The Ramsey Show - App - How Do I Move to America Without Debt? (Hour 3)

Episode Date: November 3, 2020

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🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave 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 am Dave Ramsey, your host. My co-host this hour, Christy Wright, Ramsey personality, number one best-selling author. Open phones at 888-825-5225 as we talk about your life and your money. 888-825-5225. And Christy, we kind of soft-launched and talked last week, but today's the official launch on the new devotional that you wrote, Living True, 40 Days to Get Back to You. Yes, I'm so excited about this because this is such

a pain point for women. And I think what's so powerful about even those words, Dave, get back to you. That is what so many women I have talked to have felt like. And I have even felt like the different seasons of my life where you feel like life gets so busy, you lose yourself in the errands, the to-do list, the roles and responsibilities you have. You lose yourself in motherhood. You're so busy just trying to get through each day that you kind of look up one day and you're like, gosh, where am I in my own life? And where are the things that bring me joy and energy?

And who am I anymore? And so as I prayed about this and worked through the outline, I felt like God gave me four things that you need to know who God is, who you are, where you are in your season of life and where you're going and what he says about your future. So I combine scripture with storytelling and prayer and journaling in each day's devotional and it's 40 days, which is not only a biblical number, but also is just not overwhelming for a busy woman. So I'm really excited to see how this helps people, especially in a crazy year. Okay, so I've got the answer to my question.

I took some of them home last night. I always take home anything we print and keep a few of them there to give to friends and relatives as gifts and keep them in my study. I got a little stash of Ramsey goodies back there and gave one to Sharon. Okay. And I said, hey, here's Christie's new Devo. And she goes, oh, that's so nice. And she flipped it and she goes, why 40 days? Yeah, so that's exactly why.

So a lot of devotionals are 365 days or 90 or 100 days and even 100 days or 90 days. I thought, gosh, that feels overwhelming. Also, you know me, Dave, I'm a long form writer. I have all the words. And so this helps me have a little bit more words per day to unpack a scripture and unpack a story. And 40 days doesn't feel like a big commitment. It's a three minute read. You know, I can do three minutes a day for 40 days. It feels like it's less intimidating for someone that's busy. Yeah. Yeah. And you do lead them back to themselves. That's right. And of course, to Lord in the process. So well done. Open phones as we talk about your life

and your money. The phone number here is 888-825-5225. Living True is the new devotional. It's available at DaveRamsey.com and our bookstore of course. And you can always check out businessboutique.com ChristyWright.com. It'll lead you right back there as well anytime you want any

of the things that Christy is working on or doing sandy is in ogden utah hi sandy welcome to the dave ramsey show hello everyone hi hi so my question is is how much do you say optimal um emergency fund is to having your bank because you say king of cash if that's true three what happens when go ahead what happens when when financially the banks are going to be in trouble and they end up closing granted they say they're fdc um fdic ins, but supposedly that fund isn't fully funded either. So what do people do, should do with their cash? I'm sorry.

I'm not aware that banks are closing en masse. Did I miss something? No, not yet. No, not yet. What's your prediction? Why are you predicting the end of the world? Why do you think they're all going to close? Well, because the way the economy is going it's booming explaining it's booming

it's booming okay it's recovered uh the unemployment rate is back down after covid it's not all the way down but it's uh right you know we had 40 million people unemployed after the pandemic but it's gone back. You're in Utah. Is Ogden, Utah economy not working? I would have thought it was doing well. It's doing all right. I mean, it's not stellar, but it's going to be a slow process for a lot of people to come back,

and a lot of people are hurting. Okay. Well, here's the thing. I'm retired, and my husband's still working and we have 401s and we have investments which we don't plan touching okay but we have a house payment left which i just refinanced okay well let me let me kind of walk you through this all right if enough of the banks went belly up that they drained the FDIC fund, and even beyond that, the government chose not to prop up the remaining banks

after the FDIC fund was there because the government was in trouble. Long before that all happened, your 401k would have been worth almost nothing because if all of the banking system in America has collapsed, most of the companies you've invested in in the 401k would have collapsed. And so we're talking about an apocalyptic situation before you'd lose your emergency fund in the bank. It's insured for up to $250,000. So I feel real safe in an FDIC or bank or if you're with a credit union insured by the NCUA, same situation, but for credit unions, I feel very safe.

I've got my personal money in a bank, and so I feel very, very comfortable with that. The only time in the last 100 plus years that we've even come close to being scared about that was back in 2008, and there was a moment or two that we've even come close to being scared about that was back in 2008. And it was, there was a moment or two that we were actually looking at the FDIC and how weak it really is in comparison to all the banks that it covers. But much like a lot, you know, like a lot of things where insurance is involved, they don't keep enough to cover every single person. For instance, a life insurance company does not keep enough cash to where if everyone they had covered

died that year, that they couldn't do it. They can only cover about 10, 20 percent of or whatever the percentage is that usually would die or an increase of pad above that. And the same thing is true with the FDIC. There's not enough money in the account to make good all of the banks. But even then, the government steps in. There was a thing. So I would feel safe and I would put three to six months of expenses in your emergency fund to answer your question, Sandy. But there was a thing in the um 80s uh the we used to have these things when i first started in business called savings and loans and the fdic version that insured them was called the fslic and um the savings and loan industry, there was a huge fraud. A guy went to jail in Arizona, Milken.

And then Reagan changed the tax law, and a lot of the S&Ls had money tied up in tax-based real estate investments. And so, like, these apartments all of a sudden became worth half what they were worth because they changed tax law. And they tossed the keys to the SNLs, and they ended up being in the real estate business instead of the lending business. And it broke them. It closed them down.

Well, the FSLIC did not have enough to cover the deposits. Then it was transferred to the government. It became the Resolution Trust Corporation, the RTC. The government took it over and made all the deposits. Then it was transferred to the government, became the Resolution Trust Corporation, the RTC. The government took it over and made all the deposits good, took all the assets and sold them off because I bought some of the real estate from the government that they'd taken back from the failed SNLs. And so there's a process that went through there, but no one that had money in an SNL lost big money, or virtually no one lost big money on that. So in those kinds of cases, there's usually something like that that occurs, and you're okay.

So I feel pretty safe for you, Sandy, because my money's there, too. This is the Dave Ramsey Show. You know, so many people have such a negative attitude about life insurance when it's actually one of the most caring and giving things that you can do. Still, 7 out of 10 families either have no life insurance or they don't have enough. I don't get it. Look around. People die at all ages.

I know it's sad, but that's reality. What's worse is when they leave their family unprotected, creating even more hardship. Yet somehow we find reasons not to get it done. It can't be the price. Term insurance is just plain cheap. Now, that's why I talk about Zander Insurance so much. Not because they're just an advertiser, but because they offer a crucial service that helps you and me. Call them at 800-356-4282 or check out their rates at zander.com. Listen, in the end, you need to get past the unpleasant images and just make sure

your family's protected. Be responsible and feel good about what you've accomplished go to zander.com or call 800- the air open phones at 888-825-5225 that's 888-825-5225 so what's holding you back from making your money goals a reality thinking about getting out of debt, thinking about having some savings, some investment, becoming wealthy, being outregistered generous. Well, it's time to get rid of the excuses. Time to take control for real and for good. Now, I'm not going to lie to you. It takes a lot of work, but with Ramsey Plus, it'll be a heck of a lot easier because with a Ramsey Plus membership, you build confidence with you and your money. You learn how to take charge and power through

your money goals. And you'll get all the tools you need to make it happen. I'm talking online courses like Financial Peace University, three brand new courses that we added just this year. Plus, you'll get the premium version of the EveryDollar budgeting app and the motivational baby steps tracking app. You really can do this. Go to DaveRamsey.com slash store and get started right now. Ramsey Plus. DaveRamsey.com slash store and get started right now. And if you're doing Ramsey Plus, if you're a Ramsey Plus member, you get to watch

this coming Saturday's Smart Conference live stream free. Yeah, this is going to be an amazing day because one of the things that we are so intentional about are picking the right speakers that are experts in their space. And we want to help people in every area of their life that is so important to them from marriage to money, parenting, personal development. And man, it's an incredible lineup. So I'm excited about this. Christy's, of course, on the lineup this coming Saturday, and you're going to be talking about? About getting a life, how to not lose yourself in the work that you love.

So life balance and also just figuring out what it looks like to manage your time in a way where you're spending it on what's most important to you. And a lot of us, believe it or not, don't do that. So Meg Meeker will be with us, as usual, on Smart Conference. Smart Conference is usually 8,000 to 10,000 people in an arena. And there will be 200 people here. And we'll be live streaming it to many thousands of people already. I noticed this morning on some of my notes that came through that over 3,000 Ramsey Plus members are watching it for free.

Cool. As a benefit of their membership at Ramsey Plus. But also, of course, you can buy it for $29 at DaveRamsey.com and get a ticket for this all day Saturday, this Saturday. Les Parrott on marriage, Meg Meeker on parenting, Christy Anthony, Rachel Cruz, Chris Hogan, Ken Coleman, and I'll close out the day. So it's going to be an incredible day for $29. And you can watch it from the Chris Hogan said, wear your footie pajamas. And I asked him if he had any. And does he?

I don't think they make them in that size. That's kind of like skinny jeans, footie pajamas are probably off the list for Chris Hogan. That's valid. Just thinking jeans, footie pajamas are probably off the list for Chris Hogan. That's valid. Just thinking. Yeah. There we go. You know what I love that you just talked about, though, Dave, with the Ramsey Plus? You know, I was thinking about this summer when we had Entree Leadership Summit.

And I don't know if you remember this, but Pastor Craig Groeschel talked about systems. And I've never thought of systems as something that's very exciting. But the way that he impacted, he talked about how systems determine whether or not you reach a goal, whether or not you change your life. It's if you have a system that gets you there. He said you either have systems by intention or by default. And so I kind of realized, well, I have a system to wake up. It's just not a great one. I had snooze 50 times, for example.

So when you create these systems intentionally. You have a system to get the kids ready for school. Yes, a system. That's what Ramsey Plus is. This is a system for you to actually win with money. It has everything you need to win with money. And systems doesn't sound exciting, but winning with money does. And so it's just cool to see how we're providing that in a way that people go,

oh, my gosh, my system sucked or sucks. I need a new system so that I can actually manage my money. We have the best biscuit recipe. Follow the recipe. That's right. It's a system. Yeah, exactly. I agree with you. That's very good. John's with us in Atlanta, Georgia.

Hey, John. Welcome to the Dave Ramsey Show. Hey, I certainly appreciate it. Got kind of a two-part question. My father has listened to you for years, and he mentioned your background and preference for real estate for investing. And I currently have about an equal split in

both equities and real estate, and funding my retirement that way. And I was have about an equal split in both equities and real estate and funding my retirement that way. And I was wondering your thoughts on two things. I guess first, thinking about liquidating assets, equities, and even possibly my real estate to have money to invest in what should be a foreclosure boom in the next few years with all this COVID stuff. And then second, tying to that, so many states have blocked evictions, which frightens me as a landlord. Would I be best just giving out of real estate altogether? Okay.

So has Georgia blocked evictions? Not yet. Okay. Tennessee did. And if they have, I've just been fortunate that my tenants have been paying. Yeah. But I didn't realize it. But I've not seen anything.

Tennessee did for 90 days, and I had one bad tenant that sat on me for about 40 of those 90 days during that time. I couldn't. They would not accept eviction, the standard lawsuit at the courthouse for that. Right. Tennessee Supreme Court put a moratorium on it until, and that was back in the summer, back in the height of the pandemic panic, if you will. So I don't know. It just, I think it depends on the way we make investment decisions

and is what our beliefs are. And what do you believe is going to happen? You believe there's going to be a foreclosure uh boom i don't i don't see anything indicating that um not really arguing with you it's just a matter of i don't believe that so i i think there's a um now there may be uh some property values in some of these areas that are completely clamped down but georgia and tennessee are not two of those areas um new york city uh and california people are leaving by the uh there's a there's a you know there's a one-way path of u-hauls going out of the town right out of the states every place yeah exactly and so uh you know georg you know, Georgia, Tennessee, Texas are where they're coming. And so that portends to an increase in demand,

and therefore a shortage of supply, which would drive prices up, the opposite of a foreclosure boom. But that's a migration of people based on bad politics in those states um in my opinion and so uh uh but i think it's driving people out of those states it's going to affect their economy long term and may affect the real estate prices long term but i all of my real estate's in tennessee so i don't have any uh any great fears based on the current landscape. Now, I did buy a whole bunch of real estate in 2008 at 15 to 20 cents on the dollar. I mean, I made so much money, it was sickening.

Right, I did mine in 2009 time frame. That's about the time all the foreclosures were hitting the market here in Atlanta. And that was really what i was you know looking at i think today's election might have a lot to do with the uh well i guess i guess it could i guess you could have the equivalent of what's happened in those two states happening out of the white house uh depending on who goes in so then i guess we'd have to judge based on that but um generally uh i believe in real estate or for that matter in mutual funds as a long-term play uh and so when things are dark and the prices go down is when i try to buy

particularly real estate so uh getting ready for that if you have some evidence that's actually going to occur wouldn't be a bad thing but but I don't know that I would sell existing properties to get ready. I would just be trying to rake cash together to get ready. And you might even use some of your equities to buy real estate and then later on use some of the real estate income to rebuild your equities portfolio to get it balanced back if you want to keep it balanced. So that's the way you can do it. But I think you've got to look at what's happening here.

So it's up to you. But thank you, John. We appreciate your call. Christy, what we believe about the future causes our actions. Well, it made me think of the last call from Sandy about the banks are going to collapse. The banks are going to collapse and there's going to be a foreclosure run. So I'm curious there, though, because it's like you always say around our place, we don't make decisions based on fear. We make them based on facts.

So when Sandy called, your answer was very, in my opinion, cut and dried. Like this is not happening. Here are the facts. You're good. Three to six months expenses. In this scenario, you want to make decisions based on facts. But in real estate, it feels like those facts are limited. Like you've got limited information.

Sometimes it's hard to figure out like, okay, still there's a risk involved. There's risk in everything we do yeah and um the trick is to not get caught up in um you know probably what what many people are doing today is they're watching too much television they're and and it's scaring them yeah that these people uh in or around the white house or in around the capital are actually going to be able to screw this thing called america up this is the dave ramsey show We'll be right back. Christy Wright Ramsey personality is my co-host this hour. Open phones at 888-825-5225. Her new 40-day devotional, Living True 40 Days to Get Back to You,

is available in the bookstore starting today at DaveRamsey.com. Click on that and you'll be able to get the brand-new devotional. First devotional Ramsey Press has ever done, and Ramsey Publishing has ever done. And I'm proud to have Christy on that and to be the creator of that. Emily is with us in Fort Payne, Alabama. Hi, Emily. Welcome to The Dave Ramsey Show. Hi, Dave.

Hi, Christy. How are y'all? Hey, great. How can we help? Hi, Dave. Hi, Christy. How are y'all? Hey, great. How can we help? Yeah, so I have a quick question. I pitched the idea of opening a coffee shop cafe in our little town here in Alabama, and I pitched it to my family, and they were super excited, super supportive of it. However, I'm in baby steps, too, And I was just wondering where at in the baby

steps with saving to make that business a reality happen? Yeah, this is a great question. So I want to unpack this with you because it really depends on how you do it. And so if you wanted to start small where you could turn a profit really quickly and that profit is able to go back into the business to grow the business and grow slowly or if that profit goes into paying off your debt then it's something you could likely do now but i'm curious kind of what's your vision for this in terms of you know are you going to have your own retail storefront are you going to open up in the front window of a bookstore how do you did you say the coffee house coffee shop i think yes a coffee shop cafe so my plan for it was um we have an

a used build or an unused building in our town that used to be a restaurant it's no longer in use and we were kind of talking about like purchasing that and using that like our little cafe so it wouldn't be like on a storefront like of a bookshop or anything it'd be like directly um purchasing the building and making it happen from there. How much would it be? We haven't got that for you. So we were talking about like who to discuss, like to purchase the land from and kind of what that conversation would look like with them. So we actually haven't gotten to the point of discussion, like price discussion.

Okay. It would be after Baby Step 3, you have your emergency fund in place, and then you save up the cash to open a business because this is not $500. No. This is substantial. Yeah. It's a substantial amount of money that we're talking about. The first thing I would attempt to do if I were in your shoes is I would attempt

to lease that building with an option to purchase it later. One restaurant, one food service business has already failed in that location. I don't want you to be the owner of the building and the coffee shop idea not work. Now you've got a building left over and have lost money on a coffee shop idea. So I would rather you rent it or lease it with an option to purchase, but even that, you're going to have to go in and do some decorating, some retro. I mean, this is tens of thousands of dollars. This is not a $1,000 investment to get open. Agreed?

Right, yeah, that is correct. Yeah, so that's definitely after baby step three. You have your emergency fund and you your debt-free except your home, and you save up the money to do this. You don't borrow money to do this. One thing I would say. Right, and that was the whole point of me, like, not wanting to borrow money. So that's why I was like, where in the baby steps would it be like?

Yeah, it's another reason. So not buying the place and renting it gets you open faster because you don't have to save up the money to buy the whole thing for cash. It can happen faster. The other thing I would say, Emily, and I'll make sure Kelly sends you one of my books, Business Boutique, to kind of help you get started. I love helping people start small because you can start faster. So I just want to share one quick example with you. My mom started a cake shop in the front showcase window of a

candy store in downtown Nashville. She had $64 to her name and she used that for supplies, paid the owner of the candy shop a percent of her profit. So I don't know what's in your town. I don't know if there's bookshores or other cafes where you could set up a little coffee thing in the front window or for a sub-lease a portion of their thing where you don't have to do the decorating. You don't have the thousands of dollars of upfront costs. If you get creative and scrappy, you may be able to do a baby version of your idea sooner with very little cost

and you could turn a profit instantly and grow slow from there. But the idea that you're gonna do any kind of business loans or $10,000 in your baby step number two or more than that. Yeah, we don't recommend that. But I do want to encourage you to get creative because you may be able to do something really

small and grow slow. That's a neat idea. I hadn't thought of that. You started your books in the back of your trunk. Yeah, but I wasn't starting a coffee shop. So, I mean, I kind of, you know, she's got an existing restaurant there. I don't think it's a bad idea. I just hadn't, wouldn't have thought of it.

I think it's a good idea. If you can find a way to, you know, start's got an existing restaurant there. I don't think it's a bad idea. I just hadn't, wouldn't have thought of it. I think it's a good idea. If you can find a way to, you know, start something in the corner of an existing retailer. A bookstore or an existing retailer that would let you have a little corner or something. And then you prove your idea out. And then you move across the street into the other place and you rent it with an option to purchase it. Because you're not getting in the real estate business. You're getting in the coffee business. Right.

And you prove your idea. You prove your concept. Because that's the problem with even if you had the money. Even if you had the money, Emily, to go buy this land, it's like you haven't proven the concept. Man, that's a big investment up front and a big risk if you haven't proven the concept. Agreed. Jacob is in Windsor, Ontario. Hi, Jacob.

Welcome to the Dave Ramsey Show. Hi, Dave. How's it going? Great. How can we help? Well, I've been following your program for the last couple of years. And last year, I graduated my undergraduate degree without any debt. And I was offered a scholarship to do my master's.

So I'm doing that right now. Great. Yeah, but I want to eventually go into law. And I would also like to relocate to the U.S. I don't know if you know where Windsor is, but it's right bordering on Canada and Detroit. And so most weekends I go over to Detroit. And, you know, just with the way things are kind of going in Canada, sometimes it makes me want to relocate.

And it's kind of been a dream of mine for a while now is to maybe live in Michigan or Indiana. Where would you study law, in Canada or in the U.S.? Well, it would be a lot cheaper in Canada, and we have the same kind of law. It's called common law, so we can transition the degree as long as I pass the state bar, right? So I would save a lot of money if I did it in Canada, so I was thinking of just doing it here in Windsor. Okay, cool. And then after a few years relocating, but I'm just wondering how to go about, you know, financing a move to another country. What will it cost you to move across the river and do the citizenship routine? Well, I'm not entirely sure is kind of the problem.

I would imagine it would cost probably a few thousand dollars to just do the citizenship routine. I mean, I'm only 23. Well, I mean, if you get out of law school and you pass the bar in Canada, and then you, during that, as you start approaching that, then I would start gathering information and put together your move budget. Moving is a project, and we need a budget for this project. And what does it take to physically move? What's the apartment cost?

What does the reciprocal law license or the taking the bar in Michigan cost to retake it if you have to? I don't know how that works, but, you know, or is it if you pass it in Canada, is it reciprocal? I don't know. I mean, the knowledge is transferable, you're saying, but I don't know if the licenses are and the bar is. And so you'd have to just find out what each of those things cost and total them up and go, okay, that's my target. And so while I'm in Windsor, I've got to work and build up that money, right?

Yeah, it's interesting because I feel like that in any situation, the unknown is overwhelming, but it's just because it's unknown. You do your research, you do a budget, you put together a plan. You're like, oh, well now I can see how I can do it. It's this target amount. It's this target timeline. If you can see it, you can do it. It just feels overwhelming because it's unknown. So yeah, just get your ducks in a row, get your bearings, figure out what the cost of these things are, what transfers. Once you can see it, well, then you've got a plan in front of you. Yeah. I mean, it's impossible for the boogeyman to be under your bed if the mattress is on the floor.

I discovered this the other night with one of the grandbabies. There's nothing to be scared of because you can't get under there. But, you know, if you look under the bed, you see what you're facing, right? And once we quantify what we're facing, it's less of a monster. Yes. It's less overwhelming. Yes. And so I have found in a lot of stuff in business or even in my personal life, when I actually run the budget on what it costs, I either get sticker shock, like, oh, my God, that's a lot.

Or I go, wow, I should have done that two years before now. Yeah. Like, oh, my God, that's a lot. Or I go, wow, I should have done that two years before now. So actually run some numbers out and develop a budget of what it's going to cost to make the move, and then you've got a goal. Then you've got a target. Good question, sir. Honored to have you as a listener. This is The Dave Ramsey Show. Thank you. Our scripture of the day, Judges 8.23, Gideon said to them, I will not rule over you, and my son will not rule over you.

The Lord will rule over you. Hmm. That'd be nice. Beth Broderick says, I love voting day. I love the sight of my fellow citizens lining up to make their voices heard. Yes, you should be doing that if you haven't already. Polls will be open for a few more hours depending on when you're hearing this. If you're hearing it live, that's the case.

And you ought to exercise your right as an American and get out there and put your vote in. You've been putting it off. You've been thinking about it. You're not really thrilled with any candidate out there. Well, welcome to most of us. And some of them, we like what they do. We just don't like them.

And, you know, that's called holding your nose and voting and um i my nose was red for two days after i voted but i definitely voted and you need to too so um it's uh and there's way too much drama around this to suit me, but that's not up to me. And way too much anger. Yeah, and it goes back to what you said a few minutes ago of turning off the TV, which I know we'll all be glued to it tonight to see what's happening. But in general, you can't really have a good grasp on reality by watching the news headlines. It paints this picture that it is doomsday economic

collapse the banks are all these things and you're just like the average person is like me is like you it's like we want the best for our country we're good logical level-headed people and and and just like you said it's like this this is not going to determine our destiny we are we're not going to make the news feed because we're not wacko. Yeah, we're not full of drama. There you go. At least in our own minds. Right. Some people might differ.

Sarah's in Albuquerque, New Mexico. Hey, Sarah, welcome to The Dave Ramsey Show. Hi, Dave and Christy. Thanks so much for taking my call. Sure. How can we help? Come on. Well, I just want to start off with I'm 23 years old.

I just graduated with a master's this year and i got my first uh yeah full-time job this may wow and um yeah and i've been uh living with my parents and um i've been having a pressure of like needing to move out um although i don't i feel like it's a little too soon for that. And mainly because I feel like I want to save up a little bit more to pay for maybe a mortgage, a down payment. Nah, you need to move. Yeah, okay. So you got a master's degree in what?

Computer engineering. Good for you. And you're employed in that field? Yes. And you have an income of what? Computer engineering. Good for you. And you're employed in that field? Yes. And you have an income of what? $100,000. Oh, Sarah, get out of the house. Sarah! Sarah! Sarah! I mean, I feel like I should save you from his answer right now. Listen, Sarah, you shouldn't have told him that. You shouldn't have told him you should have just sugar-coated that part listen there is a dignity that is going to come with you moving out of your house the joy that you're going to experience to have your own place and you absolutely have the income you have plenty of time you have plenty of time to buy a

house later get you an apartment get you an apartment and get you a life. Mm-hmm. Okay. Yeah, it's okay. Obviously, you have a great relationship with your parents, which is wonderful. Yes. And my oldest daughter, Denise, lived with us for about three months. You're past that mark when she first got out of school, just to get settled into the new job and find the new apartment and actually arrange some roommates and that kind of thing and so forth. And we loved having her there.

And she loves us, and we didn't have any boundary issues or any weirdness or anything like that. But all of my grown kids are older than you. I have witnessed just the advancement of their adulthood when they had to buy their own groceries and pay their own light bill. And it's just really good for you. And you got the money.

You're in good shape. And if something really, really bad happens and you needed to return home for a safety net for a little while, you've always got that option given that you've got a wonderful relationship with them. We can tell that because you're in no hurry to get out. But my coaching as just the old man on the show would be get out. And I think you'll be glad you did in a few years or in a few months, maybe even a few minutes, because it's your place. Christy used the word dignity, and that's a good word, Christy.

Yeah, it's a, there's a, Christy used the word dignity and that's a good word, Christy. Yeah. It's, it's a pride. And also just, it's this feeling of, I am now officially an independent adult. And when you're living at home and mom and dad, it's very hard to feel that because you're not, cause you're still a kid in their house and you can afford it. And so I think you're going to actually be so glad you did and have that same thought. Like we were just saying like, man, why didn't I do that sooner? And you as denise met bill and um that led obviously that dating relationship led to them getting married many years ago um she was in a different place because she was a standalone confident young woman she wasn't under her daddy's roof anymore right you know and she was about that age actually right um and so uh 23 24

years old probably when she met bill something like that and so um she would tell you that put her in a different place to enter that relationship that's a good point if she had been still at home with mommy and daddy yeah you know and um it wasn't that she was immature it wasn't that she wasn't any of those things but it just the confidence and the sense of power that's right as a young woman that's independent and i make my own decisions you don't feel as vulnerable just you don't need some guy to come in right to save the day right and it causes you to pick better when you're looking at guys well that's a great that's a great point it's interesting too because matt you know my husband matt he travels with his work and when he's out of town i mean i think this is going to come as no shock to anyone that knows me but i don't freak out because i lived on my own

for eight years nine years before we got married so i know how to mow the lawn i know how to fix something that goes wrong when the pilot light goes out on the water heater i know how to do stuff because i did it and so it's not this fear like, I have to have him there in a panic when he's out of town. So there is a sense of independence and also just self-sufficiency that occurs. It's confidence. It's confidence and power. Yeah.

Those kinds of things. And that affected you when you met Matt. Yeah. I mean, you weren't needy in that sense. And I'm not saying that Sarah's needy. Right. No, no, no. I didn't sense that.

I mean, she's making $100,000 a year. She's a computer expert. She's not needy. She's sense and i'm not saying that sarah's needy right no no i didn't sense that i mean she's making a hundred thousand dollars a year she's computer expert she's not she's good it's just a rock star it's a byproduct of moving out on your own that you probably aren't expecting that's what we're saying it's you probably aren't even thinking of that but those are other benefits you'll experience for you moms and dads listening that's why you kick them out yeah they need that even if they don't know they need it. You're going to help them know they need it. All right. Up next is going to be Jeff. Jeff's in Provo, Utah. Hi, Jeff.

Welcome to the Dave Ramsey Show. Hi, Dave. How are you doing? Great, man. How can I help? Hey, so I got a question for you. I am currently 21 years old. I'm engaged.

I get married next month. Wow. Congratulations. Thank you. Thank you. We're both excited. But neither of us have any debt, and we're both in pretty good financial positions at the current moment, and we've set a goal that we want to be worth a million dollars when we're 30 years old. I know it's very audacious,

but it's something we both think we can achieve. We don't know how to get there. Okay. Well, it's a math thing, obviously. And what's your incomes? So I make, between my full-time job and my part-time thing, I'm doing about 60. What about her? Right now, I'm in school full-time, and she does about 20 to 30. Oh, when will you graduate? I'll graduate in 2022. With a degree in?

Construction management. Okay, cool. So what do you think you'll be making then? So the company I'm with right now, they're saying that with them alone, I'll be making about $60 when I graduate. They pay for my schooling as well as they offer full benefits. Okay, so let's say you had $100,000 income in 2022. That's realistic.

Between the two of you. That's what it sounds like to me. Her income goes up, your income goes up. And then you just say, all right, oh, by then that's two more years. So now we don't have nine years. We have seven years to do this with $100,000 income. That's going to be tough. That's going to be tough. That's going to be tough to pull off by then.

But here's the thing. Let's pretend that you shot at it and you laid out a mathematical formula that says, I'm going to invest X, Y, and Z so that I get there. And then something happens and you don't quite make it. And you're 30 years old with $800,000. I don't think you lost. You're doing okay. I think you're going to be all right.

Yeah. It's not like they throw you out. They're going to throw you off the planet now. Christy Wright, good job. Thanks for having me. Thanks for hanging out. James Childs and Kelly Daniel, thank you for doing your job in the booth. You're awesome.

I am 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. Hey, it's Kelly, associate producer and phone screener for The Dave Ramsey Show. This episode is over, but if you heard about an event, product, or service and didn't have a chance to write it down, don't worry. We list everything you've heard about during this episode in the podcast show notes section or head over to DaveRamsey.com and click Dave Recommends.

Thanks for listening.