The Ramsey Show - App - I Can’t Make Your Husband Grow a Brain

Episode Date: June 9, 2022

Dave Ramsey & George Kamel discuss: Helping others manage money, The best way to sell your house, The best way to save money when you're rent-free, How to use an inheritance, What to do with a spouse who doesn't believe in saving for retirement. Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6

Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us, America. Open phones at 888-825-5225. This is The Ramsey Show. We help people build wealth, do work that they love, and create actual amazing relationships. George Campbell, Ramsey personality, host of the Fine Print on Ramsey Networks, is my co-host today as we take your questions about life and money. Again, 888-825-5225.

Brian in Columbia, South Carolina, starting off this hour. Hey, Brian, what's up? Hey, Dave, how are you? Better than I deserve. How can we help? So, recently I have taken over the affairs of a senior citizen at our church who we affectionately call Grandpa. And in looking over his finances, I've seen that he's been signed up for, sometime in the past, two whole life policies. So I know that you're against whole life, and we were just talking about our options on what to do with it. And so if we cash out the whole life to get rid of it, between the two policies that he signed up for,

he would get a return of $2,900, which is pennies on the dollars from what he's paid. My question is, they also offered us an option of him freezing the policy so he pays no more in it, and he gets $2,200 upon his death if we choose to do that. Now, at first I just thought to cash it out, and if we do cash it out, because he's got a pending Medicaid application, which tends to take over their finances to help provide that long-term care,

how do we secure this money in order to make sure that his final stages, just so it goes toward his final stages when he does pass? Medicaid won't take $2,900. If it was $290,000, they would get into it. But they're not going to fool with $2,900. That's not $290,000, they would get into it. But they're not going to fool with $2,900. That's not going to mess him up on that. Yeah, I'd just get out of the whole life business. And, you know, I'd rather him have $2,900 in the bank than $2,200 when he dies.

Right. Because he's got $2,900 when he dies. Right. Does he have any money? Okay. No, he just is on social, which is the basic $1,200 a month. That's what he has currently. Yeah.

And I'm sure there's some kind of a need he has around there then, or at least a need for a little bit of a baby emergency fund, which this can supply, right? Yes, absolutely, yes. Yeah. How old is he? He's 83. Okay.

And the face of the policies, if he dies, is $2,200? Well, the policies are $10,000 each. Oh, plus... We do cash out to close it. I thought you said he got $2,200 if he died. Well, the $2,200 is if we do a, they call it a reduced freeze. So he doesn't pay anything else at all on the account for the policy. And then upon his death, he gets that $2,200 between those two policies on his death. In addition to the face value no no because if we

freeze it out then he doesn't pay anything else so he's paying for a ten thousand dollar policy all these years and these bozos say hey we're going to help you out because you're a good long-term customer instead of paying you ten thousand at your death we're going to pay you twenty two hundred at your death but you don't have to pay any more payments. How sweet. Right. How sweet. What crux.

Yes. As if the other $7,800 on an 83-year-old won't pay the premiums. Right. What buttholes. And he's almost paid that $10,000 over the last three or four years, if you can find out. That doesn't shock me. Oh, easy000 over the last three or four years, you can find out. That doesn't shock me. Oh, easy.

Easy. Easy. Yeah. Oh, my God. That's sad. How is this legal still? This is crazy. It's just.

And act like they're doing you a favor. Well, we'll give you $2,200. Call it good. Watch these guys. When they're kissing you, they'll pee on your leg. Oh, my God. It's unbelievable. Wow. Yes, sir. Yeah. When they're kissing you, they pee on your leg. Oh, my God. It's unbelievable. Wow.

Yes, sir. Yeah. Oh, man, that's unbelievable. All right. So, yeah, you got to cash these things in, man. Get away from this company as fast as you can. This is just ridiculous. Oh, geez.

Whole life policies, people. This is the companies that you're dealing with. This guy's paid in these policies. He's paid $15,000 in these policies. And if he'd have put that $15,000 during that time in this $10,000 policy that they're offering to help him with at $2,200, he would have $100,000. He would have been better off with a cookie jar. If he put that in a mutual fund, he'd have $100,000. Easy. Easy. been better off with a cookie jar if he put that in a mutual fund he'd have a hundred thousand dollars easy easy see they ought to just have their butts kicked and then walk around acting like dave ramsey didn't know anything about money well just because my calculator works this is a math

thing jeez you people fascinating that the biggest fans of whole life are the whole life sales people they're the only fans that's how you know it's a's fascinating that the biggest fans of Whole Life are the Whole Life salespeople. They're the only fans. That's how you know it's a scam. They're the only fans. Yeah. Oh, I can't breathe. All right, I got to move on.

Melissa's with us in Jacksonville, Florida. Hey, Melissa, what's up? Hey, Dave. How are y'all? Great. How can we help? So last July, my husband and our family moved from his job and we bought a home and then unfortunately in september he lost that job and so ever since then he's been trying to find another job um and it seems as though we're going to have to move again. He's got a job offer. It's in Wisconsin this time.

So what we're trying to figure out now is whether to sell or rent our home. We're going to get a home provided for us there when we move to Wisconsin. So we're not really sure what to do about our house. We're a little leery of selling it. I'm not selling it. I'm a little leery of you it. I'm not selling it. I'm a little leery of you keeping it. Oh, okay. You don't need a house in Jacksonville, Florida,

if you're living in Wisconsin. Yeah, but it's like home around here. It's like home, but it's not home. You're living in Wisconsin. Yeah. So what kind of work does he do that it took him from september to now to find a job in the hottest job market in the history of mankind well he works in hotel management and he has been working jobs but he's doing a lot of traveling so right now he's in dallas so it's

been a lot of him being away from our family so he's been doing like um independent contract jobs you guys want to go to wisconsin i want our family to be together again amen i'm with you on that so you're willing to live in wisconsin to make that happen yes absolutely okay wow um so he's got a job as a big box manager again or what Yes, absolutely. Oh, okay. Wow. So he's got a job as a big box manager again or what? Well, he wants to get away from hotels because it has been really crazy the last couple years. Oh, I thought you said retail. No, he's been in hotel management. So he's going to try something different.

He's going to do campground management now. Okay. Because that's what got offered to him. Exactly. Not because last September he set out to be a campground manager. All right. I'm going to send you a copy of Ken Coleman's book, From Paycheck to Purpose. If you take the job in Wisconsin and you move, sell the house in Jacksonville.

But I think he needs to look for a different job. I think he just took something because it was put in front of him, and they made him feel good. This is The Ramsey Show. you've got a lot on your plate a job your home your marriage and your growing family while you're enjoying the present, you can't help but think about your future and your finances. As you explore your options, consider Christian Healthcare Ministries, or CHM, for your health care. Their generous maternity program and budget-friendly monthly programs have been a blessing to members welcoming children into their families. Visit chministries.org slash budget to see if it's right for you.

Christian Healthcare Ministries is a big hit. And I'm really glad that it is because it's a great job you guys did on this. Thank you. If you guys haven't heard, we have a new Confidence in Your Coverage, your free five-day guide to insurance. It's a series of videos by George Camel helping you understand your insurance so you don't get screwed and you don't end up buying like a whole life or something, right? Oh, my gosh. Every day for five days, Ramsey Personality, George Camel,

will walk you through a new insurance topic, unpacking everything you need to know to get the right coverage. It's completely free to go through and uh i'm really glad you guys are watching this out there number one george did a great job with it it's always fun and funny if it's george because he's like the nice one around here and that kind of stuff it's a good personal brand to have it's a good brand you're you're the happy version of us yeah so um i'm happy to in a different way i'm happy you're doing this. You're angry. It's angry happy. Yeah.

Dave's happy to not have to do these videos. I'm happy I didn't have to do this. I'm happy you did it. But it's a really, really good series. So you want to learn about insurance, it's free. Go to ramseysolutions.com slash confidence. Again, it's a five-day series of videos by George unpacking different insurance topics. Very quick, very easy to consume. They're all under three minutes. All under three minutes. Okay, so there you go. That's my attention span. So I figured let's make videos that cater to my attention span.

Oh, so you're the focus group. Yes. Okay, I love it. Our new confidence in your coverage, five days of free guide to insurance. Check it out, ramseysolutions.com slash confidence mckinsey's with us mckinsey is in texas hi mckinsey how are you good how are y'all better than we deserve what's up so i'm 19 and still in college um my parents are going through fpu so i've kind of just been doing it with them i I do have an emergency fund, but I just kind of wanted to know from y'all's perspective what the next steps for me should be. I don't have any student loans, and I'm paying for everything pretty much myself that isn't covered by scholarship. How are you doing that? So a lot of it is covered. Like my last semester, I think I paid $30.

So it's not like I'm throwing a big chunk of money at it every semester, but I do have scholarships based on my academics, and then my father was in the military. So a lot of it is covered by that. Oh, very good. So you've got GI Bill and you've got academic scholarships, and what's the school you're going to? Texas State.

Great. And what are you studying? Marketing. I love you. You're awesome. You're doing this, you're doing this brilliantly. If we could clone you and make people in America have as much common sense as you do, we'd have a whole lot better place.

Amen. Way to go. Well, thank you. So what I want you to do is I want you to pile up as much cash as you can pile up until you graduate big old pile of cash because the bigger pile of cash you have that's your insurance policy to ensure you complete this degree with no debt yes sir if there's any little hiccup in one of the little one of the little scholarships or something or some kind of little delay then you don't hiccup into a student loan. You hiccup into that big old emergency fund. And let's just pretend it went crazy.

Let's say you had like $50,000 or something when you graduated. That'd be nice. That'd be great, you know, and you didn't have to use it, right? And so what would you have? Well, you'd have the ability to move into the new place, new job, get your life started, maybe even a down payment on the first house. You know, you're going to get plenty of use of that money before you're 25. And in the meantime, it's an insurance policy investing in the best investment I know of,

and that's an investment called McKinsey. Okay. So just piling it up. Are you working right now, Mackenzie, during college? Yes, sir, I work. Cool. What do you make and what do you do? I work for Geek Squad for Best Buy, and I make $16.50 an hour. That's awesome. And you're doing that, what, 10, 15, 20 hours a week?

Try to stay at a minimum of 25 hours a week. Wow, you're impressive and you still you're still completing your coursework and getting good grades yes sir ding ding ding dave i thought you got a word you are if you are what's called you are what's called employable because you actually will you'll come out with a degree with no debt and a work ethic you're like a known this you're a genius this is amazing i love your parents it's incredible your parents have done a great job they've got to be so proud of you that's just cool this is inspiring they're out there they're out there

and there's more mckenzie's than people know that's right all we hear all we hear about is the deadbeat version of you know i want to $40,000 in debt a year to play beer pong and get a degree in left-handed puppetry and German polka history. It's a double major. And I'll be a 40-year-old barista. You know, oh, my God. You know, instead we have McKenzie who's going to take over the freaking world. She's going to have a marketing job straight out of college with a big pile of money.

With Ramsey Solutions. Yeah, we'll hire her in a heartbeat. You definitely. I mean, that's one that gets through the interview process right there because i don't have to teach her how to work that's a nice amazing idea you know wow awesome scott's with us in portland maine hey scott how are you good dave and george how are you great man how can we help no i i want to thank you for taking my call, and you changed my life and my wife's life. Next month, we'll be debt-free, paying off about $75,000, and we owe it all to you and your teaching. Well, we're proud of you, man.

We didn't pay it off. You did. Good job. Thank you. Thank you. So we're 35 years old, and we actually manage a horse rescue and farm in Maine and we live on the farm rent free. We plan on living out our career here, but we want to buy a house or land in state retirement and possibly for rental income. And we're just wondering where we should put that

money that we set aside year after year. How much money are we talking? We're hoping to set aside between 10 and,000 and $20,000 a year. Okay, and what's the time horizon here? We'd love to buy something in, say, 10 years maximum and ideally not have much, if any, of a mortgage. Yeah. In the meantime, I'm going to just park it in something like an S&P 500 index fund and just park it in a simple mutual fund and let it grow. Because you need it to grow as fast as the real estate market's growing. And mutual funds will keep up with the market roughly.

Sometimes they outperform the market, the real estate market. And then when you actually buy real estate, then of course you're keeping up with the market. And so the way you hedge against inflation, if you heard that phrase, I need a hedge against inflation, all that means is we buy something that gives us as good a rate of return as the inflation rate. And so if the inflation rate is 8%, if you have a hedge that's 2%, it ain't hedging. Okay? Right, right. If it's 12%, now you've got a hedge, and that's what percent it ain't hedging okay right and if it's 12 now you got a hedge and

that's what we're talking about so you're that that's that's exactly what you need to do is to measure into something like that yeah and you can use a compound interest calculator online and plug in some different numbers to get a ballpark of what this money might grow into over that 10 years and start planning around that yeah it's gonna more than yeah it's gonna he's gonna do real well on that he's gonna be fine yeah that's a good place 20k a year for 10 years yeah with some compound growth i like that excellent excellent job open phones here at 888-825-5225 george a lot of folks are asking a lot of questions about real estate. Rachel and I were talking about it earlier in the week.

This is a very unusual real estate market right now. And then I can honestly tell you in the next six months that, and I don't think this advice will change during this coming six months, real estate is going to go up in value every year for the next five years it's not going to go up as much as it has been but a lot of people are saying i'm going to wait on houses to come back down you can't find the time in history that real estate went down except one when you go back in recent 50 7500 years okay you got to go back to the great depression to find two the only other time is 2008

it went down which was an anomaly and it stayed down because it was a real estate bubble that burst okay this is not a bubble this is real estate prices shot up we had a supply demand curve issue and the prices are not going to go down they're not going to continue to go up as fast as they have been that's good news That's what we mean by cool off. The market is cooling down. But if you're saying, I'm out of debt. I've got my emergency fund. I'm ready to buy a house.

This is the best time in the next five years for you to buy a house because every year you wait, it's going to be more. You're going to be mad at us in five years if you wait. You're not going to be mad at me because I told you to do it. So now's the best time to do it. If you're financially ready. You're mad at yourself. Now's the time. Oh, by the way, it happens to be the best time to do it if you're financially mad at yourself yeah now's the time oh by the way it happens to be the best time to sell a house too right now because this market's still

booming it's a great time to sell very few times in history can you say it's a great time to buy and a great time to sell at the same moment but it is a unique time right now We'll be right back. George Campbell Ramsey Personality is my co-host today. Rebecca is with us in Lafayette, Indiana, and she says on our screen here that she's debt-free. Congratulations, Rebecca. Thank you so much, Dave. It's good to talk to you. You too. So do you guys call it Lafayette or Lafayette? Lafayette. Okay, I figured. That's why I said it. All right, tell me about your debt. How much did you pay off? Well, when I started doing your plan,

I paid off $36,000 in two years, but the total was actually $40,000. Okay. And what do you make? What's been your range of income during that two years? Range of income has been $22,000 starting two years ago, and then now I'm making $50,000. Good for you. Nice job doubling your income. What do you do for a living? So I started off working at a bank which is uh twelve dollars an hour so that's the 22 000 and now i'm a web developer so total pivot yeah way to go way to go translation bankers starve to death isn't that weird i love it yeah curious well again i was giving loans out to people and now i i'm glad that i'm out of that business so because I don't think I could in good conscience give out loans. What kind of debt was your $36,000?

It was $4,000 in credit card loans and the rest was in student loans. Okay. So what was your wake-up call? What happened two years ago that got you on this boat? So I have a couple of friends who have been great in accountability and introduced me to you. I thought that your ideas were crazy. They are. And I very reluctantly got on the debt-free plan, but I actually didn't have my I've had it moment until last year. And so I started doing the plan, started cutting down my income and putting the rest towards the loans. But then as I was living

off of basically $16,000 a year and the rest was going towards my loans, I was watching my family and my parents, you know, who had car loans and two timeshares and they're kind of living and rolling in this debt. And here I was trying to pay off my debt and they were complaining saying, oh, we don't have money for things and we're going to, you know, we're having trouble with our finances. And I looked at them and I said, well, we don't have money for things, and we're having trouble with our finances. And I looked at them, and I said, well, it's because you have debt. And they thought I was crazy. You became one of those people, didn't you?

They said that that's a part of your life and that you just need to let it live with you. And I said they were crazy. And so that's when I had my I've had it moment because I realized I didn't want to be like my parents. Yeah, all of a sudden these debt-free ideas aren't weird, they're yours. Yeah. So proud of you. That's awesome. Very cool. Rebecca, what was the training like to become a developer for you? A lot of breaking sites. I've learned a lot of code along the way

and so I didn't, my degree actually was not in web development. And so it's been a long journey with paying for a degree I'm not using and then now learning coding. And so right now I'm just basically using HTML and CSS. But I'm hoping that in the future I can learn a lot more because I love the field I'm in. That's awesome. It's been really good. Good for you. Good track for you. Very, very good. Very cool. So now you did it. You got rid of all

the debt. How's it feel? Yes. How's it feel? It feels amazing. I cannot believe the relief that I feel when I wake up in the morning and I realize that I can make plans with my money and I'm able to look into the future and make goals and priorities and it's just it's an amazing feeling. Wow how old are you? I'm 26. Good for you. That's incredible. Well done very well done so when people say this now people like your parents they go okay you pay off $36,000 worth of debt you started out making $22,000 now you're making $50,000. How debt. You started out making $22,000. Now you're making $50,000. How do you do that? What are the keys to getting out of debt?

What do you tell them? I tell them that it's really good to have a good support network. And even though my parents weren't there for me and think I'm crazy, I did have a couple of friends who were with me every step of the way. And so it's good to look for a community of people. And I'd also say that keep getting back on the way. And so it's good to look for a community of people. And I'd also say that keep getting back on the horse. There were so many times I failed and so many times I went over my budget with my fund money budget or, and I had to cut that down and cut that down. And it got so discouraging,

not being able to go out to eat and having to turn down friends and family members because I didn't have enough gas. And I just want to say it's worth it it's worth it getting back on the horse over and over and over because now i can stand here and i can live my life being completely free of debt and it's amazing all right way to go kiddo proud of you hero well done touchdown hey we got a copy of baby steps millionaires for you uh how ordinary people build extraordinary wealth how you can too. That's the next chapter in your story for sure. You are on your way.

You're going to be making $100 in two years because you're going to keep learning this code. And, of course, you're going to have no debt. You're on your way to being a millionaire. Way to go. Also got a copy of the Total Money Makeover for you to give away to someone. And that will help them get on the road too because they'll be inspired by your story and we're going to give you a one-year subscription to financial peace university i want you to go through the whole class and make sure you learn everything about money because you're going to be having a whole bunch of it around you

and you need to be handling it well we're going to show you how to do every every bit of that so rebecca thank you so much well done all right rebecca from indiana 36 000 paid off in two years making 22 to 50 count it down let's hear a debt-free scream three two one Way to go, kiddo. Pretty cool. Way to go. Our question of the day comes from Blinds.com. They have a satisfaction guarantee that means even if you mismeasure,

you pick the wrong color, they'll remake your blinds for free. Free samples, free shipping, new promos all the time. You save money all the time. Use the promo code Ramsey when you go to blinds.com. Today's question comes from Justin in Arizona. My wife and I are in our 50s, and our combined income is $145,000. We own a rental property free and clear that's worth $600,000 and generates $1,900 a month. Our primary residence is worth $1.1 million, and we currently owe $268,000 on it.

We have no other debt, we have $45,000 in cash and savings, and I have $60,000 in retirement funds. My father recently passed away, and I will soon be receiving his $1 million life insurance benefit. I was going to immediately pay off our mortgage, but what should I do with the remaining $732,000? Should I invest all of it and draw a decent amount each year without touching the principal? I'm devastated by the loss of my father and don't want to do the wrong thing with this gift.

Sorry to hear about your father, Justin. That's really tough, but what a legacy he left by taking care of his finances and helping bless you guys to catapult your financial journey. So $1 million life insurance benefit. They owe $268,000 on their primary residence. They have a rental property free and clear. This is a good spot to be in.

So I absolutely would pay off the mortgage today. And he's asking what to do with the remaining money. And if you guys don't have any other things you need to be doing, upgrading cars or house renovations i absolutely would invest it i also would give a gift to some ministry that in honor of your dad and so i picked some it doesn't have to be you decide the amount it doesn't have to be a huge amount but uh giving enjoying some of the money and investing the money, you always want to be looking at all three things at all times. Have some balance.

People who don't do one of those live an incomplete life. You're not generous or you don't enjoy it or you never invest it. In any of those cases, you're going to leave something out here in your life. You've got a flat tire. Yeah, exactly. It's not a well-rounded situation. So yeah, I'm with yours. Let's pay off the mortgage and then sit down with SmartVestor Pro, put some money in mutual funds. I would allocate, you know, I don't know, $20,000, $50,000, you know, do some kind of wild travel thing you've always wanted to do

or that classic car you always wanted or something i'd spend some of it doesn't have to be a lot but a little bit enjoy the money and then i'd take another another little chunk of money i don't know uh 15 20 30 50 000 whatever something like that and i'd find something to celebrate the life of your dad with a donation to some wonderful ministry that does something that was close to him. Yeah, I love that idea. Or that represented him. So always giving, always enjoying, always investing, and always debt-free. And these are the things we're always going to lead you into that realm.

So good stuff, Justin. Again, sorry for the loss of your dad, but as George said, what a wonderful legacy. This is The Ramsey Show. We'll be right back. George Campbell Ramsey personality is my co-host today. Joe is in Salem, Oregon. Hi, Joe. How are you? I'm good. Hold on. Yes, speaker. I'm 58 years old and my husband is 68.

He's a retired teacher, so we have a PERS retirement that's generous. And so we have that. We got it for my lifetime because I'm younger than him. He also took Social Security at age 65, and we let his life insurance expire. So my concern is that we don't have much in savings. Our only debt is our mortgage, which is about $144,000. Good Lord. Yeah, we have an IRA, which is down to, I don't know, $52,000-ish right now.

And then I started a Roth IRA a couple years ago. And I'm not sure, I haven't checked it, maybe 10 to 15,000 and my husband feels like because we have the monthly income unless PERS falls apart that we don't need to save anything and the the IRA is for going on vacations or two of our kids got married last summer we used it for that too and so it just keeps going down and I myself I make frugality an art form so I it stresses me out to not have something and he keeps asking me why why do we need something what kind of emergency and I said I don't know but I just feel like if something happened to you and I'd have to sell the house, I don't necessarily want to.

Funerals, illness, transmissions go out on cars. I mean, how many times do we have to name a root canal? I mean, I can name you about 73 emergencies in 73 seconds. Yeah. How naive for somebody 68 years old. Yeah. So I've been paying a little extra on the mortgage when I can, but we have never put 15% towards our investments.

Yeah. And how old are you? You said you're 50-something. I'm 58. Are you working still? I work part-time, so I bring in maybe $9,000 a year. I've always worked part-time a little bit just to make things end and to me, because we lived off of his salary and raised four kids, and we were able to do it, and I always tell people that, that they can do it.

If I can live off a teacher's salary, then they can do it. But we didn't have a lot of extra. So what is your household income today with the pension, the Social Security, and the $9,000 part-time work? It was $122,000 last year year but that included taking no that that included what we took out of the ira so it's probably like 110 okay you guys have to pay off this house girl so is that more urgent than uh no you need to be you need to be saving fifteen thousand dollars a year you need to do two roth iras and you need to be paying off the house. That's not frugality.

That's wisdom. So at our age, is it too late to be putting into IRA? Because you have to start taking. Let's see. What options do you have? Going back and starting again? Oh, wait a minute. That's not an option.

You're breathing. You need a paid for house. You're breathing. You need some money and investments right old doesn't mean you don't do it so do we put more into the loft into the regular ira or the roth ira i would do two roth iras with you as the beneficiary on both of them you're almost 10 years younger and i i would get in i would then I pour everything else onto the house.

Are we able to convert the traditional into a home? You can, but I wouldn't. I'd just leave it sitting there. And I'd quit taking it out. Quit spending it. You have $110,000 income. My God, live on that. I know, but he...

Are you able to work more he wants me to retire i don't know what his plan is does he have secret money that we don't know about nope he put in his years as a teacher and he wants to and he wants to play golf and have fun okay play golf and have fun within a budget yeah because it ain't fun when he dies and you're broke. Yeah. And you're trying to make mortgage payments. That's why you called. Yeah.

Because your bells are ringing down inside of your soul saying, this is bad, this is bad, this is bad. And we are telling you, you need to listen to the bell. It's right. Okay, so what percentage do I put towards the Roth? I would do two Roth IRAs that you fully fund, each of you, and then I would put everything else I can squeeze out of my budget on this house, and don't you dare spend another dime except out of your income,

beyond those two things. So if he wants to travel or he wants to do something, you have to save up and do it out of a hundred and ten thousand dollar income okay i'm not sure i'm gonna tell him that uh tell him you're 57 and he's 66 and he's gonna die and you don't want to be left with nothing i know that's how i feel that's exactly right this is an act of love on his part to now start being a grown-up a little late but it's time i know i've told him this before and he doesn't he doesn't see it well i can't i can't make your husband grow a brain honey i'm just telling you

what you need to do okay so that'll be your job put his big boy pants on yeah i mean show him that he loves you at some point this guy needs to actually quit being sad gum selfish and immature and you know love your wife well sir you know it's uh that comes first man i mean you know it's just then you can play golf and then you can do the other stuff and but you've done a horrible job at saving money you're 66 years old you still have a mortgage and so you know you've done a horrible job at saving money you're 66 years old you still have a mortgage and so you know you've not earned the right to be a playboy and fly around the world you don't have any money they got a mini retirement which means mini golf sorry we're gonna be on a different kind of budget putt-putt is all this legal here goodness gracious oh boy sorry i had to do it it was the underhand pitch all right alex

it's a short putt hey alex what's up hey dave how are you good man how can we help good i um i'm considering going back to college and pursuing an associate's degree. In what? About business. Why? I was looking to be a sports agent, so I wanted to get some business knowledge before pursuing a finance degree. Do you think you have to have a finance degree to be a sports agent? No. I just wanted to pursue that.

I have about $22,000 in debt, and I wasn't sure, should I just pay off my debt? Yes. Or should I go ahead and attack that first? Yes, knock that debt out. What are you making now? I'm making about $3,300 a month net. What do you do? I'm a vendor, so I deliver

food, snacks, and drinks right now. You're single? Yes. How old are you? 22. Okay. And so where's the sports agent thing come from? What made you want to do that? I realized that I have a love for

negotiating and I also love sports, so I figured I'd put the two together. Okay. Do you know any sports agents? Not personally, no. Okay. I would make it a point to meet one or two immediately and see if you can't follow one of them around,

or maybe you could be their assistant, or maybe you could be whatever, not to steal their customers, but to go in and learn how the business business works and you probably could make as much as you're making now and start being mentored in the business right right that's a great idea yeah and you know you can pick up a finance class or two an accounting class or two and just audit them here or there as you move along this process and prepare yourself to handle the numbers side of the negotiations. And that way you can keep one of your athletes from getting paid in Bitcoin or something stupid butt like that. Boy, that's some funny stories out there on that. But end up working for nothing this year?

Yeah. Did you? Okay. Oh, and went to the Super Bowl. Who knew? Yeah, but oh, my God. All right. So, yeah.

Yeah, I love your plan plan let's just come up with a way to execute it so i don't think it has to be i mean i think you can be working while you're getting out of debt and you can start moving towards and being around people in the business ken coleman calls it the proximity principle be in proximity of the people that are doing the thing you want to do and so you kind of get to get it on you. You kind of get to see it, feel it. Even if you're the janitor in a sports agency organization, at least you're in the building.

Right, right. And that's what Ken talks about. So I'm going to send you a copy of his book, Proximity Principle, and I would start moving towards this career without necessarily moving through a bunch of classes right now. And let's get these debts knocked out while you're doing that. So, George, good show. Good stuff.

Good stuff today. Good hour. That puts this particular hour in the books. Our thanks to Austin, Ben, Zach, Andrew, and James in the booth, and Kelly. I'm Dave Ramsey, your host, and we'll be back. Dave here. You can find all of our shows with the Ramsey Network app on your smartphone. It's the only place to listen to the entire back catalog of episodes. Download the Ramsey Network app in your favorite app store today.