The Ramsey Show - App - How To Stay Motivated With Your Life And Money (Hour 2)

Episode Date: February 23, 2023

Rachel Cruze & Kristina Ellis answer your questions and discuss: "I want to buy a Corvette but I'm scared to pull the trigger and don't know what to do." What to do when trying to find a new career, from the blog: What Should I Do With My Life? 7 Questions To Help You Find Your Purpose How to stay motivated when working through the Baby Steps, from the blog: How To Set Financial Goals There's no shame in helping your budget by shopping at cheaper stores, from the blog: How To Combat Inflation And Protect Your Four Walls The best way to maximize your savings with a high yield savings account, from the blog: What Is A High-Yield Savings Account and Do I Need One? Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Take our FREE 3 minute assessment: 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 we help people build wealth, do work that they love, and create actual amazing relationships. I am Ramsey personality Rachel Cruz, hosting today with best-selling author and Ramsey personality Christina Rachel Cruz, hosting today with bestselling author and Ramsey personality, Christina Ellis. And we are taking your calls. It's a free call anywhere in the country at 888-825-5225. And we'll talk about your life, your money, your job, your relationship,

anything and everything. Christina and I are here to walk you through your situation. So if you guys have enjoyed this show and it's something that you think, gosh, this has helped me, it has changed my life, we want you to share it. That's one of the best ways to continue to spread the word is share it. Subscribe to the channel, leave a review,

and honestly, just tell your friends and family about it. We sit in these chairs every day for three hours because we wanna help people become free from their money. And money is such a, it's such a shameful, burdensome, close, yeah, close topic and creates a lot of stress, a lot of anxiety. And to be free from that is something we want. We want you guys to have healthy relationships with the people in your life that you love. We want you to have a job and a career that you're passionate about, that you feel like you're in the right seat. So us spreading hope is something that we love. And again, giving you direction and hopefully some inspiration to be able to do that. So if that has been your experience,

please share the show so other people can get that as well. And if you are a new listener and you want to dive deeper into the Ramsey Baby Steps, go to ramseysolutions.com and click the get started button. And we're going to help you figure out the next best step for your financial journey based on exactly where you are today. So that's ramseysolutions.com and click get started. And that's a great resource. Again, we may be throwing out words like baby steps, gazelle intensity, all these things. You're like, oh, my gosh, I'm new to this. So being able to know exactly where you are will tell you that next step that you need to take in order to do the baby steps and again, become financially free where your money doesn't control you anymore, that you really do control it. It's funny. I sometimes forget all these words that people don't know

that aren't, you know, listeners for several years. And we were hosting FPU at church last night and I was checking people in and I was like, are you here for FPU? And somebody was like, what is FPU? I was like, oh my gosh, I'm so sorry. Financial Peace University. So if you're confused with all the acronyms, you're in good company. That's right. That's right. So good. All right. Well, we're going to go to the phone. So we have Rich in Ashburn, Virginia up next. Hey, Rich, welcome to the show. Good afternoon. Thank you for taking my call. Absolutely. How can we help? Well, so I'm a recently retired 51-year-old. I've been following Dave Ramsey for a long time. I was gifted a book by my brother years ago and I followed it to the T and my problem now is that I can't pull the trigger to enjoy life. I retired early because I want to enjoy the fruits of my labor and all the sacrificing that we've done up to this point.

But I can't let go of that money and that mindset. And you said you're 51, Rich? I'm 51. My wife is also 51. And she's got about another two months and she's going to be retiring as well. Amazing. What do you guys do?

Or what did you do? My wife worked for Edward Jones Investments. She was basically an office manager. And I was an air traffic controller. Good for you. Oh, that's a stressful job. So give us an example. What's a purchase that you've wanted to make recently that you're like, oh, I just can't do it?

So I'm a car enthusiast. I've always loved Corvettes. I went to a dealership about three weeks ago, my wife and I. We agreed that this was a lifelong thing I've always wanted. Went in there. We made the deal that we wanted. We were happy with it. I left the dealership.

I told the guy, I said, let me sleep on it. The next day I called back and I said, I'm not buying a car. I just couldn't pull the trigger. I couldn't spend the money to enjoy life, to start enjoying. And I'm afraid that I'm not going to be able to do that. Every time something comes up, whether it be a trip or, you know, How much do you guys have, Rich? When your wife retires in two months, how much is in retirement for you guys have rich what what's when your wife retires in two months how much is in retirement for you guys so we have a total of 1.7 uh net net worth we have um i have a car payment right now

on a car that i don't like and that's why i want to i want to get something that i'm going to enjoy and i want to pay it off and be done with it um But, yeah, so 1.7 is where we're at. That's with her 401, my 401. She's got an IRA. I have individual stocks. Well, good job on the net worth. I'm curious, why do you have a car payment? So what happened was I got rid of a car that I had around 2020 when the car market went ballistic.

I bought a car that I thought I may like, and I ended up liking it, not loving it. I just don't want to get rid of it because I don't want to lose my tail on it. Why didn't you pay cash for the car versus financing it? Because it was a lot of money. The vehicle that I bought was $63,000. And I got a little bit for the car that I traded in. So I said, well, let me just see if I like this car. And if I do, I'll pay it off. And that was the plan. As soon as do i'll pay it off and that was the plan as soon as i retired pay it off but i just don't so how much is yeah rich how much do you guys have in liquidity like how much liquid cash because some of the this retirement is tied up in roths and um iras and 401ks what do you have

that's that's a liquid that you can get to uh right now i can get to, we have right around $91,000, $92,000 in our savings account. But I'm special provisions, which means that I can access my 401 now without penalty. Not that I plan on it. I don't plan on touching it yet. I don't have anything except for that car that I want. But I'm just trying to stay away from it as much as I can, let it build a little bit more

before we enjoy it. We don't plan on leaving that for the kids. The kids are growing out of the house, finish school, they're gone. And we just want to start enjoying life, but I just have a problem with pulling that trigger. I'm just a little bit confused.

Just want to make sure I understand everything. $63,000 for a car? That was a pretty expensive car for somebody who's pretty frugal. It was. So let me give you a little bit of the history. I'm just confused, yeah, because that was pulling a trigger on a pretty big purchase. So I'm confused at like what was the trigger pull then? And I'm kind of wondering if like the icky feeling in your stomach right now whenever you go to buy the other cars, just simply because you still have debt on this other expensive car. Right. Well, so the plan was to trade in that car

and then purchase the car of my dreams and pay cash for it. How much will you be out of pocket if you went and bought the Corvette that you want and trade the car in? It was about $78,000. $78,000. $78,000. Okay. Yeah. So Rich, what I would do, I mean, from your net worth standpoint, you can afford the car.

You can afford the car. But I want to make sure that you are debt free. You guys have a good savings, a safety net for your emergency fund. But start running numbers out for your retirement. Sit down with an investment pro, a smart investor pro, and really run these numbers out to know exactly where you can give yourself permission to spend. Because yeah, you are 51 and you want to make sure your investments are growing. You can live off what you want to live off of and have the ability to do that. And this is an incredible number. So you're probably going to be able to, and then that will give you permission

to enjoy life. So thanks for the call, Rich. This is The Ramsey Show. If you're looking to sell your home right now, it can be really intimidating. It can be a very intimidating process. And since the demand is still higher than supply, home rises are still rising. And buyers in this market are serious about finding a deal. And that means you may have some tough decisions to make on a tight timeline. But look, you don't have to sell your home alone and you shouldn't.

It's important work. It's important that you work with an expert real estate agent who knows your local housing market inside and out and who will walk with you through the selling process step by step. Having someone on your side that knows what they're doing, you guys, is so, so key.

So you need a real estate agent, again, that is trusted and who's earned the right to be called Ramsey Trusted because you know us here at Ramsey that we have a high standard for people that we work with. And so these pros have been highly vetted. They are top tier agents that, again, we trust here at Ramsey Solutions. And they have what it takes to sell your home on your terms for the best price. If you are ready to sell your home, get a Ramsey Trusted Pro in your corner. It's free to connect today. Just go

to ramseysolutions.com slash agent to find one near you. Again, that's ramseysolutions.com slash agent. Up next, we have Andrew in Fort Collins, Colorado. Hey, Andrew, welcome to the show. Hey, thank you. It's an honor to speak with you today. Absolutely. How can we help? Well, I am currently trying to figure out

kind of what to do with my life and career, what my next steps are. Been slowly working through Ken Coleman's book, Processing Other People in Their Life, and really soaking that in. And it seems my next steps may be further education or certifications to sort of fulfill a desire that God gave me to replicate a discipleship program that I was blessed to be involved in and transformed through. But in the meantime, I've been working at a job

which I don't really see a future for myself in. Just feeling kind of stuck in it a little bit, and it wouldn't get me closer to my goals and dreams um what kind of job is it and um it is doing sales uh kind of front counter sales it's a good company a good job for like people to work with okay and then what is this yeah i'm finding them yeah what's the dream what's the discipleship program? Right. It's a year-long program that I get to be involved with in New York. It's a discipleship program, largely focused on outdoor ministry. So do you want to work for this program or you want to create a company that does something like that? What's your vision with that ideally like would be to create

sort of a sister program to that um here in colorado um because you know it's at the point where it can be replicated um have you talked to the people who have you talked to the people who lead this program like what would it take for you to be able to open a similar program and work with them through that process? That I am still trying to figure out, actually. I have spoken with them a few years back. And I kind of put it on hold for a little while. So what does, you know, sort of at the point where I'm ready to start moving forward with something else. Okay. So you said that you think the next step is probably a certification program or some form of education.

How does that play into getting you to the discipleship program? Well, when I talked to the program director a few years ago, he recommended taking, getting a few certifications and like more, more in terms of like outdoor leading, like leading outdoor trips. And I'm on that route. And

I guess I haven't really done that yet. Okay. Like I said, I was kind really done that yet. Okay. Like I said, I was kind of putting that to the side for a little bit. So I know this is something that you've obviously been really impacted by and you love and you believe in. Do you see a really feasible, realistic route of, yeah, starting a branch there in Fort Collins or somewhere where you're going to live and start that program?

And, you know, like is it more just, gosh, this thing changed my life and I want to do something like it eventually? Or is it like, no, there's actually a really clear path on how to do this and the sister company or, you know, the organization that put it on originally is willing to do it with you? You know what I mean? Like, where are you in that process? I'm kind of moving from, like, you know, wanting to do it with you. You know what I mean? Like, where are you in that process? I'm kind of moving from, like, you know,

wanting to do it eventually to actually doing it. And it's realistic to do it, right? Like, you've talked to them and they said, yes, absolutely, we would love for you to do that. You just need to do X, Y, and Z. And it is possible? Like, do you feel like that they have a, that they're certain that you can? Well, no, no, not quite to that point, no.

Okay. Would you ever start your own discipleship? Not to like rip off their idea, because I know there's probably like trademark and all of that, but do you think that it is realistic to do maybe a branch where you are, or do you think you're going to start something completely on your own? No, I do believe it would be realistic. You know, when I talked to them a couple of years ago, it went well. What about if you worked for this company for a while? Like, I don't know if you're up for moving, but potentially moving to where they are and doing the day-to-day work with them.

Because it is different going through the program. It's amazing that it was impactful to you. But then actually working and doing the work, it's going to be a different experience. And it would probably be nice to know, do you enjoy that experience with the discipleship program versus being an attendee? Are you open to that? Oh, great. Like kind of getting more experience in the space? I would be.

I guess it'd be a little hard to pull off, you know, logistically. Being that I'm married, my wife has a good job here. Yeah. Yeah. What about even just like trying ministry?

Like the discipleship program sounds amazing, but is there some other form of ministry that might be interesting to you? Maybe you could work for a church for a while and disciple people within the church, kind of just getting your feet wet in the space and getting like used to what that kind of work is like. Yeah, there's definitely that opportunity, which I have been involved with, like with Young Life. And I can definitely do some more with my church, too. Yeah. Yeah, I would say, Andrew, I love Young Life, by the way. That's where Winston and I met.

So I'm a big fan, big fan of them. Yeah, they're great. So, yeah. And actually, that's a great example. Young Life, on a personal note, is something that we love and we support financially. We're obviously not on Young Life staff or doing it. So I was going to say, too, sometimes when you go through something that's really impactful and changes your life, you know, that there's another curriculum separate from Young Life last year and gave to them throughout the year because

you're just like, oh, wow, I want to help in some way. And it may not be my full-time career, but I love it so much. And sometimes that loving it and life change can get mixed in with, this is what I want to do with my life vocationally. Sometimes it is, right? It does change your life. You're like, oh no, I'm putting my whole life into it. And sometimes it's like, hey, I can have a passion for this thing that changed my life and help in other ways. But the things that draw me to it, maybe there's another, to your point, Christina, of like another type of ministry, another route to take that you still use those passions and those gifts. And maybe in the meantime, Andrew, but it sounds like you haven't talked to them in a few years. It still sounds really up in the air. So if I were you, I would have a call with that company that you love that was out, I think of New York, you said. And I would say, I would

love a serious call to say, what are the steps that I need to take specifically? Because they said certifications and all of that and get an actual list of what it would take. Financially, do you need donors? Do you have to have, you know, an established location for that? Like, get a lot of the details, Andrew. And I think that's going to help you weed out, hey, this is something I could actually do here in the next five years, or man, this may be a 15-year dream. And between now and then, I need to kind of find something that is more than just a sales job, because I want to go to a place that I love every day and work and make money and do my passion, right? I think you're reading about Ken Coleman. But I think if I were you, I would get more hard facts from them. And I

think that's going to help you make the decisions. And you and your wife sit down and say, okay, is it worth investing into this licensing or this training and know how much all those are and if you guys have the money for it? I mean, it's kind of that big picture, but getting more specific. Does that make sense? It does, yeah. Well, and I think part of it is just going to be taking steps,

like taking those action steps. I think you've had these dreams for a while. You've been feeling this for a while, but there's kind of fear around actually getting a certification, reaching out, calling the company, getting those detailed steps you need to take next. And I think that's when you're really going to feel more clarity. Yes. Yep. Facts are going to help you in this, Andrew. So thanks for calling. This is The Ramsey Show. If you're planning to move soon, you know, it can be so expensive, but I've got great news. Our studio sponsor, Pods Moving and Storage, wants to help one of you move for free. So just get a quote at pods.com slash Ramsey between February 20th and March 3rd and enter to win.

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Up next we have Dawn in Duluth, Minnesota. Hey Dawn, welcome to the show. Thank you. Hello Rachel and Christina. Thank you for taking my call. Absolutely. How can we help? Well, I am debt free except for my house.

Yay. And I have been for about nine months. But I still have all these other things like a roof. I have to save up money for lawyer fees because of stuff I have to go through with one of my children and I just keep feeling like I'm not, not getting where I want to go because all these other things keep coming up. Yeah. Life keeps happening. I, yes. So I have a three month emergency fund right now because the other stuff needs

to be paid for because I have to do it via cash. That's right. And I've been following you guys' steps for a long time, and I just keep feeling like I'm just not getting anywhere, and the motivation keeps going down. For sure. So how much do you make a year, Dawn? About $55 to $60.

Okay. And you said you are debt-free with everything but the house since about nine months ago. Is that correct? Yeah. So, yeah, main major part of it so did you pay off a bunch of debt what was the journey before that um so I started kind of uh August of 2019 um or no sorry August of 18 I really started um listening to you guys I heard about you guys years ago at my church and I'm like, I'm going to do that. I'm going to do that. And then it comes and goes. So August of 18, I decided, you know what, a couple of, that I work with

did it and we're, I'm a nurse. And so I did have the opportunity to work more and get paid more. And as of February 22nd, I was debt-free with credit cards. I bought a newer vehicle to me with cash, paid off $20,000 in, uh, lawyer fees, um, since August of 20 or sorry, August of 18. And so it's, it's been a journey. Yeah. You've been through a lot. Yeah. But I keep feeling like I should be farther. I think that's, this is such an interesting question

because I think we've all felt that a bit at times where it's like you work through all these steps, you get your emergency fund, and then Murphy still hits. There's still roof repairs. There's still things like that. And sometimes I just wish you could just like pause everything else and it's like, okay, life, don't happen. Like cars aren't allowed to go out now.

I finally hit this spot. Like why can things still go wrong? Like it's frustrating. So Dawn, how much will the roof cost? I'm getting a for sure estimate in a week and a half, but I am estimating probably seven to ten. Seven to ten. Okay. And the lawyer fees, how much will those be? Well, so I've paid off all of it. I'm supposed to go back to mediation. I'm hoping only two to three. Okay.

But that's still like, oh, I could just go towards my roof. I know. Yeah. I hear you. I hear you. Yeah. Yeah. So I think.

In the meantime, I did put $4,000 into my vehicle after I bought it. Oh, good. Yeah, that's great. That's great. Yeah, so I think one of the things, Dawn, is after you paid off debt, which is usually like the exciting goal that a lot of people have that they work towards and so much of their motivation and all of that goes towards that,

that you need something else that you're looking ahead that isn't just roof repairs and lawyer fees, but have something out there, Dawn, that you need something else that you're looking ahead that isn't just roof repairs and lawyer fees, but have something out there, Don, that you're like, oh, okay, in five years, this is a big goal I have. And I don't know if it's a great vacation you wanna take. I don't know what it would be, whatever it is, Don, for you, but have something in the next three to five years

that is out there that's fun and enjoyable that you're looking forward to because what you're listing out it sucks right i mean like life sucks what would suck more is if you had car payments and student loan payments and credit card bills every month on top of this which you don't have which you can celebrate that for sure um and so that's the that's the progress that you've made by getting out of debt and having an emergency fund is that like you actually have when your paycheck hits you have the ability to use it for these things

versus again, hundreds and hundreds, maybe even thousands of dollars going back out in debt payments. So that's a great thing. But I just want you to have something that is exciting to you and can bring you joy that you work towards in the midst of all of this life. And again, I know a lot of your money

will be going towards the roof and the lawyer fee, but again, have out there, okay, after these are done, like this is what I'm shooting for. Because when you have a goal, I mean, it is motivating. There's something about that changes the way you look at your budget, it changes all of it. And when it's a goal that you want, again, and everyone out there listening,

it could be an emergency fund, it could be a goal of getting out of debt, whatever that thing is that you want, it changes the way you spend money, changes the way you save money. But what you listed off, Dawn, it's like adulting expenses that we all have and they're pricey. But it's kind of one of those things that you're like, you have to do it. And it's not fun. So I get that. I hear you. Dawn, do you have any idea what that exciting thing could be for you? I would like to say that it's something like a really enjoyable, like a vacation. But my five-year, one of my five-year goals is to actually pay my house off, which is

super exciting, but it's not like take a trip with the family kind of thing. Yeah, it's great. And you know what? And we talked about being intentional in the season. So honestly, Dawn, I mean, again, I would encourage, even if it's a weekend trip, like have something fun. I mean, I know paying off the house is important. We're all about that.

But this is the time just to be intentional and to enjoy the fruits of your life. You don't have to be gazellent intense in this process of where you're at. So maybe you still do a vacation before you pay off the house. How do you feel about that? That's my problem. I think you should. I think you should. Don't stop. Well, that's probably part of it, too, is it's like you were in baby step two and then you were saving your emergency fund and you were gazelle intense and it's like that that switch hasn't flipped but at the same time you're not feeling super motivated right now because it's like wait you don't you need to be motivated but it's a different kind of motivation and I think you're wanting to feel the motivation of baby step two but you don't

have to quite be that intense like Rachel said it's intentional and intentional can include vacations. Yeah, and I really like to get up to a six-month emergency fund but I stopped at three so that I could start putting money away for the roof and stuff. Yes, for sure. And I think that's wise. I mean, your three-month is there so I think you're doing exactly what you need to do, Dawn.

We're just saying to get you through it and to have a little bit more joy, enjoyment of this process is to have a thing that Don just wants. Don just wants this out there. And after the roof is done, and again, the lawyer fees and everything, and if Don wants a six-month emergency fund, and that sounds better than a vacation, then make that your next goal, right? Like it doesn't matter what it is,

but I just want you to be working towards something that you are excited about and enjoy. That's what money is, right? You do all of this so that you have freedom with your money. You do all of this to change your family tree. You do all of this so that money doesn't control you. It's a tool to create a life that you love.

And we want you to do that. And you've done the hard work, Dawn. And's a tool to create a life that you love. And we want you to do that. And you've done the hard work, Dawn. And I know you still have a few, maybe another year or two of that hard work with all of this, but we want you to enjoy and love your life too. Yeah. And you can get really tactical with it. Like you can say at the end of paying off my roof, at the end of these lawyer fees, and once I get three more months of an emergency fund, boom, we're going to Disney World. That's right. Yes. Yep. Have it out there. Have that fun goal out there. That's important. Thanks, Dawn, for the call. This is The Ramsey Show.

So we are all feeling the price hikes for everything from food to gas to just life. It just feels like the new norm of what we pay is crazy. And it's not just us feeling the pain. Yeah. Walmart is feeling the pain. Walmart is pushing back against major product suppliers who are asking for higher prices. So this was an interesting article that came out that said that walmart is warning major package good makers that it can no longer stomach their high prices and are going to pitch their own private label products to shoppers that are less expensive that it's a less expensive alternative option to buy their private label products versus the main labels you know the

the labels that you see that you're like, oh yeah, the name brand stuff. So Walmart's all about that. They're really going to scrutinize any price hikes by retailers because they're saying that any of those, especially I think we're in this culture right now with inflation where it kind of feels like people are raising prices and it's like people just keep buying no matter what.

So Walmart's saying like this is impacting our customers and we're reaching that tipping point where it's like even just a few cents more, it's going to hurt people. So we've got to push back because there's only so much space people have in their budgets, you know, before they start going, we can't afford this. That's right. Absolutely. So, yeah, I think that it's a I think it's a good discussion in general that when you shop, there are options. And there are options on what you buy, the type of product you're buying, whether it is generic or name brand, and all of it. And it matters, right?

I'm like, when you do grocery runs or you're buying whatever it is, hygiene products or whatever, you're having to buy this stuff. Look at the prices because it adds up it does and I think it's important kind of to break the stigma around like where you shop so I know a lot of people now like don't go to Walmart and I know that there's like ethical reasons and all of that but but some people just don't want to go because they they say it's like the like the cheaper target or it's like just not as cool I think they feel uncomfortable but I'm still pretty shameless going to Walmart like I love like a good deal and I think it's still great so I think if you're not going to some of the discount stores just because you feel like you're embarrassed to go in or you

don't want to be shopping there like I would get rid of that shame yes and just do what you've got to do for your family even like like dollar stores, Dollar Tree. Yes. Like they still have amazing deals. We've been going there for cards recently. Oh, yeah. Like birthday cards. I'm like, why is it $6 at other stores with $1.25 here?

All of my Christmas wrapping and package stuff all comes from the Dollar Tree. That's like, I don't go anywhere else because I'm like, it is. It's so cheap. But that and groceries, even you guys, where you shop. you shop so like an Aldi I mean there's these places that have great prices and sometimes you pay for the store experience uh not just the quality of the food but their prices right like I can think of some grocery stores and it's like they're more expensive and their aisles are wider it's more aesthetically pleasing like you know anything there's parts of the experience that I think,

then they jack up the prices even for that. So, again. But I'd rather, like, I'd rather go to a spa with the $100 I have left at the end of the month because I shopped at Aldi versus going through a more aesthetically pleasing grocery store. That's right. That's right.

I know. So, you guys, again, look at what you're buying and where you can save money because I know for so many people, the margin on the budget has shrunk and you're feeling the pinch. Well, I am Rachel Cruz, Ramsey Personality, hosting with Christina Ellis, and we are taking your calls, America, at 888-825-5225. And up next, we have Summer in Orlando, Florida. Hey, Summer, welcome to the show. Hi, how are you? Thanks for having me. Absolutely. How can we help? So I'm calling because I have saved up a good amount of money in my savings account, and I'm just not quite sure what to do with it at this point, because I want to make the most of

my money. Yeah, that's a great question. Okay, so how much do you have saved in the bank? About $130,000. Great job. And is that just in a checking account, a traditional savings, a high yield? It's a traditional savings. Traditional savings, okay. Do you have any debt right now? No, no debt.

And how did you save up that $130,000? Was it just gradual or did you get a big payout of some form? No, I've been working at the same companies since I was 15. I've been here 26 years. Wow. I just over time, I got divorced about 10 years ago and just beat myself raising my two daughters. And several years ago, I moved in with my sister after sold the house and stuff and kind of saved up a lot of my, during my money then. So for the past few years, I've been renting and I'm, I want to buy a home. So I've been kind of

saving up for that. I just, the market right now is really high. And so I'm kind of not ready to buy. Um, so yeah, I, my money was just kind of sitting in the bank. Do you have any investments? Do you have any investments right now? I have about, uh, 40 some thousand in a, um, Edward Jones account that I have that's invested into different stocks and stuff. That's separate. And then I also, through my employer, I have a significant amount for my retirement. Well, I wouldn't say significant. How much is that? How much? About $400,000. Okay. So you've been setting this money aside intentionally for a house. Is that correct? The money in the bank, yes.

Yeah, the $130,000. So like my retirement is just, the bank? Yes. Yeah. The one that was like my retirement is just that's for later. You know, that's my what my employer has, you know, the stocks and stuff in the company. And then I have my 401k, all that separate. But just my savings, it's kind of just sitting there and it's not growing and it's not. And I was kind of scared to invest it because I do want to buy a house and I wanted to have a good down payment. But it's just it's not moving. Yeah. So what I would do, Summer, is I know you probably will purchase something, I'm assuming, in the next year or two. So I would move it to a high yield savings account or a money market account.

We were just talking to our investment pro yesterday, my husband and I. And we have Ally Bank and we just have a high yield with them. And it's 3.3%, which is pretty great for just sitting there, you know? And so, yeah, you can make a whole lot more than a traditional savings. So I would definitely take that 130, move it to a high yield savings account. Again, you can do this on an online bank, some brick and mortar banks, but I would make sure to check the rates and make sure, yeah, compare it and do usually online. I like online banks, some brick and mortar banks, but I would make sure to check the rates and make sure, yeah, compare it and do usually online. I like online banks usually for this stuff. I don't know. It just kind of makes it easy. I don't know. Well, that's part of why they can give such great interest rates. Yeah, they don't have brick and mortar. That's right.

So I would move that money there summer. And then I would contact a Ramsey trusted real estate agent and just talk to someone and say, hey, I'm really thinking about buying. I'm nervous because the market fills up. Here's my cash position. And they're at least going to be able to help you and understand, OK, what's going on in the market and look at options because your kids are grown. Is that right? You said you had two daughters. Are they grown and out of the house? Well, one of my daughters is, she's grown. She's 24. She's expecting to have,

I'm going to have my first grandchild. Oh, congratulations. In a few months. And my youngest, she's 16. She's still at home with me. Okay. That's great. Yeah.

Yeah. So I think the next move would be to purchase a home. And, you know, and since it's you guys, you know, maybe somewhere even like a townhome or something, you know, it have to condo yeah i mean you could look at well i was kind of holding off because my um i have a big family and my sisters they all own their homes and we were talking about purchasing land and getting houses built like next to each other on the land okay but i'm kind of waiting on them it's like, I don't know when that's going to happen. So it's like, do I buy something now and then have to sell it in a couple years?

Or, you know, like I've, that's something I have to decide with them. But yeah, for sure. I would kind of get a pulse and make sure that if you do choose to go an option with them, that sounds awesome and amazing but also make sure it works with you with you financially uh and how land deals work and all of that that kind of ends up being a little bit condolented but it's possible but just make sure again that you don't get roped into something that puts you back financially number one and if it feels like yeah it's kind of something we want to do eventually but there's if there's no prospects

on land if there's nothing tactical happening if if I were you, Summer, you have the money. So I'm like, I would go ahead and purchase something. This is what that money is earmarked for. There's no reason that you don't have to. You can wait for the market. But again, I would contact a Ramsey Trusted real estate agent because they'll be able to walk you through the real estate side of it.

But today, with that $130, I would definitely, since since you're debt free, all of that, I would put in a high yield savings. And then I would look at the real estate market. And I think that's a next great move. And then continue to invest in your retirement and keep going. But you're doing a great job, Summer. I know as a single mom, there is a lot on your plate and you're doing a really fantastic job. So I'm glad. I'm glad you called in. Well, thank you, Christina, for hosting today with me. And thank you, America, for listening. This is The Ramsey Show. Hey, it's Rachel Cruz. 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.

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