The Ramsey Show - App - How Do I Settle My Bills? (Hour 2)

Episode Date: December 6, 2022

Dave Ramsey & George Kamel discuss: How to navigate getting your bills out of collections, Selling/transferring a house to your children, Pulling from an IRA to pay off a house, The best way to open an IRA, When to plan to get a new vehicle, Rolling a 401(k) into a Roth IRA, When it's time to quit your job. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

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Kathy is in Reno starting off this hour. Hi, Kathy. How are you? Hi, good. How are you? Better than we deserve. What's up? Yes, I had a hospital bill that has gone into collections.

It's at just over $1,000, but it has interest. So it's really $1,100. I have made them offers, which they have rejected. My last offer was $500. And now they're saying they will not take any offers or negotiations, only paid in full. So I just need help navigating this, and also I want to know if it's legal for them to charge interest on medical debt. Sure. It's perfectly legal. Okay. Why do you not have $1,000?

A lot of reasons. What would it take for you to get a thousand dollars in the next 30 days what would you have to do uh i really am not sure uh my situation's a little different so um are you working currently uh sort of i am a missionary you're a what say again a missionary okay all right so is income provided to you through donors uh the ministry yes so how much do you make in a month? About $2,000. Okay.

So you're trying to provide housing and eat and do your mission work? Yes. Okay. Okay. I don't know. I mean, there's a lot of uh things that take the form of mission okay um and i don't so i don't know what constrictions there are on your time uh constraints there are on your time but if there's any way you could work three nights a week you can

find a thousand dollars pretty quick and make this problem go away you're trying to you're trying to nickel and dime a very small problem it's not a small problem in your world because you don't have a lot of money coming in you don't have any money but um but it might as well be ten thousand dollars emotionally right but the bad yes that's the bad news the good news is it really is only a thousand dollars emotionally right but the yes that's the bad news the good news is it really is only a thousand dollars and and not to minimize the pain that you're feeling or the stress or the frustration you're feeling with this but uh but sitting back here i mean uh do you have a car uh no okay not that size no we mean did you did you say not that size no we we have one but we borrow it it's not our car okay are you allowed to use it to say

deliver food uh yes so you could work with the car three nights a week doing Uber Eats as an example? Sure, yes. Okay. How many nights could you do that? Six, seven? Maybe two. Two, okay. All right.

And as many hours as you can possibly work on those two nights, the more the better. And the quicker you do get rid of this, the quicker you don't have to do that anymore agreed yes yes yeah and so um yeah uh uh what type of mission organization are you with uh well we're i don't really want to say too much but um we're worldwide and we do pretty much everything under the sun, but mostly humanitarian. Okay, that's fine. I'm just trying to figure out what the...

We've worked with a lot of evangelical Christian situations. LDS does a two-year plan. Oh, okay. Christian. It's a Christian organization. Okay. All right.

I mean, like Youth with a Mission, we've done a lot of stuff with those folks, and those are usually shorter stints. Young Life, a lot of those folks work on support. So we've interacted with a whole bunch of people in your situation. That's why I'm trying to figure out a way to be helpful here. Oh, yeah. And that's why I'm trying to, you know, figure out a way to be helpful here. So, again, the bad news is that you've got all this mess and this pressure and these people are calling and they're nasty when they call. And they make you feel like a dog and you're not. You're just a person with a medical bill.

Whoop-dee-doop-dee, okay? But the faster you can scrape together $1,000 working like a crazy person, the faster this goes away. And I would want you to do that in two or three weeks. What do you think, George? Yeah. Kathy, do you have any other debt? No. This is it, the $1,000?

Yes. And how much money do you have in the bank? Right now, nothing. Zero dollars? Yes. Okay. Okay. And what was the medical event?

Well, it was about two years ago, so I don't even remember everything. I just arrived to the United States. It was something with my stomach. Okay. Were you working with that mission organization at that time yes okay i again i don't know how the uh structure is of your organization and that will matter and so this this in other words this suggestion may be stupid is what i'm saying but it's possible with some mission organizations that you were under their care at that time and i would

submit this to your supervisor whoever's leading the mission in your area and say hey this happened while i was on the mission field with you guys can you help me with it and just as a one time instead of two thousand dollars this month i need three thousand and you don't even have to send it to me you can send it direct to the hospital and see if they'll help you cover that because you were, you know, you're in there, you're part of their organization, you're part of their family. So I would ask about that if you think that's appropriate. I don't know, but it wouldn't be unusual for a lot of mission organizations to go, oh yeah, we can do that. We'll help you with that. It's not, again, it's not $100,000.

It's $1,000. It was a quick trip to the emergency room. You were overcharged for it because we always are when we go to the emergency room. And it's always horrible service, and it's – Low expectations. Yeah, really. And, you know, so sorry if you work in the ER. Sorry about that.

But, I mean, most of us dread the idea of spending seven hours waiting in there for you and it's 90 for an advil and so that also frustrates you yeah that does yeah that's a tough situation when you're missionary walgreens and got that yeah cvs has got a deal on them this week with a coupon yeah anyway yeah so i i'm trying to help but i i think creating this very very quickly instead of trying to figure out a way to make the hospital behave. Instead, let's just pay them. And that's what I'm after. Get the monkey off your back. Yeah, because the great news is you're 100% debt free, free to serve God when you get this monkey off your back. This is The Ramsey Show. សូវាប់ពីបានប់ពីបានប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពីប់ពី george camel ramsey personality is my co-host today thank you for joining us america we're

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And, of course, where you're able to, leave us a five-star review. One-star reviews are not helpful. Mom always said, if you didn't have something nice to say, don't say nothing. So there you go. That was before social media, Dave. Well, I know. Times have changed. Now they have comment sections dedicated to hate.

I know. I'm aware of that. And that's what I'm trying to prevent. That's helpful. I'm learning. Our question today comes from Blinds.com. They have a 100% satisfaction guarantee. It means even if you mismeasure, you pick the wrong color, they'll remake your window blinds for free.

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She asks, my husband and I were 65 years old. We're traveling nurses and we are paid. We have paid housing stipends. We're debt free. We own a house worth 750,000 in the country on five acres of land next to our daughter and her family. We've got $800,000 in retirement accounts and $200,000 in cash. My son just left the ministry and therefore has no savings and owns no real estate. He's renting our house and wants to buy it. He's got five kids and it's a five-bedroom house,

which is too much for my husband and I. How do we sell the house to him? We wanted to sell it to him on contract and he would have to get a loan and pay the estate for what is left if we die. The property's in a trust now and we only spend the summers in Iowa where the house is located and we'll retire there someday,

but we want a smaller house. We plan on building a small $1,000 square foot house on the property when the prices come down. Love listening to your show. Very cool. Signed, Janet. Very cool. Well, they've done very well.

Yeah. Got a net worth of almost $2 million, it looks like. Yeah. Well, I would not have payments owed on the house if you want to keep him from the it's just so convoluted so what would I do I don't believe in having debt with anyone but for sure not with family so So what can we do? We could give him the house. That's possible.

Check out the Unified Estate Tax Credit. You use a part of your federal estate tax exemption to avoid gift tax. If you don't do this properly, you're going to get your butt taxed off over $300,000 in taxes. So you need to see a tax advisor, a tax attorney, an estate planning attorney, and get this done properly. It's worth the money you would spend with them, the unified estate tax credit. So I would give them the house. If you want to, and then reduce their, you know, his portion of the inheritance by the value of the house at the time you give it to him. If you want to further control it, it's in a trust, you could give him the house with a lien filed against the house with no payments and no interest,

and that that lien is forgiven at death. Darrell. Oh. So the lien doesn't have money tied to it. Yeah, it guarantees that his portion of the estate goes to this house. In other words, because here's what could happen, okay? Let's say you just give it to him. He could go get a divorce, and not likely. I mean, he's a former pastor pastor hopefully that's not going to happen but

it's happened before and um then half of the value of that house would have to go to her he wouldn't get a mortgage for 375 000 to pay her out uh because those are marital assets maybe maybe not because there's a gift from mom but who knows i mean i stranger things have happened in divorce court that were not just um justice isn't always served in our court system um the um so yeah i mean that would kind of keep crap like that from happening or he could just kind of lose his mind and forget to be grateful and decide he doesn't want to talk to anybody in the family and he's already got your money and all that uh and then he wants to go run up and borrow

a six hundred thousand dollar mortgage and go buy six sports cars and a uh and a boat you know or whatever and uh now he's leveraged up this house it's next door to your next door to his sister your daughter and the next door to you where you want to build your 1 000 square foot retirement place and all that so yeah i'm probably putting a lien on it that's the cleanest way that is forgiven that is forgiven out of the estate and no payments and no interest until then because he can't afford this thing if they sell it to him for what he can't pay payments on this he can't well we don't think we don't know what his income is well he hasn't got any money he's got no savings coming out of ministry we don't know what his income is. He hasn't got any money. He's got no savings coming out of ministry. We don't know what his new job is.

Right. But he's not in a place to buy an $800,000 house tomorrow, it sounds like. Unless he's got a job making a million dollars a year. I don't know what he's doing. That would be wonderful. But I would probably just give it to him with a lien on it that's forgiven in the estate. And who's the right team you would have in place? Estate tax. An estate planning attorney could do every bit of

it. Okay. And they can help you with a unified estate tax. You can deal with the fact that it's in a trust. You can deal with every bit of it on how to structure it. But I would do something along those lines because of the things I just outlined. Yeah. I don't want payments. I don't want Thanksgiving dinner to taste different because the borrower is slave to the lender and you don't get away with that. Christmas dinner dinner in this case tastes different right but um and you need to talk this through with his sibling your daughter lives next door if i understood that right is that what she said yeah yeah yeah yeah next door to our daughter and her family and say okay you're getting yours on our death and it will have grown more than his. His will grow as he owns it.

Yours is in investments, and it will grow. She's got $800,000 over here, right? And so you'll get, he's gotten some of his half, if not most of his half, if not all of his half. And just let her know. Everybody needs to know everything, and it all needs to be done in a business-like methodology in writing and you need to understand what the downsides of all of it is what's the worst thing that can happen in some bizarre scenario and be willing to accept that scenario before you go forward that's that's

part of managing wealth is stewarding it well and knowing here's what's going to happen to it after i'm gone absolutely skip is in st petersburg Florida. Hi, Skip. How are you? I'm well, Dave, and thank you for taking my call. Merry Christmas to you and all your staff. Merry Christmas. How can we help? I have a question for you. My wife is 67.

I'm 74. We have been extraordinarily blessed in our personal lives and in my business life. We currently own two homes. Our primary residence is in St. Pete with a $350,000 remaining mortgage with an interest rate of 2.8%. I have another small home in North Carolina with a remaining mortgage of $125,000 at 3%. The home in St. Petersburg, Florida is probably worth about $700,000. The home in North Carolina is probably worth close to $400,000. I have, we have $1.5 million in a Roth IRA and another million dollars in a traditional IRA. I'm not sure. I just don't think it's a wise move today to pay those mortgages off, even though I could.

Okay. What's your question? What do you think I should do? I think I i'll pay them off by the end of the day you want to know why even yes neither neither one of these answers yours or mine is going to cause you to be blessed financially or to be bankrupt you did did a great job, Skip. You're going to be okay either way. You're going to sleep different. You're going to walk different. You're going to sit in a chair different when you don't have a mortgage.

This is why you've worked so hard to put all this money away so you can have some peace and you can enjoy this money. And if you hate it, they'll get you another mortgage after you're debt free but you won't hate it you won't hate it at all borrow or slave to the lender and when you're free you're going to be free indeed George Campbell Ramsey personality is my co-host.

Open phones at 888-825-5225. A couple of upcoming hours here on the Ramsey Show, and we want you to sign up to be a part of them. Coming up on December the 14th next week, we'll be doing our annual giving show. So if you have a great story of generosity, you were on the receiving end of generosity or on the giving end of generosity,

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of that hour as well. Problem you've got, something you want solved, that kind of thing. Again, for the Entree Leadership Theme Hour, use the same email address. Just put, instead of giving in the subject line, put Entree Leadership in the subject line or business hour or whatever you want to say. Ask at RamseySolutions.com is the email address ask at ramsey solutions.com michael is in the netherlands hey michael welcome to the ramsey show hello sir thank you for taking my call sure what's up that you two are uh better than you deserve i am uh an active duty military member stationed in the netherlands my wife margaret is leaving gs employment and moving to a location where she won't be working. We're currently in baby steps 4, 5, and 6, contributing 15% to our 401k.

Should we open an IRA in her name or keep contributing to the account that is in my name? Doesn't matter. If you want to open IRAs in both of your names, you can. In the event of a divorce in any state in the U.S., retirement accounts are joint assets and will be divided. In the event of death, you would leave all of yours to her, she would leave all of hers to you. So it doesn't really matter whose name it's in. Perfect. Well, I really appreciate your time and wishing you all a Merry Christmas. You too. Thanks for your service, Michael.

Thank you. So that's an interesting thing to think about, George. So really, keep in mind, we say at Baby Step 4, 15% of your income going into retirement, right? Yes. And the funny question we get is, is it it 15 of my income or her income or both i'm going well 15 of both of your incomes individually is 15 collectively yeah so that's a good it's how that math thing works that's a baseline uh question just answered right there that still comes up a lot but so the thing is if her 401k has great options, a great match, and is Roth, and you don't have a 401k, well, let's load hers up and just name you as the beneficiary in the event of her death.

And if the marriage goes sideways, you'll split her 401k. That's how it works. you know, it's not a rights issue or, you know, ladies aren't protected because all the assets are in the husband's name. It's not the case. It doesn't work that way, or vice versa, for that matter. Gentleman's not protected because it's all in his wife's name. That's not the way it works. A little tough to lie about retirement accounts in the court system. So, that's what you're facing. So, yeah, you can put the Roth IRAs in both or either names. And sometimes you just do it for the fun of it.

I mean, like, you know, we've got a mutual fund. Sharon's dad many, many, many, many moons ago sent us a check. Sent each of his kids a check. Not a huge one, but more than we were used to seeing. And she's like i want to put that in a mutual fund well we did and it's got her name on it and it's got my name on it but it's sharon's mutual fund you know if you want to ask her she'll say it's she'll tell you you know and so my point is it's just it's kind of humorous in that sense but uh uh you know

and that was 20-plus years ago, so that's definitely a marital asset now with that amount of time having passed. And certainly the growth on it has well exceeded the actual original amount going in. But anyway, all that to say, if that was a Roth IRA and it was in her name in mutual funds, fine. I'm the beneficiary in the event of death. We have the same co-beneficiaries if both of us die, secondary beneficiaries. And again, if there's a marriage problem and there's a split, then you should just split them all up. Just add them all up and split it down the middle.

And so the point being is do what accounts are the best, which ones are going to give you the best towards your goal of retiring wealthy and regardless of whose name they go in so match beats roth beats traditional so if you've got a match with one of the spouses let's go with that and let's fill up the roth accounts and then move to the traditional as a as the last one it's good absolutely madeline's in detroit hi madeline how are you good how are you today better Better than we deserve. How can we help? Yeah, so I was calling because me and my husband recently just read Baby Steps basically last month. With that, we're now to step two and in doing that, my husband had a

Tesla Leaf and getting out of that cost us about nine grand,000. But, however, that's gone. Now we're working towards our debt of student loans. We have about $33,000 with that. However, with that, now we're down to one car. The car was given by my family to me just to use in the meantime. So we have a car. There's an indefinite time on it. But just wondering at what point should we look to either buy a used cheaper car for a second car, if that's after we pay off the student loans, which we're estimating about five months, or if that's before we start building up the emergency

fund. We're just trying to get answers on when the best time would be to look at that. And you need a second car today? It sounds like you guys are saying you can get by for a while without it it's the it's the loaner is the loaner the second car or your main car um the loaner so we got rid of the lease the test was gone we're just down to the one car that's a loan from my family basically okay so you don't even own a car no oh okay what's your anymore now that we got rid of it um annually we're at 220 000 and and uh so this loan to you is it okay if you keep it three months yes okay all right uh i'm gonna i'm gonna keep driving that one then.

Or, okay, what would I do if I were in your shoes making $200,000 freaking dollars a year and you just got rid of a Tesla that you're 9K in the hole on? Crap. If you would be willing to drive as your second car a $5,000 or $6,000 car, I would go buy one now. No way. If you're unwilling to drive that and you want to wait a little bit and get a $20,000 car that you pay cash for, then just drive the loaner. But I'd keep the loaner and go get a $6,000 car.

If I made $200,000 a year, I'd be a two-car family with a six thousand dollar paid for car and a loaner that's that's just getting out of the ditch no pun intended do you guys have savings right now yeah so we have once this tesla is paid off which will go out friday we'll be down to about 24 000 um so with that, going to put that towards the debt, of course. We're just waiting for, of course, the Tesla final payment to come through that we're going to get rid of. So really, you guys could be debt-free next month. No, I got $30,000 in student loan debt. But they have $24,000 in cash. So you're saying you're going to apply that towards the $ of student loans? Minus nine. Yeah.

Oh, you're not out of the hole yet with the Tesla. You've got to pay the nine out of that 24, right? Nope, that's the nine out of the 24 already. So we could be completely out of debt within two months if we take all the savings, which we're going to towards it. Why does it take two months to come up with $6,000 if you make $200 a year? So we have that $6,000, we have that going out of our savings. We have it budgeted to have $6,000 at the end

of this month to go towards debt. Which means you'll be debt-free. $24,000 and $6,000 is $30,000. You have $30,000 in student... Yeah, but then we still have $4,000 left. $33,000. $33,000. Oh, okay. Alright. It's semantics4,000 left. $33,000. $33,000. Oh, okay.

All right. It's semantics. Either way, you're debt-free in a month or two. You're debt-free in a month, month and a half, two months, and you're saving for a car. I would just drive that car. If you want to go get a $6,000 car and drag it out one more month, that's fine, too. But you're going to turn around and trade that car in three months anyway. So it's just a get-by car if you do that.

Any of that is fine. Don't go buy a $25,000 car, though, until you pay cash for it and you're debt-free. Drive like no one else. This is The Ramsey Show. All right, guys. Put down the Christmas cookies and get to RamseySolutions.com. Right now, you'll save calories. Yeah, you got three days left to get everything in by Christmas with free shipping on orders over $40.

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And remember, free shipping from now. You can get it in time for Christmas still on orders over $40. RamseySolutions.com. Bonnie is with us. Bonnie is in Rockford, Illinois. Hi, Bonnie. How are you? Better than I deserve, Dave.

Good, how can I help? My employer is moving our 401k from a local financial service to Fidelity. My financial planner suggests that now is the time that I could move that money over into a self-directed IRA. I'd have many more investment options that way. Not a self-directed, but just an IRA in your name. Right.

Okay. There's a difference. You don't want a self-directed. You don't need that. But just do a rollover because with the change of companies, you're allowed to roll your 401K over. Yeah, I would do that. is your 401k currently a roth um it's probably mostly 401k i did change no i mean you can have a 401k roth the the company only offered 401k in the beginning and then

after say 10 years or so in a day 20 years in it, they started offering Roth. And you switched to Roth. So you got some of each. And then I also have profit sharing. So you have some Roth and some traditional in your current 401k that you're going to roll? Yep, and also profit sharing. Okay, do you have a mortgage?

Yes. Okay, then you have a mortgage? Yes. Okay. Then you just roll your Roth portion to Roth, and you roll your traditional portion to traditional to create no taxes in the rollover. So you'd have two IRAs. Okay. So still keep them separate. Yes.

Because if you move the traditional to roth when you do the rollover you're going to be taxed on all of that and you don't need to pay taxes while you still got a mortgage okay and then there's also a profit sharing in there that they're going to let us manage now manage or leave with you can roll it too uh i'll double check but that's also that was the new thing was going with fidelity we'll be able to manage our profit sharing portion and manage might be that you choose the fidelity fund to put it in yeah that we could choose the fund yeah but not be able to move it to your smart investor proor Pro. Okay. Yeah, I don't know what they mean by manage. If they mean by manage, see with your old 401K, what they mean by manage is you're taking it.

It's no longer going to be anywhere near them. You're going to have it in an IRA. It's gone. You totally are managing it. Follow me? Yeah. Yeah, and if they mean that with the profit sharing, that's different than, oh, you get to select your funds with Fidelity, and we'll call that you managing it. Neither one are super bad because Fidelity's got some good funds.

You can pick that for your profit sharing portion. But I'd roll the other two portions. I agree with your financial planner, but roll the Roth portion to a Roth, the traditional to a traditional so you don't have any taxes. Now, the profit sharing, Dave, I haven't heard of one that is part of retirement. It's not. So is this just a cash account? Probably.

Okay. It's probably, it could be in a tax-protected thing, depending on how they've structured it, but most likely it's not. Most likely it's just a simple account that's over there that you have to wait until you're vested before you would own that account in the event of you leaving that company. Makes sense.

Alright, San Antonio is next. Becky's on the line. Hi, Becky. Welcome to the Ramsey Show. Hi, Dave. How are you? Better than we deserve. How can we help? I would like to quit my job and I'm trying to decide if it's a good idea at this point.

Can you eat if you quit your job? Yes, we can definitely eat. We just still have one kid to get through college and it's, but I'd like to have more time to take care of aging parents and spend more time with kids, get ready for a wedding that's coming up. And so. What do you make i just i make 125 what's he make 250 okay well i think you can struggle through on 250 i think we can but it's it's i mean it's um it's going to be a different life for sure than we're used to yeah you gotta pay attention but guess what you had to pay attention all along hadn't you yeah we have because y'all didn't start out making 375 household no no and i guess my biggest concern is we have retirement paid for it's just for the next you know five to eight

years before we get to retirement if we can if you can squeak by on $250. Yes. Well, okay, the way you say it, it sounds different. It's rhetorical. Now, Becky, do you guys have any debt? That's one of the big ones. We do still have a mortgage. And that was kind of my question, like, do I tough it out until we get through paying off the mortgage? How much is the mortgage? Right now, we have about $250 left on it. Okay.

Well, tough it out would be what, two years? Yeah, if we cut back significantly, which we can. Well, honey, honey, stop, stop, stop, stop. We're getting ready to cut $125,000 out of your budget when you quit. So you ought to be able to throw $125,000 at the mortgage. Times two is $250,000. Yes. So cut back significantly is what you're getting ready to do.

Right. Yeah. And it's easier to cut back when there's really're getting ready to do. Right. Yeah. And it's easier to cut back when there's really nothing there versus when it's coming in and there's – you understand. I do. Yes. I do. I'm just messing with your math to make sure you're doing your math. Well, your homework is to go look at your budget and say, if we cut out this income entirely, what would have to change?

And go through from the top priority, which is your four walls, food, utilities, housing, transportation, go down the list, and you might need to cut some of the luxuries you've been enjoying the last few years. I think when you do that exercise with your husband, the two of you sitting, I think you actually do the math. It makes you step back from the emotions. What you're probably going to discover is that you're going to pay off the mortgage three or four years slower if you quit. Yeah.

Okay. And you're what, 56? How old are you? No, I'm 51. Oh, okay. So by the time you're 56, how old is he? He's 50. Okay.

Well, let's lay out a game plan to pay off the mortgage if you work. That's two years. If you quit work, four years. Lay out a game plan or five years or six years. I don't care. But lay out a game plan and look at the math and go, that's what then we got to. That means that that vacation we're not doing that purchase over there that we were, you know, we're going to have to actually pay a little more attention to the clothing and the eating out because it's freaking gotten out of control, or whatever it is.

Okay? But to George's point, look at the actual budget and say, this is how we're going to live if I quit. But can you afford to quit? Yes. Are you willing to make the tradeoffs that you quitting is going to require? Probably. When you look at them, you probably are.

I think you're going to quit probably when you look at them you probably are yeah i think you're going to quit yeah and worst case you can go get another job right oh absolutely absolutely and i that's what i'd love to do is do something that just isn't as demanding i love it yeah well there's that it's not irreversible i mean you could you could take like a year off and then if you wanted to say i'm gonna go do this cool thing and kick butt for 18 months and finish this mortgage off and then quit again you're just a quitter i like it i think it's a great plan but i what you want to do is you want to look at the hardcore reality with the math and say this is the the trade-off. And I think you can do it. And I think you probably should do it based on just your conversation. I think you've been very responsible. You all have done a wonderful job with your money. You make a lot of money.

You put yourself in this position. Congratulations. Touchdown. This is the Ramsey Show. Dave here. You can find all of our shows with the Ramsey Network app on your smartphone. It's the only place to listen to the entire back catalog of episodes. Download the Ramsey Network app in your favorite app store today.