The Ramsey Show - App - How to Reset Your Financial Goals Together (Hour 3)

Episode Date: June 27, 2018

The show about you

🎵 Live from the headquarters of Ramsey Solutions, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. This is your show. Thanks for joining us. Open phones at 888-825-5225. That's 888-825-5225. John is with us in Baton Rouge to start off this hour. Hey, John, how are you? Hey, how are you doing, Dave? Better than I deserve. What's up? Hey, so I got a quick question for you. So I recently just graduated college, and I was able to actually secure a good job starting around $70,000 a year. Good for you. What's your degree in? Aviation maintenance.

Way to go, man. You're killing it. Good for you. Thank you. So one question I have is I've never really been good with budgeting i've tried budgeting multiple times and uh with me now starting to get a get all my career passes especially with the amount of money i'll be making uh i'm wondering how i would be able to stick to my budget since i wasn't even able to stick to my budget at my minimum wage job. Mm-hmm. Okay.

Well, there's not a budget technique that makes you behave. You have to decide you're going to behave. Okay? It's not rocket science. All a budget is is you're going to write down before the month begins where every one of your dollars is going to go. You're going to give every dollar a mission, every dollar an assignment. Now, if you're an aircraft mechanic, you have to be, by definition, a process-driven guy.

Yes. If you do not follow proper processes, aircraft crash because of you. Right? Yes, sir. because of you. Right? Yes, sir. And so you don't have a choice. You can choose to follow the process, and then you fix the engine or the landing gear or whatever the element is you're working on properly because you chose to follow a prescribed process. You don't get to free form when you're an aircraft mechanic.

You don't get to make it up as you go. You have to know the steps and follow the steps. Agreed? Correct. So use that same discipline to keep control of your personal life that you keep from crashing aircraft. And it's simple as this. Before the month begins, we're going to write down where every one of your dollars are going to go. An easy way to do that is the EveryDollar budgeting app.

It makes it easier to do because it's automated in that as you fill it out, it calculates for you. But it's as simple as this. Have you yet gotten a paycheck? Not yet. I will be, I'm right now going through the process so i need to get security clearance because it is technically a government job okay all right so when will you get your first paycheck uh probably within the next two months okay what are you eating on in the meantime uh right now I'm still working at my current job. That's making around $15,000 and I'm still working. So you think you're going to make $70,000

and so $60,000 $55,000 take-home pay probably, something like that. So let's say that you, let's just make up a number, okay? Let's say that your take-home pay from your new job is four thousand five hundred dollars it's more it's probably a little more than that but let's just make it let's call it

five thousand dollars it's not that either but let's just call it five thousand dollars okay do you know how often you'll be paid once a week every week okay okay and so that would mean that you're getting about a thousand,000 a week, roughly. Okay? So in the beginning of a week, you'd get $1,000, and every month you would get either $4,000 or $5,000, depending on how many Fridays there are. So you look at this coming month, and you say,

I'm going to get four $1,000 checks, $1,023 or whatever they are, right? I'm going to write it down how many, and I know exactly how many of those checks I'm going to get this month because I can look at this month's income and this month's calendar and know what I'm going to make. So this is what I'm going to make, and then you put that at the top of the list for the whole month, and you say, okay, for the month, this is what we're going to make. And then you put that at the top of the list for the whole month. And you say, okay, for the month, this is what we're going to make. And I'm going to give every one of those dollars a name. First thing I'm going to do is pay rent.

And then I'm going to buy food. And then I'm going to pay my lights and water. And then I'm going to pay off, start paying, you know, having gas and insurance for my car. Hopefully you don't have a car payment. I do right now. Then we're gonna start working then we're gonna start working to get out of debt but every one of those dollars for the whole month has a name and then you can do it for the week this week the one thousand dollars goes

to this it goes to these these five things or these six things or wherever you're going to put it but you just give those dollars a name before the month. And then once you've set that in place, that is your manual. That's your operating manual, and you follow that manual. It's the boss of you. Just like when you open an aircraft maintenance manual, it's the boss of you. You have to follow those procedures or you're going to crash an aircraft. And so once you've written this down and every dollar has an assignment, if you spend money that is not on that game plan, you're going to screw up your process.

You didn't follow the manual. The good news is you're writing the manual every month. You give every one of these dollars an assignment every month before the month begins. And when you do that, then you follow it. And if you'll treat it just like it's an aircraft maintenance manual and say, I wrote the manual and I'm going to follow that. If I want to change it, I can change it. But if I'm going to raise one category, my entertainment category by 100 bucks, I've got to lower another category by 100 bucks or categories because I don't have that money.

I've given every one of these dollars an assignment and I'll be in the hole. And so don't, you know, you have to intentionally screw up then once you've laid it all out. And so that's what you want to do. You want to lay it out and stick to the plan. You're the boss of the plan until the plan is done, and the plan is the boss of you. And it's like when you're four years old and your little brother said, you're not the boss of me.

It's that kind of a thing. That's the way you look at it. But it is the boss of you once you get it in place. And those of you that are married, you know, the two of you are setting the plan in place, and then the plan is the boss of both of you. You are agreeing, you're contracting with each other that this is what we're going to spend the money on. It is permission to spend in those categories that you've pre-agreed.

It is permission denied to spend in the categories you did not pre-agree. And if you're married, you have to go back and have an emergency budget committee meeting to shift money around if you want to move money around. And you don't do that after the fact. You do that together before the fact. And in your case, what you're going to do, John, is you're going to give every one of these dollars a name, and then that becomes your manual.

That becomes your money manual, just like you've got an aircraft maintenance manual. And you follow it step by step by step. And the only way you spend money that's not on there is if you go back and change your own plan and adjust it. The good news with EveryDollar is it's on your iPhone, so it's right there with you all the time. And you'll know right where you are on your budget. And that changes everything. And there's almost 5 million people all the time, and you'll know right where you are on your budget. And that changes everything. And there's almost 5 million people using the EveryDollarBudget now. It's the fastest-growing budgeting app in America, well, or worldwide for that matter.

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Hey, Dave. I am overwhelmed and confused. Uh-oh. What's up? My husband and I are drowning in debt. Whoa, whoa, whoa. Stop, stop, stop, stop. I can't understand you.

You're not speaking directly into your phone. Okay. Can you hear me now? Yes, ma'am. I can't understand you. You're not speaking directly into your phone. Okay. Can you hear me now? Yes, ma'am. Thank you. Okay. My husband and I went from three incomes to two incomes a couple of months ago. Mm-hmm.

This past weekend, we did, we voted out our debt snowball in our budget. Mm-hmm. And we are in the red. Mm-hmm. We have two personal loans that we consolidated from a five-year term to a three-year term a year back. So our payments are really high and we can't afford them. So I called the bank to see if there was something we could work out. And of course, they said there's no help that they can offer us. So I don't know if I...

What is your household income and who lost a job? My husband lost one of his jobs. Our household income right now is $97,000. Okay. $97,000? Yes, a year. And how much debt do you have that is not on your home? We are $172,000 in debt. Okay. And break that down for me. Okay. We

have 16 credit cards, 16,000 credit cards. We have a 10,000 car student loans, $46,000 in personal loans, and we have a $50,000 family loan. Okay. All right. And you've got payments set up on all of these? Yes. And how much is your house payment? It's $1,299. Okay.

That's not the problem. All right. Have you cut up the credit cards? Yes. Okay. Are the student loans on hardship deferral? No. Are you paying the family back systematically?

The family, we are not paying back right now. Okay. So you're really only paying payments on $122,000 worth of debt? Correct. Okay. Alright. Including your student loans, your car, your personal loans, and the credit cards. Okay. This is the first budget you've done, isn't it? This weekend. Yeah. this is the first budget you've done, isn't it, this weekend?

Yeah. Okay. So it sounds like you put stuff in this budget that needs to come out. I mean, did you use the budget forms and feel like you had to put something in every blank or something? No. Wait a minute. Are you guys putting money into your 401K?

We are not, no. How big was your tax refund? It was only about $2,500. My husband has the health insurance coming out from his paycheck, and we have kids. It's a family of five, so we're heavy in health insurance. How much is the health insurance um he pays about four hundred dollars i want to say that's not it all right i can't figure out where this money's all going then we have three thousand um in the debt

category we had three thousand dollars in the debt category you know um the mortgage is $1299. $42. We have the utilities. I don't know. I can't figure out where it's all going. Because your take-home pay should be $7,000. Is it?

We're bringing home, no. We're bringing home almost $6,000 a month. Not quite $6,000. Is it? We're bringing home, no. We're bringing home almost $6,000 a month. Not quite $6,000? Not quite $6,000. It's about $58,000. We have our exemptions, maybe. We have four exemptions. It's five of us.

So I don't think that would be it. I know he's doing his health insurance. I do not believe he's putting money into his pension. Okay. I think you need to look and see where all the money is going, because $100,000 is $8,300 a month before taxes, okay? And he's getting home with $2,300 less than that, and that means your taxes would be and your health insurance would be thirty thousand dollars a year and that's not right or something wrong okay you're not getting home with enough money yeah

you're not getting home with enough money i want you to look at your statements and make sure the 401ks are stopped i would slap the uh student loans on hardship deferral and then i would start looking seeing what we can sell, and let's tighten this budget up and make sure you don't have anything budgeted for restaurants. And, you know, are you over budgeting in a certain category? And let's try to figure out where all the money's going. You have a lot of mouths to feed, no doubt about it. And I don't think this is a cakewalk. I don't think it's easy, but it shouldn't be 500 in the hole. That's throwing me off. Part of it is your take-home

pay appears to be off, just listening to it. And so I'm going to keep working on your check. Let's figure that check out. Let's keep working the problem. More and more detail. More and more information. Keep combing the tangles out. Combing the tangles out of the hair. Combing the tangles out. I wanted to straighten it out.

I'm going to go straight here. And just get it to where it's very clear where every dollar is coming from and exactly where every dollar is going to. And we don't quite have that dialed in. But the family loan you're not paying on today, if you take the student loans and don't pay on them today, then that gets you down to just a handful of debts. And you can begin to knock out some of those credit cards, knock that car out, and then reach over and knock those stupid personal loans out, and then work on the student loans

and the family loans as last. Family loans are going to be last because they're the bottom of the debt snowball. And if you pay nothing on them until you get to them, by the time you get down there, if you didn't have any payments but a house payment and a family loan, you'd pay the family off in no time. And that's what I'm seeing. So anyway, making $97,000, if you paid off $40,000 a year, it takes you four years and some change to get out of debt.

And so we're going to have to increase our income, too, in this process. And so he's back to looking for that other part-time job to be able to make this work. You've got a lot of debt. That's the biggest problem. And I want it all cleared. But right now, today, you know, if you don't pay payments on the student loans because it's hardship for her, and you don't pay payments on the student loans because it's hardship for her and you don't pay payments on the uh the family loans we just got a hundred thousand dollars worth of the debt sidelined until you get the other debt cleaned and so now we've got seventy two thousand dollars to knock

out how fast can we do that making 97 two years you should be down to the student loans and the family loans in two years and then then it's going to get hard. It's going to get hard from there. And so hope that helps you. Hope that helps the process. You stick with it. Keep beating on it. And if I can help you further, you call me anytime. This is the Dave Ramsey.

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That's CollectionBully.com. Thank you for joining us, America. We're glad you're here. Open phones at 888-825-5225. Bree is in Phoenix, Arizona. Hi, Bree. How are you? Hi, Dave.

I'm good. How are you? Better than I deserve. What's up? Good. So I have a question for you. I am on baby step number two, and I've been hitting it pretty hard. I paid off about $7,100 in debt just last month. But I have this calling that started about two months ago of starting my own online business,

and I've done some budgeting for it, and it looks like an initial investment is going to be between $3,000 to $4,000. Why? I obviously, well, so what I want to do is publish a few different books and then sell them online and then eventually grow the business and have a lot of different books and resources online. So that's kind of what I've anticipated right now. Okay. And I'm wondering. Are you familiar with on-demand printing?

I am not. Okay. It's a little expensive per unit, but until you've sold some books, I'm more concerned that you don't build up a bunch of inventory of something you've never sold yet. Right. So if you have some books that you want to write and put out, I would just do them as on-demand, meaning you can actually set up with an on-demand print shop to print the book and mail it to your customer. Oh, okay.

One at a time. Okay. And that way you don't have to pre-order a bunch of them. Now, again, you're going to pay double for them what you would pay if you ordered 10,000 books. Sure. But I don't want you ordering 10,000 books when you haven't sold anything yet. Right. Yeah, that's a good point.

While you're getting out of debt, you know. Right. And so you can do that. You can actually do it with Amazon. If you want to set it up that way, they'll do it. And their deal's not half bad. And they'll post the book on amazon for sale as well if you want them to now they take a cut out of everything they're amazon keep that in mind but um but it's a pretty cool on-demand print fulfillment system all in one-stop shop and you know it's a way to get your book out there

it's not what you want to do if the thing catches fire and turns into a big book you know you'll step back then and you can take it away from them you don't have to leave it with them forever and start printing your own and get a lot better deal that way i mean because certainly you know the printing business a little bit if you print one it's expensive if you print ten thousand it's a whole lot less print a hundred thousand it goes way down per unit but you got to be able to sell them and so that that's a way i'd get started that way it doesn't cost you anything out of pocket it's just the sweat of your uh of your brow as you type out this new book what's the book about so the online company that i'm wanting to start i'm a marriage and family

therapist and so what i'd like to do is self-publish quite a few different miniature workbooks and handbooks that parents can use with their kids, they can use as couples, you know, to kind of just tackle everyday problems that don't really warrant them needing a therapist. That's great. Because self-help books are written by who knows who. And so I'd really just like to kind of cut out the guest work and have just one online company that they can go to and know that the information is reputable, it's research-based, all of that. Very good. That's perfect. I mean, in a very real sense, that's how Financial Peace started.

Oh, I love it now. It was back in the day there was no Internet, and there was certainly no online printing, and so I did have to spring for $4,000 and carry home 1,000 copies in my car with the trunk wired shut, you know, and then hope the kids could help me put them into envelopes in the living room floor and get them sold in mail order, right? So it was really, really, really difficult.

But today you've got a lot easier entry points and methodologies you can use here that are just far superior. And so that's what I would do and just get that going. And jump on Business Boutique with Christy Wright. There's a bunch of ladies on there that are probably doing some things that are close enough, they're similar enough that they could give you some good advice on details and how to get through the process that I'm laying out for you there. And I'll send you a copy of Christy's book, Business Boutique,

Equipping Women to Make Money Doing What They Love. And that obviously sounds like you. Hey, thanks for the call. Elise is with us in Cleveland, Ohio. Hi, Elise. How are you? Hi, good. How are you doing, Dave?

Better than I deserve. What's up? Awesome. Hey, thanks for taking my call. I had a question. So my son and I had to leave our home, and we are living with my parents right now. And during this time, I have the great ability to be able to work from home, so I don't have to put my son in daycare, but I don't make a lot. And so I was wondering, do I put him in daycare even though I really can't afford it just to try to scale my income, or do I stay with what I'm doing right now

and just little by little, I guess, try to rebuild myself? Yeah. Sounds like you guys have been through a really tough situation. Yes, sir. Okay. rebuild myself yeah it sounds like you guys have been through a really tough situation yes sir okay had to we had to leave our home you said yes sir yeah i'm sorry how old are you 28 how old is your son he's only 20 months well i'm glad your mom and dad are there for you. That's a good thing. So how long have you been with mom and dad? How long ago did you leave home?

Since January, so six months. Okay. And how much income have you earned during that time? I just make $15 an hour. Okay. And how many hours are you running? It's a remote position, so I don't have to go into work. I got you.

How many hours are you getting? 40. Oh, that's good. Each week. Okay. Yeah. That's helpful. And in what field?

What's your remote? What are you doing? I'm real estate, real estate investment. So I do all the leads for an investment company. Okay, so you're doing lead generation. Okay, good. Okay. So then what you're doing there is survival, correct?

Yes. Yeah, money for survival. This is not like, I mean, you came into a horrible situation and you had to create some income. And so you're smart, and you're a hard worker, and you went, okay, I can do this, and I can do it virtual, and I can make a little bit of money, and that'll get me going. That's my first step is survival. So the next step past survival then is to start to think about, okay, where are you going to be when you're 40, and what do you want to be doing when you're 40 and when you start to figure out what those what that thing is it's going to make a lot more money than you're making now number one number two there's going to be some steps to get there

some things you have to do to get to whatever that thing is that's going to make you a lot more money that's who you want to be when you're 40 from a career standpoint and um when the 40 year old looks back at the scared the 40 year old you looks back at the scared 30 year old you you're going to be real impressed with how resilient you are you're you're a really strong lady i can hear it and because you've been through some crap and and I can hear that too. And so you're just fighting and scratching and clawing here. The thing is, look out there and say, what do I want to be in the next chapter so that the next chapter is a dream, not a nightmare?

And what steps have I got to take to be one of those? I don't care what you want to be. I want to be a cardiac nurse. I want to write novels. I want to care what you want to be. I want to be a cardiac nurse. I want to write novels. I want to be president of the United States. I don't care what you want to be, but determine what that is, and it should make you a lot more money, A, than you're making now. But my guess is you probably have some training, some tooling.

You have to be retooled to get to be one of those, whatever it is you're going to be. You follow me? Right. That then will answer your question about daycare and you'll say gosh you know when i'm not making sixteen dollars an hour matter of fact when i quit measuring my income by the hour and start measuring it by the year and i say i'm making a hundred thousand dollars a year well all of a sudden daycare is not an issue i make seventy all of a sudden, daycare is not an issue. I make $70,000 a year. Well, daycare is not an issue. Oh, I make $70,000 a year running my own daycare, so daycare is not an issue.

You know what I mean? I don't know what it is you want to do. You follow me? But you right now, you've just kind of come in out of the cold, and you're just now trying to get the garbage off from around your neck. And you've done a good job with that first step. But then the next step is not, what's the next desperation job I take? The next step is, what are some steps I take to move towards my really cool life that I'm going to have when I'm 40?

Because you deserve that, kiddo, and you're going to get it. If I can help further, you call me anytime. I'm sorry you're facing this. Identity theft has become an epidemic. Data breaches are being reported every day, and hundreds of millions of people have had their identities stolen, sometimes multiple times. That's crazy. Now, I've seen firsthand when people are stressed and freaked out when they become an identity theft victim. And those who have credit or ID monitoring plans find out really quick how unprotected they are

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Helen Keller said, Character cannot be developed in ease and quiet. Only through the experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved. Merlee is in New York. Hi, Marlee. How are you? Hi.

How are you? Better than I. Sorry. Go ahead. Go ahead. Your phone is messed up. It sounds like you're in a barrel. Can you hear me now?

Yes, ma'am. Thank you. Okay. How can I help? So I'm calling because, well, one, I have good news. I paid off my student loan Monday. Yay! So yay, I'm excited about that.

But I'm also calling because I also have some bad news. I made a big mistake and had put my ex-boyfriend's phone under my name and the phone bill under my name. And we ended up switching it over to him, the responsibility, but they never switched over the actual phone payment to his name. And so now I'm stuck with the phone bill. And I've been trying to call the company back and just been getting the run around and they sent it to collections. What do you mean you're getting the run around? Well, they're not getting back to me as to why

the phone payment wasn't put under his name as we had talked about. And no one seems to have an answer. Okay, how much is the bill? $760. Okay. And where is he?

Um, he's, I mean, we don't speak, so. Yeah. Okay. Well, there's 763 reasons for you to call him and tell him to pay his bill. Right. Can you do that? I mean, I was hoping not to have another interaction, but. Yeah, I'm hoping you didn't have to either, but that, you know but you kind of ruined that idea when you signed up to pay his phone bill.

Right. And then you need to call this company and have a really detailed conversation with them, not a runaround, a really detailed conversation that says you're not liable for anything else from this day forward. Right. I mean, when I spoke to them initially when I received the bill, they told me, like I called to inquire about it and why,

and they told me to ignore it, which is what I did. And then a couple of months later I got another letter from collections. So this ignoring it is not working. No. So you can't ignore it. So if anybody else tells you that, say, no, I'm not going to ignore it. Because you're not ignoring it. You idiots are sending me collection letters, and you're sending me a collection,

and you need to get this done. You need to get it fixed immediately. And just keep calling them. Make yourself a nuisance to this company until this is cleared up. What happened here is you were sloppy in your decision-making. As you said, you did something really dumb. You signed up for his bill. Then the second thing that happened was you were sloppy in your follow-through

to make sure it was taken care of. You have to close the loop on all these business transactions. You have to weave it together in such a way that it absolutely doesn't have any room to move, meaning that you have gotten detailed confirmations in writing that all these things are put behind you over and over and over and over again on each one of these things. Anytime this stuff happens, you can't just do a drive-by and expect these companies that are incompetent to have your best interest at heart

because they just don't. Jay is in Canton, Ohio. Hi, Jay. How are you? Good. How are you, Dave? Better than I deserve. What's up?

My brothers and I had lost my father in December. I'm sorry. And he left us an inheritance, and everything is in a trust. And the way the trust is written, it gives us the opportunity to keep that money in trust. Would you suggest that we keep that? There's no point. You know, okay. Okay, that's, I mean, he left about a million dollars.

Okay, so each of you got about $300,000. Yeah, yeah. And how old are you? I'm 52. Okay, are you going to misbehave with the $300,000? No. No. You're not a 14-year-old.

You don't need a trust. Okay. Okay, and there's no tax benefit to the trust, and there's no tax benefit to the trust and there's no investment benefit to the trust and so what are you going to do with the 300 grand uh invested okay you got any debt no you don't know on your house uh well we owe 40 000 on our house let's pay that no other debt okay let's pay that off and so there's only three things you can do with money you should invest it you should give it and you should enjoy it okay and i think doing all three would probably make your father smile yeah yeah now one other question one of the he has an ira in there that he had solely in my name.

Now, would you suggest just, like, cashing that out? No, that's called an inherited IRA, and you can roll that over. You're required to pull a certain amount every year out and become taxable on an inherited IRA, but you don't have to pull it all out at once. And I would let it just sit there and grow if you don't need it. How much of the $300 is in that? $220. Oh, okay, a ton of it.

Well, I would make sure that that's all invested in a way that you're okay with inside the IRA, but an inherited IRA is not a bad thing. And so if you get with your investment broker, if you don't have one, go to SmartVestor at DaveRamsey.com. Click SmartVestor. Fill out the stuff. It'll drop down a list of the SmartVestor pros in your area. You can select the one that you would like in your area among the ones that we recommend. They'll sit down with you and help you and guide you through that process and help you get that rolled over into an inherited IRA.

And, you know, that way you can pick some good growth stock mutual funds. I personally, Jay, I spread my investments in mutual funds across four types, growth, growth and income, aggressive growth, and international, and all with a 10-year track record or more, and so that I know what I'm getting into, something very stable, very conservative portfolio. Quincy's in Detroit, Michigan. Hi, Quincy. How are you? Hello, Dave.

Fine as hell, sir. Better than I deserve. What's up? All right, quick question. I made a dumb decision. I took a buyout in 2013. I was teaching. So long story short, they were going to pay like $42,000 over a five-year period. I took a buyout in 2013. I was teaching. So long story short, they were going to pay like $42,000 over a five-year period. I took my pension out. I tried a business thing. It didn't work.

So my question to you is, the buyout will complete in October. It will be worth about $55,000, give or take. My pension payback amount is $58,000 plus interest. So I said, I'll just take the money from the fall freebie, throw it at that. However, they told me I only can do a plan-to-plan transfer, so I can't use that money towards the pension unless I cash it out. And since I'm only 44, I'm pretty sure that would be a pretty steep penalty. I would not put it towards the pension. I wouldn't catch your pension up.

So you say what? I would not buy pension years okay it's a bad investment i think you're better off to have the investment in good mutual funds it'll give you you own the money it doesn't die when you die and it'll give you a better rate of return okay because i'm 44 so i got a few more years to, you know, work or whatever. So I was just thinking as far as a guaranteed income with the pension, but then there's a chance that the pension may not even be there. Well, here's the other thing. When you die, the pension's worth zero.

Okay. If you put $58,000 in a 401K or in an IRA rollover from your 403B, okay, you put $58,000 in there in good mutual funds. In seven years when you're 51, that'll be worth about $110,000. And then in seven more years when you're 58, it'll be worth about $230,000. And in seven more years when you're 65, it'll be worth about $500,000. So you've got a half a million dollars in your name when you die that you can use for retirement that that pension would have been worth zero. You see?

Yes, sir. Yes, sir. Yeah, so that's why I'm not going to have you buy years into a pension. I'd rather you own the money because if you'll leave it alone and let it grow as an investment, it'll be a great nest egg for you in retirement, and it doesn't die when you die. So that's why you controlling your money is a lot better off than a pension controlling it. Never buy years into a pension. Never. That puts us out of the Dave Ramsey Show in 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. Hey, guys, this is Blake Thompson, Chief Production Officer for the Dave Ramsey Show. This hour's up, but you'll find more on our YouTube channel, where we have over 6 million YouTube views each month. You can find debt-free screams, millionaire hour clips, Dave rants, and so much more. Go check it out.

There are few things in this world that irritate me more than when people pay too much for their mortgage. So many of you are paying way too much and you don't even know it. I've got my good friend Mike Hardwick with Churchill Mortgage here. Mike, how do you help these folks? It's unbelievable, Dave, how much people can save if they just make a simple call. We've helped thousands of your listeners save hundreds each month or take years off their loan, helping them to save thousands of dollars in interest over time.

Folks, do yourself a favor. Make a quick call to Churchill Mortgage today. I'm telling you, if you're paying a mortgage, you're potentially throwing money away that could be piling up in your savings account. It's true, Dave. With the rates the way they are right now, if you're making any mortgage payment these days, you're probably paying too much.

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