The Ramsey Show - App - How To Earn Extra Money With a Side Hustle While Doing What You Love (Hour 1)

Episode Date: June 20, 2023

Ken Coleman & Jade Warshaw answer your questions and discuss:  "How do I zero in on the job I should find?" "Should I pay off my debt or save up for a down payment?" Finding the perfect side hustle from the blog: 27 Side Hustle Ideas to Earn Extra Cash, "Should we keep our duplex or sell it?" Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Join a Personality-led FPU class. Click here! Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Interested in advertising on The Ramsey Show? https://ter.li/s64ye3 Ramsey Solutions Privacy Policy

🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Pods Moving and Storage Studio, this is The Ramsey Show, where we help you win in your life, specifically with your money, your work, and your relationships. I'm Ken Coleman, joined by my colleague, Jay Borshaw. We're here for you this hour, America. It's a free phone call to jump in, 888-825-5225, 888-825-5225.

Jay, looking fabulous as always today. I try, Ken. You, sir, are looking quite dapper yourself. All right, very nice. Enough of the niceties. You ready to help these fine folks? Let's do it. Let's do it. Marissa joins us in Annapolis, Maryland. Marissa, how can we help? Hi. I just want to say thank you for taking my call. I just want to make it known I'm brand new to all your teachings. Literally last night, I was gifted by two of my really

good church friends with financial peace, and I actually just got set up for George's class today. That's great. I just had my first lesson. Oh, my goodness. Well, that's fun. You're going to love George, by the way. It's going to be great. So we're glad to have you on the show.

What's going on? Yeah, so my question is, how do I zero in on the type of job I should be looking for? And just to give a little background, I just graduated with my master's. I have an undergraduate degree in communication studies. I got my master's in community-based education and leadership. And I just feel like I have no idea what opportunities I should be pursuing or what opportunities would fit me. Okay. Well, I think we need to pull back from opportunities first because that is focused on what you see directly in front of you, and that can be very intimidating.

Let's just talk about why you got into that direction because those are very, very specific areas of opportunity connected to those majors. So is that the space you want to be in, the type of work you want to be doing? I mean, yes. I'm honestly pretty open to anything, which is hard. Even going into college, I was a student athlete. I played softball in college. And going into college, I was still super unsure of what I wanted to pursue when it came to education. But in communications and the master's program, I did enjoy it and I see myself

going into that direction for sure. Okay. Well, the reason I ask is I want to know how passionate you were maybe about a problem or a group of people attached to a problem because all work is either to be connected to two specific things. One is, what is that problem or desire that's connected to a people group that I go, I want to work to be a part of that? And then secondly, where does my unique talent, my abilities to come in and be a part of that problem, that's where we ideate. And I just have done this so much, I got a feeling, Marissa, that you have a couple of ideas that are at the top of your mind. They kind of float up there whenever you think about, what is it that I really want to try?

Is that true or false? That's definitely true. All right. Give me the top one or two. So I would say the first one is i want to be able to help people um that voices aren't typically heard um whether that's high school students college students whether it's um more the older generation i just have a passion for helping people in any sort of circumstances all right now let's be more specific, okay?

When you said their voices aren't heard, go deeper. Go a couple levels deeper, and don't worry about how it sounds. It's just me and Jade, okay? What are the problems of those people? What has happened to them? What is their circumstance that pulls your heart in? Be more specific. You can give me a couple examples if you want.

Yeah. So, once again, being a student athlete, I feel like a lot of people have their own stigmas or their own perceptions on what it is to be an athlete, whether that's high school, college, professional, whatever it may be. And I feel like a lot of the times, yes, our voices can be heard. A lot of times they're overlooked, whether that's with, well, from my personal experience, academics, mental health, stuff in that area. So this is coming from your own journey. Yeah, yeah, for sure. So who helped you overcome some of those challenges? Mindset stuff, academic stuff, maybe a coach overlooking something. You didn't feel you were getting a shot. Who helped you? Yeah, I would definitely say the people in my community when it comes to like my church um definitely one of my closest friends

her name's kylie um she actually pursued me into knowing who jesus was and that definitely set my the base of my life and um how i overcame a lot of things when it came to being rooted in Christ. So I would say through that or my mentors when I did this, I was a part of this group called Young Life. So those are the people that helped me the most. So here's what I'm hearing. And the times where I needed it. So what I'm hearing is, is that you've always had an interest in communication. You're probably pretty good at communicating. You're certainly good on the air, but you have the ability to connect with people. And if I went and talked to people who know you really well, they would say, Marissa's always been good at connecting with people. She's good at communicating. And I think

you have a heart for people who feel a little bit lost, a little bit down. They've got some self-worth stuff going on, whether it be mental or emotional. and you want to be that guide to help them see themselves as they should see themselves and believe in themselves and overcome that hurdle. That's what I'm hearing. How does that sound to you when I repeat it back to you? Yeah, I would say that's pretty spot on. All right. So I'm sitting next to a former D1 athlete who competed at a high level, okay?

And the reason I want to bring you in here, Jade, is because I want to hand the baton to you because I see a potential coach that we're talking to, a teacher, a guidance counselor, maybe a therapist. I see the heart of a coach, regardless of the profession. What are you hearing? What are you seeing? I agree. It almost sounds like you want to come in and be sort of a liaison or some sort of a counselor for a team or for a group of folks. And I'm not exactly sure what that looks like.

I don't know if that's you coaching a team and you just have those qualities that you offer as a coach and it's just part qualities that you offer as a coach and it's just part of who you are as a coach, or if it's something where you're approaching teams and saying, hey, here are likely some problems that your teammates are facing. I'd love to come in, just do a little workshop, do something to where you're meeting those people where they're at, and you're offering that value to the team as a whole because a healthy team is going to be a more successful team. So that more successful team. I love that. So that's really interesting.

I love it. So Marissa, I've got a homework assignment and a gift for you. The homework assignment is I want you to seek out a teacher, any level, I don't care what level, a guidance counselor, a therapist counselor, coaches, and I want you to spend time with them and talk about the ins and outs of what they do, what they love, what they don't love, and just see what your heart begins to select. And I think that's the process you need. I'm going to give you my book, The Proximity Principle, which will help you with that specifically, and then my assessment, the Get Clear assessment.

You need to take that. I think it's going to further help you to find some ideas. Thank you, Marissa. You're an athlete. You're a champion. Believe that. You're going to find your path. This is The Ramsey Show. Welcome back, America. You are joining the conversation about your life. Specifically, your money, your work, your relationships here on The Ramsey Show.

I'm Ken Coleman. I'm joined by Jade Warshaw. This hour, the phone number to jump in is 888-825-5225. That's 888-825-5225. So we have people tune into every episode of this show, and they all know the stuff we teach about money, but they're still feeling stressed out, stuck behind that eight ball of debt, if you will. Why? Because knowing what to do with your money isn't enough. You have to do something about it. Personal finance is 80% behavior and only 20% head knowledge. And the proven way to change your behavior is by taking Financial Peace University. This class is different because we walk you through the step-by-step, interactive way to win. And it's the difference between trying to get in shape on your own versus hiring a personal trainer.

You'll have a coordinator holding you accountable and other people in the class cheering you on. That's why this class has worked for millions of people. After nine weeks, you'll never handle money the same way again. Don't just listen to the show. Commit to doing what we talk about on the show to win. Join an FPU class at ramsaysolutions.com slash FPU. That's ramsaysolutions.com slash FPU. I think I'm like week five or six.

Coming up Wednesday night, it'll be lesson six, actually. Oh, wow. The class that I'm coordinating. You just wrapped up another class. It'll be lesson six, actually. Oh, wow. The class that I'm coordinating. You just wrapped up another class. I did, and I know George is smack dab at it. George is about ready to start. He's about ready to start. Okay.

So very fun stuff. Personal trainer. There you go. That's the only time I'll be compared to a personal trainer. All right. We'll just leave it at that. Shoot your shot, Ken. Thank you.

Thank you, Jade. Avery's up next in Philadelphia. Avery, how can we help? Hey, thanks for taking my call. I feel like I have a kind of unique situation, and I listen to you guys regularly, so I might have an idea of what you'll say, but basically, I have a student loan debt that's $17,000, and then I just bought a truck, and I have a car loan that's $50,000. So right now, I have no interest on anything because the car loan, I'm paying it off. I'll have it paid off in four years, and there's zero interest on that. And then the

student loan, because of the student debt stuff with Biden or whatever. That's, there's no interest there. For now. For now, correct. I have the money in the bank and I could pay off and be debt free today. Why don't you? So there's no interest. And the next thing I want to do in life is buy a house.

So the money that I have, you know, I have all that money in the bank. Yeah, but you're not going to, you wouldn't buy a house while you still have all of this debt laying around. Right. That feels like a recipe for stress. Yeah. So my kind of my, the reason I guess for the call is because there's no interest it's not costing me anything i guess there's no interest occurring on sure it is you know on the debt what's your combined payment on the truck and the student loans uh the truck's 1100

and then um the student loan that's a 300 all right so that's 1400 that's what it's costing you it's costing you 1400 a month in payments that's what it's costing you. It's costing you $1,400 a month in payments. That's what it's costing you. And it's costing you right now to have to choose between paying off this debt or doing something you really, really want to do, which is buy a house, it sounds like. So that's the cost right there. Okay. So your move would be go debt-free today, and that would take my, you know,

and I'd have money to survive, obviously, but... No, no, Brian. So exactly... You would have $1,400 more per month in your budget. The minute you pay it off, you just got a $1,400 a month raise. Do you not understand that? I understand what you're saying. So let's walk it through so you can kind of understand the method behind the madness. Because

I know for you, you're like, these people are crazy. Let me tell you what it means. Okay. So you said you've got the $17,000 of student loan debt, $50,000 in cars. And what was the third debt? There's no third debt. Okay. It's just those two. And how much money total do you have laying around in savings? Also, I want to know about non-retirement investments. Do you have anything like that? So basically, for the investment, I put in um five hundred dollars a month towards like a Roth IRA okay that's retirement investing do you have any non-retire i'm just trying to see how much cash you have laying around or money you can get to no i don't do any um other investment other than that okay so how much total cash do you have sitting around um basically

so if i did it all i would have like 10 000 left over no how much cash right now do you have sitting around i think it's like say 70 000 70 000 look at that she almost raised her voice she almost raised her look no i'm excited because you're going to be debt free. Okay. You've got $67,000 of debt and you've got 70,000 in cash, which means we're going to set aside right off the bat. Here's what I'm doing here. I'm working through our baby steps. So I'm setting aside $1,000 right off the bat, just as a quick emergency fund.

It's not the be all end all. It's just for a moment because you're going to use the rest of that money to pay off your debt. And then you're still going to have $2,000 left over to put to add to that savings so that over time you can make it three to six months of savings. And think how quickly you're going to stack that up because you just cleared up all of this money in payments, $1,400 a month in payments you've just cleared up. So think how quickly you're going to stack back to three to six months of emergency fund. Maybe you want to stack back the 70K. I don't know. And then after that, we're going into baby step 3B, which is saving for that down payment for a house. Now with all of your income cleared up,

no more debt, you could save this up so fast. And then you go into home ownership and it's like I can breathe I don't have this debt weighing down on me who cares if it's zero percent interest it's still a weight you know tied to your ankle right what what do you think about this Avery well yeah I'm it's kind of unique and I've you know long timetime listener, and my dad and I, he got me into Dave Ramsey and all that. I guess the way I look at it, and this is why I wanted to get your perspective, is because there's no interest, it's not costing me. Look, look. It is. It's costing you $1,400 a month.

Avery, all right, let's go back to where Jade left off. You've been listening to us for a long time, so you know what the baby steps are. Yeah, but Ken, the problem is he wants to keep this debt. Of course. Well, he wants the safety of the house. He wants all that right now. Avery, if you want to keep your debt, we can't help you. Yeah, I guess my hesitation is doing, I guess, right in that big check.

No, no, yeah, 100%. Avery, Avery. Yeah, then I would be clear. Avery, you're scared to let go of the $70,000 or $67,000 or whatever it is, $68,000 right now, and only have $2,000 or $3,000 in your emergency fund. But listen, how many months is it going to take you to save up three to six months' expenses? What's your take-home? Give it to me real quick.

I've worked for myself, so it kind of depends depends but just say roughly i'm bringing in so i make a hundred thousand dollars a year okay great okay so three to six months of that if with this new fourteen hundred dollar raise you're going to give yourself as jade walked you through this you're going to be able to save up for that quickly then you have nothing to worry about. You have a very healthy emergency fund. Then you save for the house, but you still got all that margin. $1,100 truck payment on a depreciating asset. Someone has sold you what is really just bad math about, well, it's 0% interest. You're getting this money for free, but your truck is depreciating very, and you're paying $1,100 a month for four years. And you think that's a good plan? Versus what?

Four to six months? You getting your emergency fund where it needs to be? Yes or no? Four to six months? I think you're correct. I know. And now let's... Got to do the push, right?

Honestly, look at the basic math of this. If you have $70,000 of cash, but you have $67,000 of debt, you don't really have $70,000 of cash. It's fake money. It's a fake feeling of, you know, it's just that basic balance sheet, right? At the end of the day, you got $3,000 to your name. That's the truth of the matter. And that's the thing that you need to focus on. You don't have $70,000, Avery, you got $3,000. The money is costing you almost $1,500 a month. Oh, that makes my stomach hurt. I'm going to pause for a moment get some pepsin ac few commercials and we'll be right back this is the ramsey show

welcome back america you are joining the conversation about your life here on the ramsey show i'm ken coleman joined by my colleague Jade Warshaw. And special, special guest. It's two specials. If you were watching the show right now, you see a very, very cool-looking, handsome stud to my left. And you're thinking, Ken would never, ever be able to hang out with somebody like that in real life. Some might call him a snack, Ken. Really? I feel very weird about calling him a snack, Ken. Really? I feel very weird about calling him a snack.

I'll be honest. Well, I can call him that. Jade's better half. I don't know if I'm supposed to say that either. That's the first time I've ever been called the better half. I'm only doing it because you're on the show. No one believes for a second that you're the better half. But I believe you can call him a snack.

Yes, I can. But I, on the other hand, will stay away from that. But he's in here for a reason. And we've been hearing from you, the people, about this economy that we're in where people are making more money. But Jade, you know this. Things cost a whole lot more money. Inflation has been stubborn.

Those grocery bills, everything bills are a little bit higher. Today's prices are not yesterday's prices. That's exactly right. And so what we've seen, Jade, as a result of this is we've seen the gig economy, which is a new way of saying the side hustle economy. Maybe I drive a little bit of Uber. I do some delivery. I do a lot of different things. We're seeing the freelance economy for white collar workers. I'll give you one example, maybe a programmer who can obviously do some high-end programming. They're getting contract work through freelance because companies are not as excited about offering a full-time salary when

they can get you at a contract level. So all that said, the side hustle is a big search engine thing right now. People want to know, what can I do? How can I do it? Because I want some extra money. And so we were talking about this and this guy to my left, he's a stud in a lot of ways, but you guys figured out the side hustle thing and he's got a really cool gig as a side hustle. So I wanted you to set that up and then I'm going to ask him how he got there because I think our audience can learn something from him. Yeah. People want to know how to do this. And, you know, a lot of folks know our story. We paid off $460,000 of debt and that wasn't just with our, you know, day-to-day income. We did a lot of side hustles and our mantra early on

was instead of going, now I'm not poo-pooing this because you do what you got to do. But for us, instead of going out and doing the Ubers and the DoorDashes and the Instacarts, we were like, I feel like we can take our skills and make more money doing things that we enjoy doing that are already a commodity for other people. We can offer services. So it was anything from dog training to Sam was designing websites

and both of us were teaching lessons. I did voice lessons. Sam did piano and guitar lessons. And out of that came this idea that, hey, like we can set our own hours, we can make money. And during the pandemic, you know, everything was shut down. Us being, hey, I know that we're watching every dollar right now, but do you think that we can arrange for me to pull $170 out of the budget because I have a side hustle that I want to invest in? And I'm like, oh, boy. You know, everything's shut down. I'm like, you want to do $170 for what? And he's like, Jade, I want to resell Jordans.

Like Jordan tennis shoes. Air Jordan sneakers if you're over 50. Tennis shoes if you're, I don't know if you call them shoes. Basketball shoes. Sneakers. Sneakers, thank you. Oh, sneakers still works for the youngsters? That is what the youngsters.

That's what they're calling it? Yeah, tennis shoes is an old guy. Oh, so I flipped it. Yeah, you flipped it. Yeah, it shows you how in touch I am with the youth. So what did you think when he first throws at i want to resell air jordans and jordans and all this stuff look i'm not sam can do anything like he's he's not a guy that lets you down like he's a person who even if i don't

know how to do it jade i'm gonna figure out how to do it so when he said that at first because money was funny during the pandemic i was like um at first I was like, I don't know. But then I was like, you know what, it's Sam. Yes, go do it. That's all you did? Yes. You just said, in Sam I trust. In Sam I trust.

No, I was like, come tell me when you make some money. Well, right. But I love that you didn't ask a bunch of questions like, what's it going to cost? What's your margins? She didn't do any of that. Well, he's savvy on that stuff. So, okay, how did you get the idea

this is what i want people to hear how because you were doing lots of different things and it comes to you all right i i want to do this i think i should do this okay let me back up i didn't come to you with the idea in 2020 i came in 2019 the end of 2019 and and i'm saying this because this could get awkward i don't't know. Go ahead. Because in 2019, I came with the idea. I said, hey, I need 170 bucks. I just want to try this. And I bought a pair of Jordans for retail and I sold them the next day for $900. I made like 750 bucks. I couldn't believe it. I was shocked. And so now fast forward to 2020, you know, for the next year or 18 months, I kept trying to do that over and over,

basically like win the lottery. And that's not how it works. And one day Jade and I were talking and she was like, dude, you're trying to be the hare, not the tortoise. And I realized that I just had struck lightning one time, and then I really needed to figure out how this thing actually works. And that's when I really got into it. But now, why did you initially like the idea? It's one of those things when I was a kid, I loved Jordans. And I figured if I want to buy Jordans, what's a better way to buy them without spending like right your own normal budget money right then resell them yeah spend that money so instead of house flipping

you're at jordan flipper yeah that's what you i mean on the side for fun right so okay so now we've got the right timeline yeah all right and so now she says you need to be the tortoise what did that look like so that looked like me going to uh so i had like eight hundred dollars in this account that i had made i piddled it all away trying to right figure out other things what that looked like once i decided to be the tortoise i basically had 170 bucks again i'd go to nike outlets and i'd buy anything that there was a profit margin on. Even if it was like $10. Yeah. If I told myself, if I can make a 10% profit on this shoe, I don't care if it's $5, that's a win. Right.

And if I can make $5 a hundred times, that's $500. So then you just started doing this, started stacking the money. Started stacking the money. And now you've figured it out. Yes. I figured it out. The hard part, the discipline is you can't spend any of that money. You just have to keep flipping it, keep flipping it. Until you do have profit.

Until you do have profit that you can pull out of it, you know, to then use. And the more profits you have, then you could buy a little bit more expensive shoe and then have higher margin. Exactly. So then I stopped going to the outlets. I started going to the retail stores. And you know, a lot of people, what you'll see online is a lot of people are trying to basically win these draws.

I was going to the mall, doing the hard work. I went to the mall every day for 60 days straight. So give me a percentage. What kind of margins are you making now on Jordans? It just depends on the shoe, but... Well, it also depends on your customer because that's a big part is using your network. Yeah. Proximity principle kicked in big time.

So now you got people coming to you. Yeah. I got a lot of people coming to me and we're musicians. So I got a lot of artists and athletes, pro athletes and stuff coming to me. And so those shoes have a bigger margin. So I can make 100 or 200% on that shoe. Do you guys mind? Can we share with the audience what kind of money you're making on the side just in this?

Within a year of him doing it, he was putting about $500 to $700 on the budget every month. When it picked up. Once it picked up. That's what I said, about a year. What are you making now? On a good month? I mean, it varies. I don't push as hard as I once did because this was sustaining us through COVID, but

the most I've made in a month is $7,000. Flippin' Jordans! Folks, that's over $80,000 a year for those of you that need a calculator. That's unbelievable money. So here's why we brought Sam in. I wanted this audience to see and hear the story. Here's what it started out with. Something that he was interested in. He's a creative guy, but he wasn't designing or doing this. He just simply going, I like shoes. I like the kicks. I think there's margin here.

And he began to do it on a disciplined level after he figured out, I'm not going to strike gold. He stayed with it. He's now built a reputation and a clientele. Yeah. And he's figured out the fine print on how to do it right. We could go into deep detail of how you find the shoes, where you find the shoes, which one. So here's what I want you to hear.

The takeaway from Sam Warshaw is if you want to have a side hustle that you're willing to stick with and be disciplined, pick something that you really enjoy. You'll stick with it through the ups and the downs. Did you say that's true? 100%. There it is. You stay excited about it. It's fun.

$80,000-plus flipping Jordans. Don't tell me the American dream is not alive and well. My goodness. That's not a side hustle. That's a dream job for some of you. I love it. Don't move. We'll be right back.

This is the Ramsey Show. Welcome back to The Ramsey Show, where we talk about your life, specifically your money, your work, and your relationships. I'm Ken Coleman, joined by my colleague, Jade Warshaw. We're here for you this hour, 888-825-5225. Jade, we hear this, I feel like, every month when we get together in our production meetings we have new people joining us at enormous rates and high numbers youtube and podcast numbers are going bananas and and welcome to all of you who are new you've stumbled upon a video or you got a podcast recommendation and you're here and you're going to hear things like baby steps and then the individual baby steps and you're going to hear things like gazelle intensity and rice and beans and beans rice. You're going, are these people nuts? Well,

that's still up for debate. But if you're new to the show, we want to get you caught up on the money conversation that we're having, where you fit in these seven baby steps that we teach that will get you to true financial peace and freedom. And so we have a site, ramsaysolutions.com. That's our main website, ramsaysolutions.com. And you'll see a get started button there and just click on that. And just in a couple of minutes, we'll get you caught up and you'll see where you are in the journey so that you can join in on the conversation. And always know that we would love to take your call. We're here to coach you, to encourage you.

888-825-5225. Hannah is up next in Dayton, Ohio. Hannah, how can we help? Hi, I just have a question regarding if my husband and I should keep our rental property. We lived in it for three years and it's a duplex and now we bought our own home. So we're just trying to see if we should sell it or keep it. So the duplex, do you have a mortgage on it? We do.

How much is it? A one, 124,000. 124K is what you owe on it. What's it worth? Do you know what the units would sell for? We could probably get about 200K out of it. Okay. And you're currently, you said you've got a second home.

You've already bought another house or you're thinking about buying another house? No, we already bought another home. Oh, okay. And you've rented out both sides of the duplex at this point? We're not quite finished with closing yet on the other home. So we are still living in the duplex right now until it closes. Okay. And what's the mortgage on the new house? It will be $327,000. Wow. And how much cash flow are you getting from the duplex? Or do you hope to get from it? So we have another renter lined up when we close.

So she'll start in August and we'll get $2,200 a month. Hmm. You know, if it were me in your your situation i probably would have sold the duplex and taken that money and rolled it into the brand new house just so that you can go in with a massive down payment i mean you'd pay it off super fast because you wouldn't have any other payments what's your income not including the duplex rental. Yeah, $130. Yeah. I mean, if you're asking, do I think you should sell the duplex?

I'd probably get rid of it so that I could be debt-free with my home even sooner. Do you have any other debt? No, just the mortgages. Yeah. You know, for me, every decision that I make is one that's going to get me closer to financial peace. And for me, I'd probably get rid of this duplex. It's cash. I mean, the cash flow is nice if you can maintain that.

But would I rather have $2,200 a month or would I rather have a paid for home that's worth $400,000? And I would rather have the paid for home that's worth $400,000. Then I can save up. I can buy more real estate down the line in cash. Yeah, that's what I've been thinking, but everyone has been telling us we need to keep it. We need to keep it and we could have it paid off. Because all they're seeing is monthly income. All they're seeing is you're making $2,200. They're not seeing the debt and they're not weighing that into their calculation. The risk of that, because all it takes, think about it. All it takes is something to go wrong with

a renter, a renter not paying, somebody moving out, somebody just breaking their lease. There's so many things. Then you've got the repairs to think of. Now you've got two properties that you're maintaining, both carry debt. And it's going to be so hard to cash flow all of that, not resort to HELOCs, not resort to helox not resort to credit cards but when the property is paid for you don't have that desperation where it's like i've got to get a renter in here right i've got to get this fixed so yeah that's what my husband i've been like thinking i'm like because we have our car in case like a car fund in case uh one of our cars goes kaput but we may not you know if something happens to the rental then that our car fund's gone and then we would

have to resort to loans in that way and see you understand it so hannah hannah you and your husband are on the same page that you should sell the duplex i I know. And that's what... Who's everyone? Let me talk to them. Our realtor says, I don't want to sell your rental property because... Get a new realtor. Get a new realtor. Listen.

And you can... There's always properties to buy. All right? There's always going to... If you guys decide you want to get into this later on, it's going to be there. And tell your realtor that.

Look, there'll be other houses to sell and buy. You'll be all right, right? I know. I know. It just sounds like a hassle. Like, we are 25 and 26, and we want to travel. Yes, girl. Okay, what's the duplex worth?

If you sold it today. We could probably get it easily for $200. That's what our realtor said. Okay, and what do you owe on it again? $124, so we could profit about $50 for $200,000. That's what our realtor said. Okay, and what do you owe on it again? $124,000, so we could profit about $50,000 to $60,000. How much would you love to get an infusion of $50,000 to $60,000 at this point in your life? Oh my gosh, it would be amazing. Okay, Hannah, listen.

That's your answer. Hannah, listen, listen, listen, listen, listen. It's you and your husband's life. It's your budget. It's your budget. It's your dreams. No one else gets a vote. So stop worrying about what everybody else says and what they're going to think. And by the way, I'm not getting on you here.

I'm trying to set you free to do what you two believe you should do because you know it's right. And Jade and I are agreeing that you guys are right. It's the right decision financially, and it's the right decision for you two emotionally and where you are at. Stop worrying what other people are going to say, your friends and family and your realtor, when you decide to do what you want to do. It doesn't matter what they think. Oh, by the way, once you tell them what you guys are going to do then they'll just shake their head roll their eyes make whatever snide comment or not say

anything at all and then they'll move on to their life and they don't care what you were doing so you should stop caring about what they think you understand what i'm saying yeah absolutely the news cycle on that is going to last 10 seconds and then everybody's going to go back to what they were doing before they're going to go what hannah and them sold their duplex and then they're going to go eat a chicken sandwich for dinner that's right just like that tell your realtor that he or she has 24 hours to get a sign in the front yard of the duplex or you're going to get a realtor who will sell it yeah yeah yeah that's it that's right there ken who wants the commission on this i know right have we forgot roles here?

Hannah, you've got good instincts. You and your husband have good instincts. Do what you know to do. Pocket that 50K. Hey, if you don't have any other debt in the world, you can roll it into this house. You're going to be debt-free before you know it. Call us back.

Matter of fact, come down here and see us in the lobby when you pay that house off. It's just reframing. Actually, they didn't need reframing. She and her husband are on board. It's just the power of peers. I think this is so important to talk about. People that we really like and love, those would be your friends, family. And then you got people that you respect, like a realtor who's been good to you and they're a pro. And they're the professional. They can sway us it's funny i mean i think that when it comes to all of this stuff can money managing your money getting out

of debt how you're managing your money the best freedom that you can have is when you stop caring what people think when it's just like hey my neighbor can go fly a kite if he thinks that i should be renovating my house he can go fly a kite i don't have the cash to do that right now you know the guy at work he's been asking me yeah you're still driving that jalopy right he can go kick rocks right you know what i'm saying you got to stop caring what these people think and uh that's when you hit that tree that true freedom yeah well you know it's just reframing to say that wait a second what we've done with this duplex is really really smart we sold it and we're taking that cash and putting it down on our house, our first home,

which now we don't have a nuisance if we want to travel. We don't have to worry about some renter calling me up going, uh, the faucet is stuck. Right. That's not even a phrase, by the way. I don't think faucets get stuck. But they're tied down when they have that property. They're not going to go travel around the world for months on end with a duplex. Hannah, Hannah, do what you and your hubs want to do.

You guys are right. So fun. All right, Jade. Good hour. Thanks, as always, my friend, for being on the show with me. She's so good. And thanks to James and the entire crew for keeping us on the air. America, this is your show.

This is The Ramsey Show. And thanks to James and the entire crew for keeping us on the air. America, this is your show. This is The Ramsey Show. Hey, it's Ken. If you love the show and want a deeper dive on your money journey, we have a weekly newsletter that gives you trending and helpful articles and tips on following the Ramsey way. Go to ramsesolutions.com today to sign up for our newsletter. Again, that's ramsesolutions.com to sign up for our weekly newsletter.