The Ramsey Show - App - How Should I Invest? (Hour 3)

Episode Date: September 5, 2022

Dave Ramsey & George Kamel discuss: Investing in the stock market, Making up for money mistakes in marriage, Selling a home. 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

Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, it's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. We help people build wealth, do work they love, and create actual, real, amazing relationships. George Camel, Ramsey personality, host of The Fine Print on Ramsey

Networks, a podcast exposing what the fine print taketh away. He's my co-host today, Open phones at 888-825-5225. That's 888-825-5225. Starting off this hour is David in Charlotte. Hi, David. Welcome to the Ramsey Show. Hey, Dave. So great to talk to you. Appreciate you taking my call. Sure. So I'm 53, and me and my wife have been following your philosophy for many years. We are through all the baby steps. We have our house paid off just as about two years ago. And we actually have another house, a rental house, that's totally paid for. Great. So we also, yeah, it's great.

We are very blessed and I have a great business that I love. Here's my question. You know, we have IRAs and Roth IRAs. You know, I say we've been following your philosophy, but the only thing that I can't seem to do is keep money in the stock market. I have made many mistakes pulling it out, putting it back in. And, you know, it's cost us a lot of of money if i would have just kept it in there we would have been you know we would have had quite a bit more in our iras now my question is like do i really you know mentally it's just a problem for me to keep it in there it's been i want to

watch it every day uh multiple times looking at it um question is do i really need to have money in the stock market at this point no i mean you can just buy real estate if you want to do that and do whatever you want to do there's no there's no uh mandate that you do this but i would challenge you david that i think what you do need to do is you do need to learn how to analyze and assess and learn about an investment and then be able to make a choice to do that investment or not do that investment. Okay. So you bought this rental property, right?

Yes. Do you fret about it? No. Why? Because it's not something that can go up and down every day. Yes, it is. Well, you're right. I guess it's just different for me.

It's a tangible thing. I can see it. I get a rent check every month. But you also said a minute ago that if you'd left the money in the market, you would have a lot more now. That's true. Okay. So here's the thing. It's always interesting to me that the biggest difference in real estate in actual fact is that it is tangible, that you can walk over there and touch the bricks and mortar and, you know, see if there's weeds in the yard or whatever, right? That kind of thing.

And that does give us an emotional comfort that is a reasonable observation, okay? But what real estate does not do that's different than stock is there is zero guarantees. The only reason that we become emotionally comfortable with real estate is because we are more intimately familiar with its history with its track record because we grew up with it we grew up in that neighborhood we've been around that neighborhood 20 years whatever and you just kind of go well houses in that neighborhood go up and even if there's a bump in the road it went down a little bit i'm not gonna panic because generally houses in that neighborhood have been are worth a lot more than they were

20 years ago and i'm just even though that might have been a weekly or a monthly thing or even a annual thing where it was a little soft or a little bad no need to panic because i'm good with the long-term track record right i would challenge you that you should be able to do the same thing with the stock market now if you don't want to i'm not going to be mad at you but this is an intellectual exercise in other words learning something new that you don't know today because if you could internalize the historical data on the stock market by sitting with a smart investor pro and learning and looking at this i've got one mutual fund that's 80 something years old it's only had like 10 or 15 down years out of 80 years it's got a 12.2 average annual return for 80 years

that's more safe than your rental house. Right. Statistically, mathematically. Right. But you got to get that down in your heart so you quit looking at the freaking charts every day. I don't look at my mutual funds any more often than I look at my real estate. So I'm not trying to say you're stupid for not doing this. If you can't get comfortable, stop doing it.

Okay? But I think as a part of your personal growth plan you demanding of yourself that you learn something new would be you just need to study this market a little bit this market the stock market thing a little bit more so if you want to pull it out and say i'm not going in for three more years but i am going to meet with my smart investor pro who has the heart of a teacher, and I'm going to get comfortable because of knowledge. My people perish for lack of knowledge, the Bible says. So it's just knowledge gives you calmness. Yeah, on top of the perspective of looking back at the stock market for 40 years and going, oh, the S&P 500, some serious appreciation there with just a few dips. I feel good about this over the long term. So we talk

about how the only people that get hurt on the roller coaster are the ones who jump off early. And you jumped off early a whole bunch of times and that hurt and you don't want to go back on that roller coaster. But like Dave's saying, if you meet with a smart investor pro and they outline all this for you, you're going to go, okay, I feel good about getting that Roth IRA back up and going, investing in good growth stock mutual funds, diversified across four types. We're not talking about single stocks that are super volatile. I agree. Don't do that. But if you're talking about the stock market in general, it's a safe bet over the longterm. Yeah. So, you know, here's the thing, David,

if you are 100% going to jump in and out of it, stop doing it because you're going to lose money. Okay. Just stop, stop and go on and do something else, you know, and go buy some real estate and there. But I just, when I bump into something like that, there's two kinds of fear that we all have me included i have fear of things that i should be afraid of i don't need to touch a hot stove i don't need to stand in the middle of the interstate with 18 wheelers coming by okay that's a that's a good fear it saves your life because the data that around that fear is that you know if you're not afraid you're going to get killed okay or burned or whatever right so but the other kind of fear is false evidence appearing real f-e-a-r okay and that is i just don't know yet it's like the first

time i i'll never forget i've told this story on the air a hundred times my dad gives me the keys to the car that was dumber than a rock i was 12 years old said move the car around back well it was a long time ago we had gravel driveway so i got in the car 12 years old started the car and stepped on the accelerator all the way the floor oh boy i just about dug a ditch in the driveway with those back tires spinning on that gravel driveway because i had no idea what i was doing and you know when you first learn to drive you're freaking out because you don't know what you're doing but now you drive with your knees and people put on their makeup and eat and do calculations and check their twitter account while they're driving dave i think you still drive like that 12 year old you're burning

rubber i've seen you well that boy lives inside of me i can tell you that We'll be right back. George Campbell Ramsey personality is my co-host today. Let me ask you a question. When you think of a millionaire, what kind of job do you picture them having? Is it some kind of high-powered executive position like a VP or a CEO? Well, here's the thing. Only 15% of millionaires actually have jobs that are in management positions. The reality is the top five careers for millionaires in America are engineer number one, accountant number two, teacher number three, manager, like we said, number four, and attorney is number five. That's just one of the surprising things our team found when we conducted the largest study of millionaires ever done.

We talked to over 10,000 millionaires to find out who they are, how they are, and how they got there. Our study also made it clear that to become a millionaire, you've got to invest wisely over a period of time, and a big part of that is getting someone in your corner to teach you, not do it for you. My team recommends trustworthy, vetted investing pros from all over the country. We call them SmartVestor Pros. To get in touch with the smart investor pro in your area go to ramsey solutions.com smart investor and start building wealth today that's ramsey solutions.com smart investor paul is in cincinnati hey paul welcome

to the ramsey show hey dave and George. How are you guys doing? Great. How can we help? Just have a question for you. I'm hoping we can speak out of your experience from when you and Sharon hit bottom. I'm wondering, how do I make it up to my wife for my financial mistakes and wasteful spending from before we started the baby steps? Well, obviously you stop the activity. Yes, sir.

Right? And the more time that elapses from the last time you were stupid, the less she's going to look at it. Okay? Like in my case, you know, 30 years ago, more than 30 years ago, my goodness gracious. Now, 34 years ago, we filed bankruptcy. Okay. And we lost everything.

So the stuff that I did in that is still inside of our marriage. It's still inside of our psyche. It's still in our spirits, but it doesn't affect her. She's not nearly as afraid today of me doing that same stupid thing as she was one month after I did it. Does that make sense? Right. So time. 80% is behavior change, right, sir?

Yeah, time is a great healer is what I'm saying. As long as you don't keep doing it right so uh but we used to you know we used to say the joke and it wasn't really a joke that uh we not only had an emergency fund we had an emergency fund for the emergency fund because sharon was not going to be without money ever again with little kids because she was without money with little kids and uh you know she was terrified literally it was not just afraid she was terrified that we were going to be homeless our our water got cut off our electricity got cut off um you know she was terrified and we had a brand new baby named rachel

and a toddler named denise and so yeah it didn't she didn't she didn't forget that in a week. Right. How did you earn back her trust? Not doing it again for a long period of time. Not doing it again. Right. Okay. We've, uh, we're in baby step two right now and we're throwing like $4,500 per month at our debt, um, on top of our regular payments. And I just, you know, we just just started but today i had to come to

my wife again because i remembered another mistake that i made that just hit the uh credit card bill yes we've cut up the credit card but i didn't see it till now and uh that wasn't a recent mistake it was the it was the discovery of an old mistake you didn't hide it from her you didn't hide it from her and you didn't you didn't run the debt up last week right no okay no sir you just didn't see the bill until you found it the other day and you bring it to your sister that shouldn't count against you okay another thing is this we don't think we quit making decisions by ourselves sh Sharon and I did. Right. We make decisions together. And so we don't spend money or make big financial decisions without both of us being in agreement on that. Now, the definition of big, as our life has gotten big, is different.

Okay? But, I mean, if she goes and buys something now that you know with our current income it's a different version of big right but uh but but we don't but we're not going to do something that's going to interfere in in the in the lot in our lives or have a weight that we don't discuss it and do it together and you guys you you and what they've been doing that since you started your relationship oh yeah i mean i met her here at ram, so it was easy to be on the same page. But that level of open and honest communication, I mean, that's great marriage advice and it's great money advice. And the more honest you are and the less things she's discovering,

the better it's going to be for the long term. And like Dave said, as time goes on, there's going to be more trust that is built there, which means there's going to be more trust that is built there which means there's going to be less of the the guilt and shame that you're feeling right now which it sounds like he's he's beating himself up over these mistakes and i want him to look to the future the more she sees him sacrificing wanting to get out of debt communicating i think this will dissipate but yeah and back to the working together thing that you were talking about, that's really, that's another element of it, okay? Because in our case, I made all the decisions. I just did everything.

Sharon was an innocent bystander. It all happened to her, okay? And so now we do a budget, and she, if something screws up, it's half her fault because she had a vote she knew we were doing it if something goes bad she does not get it i told you so anymore because it's we did it together they're shared and so she has a sense of it gives her a level of trust because she is involved in the decision making she's speaking into the okay, rather than it happening to her. And that increased her trust as well. So time heals all, not repeating the mistakes, obviously full disclosure, full authenticity, lots of communication.

And she now has a vote. And so then she doesn't get to gripe if something goes wrong. You know, because we made this decision together. It was a dumb idea. I know we did it together we're dumb together you know and we've done some stuff since we went bankrupt and we look back on him we go god that was stupid but at least we were together stupid you know it wasn't like i did it and then she can point her finger because she's a genius and i'm an idiot you know we can't do that anymore i'm like hey we were fellow idiots in that one we're fellow geniuses in the other one you know and that that's share the wins you share the loss

yeah but that is the beauty of the budget we don't talk about that enough is because a lot of spouses like to stand in the sidelines and throw grenades over on the one working on the budget and trying to get the money done well if you just get that over there straight now they stand over there on the side and look over the fence and yell about it instead of getting back in the middle of it and actually fixing the lawn chair quarterback exactly exactly it does away with the i told you so or the grenade throwing from the neighbor's yard or whatever you want to call it uh you both are making the decision these are two grown-ups one of you doesn't get to whine and go my husband won't let me my wife won't let me it's time to be a freaking grown-up you know sign your name on the same line with everybody else on

this budget we are deciding what we are doing and it gets rid of all this i'm your daddy i'm your mommy not your husband or wife thing and he doesn't have that the guy calling he's not got any of that he's just trying to recover from the emotions of all the mistakes and like you said the guilt and the shame but powerful part is like financial peace university a byproduct of that is you get on the same page because you have shared language and shared goals and a lot of couples have that for the first time exactly when they start doing a budget we have had so many people going through financial peace university to save their marriage and we're like dude it was not a marriage we didn't mean to make a marriage it was didn't mean to make a marriage class but we forced them to be in agreement we

forced them to have both have a vote to have the dignity of speaking into their future as a grown-up instead of being enabled or caretaking or princesses or princes or whatever it is it's whatever the crap goes on in people's dysfunctional marriages right and so we're forcing them to back do this together we're also forcing them to come into agreement on what their fears are and what their dreams are and that will force you to have an awesome marriage yeah and those mistakes it's a part of your story but it doesn't define you your bankruptcy doesn't define you but it's a part of your story, but it doesn't define you. Your bankruptcy doesn't define you, but it's a part of your story. No, it's how I learned not to be quite as stupid. Your identity isn't stupid.

You've just done some stupid stuff. I got a PhD in DUMB. I graduated. That's one less than Deloney. You're almost there. This is The Ramsey personality is my co-host. We invite you to stop by Ramsey Solutions if you're in the Nashville area. We have a big visitor center, and we do the show on the glass.

And so you can watch the zoo animals inside the glass doing our thing. And we're here for three hours every afternoon from 1 to 4 Central Time. There's free coffee and free cookies, and it all smells good and tastes good and nice people around. There's usually 50 to 200 folks hanging out out here. And on the lobby, in the lobby, on the debt-free stage, Colin and Julie are joining us. Hey, guys, how are you?

Hey, Dave, how are you? Where do you guys live? Gainesville, Georgia. Ah, the swamp. All right, very cool. Well, welcome to Nashville. Good to have you. How much debt have you paid off? $136,000 in 41 months. Way to go. And your range of income during that time? $118,000 to $138,000. Cool. What do you guys do for a living?

I'm an engineer and call it a realtor. Ah, very good. Very good. How long y'all been married? Three years. So you started this journey a little bit before marriage, each of you working on yours, and then combine incomes and get after it, huh? Correct. All right. So all this happened, I guess, after college. So what kind of debt was this?

Student loans or what? It was a mortgage. You paid off your house? Oh my gosh, and you've been married three years how old are you guys i'm 31 and she's 29 oh my goodness this is awesome you're so weird way to go 31 and 29 so what's this house worth mr realtor right now we could probably hawk it for 330 if we wanted to but we're uh we're renovating so not yet that is amazing wow all right tell me how you become a genius this early in life what happened what's the deal well julie's the genius

uh i'm just i'm just the voice behind everything but she's she's the brains behind the operation and uh we started the journey in 2018 we bought our home home in 2017, but we were day-vish. And then we were both working second shift and had no social life. So we were like, well, what are we going to put this money towards? So we started the journey and decided to get after a goal. We're very goal-oriented. Yeah, I guess so. We've got two great careers and very cool.

When you don't have a social life, you can pay off the house. There it is. I'm impressed. So did you guys start your marriage off debt-free? Well, so three years into it, so we didn't have any debt except for the mortgage whenever we got married.

Right. Yeah, just the mortgage. That's amazing. So how did you guys learn this whole Ramsey stuff? Julie was the one that got us on board i was very tough to get going at first and then uh once we started seeing how quickly we could attack it whenever we you know set our mind to it it was it was awesome wow were you a realtor at the time i started off in logistics and we decided that wasn't for me and moved to real estate.

And the first two years, it was the roller coaster, of course, and things have started looking great. So that's where we're at now. Way to go, you guys. You're impressive. This is amazing. I mean, you did this really fast, really early, and just knocked it out. House and how does it feel to not have a payment in the world pretty weird yeah change it changes the way you handle yourself when you're selling a piece of real estate it certainly does i'd encourage all my clients to knock it out as soon as they can

yeah but i mean you just when you don't have any payments you don't have to make the sale right and so you just think about them you do the right thing and it ends up you end up making more sales because you're just relaxed you're not desperate yeah and you know i'm put on this earth to serve people and you know i don't i don't care about their commission i just want to help them yeah and and now you really don't have to i care about the commission yeah so what was it like making that final payment was it anticlimactic or was it everything you hoped for a little anticlimactic it took them you know weeks to send us that that letter payoff letter yeah but we did do a mortgage burning party which nobody knows about anymore and uh we had a champagne battle in our front yard oh that's fun

it was colin's dream to put on our scuba mask and do this this is a great you gotta go watch on youtube because this is hilarious oh this is this is great. The neighbors and the family. Is that family gathering around? What is that? A lot of family, a couple neighbors. But Julie definitely won the champagne battle. I started off strong, and she just came in and just absolutely blasted me in the face. Well, you're messing with an engineer.

I mean, come on. She had this figured out. I should have known better. Yeah, that's it. Wow. So your family and friends think you guys are weird, but we're on board. We're happy for you. Yep.

So our parents were huge cheerleaders throughout. And a lot of our friends were kind of scratching their heads. But we knew what we wanted. And more than anything, we wanted to get that done so we could renovate the home and that kind of thing. Yeah. What are you doing? What's the renovation? So right now, we're in the middle of the master bathroom,

and so we just got to tile that up now. But, yeah, we're excited, and we've just found out we're having a baby. We're due in November. Hey! Life is great. Oh, man. So I got to remodel. I got a November 6th date that I got to get everything done by.

Now we have a new goal. Oh, yeah. Got to have a deadline. Way to go, you guys. Life is so good. So one of the things we found in the millionaire study that we did, studying 10,000 millionaires, the number one occupation that becomes a millionaire is engineer.

And so here we go you're just because you're process people and you get it you know and real estate agents that are goal-oriented like this they fall right in there too so that that's uh non-goal-oriented real estate agents now that's a different story but yeah yeah well done you guys we're proud of you what do you tell people the key to getting out of debt is appreciate what what you have, your people and your things. Right. And also combine your finances, build trust. Absolutely got to have the same checking account.

And everybody's got to be on board, you know, transparency. And we've never been ones to keep up with the Joneses. And so that was definitely a helping factor. You know, we don't spend money if we don't have to. Yeah, good. Good for you. Well done, you guys. Sharp young couple.

Yeah. This is inspiring. I'm seeing a trend here, Dave. We're going to see more people in their 20s and early 30s paying off their homes, which means more millionaires earlier. I think we're stirring up a ruckus, George. I like this. What if we could make the government irrelevant?

That's a goal. I can get behind that i'm with this all you guys are amazing way to go you guys way to go very good we got a copy of baby steps millionaires for you that's the next chapter in your story for sure and also a copy of the total money makeover for you to give away to somebody maybe you'll inspire one of your buddies to actually follow in your footsteps you never know when they see you out in the front yard of scuba mass and champagne. They want to know what's going on.

Yeah, so that's good stuff. And also, we're going to give you a gift card for Financial Peace University and the Every Dollar Premium and a Ramsey Plus subscription for a year and all of that tied in. And you can give that to somebody and get them started, or you guys can go through it as well.

And good stuff. Very good stuff. And congratulations on the new baby on the way. That's just awesome. Life is good. Very, very cool. Good for you guys. Colin and Julie, Gainesville, Georgia, 29, 31 years old.

They have a $330,000 house that is paid for. $136,000 in debt paid off in 41 months, making $118,000 to $138,000. Hadn't even been married 41 months and been working on it. Excellent. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!

Yeah! Yeah! Wow. Our millionaire study found the average millionaire pays off their home in 11 years. And so these folks right here, above average. Did it in 31 months, 41 months. Wow. Yeah.

Yeah, that's, here's the thing. If you're out there and you're stumbling on this show for the first time or the sixth time, there's a reason we do this. These are actual real people. We don't tell them what to say. As a matter of fact, they flew or drove to Nashville from Florida to stand on the stage to have that moment, that milestone, and scream in front of 22 million people on podcasts, radio, and YouTube and have a moment there because they wanted to inspire you they wanted you to know you can do it and you know what you can do it

and if you think you can or you think you can't you're right that's what henry ford said and i think he was on to something. This is The Ramsey Show. Thank you. Our scripture of the day, John 15, 5, I am the vine, you are the branches. If you remain in me and I in you, you will bear much fruit. Apart from me, you can do nothing. Helen Keller said, we can do anything if we stick to it long enough. Open phones here at 888-825-5225. George Campbell Ramsey Personality is my co-host. Justin is in South Bend, Indiana.

Hi, Justin. How are you? I'm doing great, Dave. It's a pleasure to talk to you. You too. What's up? So my wife and I, you know, we are planning to build. We were trying to get on this housing boom here and sell our home.

And there's definitely a lot of things that I was finishing up. And I wanted to make sure we were going to give somebody a good home. So I had a lot of things I wanted to finish, make sure it was good to go. And now I kind of feel like we missed the boat. The house has been on the market for about two weeks, 10 days with a realtor. So no activity at all. And I just am very concerned and I don't know what to do from here. So when you sell it, where are you moving? So we're actually going to move in with my in-laws. We're going to end up building and I'm going to do the majority of that myself.

Sounds like a long journey. Yes, it is. Do the in-laws know that? Yes, they do. Thankfully, they're willing to take us in. So how long does this project take, do you think? So it'll probably take at least a good 10 to 12 months. Yeah. Okay. And you're going to be the general contractor? Yeah, I'm going to be the GC and I have a few good friends that are going to help me with a lot of electrical and plumbing. So I'm hoping to save, you know,

quite a bit of money going that route. Okay, good. That sounds fun. All right. So you've had zero lookers. Zero lookers. Why? What do you think the problem is? I'm not entirely sure. Yeah, you do. What do you think is wrong with the house? Is it priced too high or is it ugly?

I don't think it's ugly. Personally, I've done most of the work. What does your realtor think? She told us that we have really good curb appeal. She thought it was a good home. And, you know, I guess what's really discouraging is our neighbors next door sold in four days. This was about four or five weeks ago now. They sold in about four days.

And what did it sell for? Definitely 303. 303,000. And what did it sell for? Tax and ship definitely was $303,000. $303,000. And yours is listed for what? Yes, sir. $290,000. Okay. And what was their square footage?

It's $1,100, I believe it was. And yours is? Ours is $1,800, including the finished basement. So you have almost twice the size house for less money and have not had a single looker? No, sir. Did your realtor actually put it in MLS? Is there a sign in the front yard?

Is this an ELP? Is your real estate agent a Ramsey ELP? I don't know. Apparently not. Okay. Can you hire the neighbor's realtor? Because clearly they did a good job. Yeah, I definitely could look into that. I guess that's why I'm calling you, because I don't know exactly what the problem is.

I don't either. I'm not sure what to do. I'm hearing a better buy. I mean, you're 75 cents on the dollar per square foot of the house next door, and you're almost twice as large, and you're for less money. I mean, there's nothing here that— Did you get professional photos done? Was it staged properly? Yeah, we got professional photos done.

You're not under construction on any of your projects? No, sir. No, but that's why we kind of listed it. I feel a little late because I wanted to make sure everything was done. It's not late. I mean, the market didn't, in the last two weeks, the market in South Bend, Indiana didn't just stop. That just didn't happen. Okay.

Yeah. So something else is going on. I don't know what it is. But, I mean, the real estate market has slowed down versus three months ago, but your neighbor's sale indicates the market's still fairly lively. Yeah. So I don't know. I don't know what to tell you.

The real estate agent has no idea. They've got no input. No, they were at a loss as well, and we're just kind of at a standstill, and I'm not sure if we should lower the price or keep it the same. No, I don't think, I mean, if the house next door is any kind of comparable sale at all, I mean, if it's any indicator, you're not overpriced. Agreed? Okay.

I don't think price is the problem here. I think we need to look into the other factors with the real estate agent and really start to make some tweaks and see if it changes the ball game at all. Yeah, I mean, it's only been two weeks. That's not bad. It only takes one buyer, but oh, my goodness. Yeah, I'm with you. That's a little bit – I'm not freaking out that the overall economy

has completely fallen in the dumper since your neighbor's house sold 14 days ago and you you missed the one little moment in time you could have sold your house it's not not that's just not true that's not that didn't happen okay so but the market is slowing and there is lots of bad economic news on the tv but that does not mean suddenly all the buyers went away they did not people are selling houses like crazy out there so um all across america to this day so i don't i don't know i i that's interesting um there's something in this conversation i don't know that there's a piece of information i'm missing that's that i just don't think lowering it by five grand is going

to cause 17 no i would not lower the price i might change the real estate agent if they can't if they have absolutely no input uh i mean if your real estate agent sold 50 60 houses last year they would you know i'm afraid you've got a new a newbie but if you don't have a newbie if you've got a stud that's the high octane that's doing a lot of work then maybe we just give a little time just let it sit and watch watch it a little bit and see. But that's a little weird. I don't disagree with you. Strange.

Strange. If you want to get the people that we recommend, they're called Ramsey Trusted Endorsed Local Providers. These are all high-octane, high-performers, sell a lot of houses or they don't get in our program. We will not endorse somebody that doesn't do a lot of volume. And if you want to find out who that is, just click on that. Call them and ask them for an opinion.

You can just call them and talk to them. Click on them at RamseySolutions.com and ELP for real estate. And, you know, you put in your zip and your street address and all that kind of junk, and it'll pop right up and give you a couple different people to pick from in your area. David is with us in Tucson. Hi, David. Welcome to the Ramsey show thank you gentlemen and i know time's short so i'll jump straight to it good uh doing retirement income planning on old assumptions and all of a sudden some of those assumptions are changing so my plan

has always been to wait till 70 for social security for the eight% per year boost. And my full retirement age is about two months away. And suddenly I realized with inflation, colas aren't likely to be one or 2%. They're likely to be six to 8%, which pretty much makes up the difference. I can also, I'm still working. I can divert up to $27,000 a year into a traditional 457B. As we discussed earlier today, you can buy that on sale. Social Security is only taxable at 85% instead of 100%. So your question is what? Am I missing something or is it time to...

Your question is what? What do you want to do? Am I missing something or does claiming Social Security at full retirement age just make more sense than it ever did? Claiming Social Security now instead of 70 because the economy is down right now? Well, the COLA makes up the loss of waiting for the delayed credit. Yeah, maybe if it doesn't adjust it more. I mean, COLA's not out yet. Maybe if it doesn't adjust it more. I mean, COLA's not out yet.

And it's usually not going to self-correct over time because your inflation rate hopefully is not going to stay at this because I don't believe that we're going to leave people in office that continue to do the stupid butt stuff that they're doing. So, yeah. No, no. I think your original plan is the plan you stick with um i because i don't think you're going to see the inflation numbers stay up there long enough to make sure your plan activates the way you're talking about your new plan activates the way you're talking about so i think your old plan is just fine i i'm again i try not to make permanent decisions

on temporary data and that's what this feels like but hey thanks for the call it's an interesting question george good show today appreciate it austin ben zach andrew james in the booth well done gentlemen 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. Do you love a good day, friend? Want to see the latest Ramsey Show videos going viral? Check out your favorite moments from the Ramsey Show on YouTube.

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