The Ramsey Show - App - I Feel Guilty About Getting an Inheritance (Hour 3)

Episode Date: April 30, 2020

Anthony ONeal, Savings, Debt, Home Buying, Retirement Tools to get you started:  Debt Calculator: http://bit.ly/2QIoSPV Insurance Coverage Checkup: http://bit.ly/2BrqEuo Complete Guide to Budgeting: http://bit.ly/2QEyonc Interview Guide: http://bit.ly/2BuGnZE Check out other podcasts in the Ramsey Network: http://bit.ly/2JgzaQR 

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. Anthony O'Neill joins me this hour, Ramsey personality number one, best-selling author of the book, Debt-Free Degree. And he speaks all over America to high schools and to colleges, works with people trying to get them into college and through college without any debt. And we have found that it is possible, but it requires a detailed plan and a lot of work. A lot of work. And honestly, Dave, the number one thing is the choice that you, your school choice, put it like that.

It's, you know, choose the right school that is best for you and that is affordable for you. And affordable means when you can pay for debt free without borrowing any money. Open phones at 888-825-5225. Chris is in New Jersey. Hey, Chris, your question for Anthony and me. Yes, good afternoon, gentlemen. My name, I'm an active duty chaplain in the United States Navy,

and I've been an facilitator of Financial Peace University since 2012. Thank you. Absolutely, absolutely. It's changed my life and hundreds of other service members. And thank you for your service, too. Yes, sir. I am currently on baby step number six, trying to pay off a rental home that we have in Vancouver, Washington. We have $60,000 left on that. I'm currently making $80,000 a year. And I've just found out that my family and I, we are moving once this no move policy is lifted, we're going

to be moving to Florida, Jacksonville area. And the wait list to live on base is 30 months. So that's just not going to happen. So my question is, should I rent a home or buy a home that we were not planning for. Right now I'm putting all my money towards paying off that rental. So I'm putting $1,350 every month towards the rental when the rent is just $1,000. So should I stop putting extra towards that and save up for a down payment, or should I just rent until we move again? You know, Chris, I'm going to jump in here

before Dave. I'm going to suggest, and again, I want to thank you as well for your service, but I want you to pay off the rental home. Okay. I'm not a fan of having two mortgages unless your net worth is a million dollars and you can pay cash for, you know, rental properties. But for you in this present time, I'm going to suggest that you and your family rent, go ahead and pay off and get aggressive with paying off your rental property. And then once you pay that off, then go ahead and get you another mortgage. Hey, Chris, how long are you going to be in Jacksonville, do you think? It's two and a half years. The hope is to have more and more rental homes, but we obviously want to do it wisely. Yeah, I want you to have the rental properties in the area where you're going to settle after the moves are over.

I don't want them dotted all over the United States. Long-distance landlording is a pain in the butt. And so if you want to go and pay the one-off in Vancouver and hold it for a while, that's fine. Let's see where you settle. I wouldn't buy in Jacksonville if you're only going to be there for two and a half years. I'd just rent. Yes yeah yes sir thank you very much because you're going to have trouble getting back out of the house and breaking even in two and a half years understood jacksonville is a good market but i don't know if it's going

to go up enough in value to even cover your closing costs and so forth to get out of there not within two years i'm you know i lived there for five years, Dave, before coming here, Jacksonville, Florida. Yeah, I know. I mean, it's a good market, but I don't know if it's going to go up enough to cover closing costs in two and a half years. No, sir. And real estate fees and everything else. So you probably lose money as an owner during a two and a half year stay.

That's why we generally tell folks in the military, if you're moving that often, there's very few markets that increase enough in value to make it make sense to do that and i don't want you to buy everywhere you go and keep it as a rental yeah you'll end up with rentals dotted all over america and that's not a good idea michael is with us michael's in washington hey michael how are you i'm doing good, Dave and Anthony. How are you guys doing? Great. How can we help? So first thing is me and my wife did your guys' financial peace university when I went to my pastor in tears because we were about to buy a house. I just bought my truck and we had $8,500 on credit card debt,

and I was terrified about buying the house. And so we got introduced to Financial Peace University. Within two years, we paid probably around $30,000 off. And so, but in October, I used my emergency fund, $1,000, to fly to Michigan because my grandmother was passing away. And shortly after that, I got to say goodbye. So that was a blessing with having the emergency fund was I actually got to go back with my brother. And shortly after, it was brought to my attention that I was getting an inheritance.

And I've always had mixed feelings about inheritances. And because I grew up in a slightly richer part of Spokane with a single mom and friends who were getting tons of money and they weren't grateful for what they had. And now I'm getting an inheritance potentially around, I think, $50,000. I'm using it to pay off my debt, and then the rest is going to savings. But I still kind of have this guilt because I didn't earn this. I didn't work for it, and that's how I've gotten the position I have in the Navy now is I've busted my back and I've,

I don't really like getting handouts from people and this to me, but I'm also not done because I have a wife and two kids and I'm getting out in six months and we're going to be moving. And I don't want to have that. And so I'm, I'm having mixed feelings. I just kind of wanted to get your guys' opinion on this. You know, Michael. Does that make sense? Yeah, it makes a lot of sense, man.

And I want to say this. You have a good heart. Let's just be there. Let's be real there. You have a good heart. It sounds like you want to do the right thing. And I agree with you. I don't like handouts neither.

And I can almost say the same thing about Dave. Dave doesn't like handouts because we're real men. But at the same time, I want you to look at it like this. You're getting inheritance from your grandmother, unfortunately. And so sorry about that loss. But she wants you to do the wise thing with that money. She's leaving you this money. She left you this money to be a blessing and to help you and your family in her passing. And I think the best thing you can do is do the wise thing here. And you have a good heart, you know, and grandmother but you're also celebrating her and honoring her by being a good steward with the finances that she gave you so paying off your debt and setting your family up for a solid foundation so that one

day you can do the same thing for your kids and your grandchildren is a great great thing that's exactly right so the inheritance is not the problem it's um how you react to it yeah and you know one person is ungrateful and they're a trust fund baby and they're a jerk and they're you know what you described the people you'd observed right then another person is wise and uses it to catapult them to another level and be a blessing to other people, change your family tree, and be the kind of a person your grandmother was and that honors her memory then when you do that. So I don't see an inheritance as charity,

and I don't believe in leaving an inheritance to someone who is unworthy, meaning that it's going to cause them to not work. It's going to cause them to be ungrateful, trust fund brats, right? You don't want that. And so I think you accept it. I'm with Anthony, and you just go right on your way, and you're wise, and that honors your grandmother's memory. Folks, I love telling you about well-made, well-thought-out products. Today, I'm talking about Grip6 belts. I don't know about you, but I'm not a fan of traditional belts.

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Samantha's in Texas. Hi, Samantha. Welcome to the Dave Ramsey Show. Oh, hi, Dave. So nice to meet you. You too. How can Anthony and I help? Well, the problem that I'm currently having is I have nine cards in collections

and my student loan. Everything else, I'm in Baby Step 2, so everything else that I had, like other credit cards that were current and medical bills and other things, I already have paid $8,424 out of it. But now I'm in between the student loan that is $45,000 and my collections that are $17,500. The reason I'm asking about the collections, which I know maybe you will tell me to pay the student loan first. However, I've been trying to move out of my apartment because my rent is really high. But I applied for two different apartments and due to my collections or my credit they don't approve so i'm stuck for another

year in my apartment paying 1300 dollars no you're not you just hadn't found a place to move yet yeah other people work with you what you would do is just tell a landlord up front rather than just blindly filling out an application i've got some stuff in collections but i'm working a dave ramsey plan to get out of that and so moving here is going to help me do that and your rental easily be paid and you just explain it to that in one yeah i did one in this and they say no you will get a honey you checked only two places yeah yeah but you can't rule it out after two places two places don't you gotta you may have to talk to 10. Yeah. But every time I – it's like they have to – they tell me you have to apply and fill out an application.

Yep. And those cost like $160 to $200. Wait a minute. They want $500 to fill out an application to get an apartment? I did two applications for 500 why not well each one of them was probably 250 and the other one was you don't pay somebody 500 bucks to apply to get an apartment no you fill out the paperwork yeah the most The most with apartments, Samantha, the most you should be paying is maybe $10, $15 to $20 so they can do a credit application thing on you. That's the most. Exactly.

But you're not doing that. Samantha, listen to Dave and listen to myself. You got to get out there and do the research. I've personally called around about 20 different apartment complexes right here in the city of Nashville. Some said yes, and then some said no. But the majority of them that I called did say yes. So get out there and call. Now, when it comes to paying off your debt, line up all your debt from smallest to largest.

Dave is not going to tell you to pay off your student loans and skip over to other bills. He's going to tell you to do the debt snowball. I'm going to tell you to do the debt snowball. And that's what you've got to work in the process right now. Yeah. The, the amount that's in collections, if it's several months behind, you can just park it over to the side and come back and do it after you get your debt snowball done. That's 17,500. Right. But, um, but you do need to move and you're going to put a little bit more effort into it and you would never pay 250 to $500 to apply, to fill fill out an application to get an apartment.

That's crazy land. No, no, no, no. Don't do that under any circumstances. Hope that helps you, kiddo. This is the Dave Ramsey Show. Open phones at 888-825-5225. Andrew is in California. Hi, Andrew.

Welcome to the Dave Ramsey Show. Hey, Dave. Anthony. Hey, from the heart. 54. Things have gone good for me and my wife. A little nervous. $140,000 household income. They're free. $25,000 emergency fund. Not a religious man, but want my why to be more generous. You know, I want to, you know, that's one part I haven't really gone to yet. Yeah. Well, generosity changes your character. It really does. And, Andrew, here it is.

When we're saying generosity, of course, David and I are Christians, and we're very generous to our church by giving 10% but for yourself what what are you passionate about what what makes you happy what like you know the kids like you know from what is that PBS stuff like that I don't know that would be a good place to be charitable, you know, stuff like that. Yeah. I mean, absolutely. I mean, Dave has—

So what is your question exactly, Andrew? Well, my question is I want my why on how to be more generous. Why you should be—you want to know why you should be more generous? Right, you know, because that's one part of my thing that I've never done. Okay. You know because that's one part of my thing that i've never done okay you know here's what here's why and i do and i know i've been you know i've been blessed and i know things have gone good for me good and that's the one part that you know that i'm trying to yeah you should not be generous in order to give back because you feel guilty right that is not a good reason no no no i'm just i'm saying you asked me why yeah That's not a why. Don't use that one. The reason is this.

Here's what we find. We find people who, as they give, you become more selfless versus selfish. When you give, you take your eyes off yourself. It's a natural part of the equation. And here's the thing you find, Andrew. We all know that people who are more selfless, generous people, are just more attractive. Yes. Everybody wants to be around them, not because they're getting money from them, but they're just the kind of people, they smile more, they open the door for other people.

That's who a generous person is. They're loving. They're caring. They're supportive. A lack of generosity indicates a high degree of selfishness, which is an ugly person. My grandmother used to say, don't be ugly. You know, and so the reason that you should be giving continually is to move yourself and move your character from self-ish to selfless. And also today, when you're selfless, you feel better about yourself personally, internally. I mean, you really feel joyful when I am giving, when I'm supporting, when I'm blessing someone.

I do this every year. You know, I sponsor a homeless family and put them into a hotel, Andrew. And when I sleep, I sleep better on that night. When I know that I've helped someone, I feel better. And honestly, Dave, it makes me want to figure out how to give more because I'm not selfish. I'm all about how can I help and serve. And then as you do that, Andrew, you're going to find, honestly, that generosity is the most fun you'll have with money.

It really is. Buying cool stuff is fun. Going on cool trips is fun. Having some money in investments that are doing really well is fun. But the truth is, you know, there's only so much junk you can do or buy, and after that it all starts to run together. He with the most toys when he dies is dead. Never saw a router truck fall on a hearse.

So you can't take it with you. And one of the greatest joys you'll get is helping those kids you're talking about. So another why is it brings you great joy. But the main one is it changes your character. And as a person of faith, I'm convinced that's why God suggests those of us that are people of faith to give. He says give because he wants us to become less oriented on ourselves. Whether you're a person of faith or not, it just makes you more attractive. This is the Dave Ramsey Show. You know what disappoints and angers me to no end?

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family plan. Call 800-356-4282 or visit zander.com and be one step ahead of the bad guys. Open phones this hour. This the dave ramsey show anthony o'neill ramsey personality number one best-selling author of the book debt-free degree joins me answering your questions alan is next in indiana hey alan welcome to the show thank you dave how you doing better than i deserve how can we help well first i think, I think you guys are highly intelligent, and my question is would it be smart to borrow, not take out, but borrow money from my 401K to pay off all my debt? Man, I just heard the word borrow, and I got kind of like, whoa, okay. No, let me say that up front.

Right now, absolutely not. But give me a little bit of information about you here, Allen. How much debt are you in right now? About $50,000 roughly. Okay, $50K. How much are you making a year? This year I'm looking at making roughly right around $120,000. Oh, yeah, $120 oh yeah 120 you're making

120 000 a year 50k in debt and what's all in this 50k debt i'm curious my house uh my motorcycle and the car so minus your house how much is how much is your debt because baby set number two is you're paying off all debt excluding your mortgage so other than your mortgage what what is the debt? Roughly about $21,000 in debt. $21,000 in debt. Sounds good, man. You could be out of debt here within the next two to three months, man.

I'm not touching your 401K at all. Not at all. Okay. And if you really work hard, you can, I mean, do babysits four, five, six, and seven, but you can, once you get into all those at the same time, absolutely, man, you could be out of debt by the end of this year. Are you married? Yes, sir. Okay. So $21,000 makes you debt-free except your home, right?

Right. So how quick can you pay off $21,000? $5,000 a month would be four months. Yeah. That's Anthony's point. Yeah, don't screw around with your 401K. We tell folks not to borrow on their 401Ks for two reasons. Number one, when you do, you unplug that portion of your 401K from being invested well in good growth stock mutual funds and you pay yourself then

five or six percent when you should have been making 12 14 percent that kind of thing and um then uh the second thing that happens is when you leave your company and you will leave when you die when you get a better job, or when they fire you. When you leave your company, the 401K loan is considered an early withdrawal. If you don't repay it within 60 days, then you get hit with all the penalties and the taxes on it. So you set yourself up for a problem. But, you know, as we pointed out here with the 120 income, you've got a great income. You don't owe hardly anything on

your house either which is really interesting that's very cool yeah uh and then let's get let's just get the other the motorcycle in the car knocked out you can do that very quickly you know four months five months something like that which what we're saying is before christmas you'll be out of debt and have your emergency fund well in tow, and that's where you should be. Good question. Thank you for joining us, sir. Shana is with us in Kansas. Hey, how are you?

Hello. How are you? Good. Is it Shana or Shauna? This is Shana. Shana. Okay. How can we help?

I never thought I'd get through to you guys, but this is awesome. Well, I am just wanting a little bit of information about this PPP program, government program that's called Free Money. I work for a private preschool, and it's at a church, and they've taken this loan, and I'm really concerned about that for a church. What are your thoughts? Yeah, I think it's a really bad idea. Did they do it already? I think so or proceeding to do that. Well, I would tell them if they were to ask me not to do it. I've been against the PPP from the start.

It is not free money. It is a loan, and then the loan is forgiven if you maintain your level of payroll, the same number of staff, and you have until only June 30th to get your full-time employment back up to where it was, salary levels back up to where they were. Otherwise, the loan is not going to be forgiven. And so if they've had anybody that they've laid off, anybody that's left, even anybody that just quit from the time they take out the loan forward, then they're not going to,

you know, they're not going to get their forgiveness. On top of that, there's a lot of other complications with the loan. And it's a loan. It's a loan. And people are acting like there's a lot of other complications with the loan and there it's a loan it's a loan and people are acting like it's a grant and it's not a grant so you're going to repay it it's an sba loan if you don't jump through all the hoops exactly if your employer is not asking your opinion on this i wouldn't be that concerned about it uh but if they were to ask me i would give you the opinion give them the opinion not to borrow on the ppp steve is in new york hey steve welcome to the dave ramsey show hey dave and anthony great to talk to you guys yeah you too how

can we help my uh my question is uh real estate related uh With the economy being low right now, my wife and I are looking to possibly buy a place down in Florida. We eventually want to move there. We own a house in New York right now, mortgage-free. The hiccup is our son goes to a very expensive engineering school. Do you think if I don't do it in the next six months, I'll miss the bubble, the interest rates will go back up, and prices will also skyrocket? I'm not really concerned about the bubble. I'll let Dave talk into the bubble, but I'm not really concerned about the bubble

because, I mean, I want you to focus on getting your son through school because I'm guessing right now you're paying cash to get your son through school right now, right? We are. We're using the lines of equity through the house to get him through about $55,000 a year. So you're not paying cash because you just say you're doing a lot of equity. Yes.

Yeah. So now we have another problem there. So I'm definitely going to say no to the Florida thing. I was going to say no there, but, um, Dave, I'll let you address this, this, this question. So you're buying a second home in Florida as a, uh, just a vacation home. Uh, well, I guess if you want to call it that, but when he graduates, we want to sell our house and become residents there and move there. So it's going to be a primary residence within probably three to four years. I wouldn't buy until then.

I wouldn't worry about it. I don't think you're going to see any skyrockets of anything. But I would not recommend you buy, even if the market goes up some and it may, and interest rates go up some and they may. You need to concentrate on your business in New York, which is avoiding the debt that you're adding. I'm not happy with that at all. You should be paying cash for that out of pocket. Yes.

But either way, you don't need to add on top of that a house you don't need for three years. So, no, we'll buy the house in florida when you get ready to move to florida not until jessica is in arizona jessica welcome to the dave ramsey show hi dave hi anthony thanks for having me yeah no problem thanks for calling in yeah no problem hey so my question is about student loans. My husband is working on his NP. We have about six months left. We've been cash flowing it while also paying off our debt. Right now we have some savings.

We're just kind of holding on to it because there are some options for having an employer when he's done with his NP to possibly pay off his student loans. So my question is, is it better to pay off our debt now, our student loans, or should we try to wait in six months, try to find an employer that will pay it off for us and continue saving the money that we have. How much student loan debt do you have? We have $40,000 left.

You're going to pay that off in six months? No. Well, what I'm saying is if we find an employer when he's done in six months. I know. But you're not going to have it paid off in six months anyway. No. We have about $17,000 right now, so we could bring it down to $23,000. Did you say EMT?

No, he's a nurse practitioner. Oh, oh, oh, oh, okay. Yeah. So do we pay off our debt? Do we try to get a contract? Man, I'm going to sit here and just say, you know what? Focus on it right now. Don't borrow any more money and sit still until you finish the program. Yeah.

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Hi, Miranda. Welcome to the Dave Ramsey Show. How can Anthony and I help you today? Hi, Dave. Hi, Anthony. I guess my question for you is as a fellow daughter in Christ who's just really struggling right now. I live in Seattle, Washington. This is where I grew up.

And currently, you know, I'm paying about $1,600 a month for my one-bedroom apartment. And that's with my rent being, like, subsidized. And, you know, me and my fiancé, we have a baby that's on the way. And the cost of living in this area is so high. We're on baby step two right now. But it's definitely been in our head, you know, do we move, even though we haven't paid off of our debt, to be in a better situation so that we could pay more down towards debt. When are you getting married? So we're hoping to get married before the baby gets here.

So hopefully kind of when all this coronavirus stuff is over. Okay, good. And so at the point that you're married, what will your household income be? Well, I just got laid off, but I think I'm going to get another job that basically pays the same. And so I'm making about $55,000 a year, and he's making $40,000. Okay, so you have a $95,000 household income. You have a $1,600 rent payment for a one-bedroom, and you're wanting to move for what purpose? Well, the rent is essentially for me just as one person.

So as long as, like, basically when I lease the apartment with his name on it, I won't qualify for a lower rent payment anymore so we'd be looking about 2200 for rent okay so you're going to move to save on rent yeah okay well sure you should no problem with that how much do you think okay i don't say how much i mean what are what is rent going for in your area can Can you find something for much cheaper than $2,200 for when y'all get married? Yes. Like, honestly, no. Just, like, everywhere around this area is so expensive because of, like, Amazon and Microsoft.

I mean, we've thought about moving, you know, two hours away, but just with the commute. I don't think it requires that you move two hours away. That's an exaggeration. You can certainly beat $2,200 a month. You're just not going to live in the neighborhood where you are today. There you go. You're going to be in that inner city area. You are going to be out a little bit, but it's not two hours out.

Yeah, you've got to make some adjustments here. And it's time to settle your new family into a place that you guys as a couple can afford. And it makes sense. This was an apartment that worked for a period of time for you. your new family into a place that you guys as a couple can afford. And it makes sense. This was an apartment that worked for a period of time for you, but it's now time to address the debt, address the emergency fund, and those kinds of things. And so you are going to be moving.

And you'll be moving out of the city, but not two hours out. And that's what I was trying to get to, Dave, when I asked that question. Like, hey, there's nothing wrong with you may not be in the nicest thing, but we don't want you in the worst thing. That's something that's unsafe. Get something that is affordable and then one day work yourself back up to it. So I agree with you on that end, Dave. We have to. And then also get on the budget.

I think, you know, you need to figure out right now why you're not married. What's your budget? And then once y'all get married, start having that conversation before you get married but what is y'all's combined income and just see exactly where will you all be financially michael is in florida hey michael welcome to the dave ramsey show hey dave anthony how you guys doing great man how can we help hey i had the pleasure of seeing you guys at the fpu accelerated lastator last year in Orlando. My wife and I are actually jumping into Baby Step 2, very hardcore, for the month of May. Cool. My question is, and I guess I'm trying not to get ahead of myself also, but my concern is that we're both 31.

My wife does have a small amount in the 401K at this point. I, right now, have no retirement at all. And I'm just a little bit concerned with as long as it takes me to get through the next couple of steps till I get to that point of investing that I don't know, you know, what necessarily my retirement is going to look like at that point. I kind of feel like it might be a little bit late in the ballgame for that. So I'm just looking for a little bit of encouragement on that front. So how much debt have you got? Combined, we've got about $89,000 in debt. And your household income is what?

About $85,000 to $90,000. So how long do you think it's going to take you? Just looking at the numbers last night, I was thinking maybe five, six years. Good Lord. Absolutely not. Michael, let me ask you this question. I like the way you feel it because the way you're feeling is you need to hurry up, which is why you heard Dave say, good Lord, it better not.

So right now the key thing is, you know, what extra job can you get right now? How can you bring in some extra income? That's something right there. I mean, so you need to go out there and get another job. Okay, let's just stop. The average household income in America is $55 000 right now yeah you make 95 you make 95 so live on or below the average household income in america and that gives you 30 to 40 000 a year to apply to this you should be done in two to three years

oh well but that's beans and rice rice and beans man you heard us say that from the stage when you were in orlando right i did i did absolutely live like no one else so later you can live like no one else it's a gazelle intensity thing it's um you know there's no eating out well there's not anything right now anyway but i mean there's no eating out there's no vacations oh there's not any right now anyway so i mean you know you're not gonna you're not gonna be spending money on anything like this you're gonna be a hundred percent getting the debt cleaned up because i want to be able to start investing because i want to be able to move forward with my financial plan and the deeper you sacrifice the faster you'll be done i mean obviously if you put fifty thousand dollars

a year on this you'd be done in uh under two years if you put forty five thousand dollars on it you'd be done in two years you put forty thousand it's gonna be a little over two years you put thirty thousand it's gonna be three years but that's i mean that's your you can't do less than thirty thousand so you're gonna have to tighten that budget down and get really focused and really intensive and like anthony said let's see if we can pick up hours or pick up extra income somewhere else to throw on top of it to get it going. Because getting that fire on it matters. Getting the fire on it matters, David. And also, we noticed that nearly 80% of people live in paycheck to paycheck.

And it sounds like with that debt and his income, they're living paycheck to paycheck. So I love what you said as far as in live below your means. Get below your means. Make sure your mortgage, your rent payment is below 25%. You have the extra money put towards it. But I love to fire. I'm scared. I'm nervous.

You should be. Yeah, that's good. Attack the debt. Use that to cause you to sacrifice deeper in the lifestyle, which frees up more money to throw at the debt. Yes. And when you take $95,000 of income and then you say $89,000 in debt and I'm going to take five or six years, that means you're kind of wussing it. Yep. You're not, you're not stepping on it hard. That's what that's telling me. That's not a budget. Well, it is. You can do a budget that way, but I mean, there's mean, there's no pinch in that.

I want you to do a pinch so that you can get to the investing. Yes. And because if you start investing before this, you're going to end up just normal like everybody else and slogging along doing nothing well. Not doing the investing well, not doing the get out of debt well, and you're just going to get stuck in a cycle that most americans are stuck in and our our goal in life is throw dynamite in the middle of that cycle line this up hardcore legalistic with these steps and that's

why we've had the success with so many millions of people getting them to get out of debt and be able to invest the investing thing is the fun part and I want you to get there as soon as you can. That's how you lead into being a Chris Hogan everyday millionaire pretty quick. So good stuff. Very cool. Hey, man, thank you for the call. We appreciate you joining us. Guys, there is an emotional component to this.

There's a visceral thing that happens down in your soul. Yeah. That says I'm not going to live like this anymore and the more that happens the more explosive that is the crazier your sacrifice level will be on your lifestyle the faster you'll get out of debt yeah and there's this direct correlation between these things working together anthony o'Neill, thanks for hanging out today. Dave, America, thank you for having me. Absolutely. That puts us out of the Dave Ramsey Show and the books.

Thanks to James Childs, our producer, Kelly Daniel, our associate producer and phone screener. I am Dave Ramsey, your host. We'll be back with you before you know it. In the meantime, remember, there's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. In the middle of these uncertain times, Ramsey Solutions wants to give you some hope. For the very first time ever, we're giving you Financial Peace University free for 14 days. Go to DaveRamsey.com slash hope so you can watch from home.

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