right here is for an impulse. Yeah. We're just going to blow it. The blow envelope from the old days. We're going to go on a trip. That's right.

We're going to buy a classic car. Sure. We're going to do whatever it is you want to do, whatever your thing is. Yeah. And there's some enjoyment to that. And the same thing with generosity. You can have a percentage of your generosity that's very well thought through very much due diligence some of it's just random acts of kindness yeah some of it's just walking up and you know uh buying a five thousand dollar car and giving it

to a single mom you know and uh it changes changes their life and it'll change yours when you start doing that stuff so there's a mix in here that makes this whole thing good uh and you know once you start writing it all out there's just not as much room as you thought there was going to be. No, no. And I love what you said, too. I hope, folks, you caught what Dave said. There's planning that goes into generosity, too, beyond the paying for somebody's meal

in Starbucks or, you know, the fast food, and then it starts into a chain. But this idea of ROI, you know, return on investment in giving your money, it'll make you really intentional where you give your money, why you give your money. You want to see that maximized as well. That's a good strategy. The other thing is it'll cause you to continue to do it. Yes. You won't have the letdowns. Because sometimes you can have a generosity letdown.

Somebody doesn't do well with it. Yeah. Or it's a bad experience. This is The Ramsey Show. Thanks for joining us, America. Ken Coleman, Ramsey Personality, is my co-host today. You jump in. We'll talk about your life and your money. Evan is with us in Raleigh, Durham.

Hi, Evan. Welcome to the Ramsey Show. Hey, Dave and Ken. How are you guys? Great, man. What's up? Yeah, so and Ken. How are you guys? Great, man. What's up? Yeah, so my wife and I are homeowners, and we are currently at 81.3% loan-to-value rate. So we are almost able to get out of that PMI.

We were wondering if we should dip into our six-month emergency fund just to get to that 80% to clear that cost from our mortgage. What's your loan balance? Loan balance is $211,000, 81.3% loan value, yeah. So $3,000 gets you there? Oh, yeah. I should have mentioned that, yeah. Yeah. Cost to get there three thousand two hundred

eighty eight dollars okay so your household income is what uh it's in like 150 range 150 okay and how much is in your emergency fund thirty thousand and you're debt-free but the house? Yes, sir. Good. Okay. Excellent. You can do it if you want. I mean, it's three to six months. As long as you don't go under three months of expenses, you meet the guidelines.

It's not that much money. You probably could just cash flow it. Either one's okay. Have you checked with your mortgage company to get the procedure to get the PMI dropped? Because you're probably going to have to buy an appraisal. Yeah, I've gone through that process, and there will be no appraisal needed. There won't be. So you write them a check for $3,200, the PMI's gone.

Yeah, that seems to be it. to be is it in writing is that what they said oh sorry um that definitely is it not seems to be okay all right i'm just making sure because i don't want to tell you to do something that's up that might that might be so yeah i mean if that if you've got it all nailed down to that uh it's not a big deal i mean the different listen if you have an emergency the 27 000 won't cover you have an emergency the 30 000 won't cover yeah yeah i guess it's more of a thing like if it was extrapolated out to a bigger scenario i guess your answer here would be like a guidance for a harder scenario there. Yeah, it would be don't go below three months, three months of household expenses.

Three to six months is the guideline. Don't go below that to reduce debt or to do anything else. But if you want to use $3,000 out of $30,000 with your $150,000, I think you're in line. I think you're well above three months. You can do that. And if you want to replenish it and you want to have it a little beefier later, you can do that because you can now have a lower house payment. Yeah, I like it. Evan, do it. You're such a, I mean, you're thinking this thing through so hard you can hear the smoke coming out of your ears and that's an awesome compliment to you. Go ahead and do it and then replenish the emergency fund

and you guys are going to feel so much better about that. Tim in New York City. Hi, Tim. How are you? Hey, Dave. Hi, Tim. How are you? Hey, Dave. Hey, Ken. How are you guys doing today? Great. What's up? I'm just one.

Not much. So I wanted to know, it's a two-part question. There's a human and like psychological element, and then there's also the financial part. So could I give you the numbers for what our household income is and what our debt is so far first, and then go into the question briefly? Yeah. Sure. So our household income is about $170.

Our total debt right now is about $145, of 100 of which is my partner's student loans. Your partner? Whoa, whoa, whoa. Are you married? No. Okay, we don't have a household income then. You have an income.

She has an income. Correct. Okay, yeah. Okay, so let's start again then. Let's start again then. What is your income? No problem. My income is about $85,000.

Okay, and how much debt do you have? I have about $22,000 worth of debt. Okay, and so your roommate has $123,000 or $123,000 worth of debt and $85,000 income. Yes. Okay. And how much savings do you have? I'm sorry. How much savings do you have personally? I have about $10,000. Okay, and how much does your roommate have saved? She has about I don't know the exact amount, but somewhere between 120 and 130. But that's part of my question. So my question is, I want to marry this girl and I see us,

you know, being together indefinitely. And we've been open with each other talking about how we're going to attack debt. We live with her parents now and we want to pay this off so we can, you know, get a house in the near future as quickly as possible um so we've been transparent about a lot of things and i wanted to ask you so the money that she has saved is from a settlement she got from a medical condition that happened through a surgery and something like that um and she is very reluctant to part ways with any like significant portion of it to pay down her student loan debt um so i just wanted to get both of your opinions as to did she recover did she recover from the medical problem um so it's a chronic it's became a chronic nerve condition that is long term and can become acute

you know if something bad were to happen or if you know know, you don't take care of yourself. So what does she spend on the chronic condition per year? Right now, between medication and therapy, maybe around $10,000. Okay. A little less. Okay. A little less. So if the amount that she spends on her condition doubles, she could still do that easily if she was debt-free and didn't have any money.

Correct. Okay. All right. Well, here's the thing. You don't get to decide what other people do with their money unless you're married to them. And then we work on our plan together. So I'm going to fast-forward in the conversation and pretend that you're married. But don't do this unless you're married.

Get the advice, okay? Because it's bad advice. It's bad advice when you're not married. Okay? She should not pay any of your debt. You should not pay any of her debt unless there is a marriage certificate because it's dangerous. Correct.

Okay. So if she called me, I would understand her pain, be empathetic with her pain, listen to her, and highly encourage her to write a check today and be debt-free. Okay. And then take the freedom that she's got with an $85,000 income and begin to rebuild her emergency fund. I would tell you to take $9,000 of your $10,000 and put it on your $22,000, reducing it to then, what, $11,000 to $13,000,

and then you're going to pay that off very, very quickly out of your $85,000 because you're going to be concentrating on it. And so probably by the time you get your marriage, your wedding date set and arranged, you both could be debt-free and building your emergency funds, which would put you in a phenomenal position to begin as a married couple to save to buy a house later. Great. And that's the shortest distance between where you are and wealth. The shortest distance between where you are as a married couple and financial peace and achieving your goals. Thank you.

And if you were my kids and you sat down at my kitchen table, which you're both younger than my kids, and so I would tell you to do exactly that same thing and i've told i don't know hundreds of thousands of people just like you to the exact same thing in the last 30 years on this show yeah tim i would just say on the psychology of this to the best of your ability sit down with your girlfriend and see help her see what dave just explained that she writes a check today she pays off her debt and between her income and health care and the ability to be free to save, she's not going to be in a financial deficit even with the chronic health condition. But she's got to see that. You've got to help her get there.

You can't tell her. You have to help show her. That's the psychology there where she gets to the point where she goes, oh, okay, that's great. And she's got to get free of that fear. Yeah, you're right. Now, let's change the scenario just for a minute. The reason I was asking all these questions, because it does change the answer, actually, in's great. And she's got to get free of that fear. Yeah, you're right. Now, let's change the scenario just for a minute. The reason I was asking all these questions, because it does change the answer, actually, in this one. Let's say she makes $85,000 and has $123,000 in debt, $130,000 in savings.

And I ask the question, what was the ongoing cost of her chronic illness? And it's $50,000 a year. Now we're probably not doing this. Yeah. I'm probably going to leave that money sitting there and start to work on the student loans out of my income while i work through these chronic things because that 130 000 is there to take care of her medical needs first and foremost that's right at 10 000 or 20 000 it's not a big problem mathematically at 50 or 60 000 it starts

to be a problem. Our scripture today, Matthew 10, 16. Look, I'm sending you out as sheep among wolves. So be as shrewd as snakes and harmless as doves. Charles Spurgeon said, Wisdom is the right use of knowledge. Yeah, I'm afraid there are other uses of knowledge. That's true. Well, folks, you've heard me talking about the timeshare folks for years and what a crummy, crummy product timeshares are, how horrible they are, America's largest legalized fraud, one attorney called it.

If you're a current timeshare owner or you're a former timeshare owner, our team is conducting some research, a new survey where we want your thoughts and your opinions on your experience with timeshares. If you want to take this quick survey, text TIMESHARE to 33789. Text TIMESHARE, one word, to 33789. It takes just a minute to take the survey. We really need your help. If you've ever owned or currently own a timeshare, please let us know.

Also, we are going to be doing another show on timeshares, and if you have had a bad experience with the Wyndhams of the world, the Westgates of the world, the Diamonds of the world, the timeshare companies that are out there, if you want to talk about your experience with them in the sales process, in the trying to get out the exiting process, or in just dealing with them by and large large, trying to actually use your points. And, oh, my God, Lord, help you.

If you want to talk about it, we want to hear from you, and we want to give you the opportunity to tell America about what happened with you. So email us at DaveOnAir at RamseySolutions.com. DaveOnAir at RamseySolutions.com. Dave on air at RamseySolutions.com. And just put timeshare in the subject line and put a little bit about your story and a contact point, and Kelly will get back with you, and we will make you a part of one of our upcoming shows

exposing the fraud that is timeshare, the horrible, horrible product that is timeshare. We want to let all of you guys know not to go in the tiger cage. Don't pet the tiger. It's like whack-a-mole hour. They give a story, and you just whack the Timeshare company. It's pretty fun, pretty entertaining. So even if you haven't had a bad experience, this is must-listen radio.

It works out. It's kind of fun. No, you enjoy it thoroughly. I thoroughly enjoy it. Because, you know, for good reason, out. It's kind of fun. No, you enjoy it thoroughly. I thoroughly enjoy it. Because, you know, well, here's the thing. For good reason, though. Here's the thing. For good reason.

I've been working for 30 years helping people get out of debt and build wealth. Yeah. And there's like five or six really horrible things you can do with money that hold people back and have really messed them over. Yeah. And, you know, payday lenders, credit cards, obviously student loan debt, whole life insurance, leasing a car, and timeshares. And they all fall in the same boat.

But timeshares is right. It's the scummy of the scummy. It's right down there with the payday lender guys. I mean, they are screwing people, and they know it. Yeah, because they're being dishonest. The car lease guys are just like, it's right down there with the payday lender guys. I mean, they are screwing people, and they know it. Yeah, because they're being dishonest. The car lease guys are just like, it's a bad deal. Right. And the whole life guys, they're either dumb and don't know it's a bad deal, or they're

crooks, and they know it's a bad deal. But either way, they're selling a horrible product. That's right. But anyway, you know, you get into these things, but these guys, I mean, if you sell timeshares, you know you're screwing people. You just know you are. You just don't care, and it's how you make your living. Yep.

And so, you know, don't be scummy. Don't sell timeshares. Whoa! There you go. I love it! This is how it happens. That works good. All right.

Here we go. Monica is in Tampa, Florida. Hi, Monica. How are you? I'm good, Dave. How are you? Better than I deserve. What's up in your world?

So I am a second year medical student and I was wondering if you could help me figure out what to do with some extra money that my husband and I have. We're expecting baby number two in August. Yay! And have saved about $50,000 so far. And by the time August and August rolls around, we'll have probably around $55,000. Cool. And I was just wondering whether once she arrives and everything's okay, if we should put aside money for tuition for

the year, which would be $34,000, and then just, you know, work the baby steps as normal from there, or if we should put a portion towards paying off my husband's student loans, which are $17,000 left on that, and then paying for the first semester. If you did that, can you cash flow the rest? Yeah, so we would have a little bit to go, I think, like $5,000 to $7,000. Yeah, but if you don't have the student loan payments, can you cash flow the rest of it?

Yeah, I mean, yeah, that would free some up. Our daycare expenses are going to also increase from $950 up to $2,000 a month. So, you know, paying off the student loans would give us some more breathing room. Let me try that. Let's try it this way. So the $34,000 pays medical school tuition for one year. Yes. And you have how many years left?

You said your second year. Does that finish it? No, no. So it's a four-year program, so I have three more left, which is $102,000 more to go. Okay. And your husband makes how much uh he taxable income is 105 000 okay all right so here's what i want you to do i want you to lay out your budget and my you're not going to quit medical

school okay you're going to finish and so if we uh if we use this money to pay off his student loans and you come up short that means you're going to borrow student loans right that yeah okay so that's just trading pockets from one student loan to another that's kind of useless so goal one uh i'm going to go with a Do no more harm. Okay. Let's start with that as our guideline and say goal number one is finish med school with no more new debt. Okay. If you can find money beyond that, then pay off his loans. But you got 55 of 102 and $105, 000 income to find the other 47 to finish debt free right and you got three years to do that so yeah i think you could finish debt i think you could finish med school with no more debt if we use the 55 towards your med school

right okay yeah yeah i think i think we we could yeah yeah and that's just saying job one is cash flow med school job two if you find money beyond that let's go ahead and get out of debt okay but it serves no purpose to pay off his student loans and you turn around take out student loans equal to that exact amount yeah you swap you just swap pockets you're doing so good he's got 105 you're going to come out of med school y'all are going to be making 350 000 between you ding ding girl y'all are killing it i'm so proud of you trying to not be a broke doctor well you're not going to be a broke doctor if you keep thinking like you're thinking and asking questions like you're asking. I'm so proud.

I mean, you really are doing great. So, yeah, let's try to do something very, very weird and cash flow the balance of med school. I think you guys can budget tight and pull that off. Okay. And then I have, you know, because we did have to take out loans for my first year and undergrad loans. But those are all in deferment so there's not right anything so you come out of school and you know you'll do residency first and make what 50 grand probably yeah roughly yeah and then you finish your residency and so your income is going

to go to 155 plus when you come out of school and you guys will begin to attack his loans and your loans at that point and then when you finish residency and, you know, become the official MD, then, of course, things are going to go zoom, zoom. Then you're just going to clean up real fast. You'll just sweep out the corners and go. Yeah. And it's game on. Yeah. Congratulations, Monica.

You guys are going to do this. Stay the course. Keep your head down. This is sacrificing now so that later you don't have to sacrifice as much. I mean, you can just crush this thing. It's very exciting. This is two doctors we've talked to today that are going to be way ahead of the game. And, boy, it's nice to hear that.

Yeah, working real hard not to be broke doctors. Right. Because they're everywhere. Yeah. Way to go, Monica. Good job. Very good job. Excellent, excellent work. Love it. Very fun. Ken, good. Way to go, Monica. Good job. Very good job. Excellent, excellent work.

Love it. Very fun. Ken, good show. Thank you, sir. Ken Coleman, Ramsey personality. My co-host today, James Childs, is our producer. Kelly Daniels, our associate producer and phone screener. I'm Dave Ramsey, your host.

We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. 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. Check out the Ramsey Call of the Day podcast wherever you listen to podcasts.