The Ramsey Show - App - How Do We Buy Our First Rental Property? (Hour 3)

Episode Date: December 13, 2023

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. I'm Dave Ramsey, your host, Dr. John Deloney. Ramsey Personality is our co-host today. Number one best-selling author of the book, Own Your Past, Change Your Future. And the latest one, Building a Non-Anxious Life. He's also the host of the Dr. John Deloney Show, where we talk about mental health issues and relationship things.

So we're here to help you today, guys. Merry Christmas. Glad you're with us. Ozzie is up this hour ozzy's in el paso texas hi ozzy how are you he's going off the rails thank you for uh taking my call this is really awesome cool i was gonna make an ozzy osbourne joke but i screwed up so there we go what's up ozzy hey guys as i listened to you guys like uh about three months ago with my wife uh we saw you guys on youtube and I think this is the best thing ever.

Well, thank you. Thank you, Dave. So we're working on baby steps, and basically we have about $25,000 in student debt and $20,000 in car loans. And basically my question is, should I extend my lease in my apartment to pay those off and then get a house? Yes.

Or should I put a down payment? Okay. Yeah. We tell folks not to buy a house while you're in debt because it's going to cause you to buy a different house than you would buy if you were debt-free. And if you move into a house with a bunch of student loan payments and a car payment, the first week you're there, the hot water heater will go out. Okay. Yeah, you want to have everything cleaned up to where when you move

into the house, the house is a blessing. So, yeah, extend your lease and lean in. Get on that every dollar budget. Cut down to nothing on your lifestyle. Let's get this debt cleaned up as fast as you can. So it sounds like you've got $40,000 in debt. Did I hear that right? Yes, sir.

Okay, and what's your household income? We make about $120,000. Okay. So how fast do you think you're going to pay this off? Really fast. What's really fast? I think maybe eight months. Eight?

Yes. I love that. You are down to nothing i like it boy man get it that's that's intensity right there man and be weary of people who know how much money you make and are wondering why you're living like you're living right if you live spartan people gonna say like man you got all this money you don't need to just put your head put your head down and get it done keep it going man Man, that's the number right there. I love it. You can do this in one year or less. I'm calling you a stud, okay? Have at it.

Do it. That's the best thing you can do. The faster you get clear, the faster you get to save a down payment and an emergency fund, and the faster you get your house. And so you're probably about two years from buying a house, which is perfectly fine no problem with that at all charles is with us in jacksonville florida hey charles how are you doing well thanks so much guys really uh better than i deserve i guess and uh just wanted to say

thank you first of all dave we're on baby step six we've got six kids and you really just changed our lives our family's lives so first and foremost, thank you for all of that. Well, thank you. Way to go, man. I'm proud of you. Absolutely. Absolutely. So quick, quick question for you. We, I'm supporting my, my mom financially. She's got some retirement, but, but really kind of not a lot of savings. Um, we've been able to get her to pay off all her debt and just been very fortunate in bringing her on board as well. She does have a $200,000 whole life policy that she got back in 1996. She's probably put about, yeah, 60,000 or so into it at this point. And it just jacked up in price. There's no cash value in it. So it's $425 a month, not something that you can afford.

There's no cash value? There's no cash value. Yeah, I've been looking into it. I always knew it was there, but I realized it was kind of a mess. Wow. And what makes this more complicated is she and my dad both got into this back in 96, and he passed away about eight, nine years ago, and they had ended his policy 10 months before he passed away.

So they sunk a lot of money into that one too, but they couldn't afford it anymore. Yeah, so, you know. Okay, this is not an investment. It's just a bad story. Yes. So just cancel a bad story. Yes. So just cancel it. Just cancel it.

Unless she's, is she terminally ill? She's not, and we've looked at selling the policy. No, no, don't get into viaticals. Just sell it. Just close it. Just shut it down. Just a bad idea. You got a hole in your pocket.

Quit putting money in the pocket. Yeah, absolutely. Is there any way to convert it into a term? I mean, is there anything we can do that it's just... No. It's got no cash value. If you convert it to a term, you've got a term insurance policy on an old lady. It's going to be expensive. I mean, life insurance is based on age.

The older you are, the more likely you are to die, and the higher the premiums are. It's a pretty simple formula, right? Absolutely, and she's in relatively good health. Yeah, so I mean, if you try to get a term policy, that's what you're going to run into is my point. And she doesn't need a bunch of life insurance. She's not supporting

anyone if she passes away you're taking care of her absolutely i should say i'm sorry when she passes away we all are going to pass away none of us get out of here so yeah i mean it's just a matter of timing and and the bottom line is she just owns a bad financial product that she never needed but for sure doesn't need now absolutely yeah mourning the loss of that sixty thousand dollars yeah that's what's that's what's causing you hesitation you're still trying to get something out of this it's a sunk cost and say god we got screwed and i don't want to admit it. Let's move on.

Yeah, and, you know, I was 10 at the time or whatever, right? Yeah. Certainly that $60,000 could have grown to a lot more right now. It would have been a ton of money. Yeah. Your mom and dad both would have had so much money if they'd have bought inexpensive term insurance and done real investing instead of getting screwed by some whole life agent probably some guy they knew crazy that it's legal and looking back i mean obviously i didn't know any of this when i was 10 but they're the payday lender

of the middle class yeah and here's the deal though here's the deal the first step i put in my book about building a non-anxious life is you have to choose reality because what you're doing is you're spinning up stories you're angry you're thinking about what could have been i was 10 years old and all that does is spin up your body you go to war on a battle you can't fight yeah there's no there's no there's no winning here it's just ending just stop just stop it's just you know oh i put i put i put sixty thousand dollars in my pocket there was a hole in it i lost the sixty thousand dollars now what do i do now well you sew up the hole and you don't put any more money in that pocket until you sew up the hole so we're canceling this stupid thing

and run the guy off with a stick that's all you're doing it's it is that simple i'm sorry man i'm sorry your parents got ripped off yeah i hate that I mean, it's car leasing, whole life life insurance, timeshares. I mean, these are the things that just eat credit cards or the credit card interest rates. Oh, my God. They just eat people's lunch. They just tear them to pieces, man. And, you know, when you actually understand how these products work, you go, God, that is a legalized fraud. But it is legal. It's perfectly legal. It's just a horrible product. Never buy life insurance ever that has a savings component to it of any kind.

There's not a place, there's not a time that it works. There's only one person that works for. That's the life insurance company. That's it. It's screw life insurance company. That's it. It's screwing you 100% of the time. Hope I wasn't unclear. Hey, you guys. Health insurance costs are only moving one way, and that way isn't down.

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And CHM support goes far beyond meeting financial needs. They'll also help meet spiritual needs. Members become part of a family who will pray with them and for them when they experience a medical event. So listen, y'all, there's no better way to take care of health care costs. CHM programs start as low as $98 a month. So learn more today and join at chministries.org slash budget. That's chministries.org slash budget. Dr. John Deloney, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. Thank you for joining us, America. Merry Christmas to you. Jason

is in San Antonio, Texas. Love your town, Jason. What's up? Thanks. I'll start off by thanking you. You've changed my life. On our last three real estate transactions, we've definitely been blessed and we are on baby step seven. Thank God. Way to go. Thank you, sir. We are in a position where we could potentially be looking at a real estate investment. And I know you have prolific experience in investing, and I wanted to ask your opinion on setting up potentially a business to invest in, like an LLC or under my name, and then how to properly find investment properties to invest in, and then obviously, you know, how do we manage it?

You know, do we do flips? Do we do rentals? What's your opinion on stuff like that? Okay. Well, there's a lot of different things you can do there. That's a whole real estate course you're talking about in a sense. But as you probably have already figured out i'm unusual and i pay cash for all mine or i don't buy it so that's thing one i do put all of our properties in an llc we don't buy residential houses anymore in our situation we've got a bunch of them but

we're not adding any when we were buying those we uh would put uh up to five million dollars worth into an llc and then we would form another llc the reason for that is if an llc owns the rental house the tenant gets drunk and falls off the porch and decides it's your fault and sues you, they have to sue the owner of the house, which is the LLC. Exactly. Okay. And if they were to win, they can take what that LLC owns, but nothing else. So your other assets, like your personal residence, are then protected. So by putting your properties up to a certain point in an LLC, and then once the target on the LLC gets too big, you do another LLC. So I've got a bunch of them.

Like I've got one building that's a $15 million office building. It's its own LLC. Okay? You see what I'm doing doing but if somebody falls over there the worst case scenario if they get past the insurance they get past me pipe paying lawyers to sue them for being stupid and so on the most they're going to get is that building you follow me yes so if you're going to buy a house or two, form an LLC, throw them in there. Now, then as far as whether you're flipping them or whether you're holding them,

then that's a completely different strategy in terms of what you're looking for and what you want to do and that kind of stuff. Flipping has been made famous, of course, by cable television. Everybody thinks they're Chip and Joanna. And I've probably done 2,000, 1,500 flips in my life, but mostly in another life before I did this. I hardly ever sell a piece of real estate now. I buy it and hold it forever.

And so flips are a pain in the butt because you're basically in the business of renovating properties and reselling them, finding another one, renovating it, and reselling it. If you want to do that as your business, that's okay. But it's time-consuming. You're running subs. You're running paint colors, picking faucets. It's like building a dadgum house, you know. I mean, you're going to pick roofs.

You're going to do all these things and then pull building permits. You're going to have to do all this stuff, depending on how much work is being done to the house and the proximity to a city, the municipality, that you've got to do that. So you've got to go through all that stuff. And after you get through all of that, you can make some money doing it if you bought the thing right. So you just decide if you want to do that or not. On rentals, the best rates of return are cheap properties,

but they're the highest hassle. In other words, the more expensive the rent, typically the classier the tenant, right? More stable. Yeah, and they're more stable. But if you've got lower income property, you know, you're having to fight all kinds of other misbehaviors and other stuff in the properties, but the returns are excellent. So right now, I'm looking what we have left over from the most recent sale okay and i i just parked it in an s&p not knowing what to do with it yeah we can take that and buy you know buy one or if you want

to buy one and flip it or you and and roll it up into something but think about what it is you want to own for 10 years if you're buying a rental right and from personal experience i'll tell you you you know you're a brand new landlord you don't want to deal with lower income property it's paying the butt i mean you it's it becomes its own business it's your own you have to have a a brain adjustment when you do it because you have to think different. But, you know, all the residential I have today is really high-end single families. I don't know how, I got 10 or 15 of them. I don't have a bunch of them. Most of our stuff is commercial.

But, so all of that to say, you just got to decide what you want to do but the more um don't underestimate the hassle factor of what you're stepping into a flip is a big hassle i'm telling you you make some money but it's a job uh you know dealing with lower income people you make a great rate of return but it's a a hassle. It becomes a job, and it requires a cultural adjustment in your brain because it's a different psyche that you're dealing with as a customer. And so, you know, by and large, not all the time, but as a generalization, call it a stereotype if you want to, and then the same thing on the other end. So if you're going to buy something uh and then the same thing on the other end so

but if you're gonna buy something to hold look at it and go how's this gonna age in 10 years is it already 50 years old oh then it's gonna be 60 years old when it's 10 years from now you're gonna start to you know so how old are you dave i know but i'm talking about houses i mean i look at the house i grew up in and i think that that stinking house, how old it is now. Oh, yeah. You know, I mean, wow. I wouldn't buy that house. Oh, yeah.

You know, that's old. Yeah. Same as the one I grew up in, yeah. You know, so that's the thing. Well, it's a great question, but I think the biggest mistake, this frenzy we have john of people and jason the people we have out here wanting to buy real estate right now the biggest mistake is is that they they probably understand about 10 of how hard it's going to be well i like the way you're

framing it because you're saying you're asking what life do you want and then we're going to we're going to buy a house or flip a house based on that life do you want and then we're gonna we're gonna buy a house or flip a house based on that because if you want to get in there and get your hands dirty and deal with knocking on doors and hey you can't do this and you can't light fires in the yard what that's a life right and so we can't run drugs out of our house that's right and if you want to mess with subs and have fun with doing that and flipping it and pick faucets and that brings you or your whoever your business partners joy knock your lights out but that's a different kind of life right yeah yeah if you want to set it and forget it but this idea on tiktok that you can just buy houses and i've got

this passive income people who say passive income on real estate are morons right there's nothing passive about owning real estate it's active right it's very active very active. I don't own a single piece of property that's passive. Right. And I own about several hundred million dollars worth. Oh, my God. It's not passive. It's just crypto. There's nothing that – what passive is is mutual funds.

They send me a statement in my inbox. That's all I deal with. That's passive. But, no, there's not any, there's no real estate passive income. That's somebody trying to sell you a get rich quick seminar on TikTok or Tic Tac or whatever the flip it is. So that's the, you know, you just, real estate is a wonderful investment, but do not go into it, folks, with rose-colored glasses,

thinking it's going to be easy. It's a process. You're going to get rich quick. It's not quick. It's not easy. There's a hassle. It's a problem. It's like starting your own business.

It's the meanest boss you'll ever work for in your life. The guy will work you into the ground. Don't start your own business and think it's going to fix all your problems. It just makes all your problems come home on your plate. This is the Ramsey Show. Dr. John Deloney, Ramsey personality, is my co-host today. Thank you for joining us, America. We're so glad you're here. Jeremy and Dauphin are with us on the debt-free stage in the lobby of Ramsey Solutions. How are you guys? Bless.

Better than amazing. I love it. Very fun. Where do you guys live? We live in... Yeah, go ahead. Okay. Waxahachie, Texas.

Which is... It's about 20 minutes south of Dallas, just down 35. Okay. Off 287. Yeah, exactly. Look at you, Texas people, talking code. All i love it way to go guys congratulations welcome to nashville merry christmas how much debt did you pay off 128 849 dollars and 83 cents i love it how long did this take 57 months okay way to go and uh your range of household this take? 57 months. Okay, way to go.

And your range of household income during that 57 months? It was 65K to about 110K. Neat. What do y'all do for a living? We're both teachers, and I'm actually a high school football coach. Oh, wow. Very good. Good for you guys.

So what kind of debt was the 129? It was a mixture of school loans. We I owed some money to the irs there was a car loan uh credit cards there was an old medical bill uh and a past uh eviction from my college days okay cool very good way to go you guys excellent so what happened 57 months ago i was uh just i was actually teaching uh like multiple math classes one of them was a financial math course and i was just kind of during my lunch break i was scrolling through facebook and the rachel cruz show came up and i was just kind of listening to her and then uh she had chris hogan on and they talked about uh the the third job for being

millionaires is a teacher and i and i was always a person that I was like, oh, well, I'm just never going to make it or I'm just going to always be broke because I'm a teacher. And so when I heard that, I was like, okay, I'll bite. Like, let's hear about this. And then that's when I started listening to your show more and I got hooked immediately. And then I kept trying to convince her

and she was not really having it. Yes, I was like a budget what and then after a while you know we started talking about her dreams and things like that i was like okay i'll bite so okay and then right after that we uh we i finally convinced her to let me uh buy fpu uh-huh and then she decided to go on a spending spree that weekend. Yes, of course. Well, you got to eat chocolate cake when you start your diet. Yes. Okay. All right. So, but we, we ended up binging basically all nine episodes and probably about four or five days. Okay. So we like, we didn't have a group to really get plugged into. So we just started listening. And

I mean, after the first lesson lesson she was hooked and we were like all right let's go oh wow so once you're on your own yes yes okay all right and then we two teacher showers you plow your way through 129 000 bucks uh well she actually wasn't a teacher at first okay she uh i was actually um wanting to we had moved up to houston so that I could go to optometry school after we both graduated from college. And then I changed my mind during COVID because I was also working for an optometrist and shadowing him. And I realized that, you know, my passion is to help people and to serve people and I felt that I could still do that through teaching so that's why I changed my mind and we plowed through that and getting my teacher cert and I started just focusing and teaching kids and we started focusing on that debt and we ended up taking up extra jobs on

the weekends and everything so our shirts yeah we we worked at uh gateway church we worked in the children's ministry so yeah okay yes pastor morris a good friend of mine yes good people way to go guys good for you guys i'm proud of. So what was the hardest thing you guys fought about over almost five years? I mean, there was multiple. She looked at you like she knows exactly the answer, and you are looking like, we never fought. Everything was great. You go.

Okay. For me, it was having to stick to the budget was the hardest thing for me. And I felt like I was always trying to you know if you you know show up to family get-togethers or birthdays or even you know if you're at your job and they have like a party and you have to bring something and I always felt that pressure of we have to spend so that we can keep up with everyone and I realized that I had to just stop caring about that so much and focusing on our dream together and being out of debt. That's powerful. How has your marriage changed over the five years of working through this?

Well, we actually starting off our debt-free journey within the first three months, we were actually on the rocks. And so we actually went through marriage counseling like almost immediately after we started FPU. Wow. And like about two months after we started marriage counseling, I actually lost my job. And so just to make ends meet, I ended up getting a job as an assistant manager at McDonald's. This is when we were living in Beaumont. And so, I mean, ever since then, though, I mean, like our communication has gotten better. Money, I don't feel like ever was like the biggest fight.

It was always just something lingering. It was always usually just kind of communication errors yeah and then uh we had arguments about cars too because you'll like this one so uh throughout our entire debt free journey we went through 10 vehicles good lord nine of them were in the first two years. Yes. Yeah, we had a- You're driving Junkers or Thrillways? So, starting off, we had a 2015 Chevy Cruze and a 2004 Mitsubishi Lancer. Both a piece of junk. Yes. So, the Chevy Cruze was the one we had a loan on.

So, after I lost my job, we sold it. And then we ended up getting a 99 toyota camry that's better and so when we moved to uh houston i actually uh wrecked the mitsubishi lancer and uh yeah wow you are not coming out the hero in any of this oh it gets better it gets better so then uh we ended up getting a 97 toyota 400 and's not bad. Yeah. So then the 99 Camry, the timing belt breaks while I'm driving up the freeway in Houston. So my dad ended up helping us out, giving us a 2000 Toyota Camry. That's better. And while she was driving it, right after a melter hit, the wheel popped off the axle.

Oh, my gosh. Yes. So my dad felt bad. So he brought us a... He almost killed his daughter-in-law yeah how fast were you going uh the speed limit in houston i'm not telling the truth because nobody drives speed limit in houston well it was a back road so okay i had to be careful i'm not used to being on back roads all the time so well and because the thing was like she was driving to

beaumont from houston which is about an hour and a half to two hour drive because that's where her job was hard to do it on three wheels and then uh we were living on the north side of Houston I was actually working on the south side which John as you know Houston is an hour away from Houston that's right so I was actually getting up at 4 a.m in the morning in the middle of all this bull crap, how many times did you almost quit getting out of debt? Too many times to really count. What caused you to stick with it? That's amazing. I'm impressed.

For us, it was just having those dream talks and re-watching the lessons. It's worth the trouble. It's worth the trouble. Now that you're there and you look back on all that stupid car, I mean, that's like a book. You ought to write a book on bad cars, the bad car experience. Was it worth it? Yes. A hundred percent. I wouldn't trade it for anything. I would do it all again. You need to write all those cars down in detail so you can tell your grandkids because you'll forget them. I've had to go back and figure out what cars i've owned over the years and i didn't go through 10 and 10 months oh my god that's incredible way to go you guys i'm so proud of you because the

perseverance that you built and the locking arms even though you hated every moment of it and at times didn't like each other while you're doing it, you still, what the calluses that you built, you're going to be able to do anything you want to do with your life. Yes. I'm so proud of you. So very cool. All right. Count it down, guys.

$129,000 paid off in 57 months, making $65,000 to $110,000. Let's hear a debt-free scream. Ready? Three, two, one. We're debt-free! We're debt-free scream ready three two one that's how that works this is the ramsey show Our Scripture of the Day, Proverbs 16, 28, A troublemaker plants seeds of strife. Gossip separates the best of friends. Thomas Sowell says,

You can't stop people from saying bad things about you. All you can do is make them liars. That's fantastic. That's pretty good. All right. Patrick's with us in Nashville. Hey, Patrick. Welcome to the Ramsey Show.

Hey, Dave. Hey, John. It's good to be talking to you all. You too, man. How can we help? Yeah. First of all, and I'll be quick. First of all, I just wanted to say thank you for the work that you all do,

you and your entire team. I'm on baby step number two still still so very early on in the process but i can already tell you what education you put out and the things that i've learned from you i've changed my financial future and honestly even more than that my kids and maybe children's children's financial future so thank you well thank you patrick we're proud of you how can we help yeah uh so i guess my question uh ultimately around manual underwriting. I want to give a little context. I work in higher education, so Dr. John knows my world very much. Essentially, my question is regarding a potential job opportunity. There's a position that I've

been asked to apply for. I am applying for it. That essentially will give me free housing, meal stipend, phone bill paid for. So cover a lot of my essential expenses. And essentially, I'm wondering what that looks like with, if I do go through this entire process, become debt-free, no credit score, figure out if that affects any way negatively manual underwriting no it does not i did the exact thing i lived on campus i i had all my bills taken care of it affects nothing it's all good yeah take advantage of that glitch in the matrix and pay off everything you own put tons of money away and um you know manual underwriting does not require a rental for it to be approved, a rental background. Now, if you have paid, you know, if you've paid rent, they're going to want to see that.

But in this case, you're not. So, for instance, another place you would have this happen is if you were in the military and you're using base housing. Yeah. That wouldn't count against you it's just becomes part of your compensation at your job is what it amounts to so it's very explainable because the essence of manual underwriting is is that instead of looking at a number that says you that you can pay your bills they're actually looking at your life okay can you pay your bills manual means a human being is making a value wisdom judgment on behalf of the mortgage company and saying okay i've got this

piece of information that says he can pay his bills i've got this piece of information that says he can pay his bills i've got this piece of information that says he can pay his bills. I've got this piece of information that says he can pay his bills. And that's what they're looking for. When I was a pup at 18 or 20 years old in the 70s and 80s selling real estate, we would take, there was no FICO score. We would put a house under contract with someone and we would take them over to the savings and loan, the bank, and they would sit down and say, all right, sign this. It's a verification of deposit. And they would mail it to the bank to verify that you had a deposit. Sign this. It's a VOE, a verification of employment. They would mail it to your employer to verify your income and that you had a job. Sign this. It's a verification of that. And they

would gather these data points, and then they would look at them and go this guy can pay his bills there was not any shocking uh revelation out of a magic number that somehow falsely said you were eligible and so that's what's going on here that's the essence of the idea of manual underwriting and that'll put you right where you want to be i'm proud of you patrick go take your job man that'll put you right where you want to be. I'm proud of you, Patrick. Go take your job, man. That's great. Yeah, go get it. Get it. That job changed my family's life, so go get it.

Where were you? I was in Texas, and I was over. I would have been his boss, and I had an empty apartment, and this is when my wife and I decided, hey, if we sold our house and we moved in this house, we could pay off everything we own in the next. So we paid off a jillion dollars so you sold your house and moved into the it moved into an apartment and that was provided that was provided

and had all the bills and then hank had uh 175 college students as his as his roommates in the building we lived in and ended up being a pretty magic uh year for us wow yeah very interesting it transformed our lives denise is with us in houston texas hi denise welcome to the ramsey show hi dave hi john thank you guys so much for taking my call it's my birthday today so i'm definitely happy to happy birthday oh thank you so much um my question is i am wondering if i should or how i can get out of my car situation. I currently have a 2020 Kia Forte, negative equity in it, unfortunately. I purchased it last year, and I just feel like it's draining the ability for me to be able to make, have higher savings and just kind of get to a better place.

What do you owe on it? I don't really know if it's, $22,000. Okay, what do you make? $57,000. And what's your car payment car payment is 460 okay and uh so what do you think it's worth uh from kbb i looked up it's worth about 14 grand 13 or 14 grand that's trade in no she rolled in negative equity oh you rolled in negative equity correct oh i missed that part oh geez okay so the is that private sale you owe 14 uh yes private sale or it's worth 14 i'm sorry uh so you're eight in the hall i would owe roughly 8k yeah and i thought maybe you know pretty soon i could start trying to double up on payment

and get out of my um my balance sooner my how much other debt do you have 6k and student loans 2100 and a credit card that's it now i'm just gonna i'm just gonna work your debt snowball pay your minimum payments and and pay everything you can on your smallest debt and then when that was gone pay everything you can on your next smallest debt that's ten thousand dollars clear that um and then when you don't have those two payments anymore then we're going to tear into this car and we're going to pay not double payments but triple quadruple payments or whatever you know pay three thousand dollars a month on it i don't care and let's just get it paid down because it's the car is not the problem the car before this car is the problem and so

you're not solving the math problem when you go from 22 to 8 if you go from 22 to 2 you'd be solving the math problem right right but you're not you don't make enough headway here by getting rid of this by sacrificing this car in this case what i would do is just tear into it with a vengeance and say okay i've got um you know 32 000 worth of debt i make 57 i'm going to work six jobs do nothing go not go out to eat i'm going to pour everything i can get my hands on onto this 57 i mean onto this 32 000 worth of debt and in 18 to 24 months i'm going to be 100 debt free car and everything and then if you want to sell the car sell it but get it paid off perfect that's kind of what i was thinking thank you guys so much yeah you got it have you been through financial peace university yet marie uh denise

i have not no i'm sorry denise i'm sorry i'm looking at the wrong screen younger i did my family like how old are you when i was i'm 29 today that's happy birthday hey we're going to give you a birthday gift and a Christmas gift. I want you to go through Financial Peace University as my guest. Okay, thank you so much. Yeah, I want you to go do that stuff because I can hear it in the way you're looking at this and the way you're forming your language. You're actually going to do it.

You're going to do this. Yeah, I am. I'm very passionate'm very passionate and yes i definitely want to knock it out denise can i ask you a quick question yes sir how many years in a row have you been 29 zero all right a real 29 well done it's the 33rd anniversary of my 29th birthday oh my gosh well happy birthday to these hang on austin will pick up and we'll get you signed up for financial peace university as our guest uh we got about 10 we just passed 10 000 classes that were taught this year wow i just did a little video thanking all the coordinators before we got on the air.

10,000 classes. 10,000 classes were taught this year. And it gets away. The numbers are astronomical. They're staggering. I mean, that's a lot of people. Yeah. And we're starting to add up now how much charity has been given

by all these people. And it's astronomical how much of the economy you can affect by doing something like this. That puts us out of the Ramsey Show and the books. 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.