The Ramsey Show - App - I Don’t Trust Myself With Money (Hour 2)

Episode Date: November 27, 2023

Девочка-пай What's going on? Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, get out of debt, find and do work they love, and actually learn how to be in relationships with one another. I'm John Deloney, joined by my good friend George Camel, and we're taking your calls on money, life, work, relationships, all of it. 888-825-5225.

888-825-5225. Let's go out to the TOM to Tom in Peoria, Illinois. What's up, Tom? Hey, guys. Thanks for taking my call. Just had a quick question for you. What's up? My son is in fifth grade, and he's on the basketball team.

He plays for the fifth, sixth, and seventh grade team, and also the eighth grade team. Dude, is he a stud, or is it a teeny tiny school? Not to boast, but he's pretty good. He plays on the travel team as well. But for his school team, they're trying to buy sweatpants and a hoodie for all the kids so that way when they go to home games and away games, they look uniform, you know, as a, as a team. Um, some parents are not able to afford, um,

the sweatpants. Okay. And so the, the total amount is just under $1,400 for 21 sets of sweatpants and sweatshirts. Um, they're about $900 short. My wife and I are in baby steps four through six, and we were just wondering, I was wanting your guys' opinion. Is it okay for us to go ahead and just pay

that difference? I would. Okay. If we can afford it. George, you can weigh in on the money side, but I would do it in a way that just says an anonymous donor came through. Exactly. I wouldn't want to become like,

I'm the parent who... Or just let the coach say, hey, we were able to get the money together. It's awesome. That can be a conversation between you and your son when he's a little bit older, and that'd be cool. That's what generosity looks like.

I would. What do you think, George? Yeah a little bit older, and that'd be cool. Show him what generosity looks like. But, yeah, I would. What do you think, George? Yeah, I was going to include that exact caveat. It's just do it in a way that doesn't feel like, hey, guys, I got this one. Tom's got this, which is a very nice thing to do. How have you guys currently raised those funds, the other $500? The school's trying to do what they call a hot shot. It's just a raffle during the halftime of the games.

And so they've raised, you know, $30 here, $40 here. A couple other parents have been able to donate, you know, maybe $40, $60, $80. So you're going to finish this off with $900 in the raffle? Because it's already anonymous, right? Correct. And you might win the raffle. You'll win like a gift basket. What is this? You get to shoot four shots during halftime. And if you make a shot, you get something from the concession stand. I hope that's you, Tom. Well, and hey, Tom, so one of the things that is, I learned from a group

of college students. So this group of college students so this group of college students moved into a low-income part of the community not to save the community but to become a neighbor and these it was one of the greatest privileges of my life working with college students who were so brilliant at solving some of these problems that adults over complicate but here's what they did and it was magic they lived in an area where people couldn't afford christmas presents for their kids and so what they did are multiple christmas presents what they did was they offered people opportunities to basically earn some sort of credit clean up the park come help us with some of our our weekly meals because they would serve all the kids in the neighborhood just a free meal.

Right? Okay. And what they allowed the parents to do is to retain their dignity. They may not have 20 bucks, but they sure had half an hour on a Saturday to go help clean up the park. And that translated into a toy because the college students did a great job raising funds to buy some of these toys. But the thing that they were helped preserve in those neighborhood parents was their dignity. Okay. They got to work towards a thing, these gifts, even though it wasn't a money exchange, it was a time exchange.

It was an expertise exchange. It was a support exchange. And so I say all that to say, it may be that you can have time. This may be time prohibitive, but maybe you've got time to set up one more thing at a local church or a local something or other. And all the parents who come and help, hey guys, I think we have an opportunity to raise a little bit more money, but we're going to all clean the church building at this local church and they're going to kick in some money. And then look at that. They kicked in $900.

Okay. Right? And so the parents might not have the money, but they might have the time. And anyway, that's something I always keep in mind. Any way I can preserve somebody's dignity in doing something like this. And when I say preserve their dignity, they have an opportunity to work towards something,

put some skin in the game, even though that skin may not be money. That skin might be time, skin might be, again, expertise. It might be they showed up to help. Even 20 minutes, 30 minutes. Between my three jobs, I can show up and do 15 minutes worth of whatever, anything counts. And then they are able to smile when their kids get that track suit. They don't hang their head as much as, yeah, I participated in that too. Again, you may be running out of time. This may be this Saturday, right? And so I would just go ahead and put the money out there. But anytime I could think

long-term about this, including as many people as possible in this, I always think is a pretty great thing to do. 100%. Good call. I kind of want some

of those matching sweats now, John. What do you think? Me and you on the court? I've been waiting for you to get us the matching sweats. Me and you and Coleman on the court? Well, you and Coleman would get bright white ones, and I just am not a white sweatsuit kind of guy. We could go kind of,

I feel like you'd be all black. I'll be on that team. Really? Just me and you against Coleman. Some alley-oops? I don't even know what that is. Alright. Hey, hold on. Before we... Yeah, I know what an alley-oop is. What is it? It's when they throw the ball towards the guy who's already at the basket, and he dunks it.

Right, James? Yes, that's right. America, if you're not watching this, if you're listening, George, just Wikipedia alley-oop real quick. No, I watched a lot of Space Jam growing up, John. It's different. You were a Space Jam kind of guy. There it is.

But I do love that. Generosity is rarely something you regret. You look back on like, shouldn't have given the 900 for those sweats, those entitled little kids. And so it's something where if you have that on your heart and you're in a financial place to do it, it's not setting you back.

And he mentioned, hey, we're out of debt. We don't have this other goal on our, monkey on our back we've got to get rid of. We did this so that we have the margin to be generous. That's exactly's exactly that's one of the main reasons we encourage people to follow these steps right and i i want there is there is people who are in dire poverty who need help right now right and so i'm i'm not talking about that that group of folks right i'm talking about there's a difference between walking into i'll just say waffle, and you can pull one of the waiters outside and just say, hey, thinking about you, here's $500, right? The dollar amount would be the same.

But if you go in with your family and it's late and you're tired and they do a great job and they make some jokes, the waiter does, and make sure your coffee's always refilled and you pull them aside and you say, hey, you gave me and my family something we haven't had in a long time. And that is focused time together. And you gave us peace. And I'm so grateful that you use your talents. I know you're exhausted. I know this probably isn't your career destination, right? But you went out of your way to honor and serve my family. So here's $500. The dollar amounts the same, but what I gave in that moment is purpose and dignity. That guy, that man or woman will walk eight feet tall, right? So it's finding ways to

include people in whenever possible. Sometimes that's prohibited. You can't do it. But if you can include people in the job they're doing, in a task they can support you, and then you bless them on top of that, it just a it's a gasoline on a fire recognition plus the reward that's nice yeah just telling a story this is the ramsey show welcome back to the ramsey show 888-825-5225 i'm john deloney joined here by george camel and we're taking your calls on money work work, life, relationships, your emotional, mental health, whatever you got going on. We got you.

888-825-5225. All right, the question of the day is brought to you by Neighborly, your hub for home services. Neighborly has local service providers who can repair, maintain, and improve your home. Their network of experts offers top quality work and customer service by trained, reliable service providers. Find the help you need at neighborly.com slash Ramsey today. Today's question comes from Jackie in Utah. Buckle up, John. My husband and

I are 47 years old and we're both impulsive spenders. I recently came across your podcast. Hold on. Can we start right there? Yeah. That's some impulsive spenders. Hey-o. I recently came across your podcast. Hold on. Can we start right there? Yeah. That's some self-awareness. I respect that. Okay.

James, I know we've got to go through this question, but I just got to start right here. We'll get there eventually. We are both impulsive spenders. This is not a diagnostic label. Like, we are both 5' eight, right? Just a fact. So we can't reach high things on our cabinets. That would be a logical sentence. We are both impulsive spenders

is not an empirical fact the way this is laid out. This is actually, my husband and I are 47 years old and we both act like children. There it is. We choose to be emotionally immature with our spending habits. And I haven't read the rest of this. I'm just so sick of the way

we have taken adjectives and nouns and created them as verbs. Like we've created them. I'm an impulsive spender. What can you do? What can you do? No! You're an impulsive child. All right. I will not interrupt again unless I have to. Go ahead. Thank you for that,

John. That was a very helpful redefinition. Here we go. I recently came across your podcast and we're both fired up about getting out of debt. I'm having some real fear and doubt about myself and whether if I'll be able to change my habits and control my spending. Growing up, my family didn't have very much money, so I have always had a scarcity mindset, and I know that's where my impulse spending comes from. My husband isn't as much of a spender as I am. He came from a financially stable home, but they never followed a budget.

The person I don't trust to be able to make these financial changes is myself. I've tried to change in the past. I get all fired up about something and start down the road of change, but before long, I revert back to old habits. All right. So first, Jackie, I apologize for interrupting at the very beginning and throwing a temper tantrum because you're calling it out. I am emotionally immature with my money and I don't know what to do. And I've got a lot of compassion and sympathy for that question. So when somebody says, how do I restore trust in myself? My instant response is always be trustworthy, be trustworthy. And so what does that mean?

That means I have to begin to create a world where I do what I say I'm going to do. Now, sometimes we overlook, we step over dollars to pick up dimes when it comes to stuff like this. So, for instance, I am a person who will always follow a budget. How can I not follow a budget? If I spend money that's not in the budget, what do I have to have to spend money? I have to have my ATM card. I have to have cash. Cool. If I take away my ATM card, if I take away cash, if I get rid of Amazon Prime, then I cannot do those things. Similar, how can I stop drinking? Step one is get rid of the alcohol, get rid of the environments where there's alcohol. So how do I restore trust in myself? It's not this white knuckle event

where you're going to be flexing. I'm going to put in significant hurdles in my way that make it almost impossible to fail when it comes to gaining trust in myself. Like for me, I struggled with getting up and going out to get in the car, letting the car warm up, driving across town to the gym. So seven or eight years ago, I just started slowly piecemealing the gym together in my house. Now it's right there, right? I've taken away all the friction. Now when I say I'm going to work out tomorrow, I just go downstairs and work out. See what I'm saying? So minimus, and there's been seasons when I gave my wife my ATM card.

I was out of control. I was an emotionally immature spender. I gave my wife my ATM card. I literally couldn't spend. And then I had to sit with that discomfort. What do I want to buy right now? Oh, I don't really want to buy anything. I'm bored. Or I have a scary meeting coming up. Or I don't really want to go do this assignment. Or I have administrative tasks I don't want to do. I had to deal with why I was feeling those things. I didn't have that emotional, that little scrolling thing that makes you feel so good. That's dopamine, dopamine, dopamine. I didn't have that anymore. Right. So how do you restore trust? Become trustworthy. What do you think, George? Yeah, I'm with that. I was just thinking there's

this element of kind of making the bad habits more difficult and making the good habits easy. And part of that is I'm taking the apps off my home screen and putting just every dollar there. So anytime I open my phone, I see every dollar. It's a reminder. I'm going to put the every dollar sticker on my debit card so that I'm reminded to go check the app to make sure I have the money and make sure I budget for it. It's things like that that you might sound silly. It might seem silly to other people, but if it keeps you on track, if that calendar where you have the red X because you did one more day of budgeting and you tracked it, that's a win. You don't want to break the chain now. That stuff matters psychologically. And so I don't know

what that is for our friend Jackie, but she's got to figure out the root of that and where she's stumbling. And if that is Amazon, we're taking out our debit card information. We are deleting it. We are making it difficult, blocking that website on our computer, whatever we have to do in order to get those good habits in place. I can't stress that enough that we over intellectualize behavior change sometimes. And sit down with your husband and say, hey, it's really, really important to me that every week we do a budget together. Every Sunday night, can we just put this on the calendar that we don't ever miss this? This is so important to me. It helps me feel safe. And I'm trying to change my life. I want to change our tree. I want to change everything about our world. Will you just have this budget meeting with me on Sundays?

Right? What husband's going to say no to that? And afterwards, we get to watch our favorite show. And we can't do that until we have the budget meeting. Yes. Or if you want to be more adventurous, then watch a show. But we'll do things together after that, right? But it's about bringing people together.

And good for you, Jackie. Good for you. This kind of change is hard, but also, wow. And by the way, changing a scarcity mindset, begin to keep a gratitude journal. Write down five things a day that start with, I am grateful for, and begin to tip well. Scarcity mindset cannot be in the presence of. That's right. It withers and dies on its own little thorny vine when you are insanely generous, right?

Because then you realize, oh, I gave this guy, I over-tipped this person because they were so wonderful. I gave them their light bill or their water bill for the month and that means I got to make lunch for the next two days.

That exchange is almost always worth it, right? Always, always. So good for you, Jackie. Great, great question. We're going to run out of time to take a call. Let's talk about, let's run up here on Jade's new book. Oh, yes. Our friend Jade Warshaw has got a brand new quick read.

It's her first one ever coming out on December 5th called Money's Not a Math Problem. And you can pre-order today for just 10 bucks. You'll also get access to a live online Q&A with Jade. And in this quick read, Jade uncovers the five lies we tend to believe about budgeting. The right budgets, the best budgets, they set people free to accomplish their money goals with control and confidence. And Dave has been saying for decades, personal finance is 20% head knowledge, it's 80% behavior. And that's what this book tackles. This quick read is not just about the numbers, it's about your mindset and your behavior. In there, Jade's going to share her story about

her and her husband, Sam, how they paid off $460,000 in debt, including $280,000 of student loans with combating these five lies. And included in the book is a special offer to get three months of the premium version of EveryDollar, totally free for new users only so go check it out today at ramsey solutions.com store while you're there you'll notice we've got the cyber monday sale popping off john with tons of incredible deals i mean you could really stock up i don't know is it going to be a very ramsey christmas under the tree for you guys who knows i hope so if you're tired of going into your kid's bedroom and you're just walking through family Christmases and there's just discarded stuff. Just junk.

The toy that instantly broke. Yeah, or just a dumb. That book looks like we don't need another vampire love story book. What if this year you bought presents that actually had the potential to teach in a fun way and change people's lives? Go to ramseysolutions.com slash store. We'll be right back. This is the Ramsey Show, 888-825-5225. Let's go out to Richmond, Virginia and talk to the LRV. What's up, Liv? Hey, how are you guys?

Thank you for taking my call. You bet. Thanks for calling. What's up? Okay, so my question is, like, with the amount of debt that I'm facing, should I just go ahead and start paying my debt off or start the first step of the baby steps? I'm 25, and I have about, like, I want to say about $31,000 worth of debt.

20,000 of that is to the car that I just bought. And then 4,000 of that is towards a credit card that I actually, sorry to admit, I had to set a payment plan up for it because I didn't want to go to like judgment or anything like that. And I kind of made a lot of mistakes just being young. And I'm in the process of my life right now just trying to clean it up. But I work two jobs and I'm still living paycheck to paycheck and I'm just trying to figure it out right now. Well, thank you for your honesty. We're not here to judge you or beat you up. We want to help you with a plan that actually works because so far Liv's plan ain't cutting it. Yeah. I remember being there. I was the same way. I think I was 23 when I got on this plan and I had $40,000 in consumer debt. So I remember that feeling going

like, is this it? This is this like American dream thing that I've been chasing down my entire, you know, heading into my adult life. So we want to help you here. What's your income from these two jobs? So for my first job, I would say a month, monthly growth, I make about $4,000. And then my second job, it's part-time, I probably make about $700 gross. Yeah. A month? Yeah. Okay. So you're making over well over $50,000 and you've and you've got 31 in debt. This is a simple math equation of how do we pay this off very quickly to get rid of this debt in, let's say, 18 months or two years. Does that sound about right? Yeah. And so it's going to start with baby step one. There's a reason why these baby steps work. You've got to do them in order with focused intensity because when we try to do too many things at once, we tend to get nothing done. Okay. So how much money do you have

in the bank right now? Not a lot because I'm a really bad spender. Just like the email just submitted. I'm not going to say impulsive. I'm an irresponsible spender. Hey, look at that. Liv, you're going to be out of debt in no time. You know why? Because you take responsibility. That's incredible. Good for you. So where are you tending to spend money? Fast food and recreational, if you guys know what I mean. Oh, okay.

Okay. Well, how about this? Can you put some restrictions in place to where you go, I'm going straight from work to home because I've got food at home? Yes. And even when it's inconvenient and I feel late, oh, remember I meal prep Sunday. I already prepped all the chicken and rice and broccoli for the week, so I don't really have an excuse to go eat out. Okay. Is that part of it? Is it just convenience? Yeah, definitely. Definitely. I've stopped eating out as much because I was eating out, it came up to roughly about $5.50 a month. When you added it up? Yeah. Yeah. That will definitely give you some sticker

shock because people think, well, I probably spend, you know, $150 on eating out. And then you actually go add up your bank statement and you go, oh, it's more like $5.50. Okay. Yeah. We were in the ballpark. So that's part one is really getting the spending under control. And part two is can we increase income even more? And when you do that, you'll create something called margin in your budget when you learn how to spend less and make more. And that's going to help you pay off this debt really quickly. Okay. So that's what I was also wondering. If I picked up a third job, would that be burning myself out or am I just thinking lazy?

I don't know that I like those options. Yeah, you gave yourself two crappy options. Do I want diarrhea or to throw up? How about neither of those? Let's pick two different ones. Yeah, look at it as, okay, I can get four months of my life back if I pick up a few more hours because I'll be out of debt faster and I can quit the side jobs faster. What are your jobs that you do right now? Okay. I'm an office admin for a pool company here in Virginia. And then part-time I work at an adult novelty shop.

Okay. What does your pool job pay you? About $15 an hour. And my second job is $12 an hour. So I drove by the other day in rural Tennessee and there was a sign that said McDonald's was hiring for 20 bucks an hour. Yeah, I would do it. What is it about the pool job? Is that the highest job making 15 bucks an hour? Honestly, it's my first quote unquote big girl job and I've never honestly been paid as much. So yeah, this is like the first job that I've been paid like this much ever. Okay. So I want you to hang on the line. I'm going to send you a couple of things. We're going to send you our friend Ken Coleman's book from paycheck to purpose. Okay. You're worth more financially than you think. And since this is the first time

and you may not have family members that make a lot of money or make more than 15 bucks an hour, this makes it feel like a million bucks to you. I want you to know that if you're the kind of person who's working two jobs and willing to take on a third one, you're the kind of person I want working for me.

That tells me you got a good work ethic. That means you're worth more than $15 an hour. The second thing is, we're going to send you his get clear assessment that will point you into a direction of not a job. I don't want you playing the, oh, they're going to pay me 25 cents more an hour. This place will pay me 75 cents more an hour. And you go from a restaurant to a car dealership to a pool shop. I want you to start asking a question you may have never asked yourself ever,

which is what could I actually do to contribute and make my community a little bit better and help people and make a great living at the same time? And this assessment will dig in and point you into a direction of, man, maybe if I went and got certified in this, or I could go do this right now, or there's this right down the street, or my buddy's dad works at this place. It can expand your horizons and make a whole bunch more money. You may not have to take a third job is what we're saying if you increase your dollar amounts where you are now. Okay.

Liv, you said you were making $4,000 a month, but based on $15 an hour, it's not tracking with me. What's the- Plus $12 an hour in a second job. So my math may be off, but just to give you like a just straight up number like um my last take-home pay was about one thousand and eleven dollars is that for every two weeks yeah okay so you're we're talking 50 in an hour you said four thousand originally and that made

me think you were making almost 50k so that tells me you have way too much car for your income. This car is going to have to go. Yeah. It's the first car that I ever bought. And I was really struggling without a car. And I knew that I kind of was maybe making a bad decision with going with a 599 a month car note, not including insurance. Here's one way to tell. If you're focused on the monthly payment, you can't afford it. Yeah. If we're trying to get the payment lower to afford it. So here's what I would do if I was in your shoes, because this is going to help you get some financial foundation. If you sold this car, could you sell it for what you paid for it? Yeah, I've only had it for about like eight months. Okay. That would be my goal. What you need to do in the meantime is save up some money to get you a beater car to get you from A to B.

That's all we're doing right now. That might be a $5,000 car that you can pay for in cash that you found on Facebook Marketplace. You got it inspected at a local mechanic. They said it checks out. It'll get you a buy for two years. And Liv, people made fun of me and George for years and years and years for what we drove. And you know what matters? Not at all.

Our wives still like us most of the time. Our kids like us. They didn't marry us for our money. I'll tell you that much. They're depreciating assets. Nobody cares. Yeah, no, I agree. It was just I was going through such a hard time

previously before receiving this car that I was like, if I'm going to go get a car and get a note, I want to get something that is close to what I like, but I'm going to go get a car and get a note, I want to get something that is close to what I like, but I kind of feel like I made a mistake doing that. It's okay. Hey, I did the exact same thing out of college. I bought the biggest, dumbest truck I could find. And yeah, because I deserve it. I've been driving this crappy car. I deserve it. It's just, I fell into the traps that George writes about in his new book. Like I just fell for it. Just hook, line, and sinker. You deserve freedom, Liz.

And that means driving this crappy, dumpy car that you paid cash for, and it doesn't have a $600 payment attached, and that helps you get rid of your credit card debt once and for all, helps you build an emergency fund so that you can be on this other side with no payments, money in the bank, investing for the future, and now you can focus on a job you actually want because you're not desperate for that next paycheck. Thank you guys so much.

Doesn't that feel right? Hang on the line here. We'll hook you up. We're going to get you those things from Ken Coleman and we're going to send you a year of FPU, Financial Peace University. I want you to watch all the lessons. Watch them all.

Especially the one on wise spending that me and John do. That's right. We tag team back again, a lesson on wise spending. Make sure you check that out. This is The Ramsey Show. Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney this hour. We're taking your calls about money, life, relationships,

whatever's on your mind, whatever's keeping you up at night. We want to talk about it. 888-825-5225. All right, let's go out to Gabe in Chitown, Chicago, Illinois. What's up, Gabe? Hi, thank you both for your time today. You got it, man. Thanks for calling.

What's up? So my wife and I, we are on baby steps four, five, and six. And as you know, we're currently living in Chicago, and we bought a condo last year. Super happy, but now we're thinking about moving to Florida. We're going to grow our family, want it to get closer to my parents and her parents. And so we're moving to Florida, and we're unsure what to do with our condo. Does it make sense to sell it? Should we rent it? Because we've only had it for about a year and a half,

there has been some appraisal value to it, but with agent fees, we're really not sure what to do here. What are you going to do in Florida? Are you going to buy a place there? Not originally. Our hope is to rent first to see if we like it, but we're not too sure yet. What if you sold the Chicago condo, and whatever you make from the proceeds, you may have to pay a little bit of capital gains taxes, it sounds like, and you just park that money while renting for a year in Florida, what would the harm be there? No harm at all. There's a slight increase in terms of the appraisal value. So we're trying to break even. Hopefully that could happen. We're unsure if that's the right move. But with us being able to rent it,

it could make sense that eventually down the line, there could be more value in the place, more equity. It sounds great on paper. Here's what the reality is. It's napkin math. You live in Florida and the HVAC is busted. And now you're trying to deal with this as a long distance landlord with a property you can't even see or deal with. And that part worries me because the truth is, if you're living in Florida, you wouldn't go out and buy a condo in Chicago. And so when you think of it in the reverse, when you reverse engineer it, you go, yeah, that doesn't make sense. This is a bad move. We're going to take the we're going to break even. This is not going to be a money making scheme. It was never meant to be. And renting this place out may not be the best thing for our financial future right now or let's let's take the hvac

off the table because that's when you can call an hvac company let's say you get tenants and they're super trustworthy and then the husband goes over to his buddy's house and ends up in an essential oils uh pyramid. And then he watches a video on all the mold in the house in Chicago. And then suddenly he develops a cough and he calls you and says, my house is covered up in mold and we demand that you remediate the whole house

and I have to have a hotel for me and my wife or a rental house. And you're covering medical costs as well. And you're like, I need to go in there and see it. So now either you're hiring somebody to come out and do that who may have a vested interest in finding mold or you got to get on a plane. See how dumb this is to sell the house.

And I'll say this, this is probably not the best on paper. Again, math is mostly a psychology issue. I mean, not math, money is mostly a psychology issue. I've written a check on one house. I went to closing with several thousand dollars because when you factored in realtor fees, we were a little bit upside down, like three or four thousand bucks.

I wrote a check because the long-term financial benefit to me was in my favor. And so on paper, you're like, you lost money on a house. Yep, I did. I lived in it less than 12 months. I wrote a check on it and then I was able to transform my family. So I mean, I just, that extra baggage of having a house, a bunch of states over just doesn't seem worth it to me. The other option is, could you live in it six more months and hit that two year

mark? Yeah. Why do you want to move all of a sudden? Yeah, I guess that's another thing that's in our favor. There's no rush. We, once again, want to start a family. We want to get closer to our family, but we're both remote, so we don't have to leave right now. We can just be patient. It's great, but, yeah, no immediate rush. I'd stick it out through the Chicago winter and just go, all right,

Florida's on the other side, but right now we're going to hang tight. And you can have a baby in Chicago, I found out. They have like hospitals there and stuff. And I'll also tell you this. My wife and I had a bunch of plans. She went to grad school, then I went to grad school. Then she got her tenure track job, and then I got my administrative job. And we had mapped it out, and now we're going to have a family and then we didn't get pregnant.

And then another year went by and then another year went by. And so the best laid plans, right? I mean, so you can have all the plans in the world. I wouldn't rush something just to rush it. You know what I mean? And I know you can feel the burden.

I go, should we keep paying on this house on this condo then if we're going to sell it someday? Yeah, maybe. But the number of times should we keep paying on this house, on this condo then, if we're going to sell it someday? Yeah, maybe. But the number of times people call this show and they say, hey, I was doing something for six months and it's seven years later is regularly. Okay? It's just the way life works. So I would sell it when we moved and I wouldn't rush the move if you just absolutely don't have to.

But that's just my two cents. Just two guys. That's right. All right. Let's go out to Tampa where Gabe really wants to be living. Let's go out to Tampa and talk to Caden. What's up, Caden? Hey, can you hear me?

Yeah, we got you, man. What's up? How's it going? Partying, dude. What are you up to? Well, I'm just calling in. I have a question for you guys. So I just turned 20 a few months ago.

I just moved to Tampa also a few months ago. And it's my first house here, but I wanted to get you guys' opinion on kind of what I should be doing with my money. So I'm a pretty high average income earner, I guess I would say. So I'm top 1% from my age group. And I have a ton of cash sitting in my bank accounts

that I don't know what to do. And I don't have really anyone in my life to talk to that are high income earners, like in my family, or really even too many close friends. So I'm wondering what you guys think I should do with the money because I'm kind of one of those guys that saves everything that I can because I've been listening to you guys for years. And I feel wasteful just sitting in my bank account not doing anything.

All right, you got a pen? Yeah. All right, Venmo, username at George. No, I'm kidding. I'm kidding. Kaden, we can tell you all day what you could do with the money. I feel like you have some goals in mind, don't you? Do you have a home?

Yeah, so my brother and I run a business together, so it's just me and him living out here. And we just bought a home about six months ago. Together? Yeah, so we live together in here. Our mortgage is about $2,400 a month, and what we were renting last year was $3,500. Are you all both on the deed? Well, just technically, he is.

Oh, boy. No, that's actually a good thing. I'm glad y'all didn't buy a house together. Good. No, no, no. So you rent from your brother. I can go get my own first house. Yeah, basically.

Yeah, how does the equity work? He has 100% of the equity in this house. This house was only about $360,000. Okay, but you're just renting with your brother. Yeah. Yeah, so we run our business here. So we have six bedrooms and we have our own office space and stuff. But we run the business together. But we have six bedrooms and we have our own office space and stuff, but we run the business together.

But you have no financial interest in this house. Let's say you leave. He doesn't have to sell. He doesn't have to give you any portion. Technically, no. I just want to make it real clear because you may leave and go, well, I mean, I've been paying your rent. We kind of ran this thing together as a business,

so I feel like I got some skin in the game. We've seen too much where things were supposed to go by the handshake agreement, and then life happened. No, no, I feel you. We're twin brothers, and so we run our business. We're 50-50 in our business with equity and everything. Have you all written that down somewhere? Yeah, yeah.

We have an S-Corp and everything as well, which is why I wanted to talk to you about. So, like, last year we put $190,000 into our 401K. That's what we have in savings. Each? We have about 200 together. So about $90,000 each. Okay. All right.

But we do it through, I'm sure you guys know what a deferred compensation plan is, right? So we have, so that's through our business as well. So we have our own 401k, and then with our business kind of matching it, and basically it's like a pension plan. Does that make sense that we contribute? So we're going to distribute again this year, another 200,000 into there. What is your business, man? Y'all just print money? You hire? Yeah, no. So basically I started a business with him when we were 17 in high school, like right after COVID.

But we basically just do arbitrage. So it started with just reselling things online, flipping it on eBay, Amazon, and then kind of grew into doing more of that as well as just consulting and stuff. So there's people that wanted to learn what we were doing. Good for you. And it all kind of just kind of runs together. If you don't have any debt to pay off, my next goal would be to be a homeowner and own an asset in that way, like your brother does. And so that's what I would be doing.

And you may want to live there and you may want to get an office instead of doing it out of the house. That's up to you guys. But I want to own my own place as my next financial goal and continue to invest and also spend some, give some.

That's going to help you avoid a flat tire with your life. Hey, that's the second hour in the books. Thanks for joining us right here on The Ramsey Show.