The Ramsey Show - App - How Do I Invest an Inheritance? (Hour 3)

Episode Date: May 10, 2021

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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. Thank you for joining us, America. It is a free call at 888-825-5225. That's 888-825-5225. You jump in, we'll talk about your life and your money. Renee starts off this hour in Iowa City, Iowa. Hi, Renee. Welcome to the Ramsey Show. Hi, Dave. Can you hear me okay? Yes, ma'am. What's up? Okay. My husband and I have a small business that is an S corporation. Since we're employees of the corporation, we receive paychecks. Do we tie based on the paycheck, our household income, which is our paycheck,

or do we tie on the household income and the profit of the business, so we leave the profit or part of the profit into the business? Well, a sub-S is all profit is technically taxable. Correct. Passes through. It has no taxes on itself. All the taxable income passes through to your personal return, okay? Right.

And so you're going to pay taxes on it whether you leave it in the business or not. So what I generally try to do, and this is an exception, but I generally just say whatever I'm paying taxes on, that's my tithe. I'm tithing on that. Okay. Okay? Because that helps me if i make a profit on this or i don't make a profit on that or whatever then if i if i got to pay taxes on it means i made money and so if i made money that's an increase according to deuteronomy and i tithe on an

increase i'm not legalistic about it i just try to over give just try to figure it out and give a little bit more. So now here's what I do on my business personally. I do not tithe on what I leave in the business as retained earnings because it may become an expense later and won't be real profit. It might be in this calendar year profit, but next year it might be spent to cover payroll during COVID. Correct. So I do not tithe on it until I take it home, even though that retained earnings account is 100% taxable. Okay. So that's the exception to the rule I use of if it's taxable, I tithe on it. I don't tithe on that, and it's taxable.

And the rationale is that I leave it in the business. And so, I mean, I may leave $2 million in retained earnings or $5 million in retained earnings in the business this year, and it might be spent on computers next year. And so the net-net is I did not have a profit on that item. It was expensed out eventually. It just wasn't in this calendar year. But, you know, you really can't mess this up because God's not mad about the tithe.

Okay. And do you have time for a quick question? Sure. Okay. My husband and I, our income is a little over $150,000. We have no debt. We have no home mortgage. Our business is paid for. And we have a million dollars $150,000. We have no debt. We have no home mortgage. Our business was paid for.

And we have a million dollars plus in our retirement. Way to go! Thank you. But we're looking at a second home, not to replace our first home, but just to have a vacation home. And we have $200,000 cash

for this. but the price would unfortunately be around 500 so we would probably do a mortgage i wouldn't do it okay a second home is a toy yeah i've got a wonderful lake house one of my favorite places on the planet. The number of hours I actually get to spend there versus what the thing costs is asinine. It absolutely makes no sense at all, and having a mortgage on it makes it really stupid. It's a big old toy. That's what a second home is. Okay, great. Thank you. You pay cash for for toys you don't buy them

otherwise they're toys it's just straight up you've earned it you've made a good money you want to have some enjoyment papa day be throwing some kids off the dock down there dragging them around behind the boat trying to drown them all summer we'll be doing some stuff right but all of that is fun enjoyment consumption and all of that is fun, enjoyment, consumption, and all of that is just like going on vacation. You don't go into debt to go on vacation. That's dumber than a rock. People do it all the time, but it's dumber than a rock.

And so you just don't buy toys. You know, if you've got a million dollars and you want to buy a $50,000 classic car, well, you've earned it. That's fine. Get you a fifty thousand dollar uh classic car well you've earned it that's fine get your fifty thousand dollar classic car there's nothing wrong with that i'm not mad at you you got a million dollars you got two million dollars you got ten million dollars whatever it is that's great get you a stinking car that sits in the garage for you to go down there and look at it ever so often and go i got a classic car because you drive it two

days a year maybe if the battery is charged. Can you tell I know this? And so, and it's okay. There's nothing wrong with that level of consumption, as long as it's a small percentage of your world and you are paying cash for it. Now, if you've got $10 million, you buy a $50,000 car, that's like somebody that has $100,000 going and buying a biscuit. So it's not relevant to your life financially, mathematically. So it's okay to do, but always pay in cash and always be a small percentage of your world.

Half a million dollars out of a million-dollar net worth. Now, your business is probably worth something. Your house is probably worth something. You might have a $2 million worth. Half a million-dollar vacation home is a bit high. A fourth of your, let's say you got a $2 million net worth, a fourth of your net worth in a vacation home, that's a little heavy. That's a little heavy. It wouldn't be that high on a toy.

But, again, nothing wrong with it. Just the way I judge that is ratios. And can I pay cash? Audrey is in Cincinnati. Hi, Audrey. How are you? I'm fine, Dave. How are you doing?

Better than I deserve. How are you? I'm fine, Dave. How are you doing? Better than I deserve. What's up? Well, I have a pending problem. My brother died in August of last year, and my 92-year-old mom lived with him, so now she lives with me. But my dad had a 90-tillableable acre farm and all this needs to be sold um a sporting goods business the farm has two rental houses on it and my mother's house is down there too there's also acreage up on the mountain that they go hunting on.

Who's they? Who's they? Well, my uncle. It's a Garner's farm. Everybody hunts down there. Everybody? Who's everybody? Your family?

Yeah, yeah. Okay. All right. So what's your question? How should I orchestrate the sale of the farm? My uncle wants to buy it. Is there any way that I could reduce taxes if we sell it now? I don't really want to wait until my mom passes away to sell it

because I have a lot on my plate but what would be the best way to handle all this if you sell it now your mom's going to pay taxes on it on the sale if you sell it after she passes there won't be any taxes

okay she's 92 yeah if you sell it after she passes, there won't be any taxes. Okay. She's 92. Yeah, yeah. Yeah. I mean, it could be a lot of taxes. This sounds like an inexpensive property. I mean, we could be talking about hundreds of thousands of dollars. I would lease it to your uncle with the promise to sell it to him for market value at the time that she passes.

You could get professional estate tax advice and double-check me on that. People all over the country are discovering a faith-based and budget-friendly way of meeting health care costs through Christian Health Care Ministries. Christian Health Care Ministries, or CHM, is a nonprofit organization that helps members carry one another's burdens with health care expenses, and they have successfully shared each other's medical bills for nearly 40 years. See if CHM is right for you by visiting chministries.org. CHM is a proud sponsor of Dave Ramsey Live Events. All right, going into the break, Audrey called me from Cincinnati. And her mom is 92.

Her dad has passed. And her uncle wants to buy the family farm. Her mom's moved in with her, but the old family farm is mom's old home place. Audrey wants to clean it all up and get it sold to the uncle before mom passes just for the lack of hassle and so forth audrey i want to circle back on a couple things and make sure i get better information and then also say it real slowly that you need to meet with an estate planning attorney that knows taxes to keep from being charged out the wazoo here, okay? Now, and I'll teach you a little bit of why.

So your mom or your dad inherited the property. I assume your dad, since your uncle wants to. My dad bought the property. He bought the property. When did he buy the property? Back in 1955. okay so what do you think the whole kit and caboodle is worth today oh my gosh the the farms valued at uh 300 over 300 000 the store the sporting goods store is over $129,000. My parents' house is over $100,000. And the mountain, the hunting mountain?

That's probably like $67,000. Okay, so let's call this $600,000, and let's pretend your dad paid almost nothing for it because that's the truth. Yeah. Okay, so your mom and your dad bought the property together, correct? Correct. Okay, and so your mom is now the owner of the property, correct? Yes. So when you buy something for $10,000 or $20,000 or $50,000 and you sell it for $600, you pay capital gains tax on the difference of 15%.

And so taxes of 15% on this are going to be $100,000. Okay. If your mom sells it if i understand what you've told me correctly that's why i want you to get detailed tax advice because it's too much for a radio call okay but okay the principle is what they paid for it is called their basis yeah the basis your cost basis from an accounting perspective. And the difference in what you sell it for minus basis is taxable at 15% or capital gains rate. Okay? Mm-hmm. So that's the problem here.

Now, if your mom, not if your mom, or you and your siblings inherit it, your basis becomes market value at the time of death. Oh, okay. That's good. So if market value is $600,000, your basis, it's called a stepped-up basis, goes from $30,000 or whatever they paid for it in 1955 all the way up to $600,000. You turn around and sell it to your uncle for $600,000, you have zero gain. Oh, neat.

Great. That's why I'm saying we're going to wait until mom passes unless there's another vehicle to do this or unless I'm not understanding the situation right when you meet with a professional in the estate tax planning world, okay? Okay. Now, that's why I just said, no, don't do it, wait till mom dies, okay? Because it was taxes on 600 grand minus whatever little they paid for it in 1955, which is almost the whole stinking thing gets taxed.

Okay, and that's what I'm trying to avoid. Now, the second thing that runs through my mind is, okay, your mom is 92. Your uncle wants to buy this. How old is your uncle? He's like 85. Why does he want to buy it at 85? He calls it Garner Farm. He and his brother owned it together?

His son? No, his dad. Oh, your dad bought it from his dad? No, no. My dad bought his farm separately, but my uncle has a farm adjoining it. Oh, he's wanting to combine this for his kids. Yeah. And keep it in the family.

Yes. Okay, that makes sense. And he wants to keep it in farmland and not let in the family. Yes. Okay, that makes sense. And he wants to keep it in farmland and not let buildings go on. Well, that would be his prerogative if he owns it. Okay. Yeah, absolutely. Now I understand, because otherwise I don't understand why an 85-year-old is all hoppy to buy from a 92-year-old.

You know, just in general. I mean, for his personal use personal use no but for his legacy yes yeah i get it okay that makes sense because they've hunted that property and farmed that property adjacent to each other him and his brother your dad hung out together probably had a great memories great relationships there's a lot of legacy tied to this dirt and that's cool that's very cool okay so uh again number one you're going to see an estate tax planning professional and you understand why because the possible tax implications on 600 grand right and remember the phrase stepped up basis yeah because that's what happens on death

okay now the last thing then if i'm right and i last thing, then if I'm right, and I think I am, but if I'm right on all those tax implications, what you could do is you could lease the property to your uncle for a dollar a year, let him take over and run everything, him and his boys or kids or whatever, and you don't have to run this farm or the sport goods store or whatever. It's just his. We're going to just lease it to him as if he owns it, and he's going to have the first right of refusal upon your mother's death to buy the whole kit and caboodle in one fell swoop for cash,

not financed by you. Okay? We're not getting into all that. But he has the right to buy it at 90% of appraisal. Oh, okay. And you're going to have it at 90% of appraisal. Oh, okay. And you're going to have it appraised when mom dies, and you're going to sell it below appraisal to him. Because if you sold it after she died,

you're going to have costs that are going to be 10% or so to get rid of it. And you don't have to go through a realtor. You don't have to go through a bunch of rigmarole. You've got your buyer. Okay. and the only reason we're not selling it to him today is taxes on 600 grand i thought that i would have to pay the taxes no there is no taxes on inherited property inherited no because because of stepped up basis that's the beauty of it and um okay and if someone just leaves you six hundred thousand

dollars cash you don't have any taxes on that. Inherited money does not have a tax on it by the person getting the inheritance. So that's the beauty of it. Now, there might be some probate tax, which is like an inheritance tax in your local state. That's possible in Ohio. I don't know what that is or isn't. But you can check on that to be sure but that's not going to change this number this number is going to be driven by the

capital gains on 600 grand that's what's going to blow this up and and make you and make you want to lease it with an option or a first right of refusal by by your uncle and uh and that kind of a thing. And or his heirs, if he predeceases your mom. He's got his boys or his kids or whatever he wants to leave it to, right? Right. And if they don't want to buy it, they don't have to. You can just sell it at that time. But that would keep you from having to operate, which is your current hassle factor, right? Mm-hmm.

Okay. All right. That's a better answer than going into the break and slamming you and going, okay. No, wait until she does. Okay. What should I do? Because there's two houses on the property and mom's getting rental money about 500 a month what should i be doing with that money i wouldn't worry about it wouldn't worry

about it just let it in a bank account yeah sit there yeah and if you're going to rent the house if you're going to rent the property to him you might not count those in it you might let her keep getting that rental rental income oh if you're gonna if you're. If he's only going to pay a dollar, you don't want to give him the rental income, right? Well, he's already renting the farm. From you? Yes. Okay. He pays like $1,000 every three months.

Oh, well, you can just leave all that alone and then just give him a first right of refusal, right? If you don't mind operating the rentals on her behalf, helping her with it, then that'd be fine. Wow. A lot going on. It's amazing how much effort we have to spend in America

to keep the government from taxing something that we've already paid taxes on. That's what they do with the state, by the way. The death taxes, they tax your stuff after they already taxed your income before you got to buy the stuff.

This is called estate taxes. You evil rich people must be punished. This is the Ramsey Solutions on the Debt Free Stage, Matthew and Candice are with us. Hey, guys, how are you? Hi, Dave. Hey, Dave. Welcome, welcome. Good to have you guys.

How are you? Great. Where do you all live? Columbus, Ohio. Welcome, Dave. Welcome, welcome. Thanks for having us. Good to have you guys. How are you? Great. Where do you all live? Columbus, Ohio. Welcome to Nashville. Thank you. And all the way to Nashville to do a debt-free scream. How much have you paid off?

$171,400. All right. I love it. How long did this take? 13 months. Whoa. And your range of income during that time? It's pretty much all of 2020, so it was $235,000.

Okay. Very cool. All right. So what kind of debt was the $171,000? A little bit of everything. I'm going to read off my sheet here. Okay. $71,000 of student loans for undergrad and graduate school.

$41,000 of student loans for undergrad and graduate school. $41,000 of credit cards. $40,000 of a home equity loan that we paid off when we sold our house. $11,000 of some other personal loans, a 401k loan. $4,600 of a car loan. $3,000 of medical bills. You're just normal. You're just normal. We were.

Making really good money and just spending all of it and then some. Wow. Okay. So tell me the story. What happened? Well, our story goes back longer than 13 months when 18-year-old Matt and 18-year-old Candace started signing promissory notes to go to college, to go to graduate school. And we felt like we had no choice but to do that at the time. And that just sent us on a destructive path for 20 years. And we got to a point about exactly two years ago where we said, we can't live like this anymore.

And we have two young girls, and I started doing the calculations in my head, and college was coming fast for them. Coming fast. And there was no way we were going to have them go to college, and we were going to still owe all this money. So we made a huge drastic change. We sold our house.

We sold all of our furniture. We sold everything that we owned. We sold the kids' toys. Wow. We almost sold them. Oh, my gosh. Wow. And we moved into an apartment and we're actually still in our apartment

because then the pandemic hit, and we were not expecting that. So that was a huge adjustment for us, and we became debt-free at the end of 2020 in December, and we wrote that final check to pay off our largest student loan, and it felt so good. And so it's been a transition ever since then. So what did the house sell for? About $350,000.

What did you owe on it? A 40 home equity loan, and what else? We owed about $280,000 or so. So after we paid all the fees, we netted roughly $40,000, which the home equity loan was just a loan to pay off other credit cards. It wasn't much. It wasn't much. We weren't...

You just got out of the payments. Yes. Yeah. And you cleared the home equity loan in the process, yeah. Yep. Exactly. Wow. Wow.

Very cool. What do you all do for a living? I'm a social worker for a managed care organization in Columbus. And I actually work in finance for a supply chain. Oh, good. Okay. Fun. Good for you guys.

All right. So it built up and built up and built up over the decades, literally. And then about two years ago, 18 months ago or so uh something happened i mean what what i mean you you just looked up i mean what what is there you remember the day you remember what happened yes i do yes it was actually um my daughter's my oldest daughter's first communion, and we're Catholic, so she was dressed in her white dress, her veil, and she just, in the blink of an eye, grew up right in front of me. And I think that hit me hard. And I knew we had to make changes for our family.

You always talk about changing your family tree, and that was it for us. We did it for our girls. We wanted to give them a head start in life, and we didn't want them to end up how we did. But we didn't know any better. So you came home from the communion, and the two of you just sat down and started talking, or what? Yes and no. A few years before that, my friend James bought me the Total Money Makeover and actually brought it here since before 2014.

I read it. Hey, these are some pretty good principles. Let's just continue to be normal. I read it again. So I think it was a matter of we didn't think we could do it until we were both in on it and really looking for like this plan that we're on. It's not working. We're running, we're sprinting toward this never-ending debt. We turned around and we ran the other way and we share our story with as many people as we can. Well, not to mention, Dave, when our daughters

were in daycare for all of those years, it was impossible to really start your plan and to make all those payments. We were upside down in everything. We would stress about which bills we were going to pay, which ones we weren't going to pay, and it was very stressful. Yeah, it was impossible until you decided it was possible. It is, so staying focused. We didn't have a budget. I can't believe how many people I talked to today.

They don't know where their money is coming or going either. So once we put that down and we said, well, we don't need this, don't need this, it became very real that the goal was attainable during a pandemic year. Yeah, absolutely, absolutely. That's so cool. Yeah, something happens emotionally that it's belief, hope. I believe I can. It's hope that's real that makes you go okay i'm willing

to sacrifice now because i wasn't willing to sacrifice if i didn't think it's going to work but something has to go over the line and and sometimes it's something that pushes you over the line like looking at this uh little baby that all of a sudden is a young woman and you go wow this is going fast i better get my act together and sometimes when people have their first child it's the same thing they go whoa, whoa, grown-up time now. And you get real serious about it. Something happens that causes you to go, oh, whatever it takes, we're going to do this. My gosh.

I mean, my goodness. I'm so proud of y'all. Well done. Thank you. Thank you so much. We're paying off the debt, but we got the term insurance. We got the mama bear legal forms. We got all of our stuff in order during this process too. And we couldn't wait until that paperwork was finalized so that we just

can breathe a little bit of relief during that time. It feels good to have your act together. It definitely does. We're playing offense and defense. Yes. That's it. It's wonderful. Only took this long. It's all right. You got plenty of time left. You're just pups. You got plenty of time. Well done, well done. All right, what do you tell people the key to getting out of debt is? A couple things. Definitely the budget. We were doing that every single day.

The gazelle intensity, the discipline, and the patience. Working as a team, communicating, side hustles, all of these things combined. Definitely. We're high school sweethearts, so we've been together a long, long time. And I think the discipline and patience was the biggest thing for us. Sacrificing. And just being totally selfless and just focused, very, very focused. Yeah.

Way to go, guys. Way to go guys way to go proud of you thank you all right and you brought your inspiration with you what are their names and ages oh yes this is greenlee she's 10 years old and this is brin she's eight years old all right beautiful this is our And it definitely makes us cry. So, yes. It's good stuff. That'll make you move mountains right there. Yes.

Well done, you guys. Thank you so much. Beautiful family. I'm so proud of y'all. Thank you. Way to go, heroes. We got a copy of the Legacy Journey for you because that'll be the next chapter in your story as you move on towards wealth and legacy change, family tree change, and an extra copy

of Total Money Makeover to give away. Perfect. Thank you. And be able to pay it forward. So, good stuff. Thank you. Proud of you guys. All right.

Matthew, Candace, Greenlee, and Brynn are going to do their debt-free scream. $171,000 paid off in 13 months, making $235,000. They sold their house. They sold everything. But they're done. Now they get a fresh, clean slate start. Count it down. Let's hear a debt-free scream.

Ready? Three, two, one. We're debt-free! Yes, yes, yes, yes, yes. This is how it's done. Whoop, whoop. I love it. Woo! There, yes, yes. This is how it's done. Whoop, whoop. I love it. Woo!

There you go, man. Family tree changed. Good, good stuff. This is the Ramsey Show. The Fear of the day, Proverbs 1-7, The fear of the Lord is the beginning of knowledge. Fools despise wisdom and instruction. Conrad Hilton said, Success seems to be connected with action.

Successful men keep moving. They make mistakes, but they don't quit. Well, I can say I've done all of that. Keep moving, make mistakes, don't quit. Done all of the above. Today. Open phones at 888-825-5225. Common sense for your dollars.

And since Tracy's with us in Tacoma. Hi, Tracy. Welcome to the Ramsey Show. Hi, Dave. Thank you for taking my call. Sure. What's up? Well, my question is, my mom passed away a month ago.

I'm sorry. And I'm the executor of her estate. Yeah, thank you. She lived a long, wonderful life. She was 93. Hmm. She lived a long, wonderful life. She was 93. Anyway, we're going through her will, and we're taking care of everything, selling the house, selling the car and everything. My husband and I are already everyday millionaires. We're worth about 2.3, 2.4, maybe somewhere in there. But I'm going to be inheriting probably $300,000 to $400,000 from her estate

once we've got everything settled. So how do I go about investing? I've got $66,400 in a brokerage firm in mutual funds, $125,000 in cash in a mutual fund. And then there's going to be another maybe couple of hundred thousand dollars after we close out the estate account and have the house sold. And I also had kind of a side question of how do we figure out what the value of the house is going to be? For tax purposes, it's about $328.

Zillow says it's about $450. And we're starting to get the realtors coming in to take a peek at it to do the assessment. Yeah, that's where you find out the value. There's going to be no taxes on the house price because of what we call a stepped-up basis, and that is that when someone passes away and you inherit property, your basis in the property becomes the market value, and you're going to sell it within the year of her passing and so that's going to be assumed to be market value what you sell it for you're going to have no taxes on the sale of the house yeah and mom and dad

bought the house in 1961 doesn't matter 16 000 yeah well that's wonderful but i mean doesn't matter for tax purposes because your only tax number that matters is you're going to sell it within the year of her passing. So you're not going to have any taxes. And tax value for property tax purposes is not an accurate value. And Zillow is not an accurate value. Zillow is in the ballpark and it could be accurate. The real estate ELP, the people that we recommend, are endorsed local providers that we recommend for real estate, and have them put a valuation on it and help you get it ready to sell and so forth and figure out what you're going to do there. So then you're going to take all of this money and you're going to do what with it?

Well, that's part of my question because we've got, my husband's got a 401k of about 1.35. Yeah, you're already set. I mean, you got $3 million. So what are you going to do with this 400? We're not sure. We want to be able to travel on some of it.

We want to do a couple of things to update our own own home. Good. It's full of takeoffs. But, you know, I want to be able to kind of maximize the, you know, earnings potential on the money, but I'm not quite sure how much. Listen, you have $3.3 million. You've done it. You've already won the Super Bowl.

You're good. Okay? So what i'm going to do with this money there's only three things you can do with money you can enjoy it you can be generous with it giving it away and you can invest it and what i would do is just sit down with a yellow pad and you and your husband talk about it and put 400 000 at the top of the yellow pad and say all right how much are we going to enjoy on a trip and a rehab on our house? How much are we going to invest? And how much are we going to be generous to help someone else get their start? Right. And I don't care what number you put on it, on those three categories,

but break it down into three categories spending giving and spending is enjoying giving generosity and investing and you can do 90 investing five percent five percent you could do 90 generosity you could do 90 spending and five percent on the other two you can do 53rd third third i don care. You get to decide because it's not going to affect your life. You were already set before you got this money. You can't mess this up. Exactly. But that's the very thing that I've been worried about is that I want to be able to honor the legacy of my mom and dad.

Well, I think that if you don't blow it all, that you've honored the legacy. So I think if you invested some of it, they'll be smiling in heaven. I think if you give some of it, they'll be smiling in heaven. And I think if you enjoy some of it, they'll be smiling in heaven. Am I right? Yes. That's what I would want for my kids, wouldn't you? Yeah, absolutely.

And that's what I want for my own son also. Yeah, yeah. So we're modeling that. We're going, hey, when we got mom's money, this is what we did. And by the way, when you get our money, this is what you're going to do. Yeah. Yeah, and that's just a good, healthy balance. Where people get into toxicity with inherited money is if they don't plan for it and they leave out one of the categories.

I'm not going to spend any of it. Well, you should. I'm not going to give any of it. Well, you should. I'm going to blow it all. I'm not going to invest a dime. Well, you should invest. I mean, this is what people do, and you're not doing any of those tracy because that's how you ended up with 3.3 million you're

already doing all this stuff all i'm doing is telling you what you already knew joel is in muscle shoals alabama hi joe how are you i'm doing great dave how are you better than i deserve what's up well first dave i just want to say thank you so much because your message has completely changed my life and my family life and our business. So thank you so much. Well, thank you. I'm proud of you. How can we help today?

Well, so I'm wondering here, I have $750,000 in my business savings account. I hate it when that happens. Well, we have no debt other than our house. We have $135,000 on the house. And I'm just wondering, is it wise to take money out of that business savings account to pay off the house? Yes.

Or should... It is. Okay, so I shouldn't hold off and... No, it's only $135,000 out of $750,000. Right. Your business is not going to skip a beat, and you're going to feel so free, you're going to want to run through the backyard

with no shoes on, because that grass is going to feel different under your feet. Oh, yeah, I can't wait for that feeling. Awesome. Yeah, that's...'s i mean that answers it david uh exactly what i needed help with yeah i mean if you want to spend 650 out of 750 i start asking you about cash flow issues at your business but 135 out of 750 dude we didn't you're not even

going to notice it's gone right right yeah i think there's think sometimes it can, I guess, maybe feel selfish, or I don't know why I'm wrestling with it or just, you know, taking money out of the business, although it would still be a relief of health. Your house, your business. Very true. Yeah, Dave, that helps me out a ton. Thank you. You've done so good, man.

I'm so proud of you. You're a millionaire, man. You did it. Touchdown. You own a paid for business a paid for house and i can tell from the numbers we're dealing with that your net worth is easily over a million dollars well done that's a couple millionaires in a row we talked to here and none of them talked about inheriting it from their rich mother did they oh we did talk about an inheritance, but it was $400,000 after they already had 3.3, so they were already millionaires. So don't talk to me about millionaires getting inherited money, and that's where it comes

from in America. People that say that don't know what the crap they're talking about. Statistically inaccurate. I talk to them every day and more than anybody else in the history of America ever has. This is the Ramsey Show. 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.

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